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In april I was watching it creep up a few dollars from $420 and thinking: Maybe traders should buy this before the ten number starts moving instead of the dollar number.
Then the ten number started moving. So I thought: Whoa this is intense. But if what traders out to buy this now before the hundred number starts moving instead of the ten?
To my amazement, the hundred number started moving. Now I am here thinking: but wait: what if this is yet another warmup before the thousand number starts moving instead of the hundred number?
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Bitcoin and gold are both having TA breakouts that have been in the chart for several months. It's nothing sudden and catastrophic.
Except today there was a us fed decision to not raise interest rates which accounted for a few percent.
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the first pic displays depth all the way to 70$
the second pic displays depth to 80$
this might help explain the " 5k reduction in buy depth. "
Ok forget the BTC and look at the fiat. |
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Because there are 7 TRILLION dollars of gold and also gold isn't moving on all the same factors as Bitcoin. This isn't all a USD move. Bitcoin also has the halving, its adoption news, and the $500 resistance crossover rally/bubble cycle.
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So no buy wall supports?
I'm more impressed with the 20k of sells that suddenly popped up than the 5k reduction in buy depth. |
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Though If I had to choose one reason to be bearish about ETH, this one really takes the take:  |
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"R3 consortium". Bitcoin never had any of these big names when it was growing up, just an organic community of its own lone developers and users. Ethereum is going up solely due to big names and flashy news releases. Meanwhile there is no actual userbase backing it at all - nobody is supprting a 1.5bn market cap by running smart contracts. It's all traders and the 3,000,000 ETH per day of volume on Pologox.
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Most of the TA looks bullish, especially in China. Any bearish thoughts I have are based on fundamentals and superstitions which I won't go into tonight.
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The tinfoil hat is out of style  |
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ha, ethereum is the Federal Reserve debt notes system re-incarnated ... increase forever funny money controlled by the 'all-knowing and wise' central committee and Chairman Buterin with the final word.
Vitalik is basically Janet Yellen, without the wig.
With the speed at which Microsoft adopted Ethereum after 1 year, while completely ignoring Bitcoin for 7 years, I wouldn't be surprised if Vitalik Buterin was in bed with Microsoft, who is in bed with the CIA/NSA, and he's ready to hand over control to Hilary Clinton when the time comes. It basically could be a grab of Bitcoin users and market share to migrate over to a system in their control. |
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Insane how?
The bid depth has grown 115% in the past few weeks while the price grew 50% and I think it's at a record level for that exchange. |
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 Holy bfx walls this is insane. The bid depth has doubled in the past month and there is a gox-style wall formation guarding 650. Meanwhile the ask has stopped its aggressive refilling and was down to 3K at one point during the rally. |
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Who knows. ETH can just do anything because there is a centralized team of developers led by one king controlling it.
I'm bitter; there's no real reason for me to have missed that train. I just think the DAO is a substantially stupid idea. Am I wrong? I don't know. I bought a small amount of DAO just because the entire thing was bought out in an IPO at that level and rising, plus it's backed by ETH. Strictly a supply/demand play. And now I'm thinking of selling due to an equally abstract reason - so I don't get in trouble with a court. |
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Who knows. ETH can just do anything because there is a centralized team of developers led by one king controlling it.
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Well, the entire world economy doesn't need to go Bitcoin. However, if even 1% of the world economy goes Bitcoin, you have an amount equal to a few thousand percent of the current market cap.
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I think Bitcoin's one use case as a banking system to take over a $20 trillion+ banking system is far more than enough. The average person isn't going to care about "my money can also be used natively to pay for slow cloud computing services". They just want the most secure banking/payments system, which is Bitcoin.
Banking system doesn't need bitcoin any more than it needs cancer. The banks handle fiat, why in the world would they support something that's openly anti-bank & anti-fiat? What are you thinking? The banks don't need to cooperate. I'm talking about when the people choose to use Bitcoin instead of banks so Bitcoin gains some of the market share. I don't when you got here but I've been here for many years since before all these lame 'banking-integration' and 'blockchain' crap started. |
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I think Bitcoin's one use case as a banking system to take over a $20 trillion+ banking system is far more than enough. The average person isn't going to care about "my money can also be used natively to pay for slow cloud computing services, without having to bother exchanging it first". They just want the most secure banking/payments system, which is Bitcoin.
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These Chinese volume started going down months ago and has been particularly bad in the past 2 weeks. I always knew it was fake and it probably doesn't matter. I'm just wondering what happened. Did they crack down on some washselling or shut down some bots that were going nuts or what.
What does ETH have to do with it? Isn't all the ETH volume on Poloniex in USD or BTC?
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What happened to all that Chinese volume?
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