Would one be super rich if one now bought 1000 of each altcoin under a dollar at the time of this writing 5 years from now?
It kind of depends. It is the strategy that venture capitalists use - they invest small amounts in loads of businesses, lose money on 90%, break even on 5%, make a small profit on 4% and have 1% that really deliver. The way to manage this is to ensure that you take profits when a particular coin surges. Otherwise it can die. People who invested in Doge right at the start, and then took profits when it hit 200 satoshis, did nicely. The ones who held thinking it would go even higher were disappointed. So yes, it is a strategy that could work, but you have to be disciplined about not drinking too deeply from the hopium and taking profits when they present themselves. |
|
|
|
I had to google what the tea-cup pattern meant, lol. Here is investopedia's description: http://www.investopedia.com/university/charts/charts3.aspThe Handle
Another important component to watch is the handle, as it completes the pattern. As mentioned before, the handle is the downward move by the security after the upward move on the right side of the cup. If the handle is downward moving, the general rule is that the handle's downward movement can retrace one-third of the gain made in the right side of the cup. During this downward move, a descending trendline can be drawn, which forms the signal for the breakout. A move by the security above this descending trendline is a signal that the prior upward trend is set to begin.
A more conservative breakout signal would be above the price point of the two peaks in the cup. This is the price where the initial upward trend peaked and the point where the cup's upward move on the right side peaked before entering the handle. A breakout above this point is the strongest signal of a true resumption of the prior trend. Does this mean that if bitcoin can break above $1068 or there abouts, it is going to surge up in a new bull trend? |
|
|
|
I wonder what prompted this sudden interest from Nigeria especially?
Is Nigeria's currency somewhat unstable at the moment or are the scammers there just discovering Bitcoin all of a sudden?
Nigeria is an oil economy and they have been struggling a bit since the oil price collapsed from the $100 level in 2014. Though of course they are in better shape than Russia or Venezuela. |
|
|
|
|
The date of that article is Jan 19th 2016.
In other words more than 1 year ago, when the bitcoin price was about $300 and people were getting excited about ether (this was before the infamous DAO hack).
It's old news, people.
|
|
|
|
|
More bitcoin activity takes place on reddit than on this forum, so I don't think this place need worry!
|
|
|
|
Did you have a Cryptsy Account? Maybe they have the Database  I understand the database got deleted by Vernon. |
|
|
|
I didn't expect that we will see upward trend. No after 2nd PBOC intervention causing biggest Chinese exchanges to stop bitcoin withdrawals.
There is rumor that Chinese traders are starting to disregard government actions and attempts to curb bitcoin trading and are focused more on p2p trading.
This would explain mild bullish trend in spite of the ongoing investigation on money laundering in China.
Look at the price difference from OkCoin to Bitstamp/Bitfinex. It used to the OkCoin the one with the highest price, that means china was dictating the market. Now the market leaders are not china anymore, and bitcoin keeps growing. This simply means now china is looking at Bitstamp/Bitfinex for price reference, chinese price is now irrelevant. The suspension of BTC withdrawals creates artificial selling pressure since anyone that just wants to withdraw has to sell first. So the price may catch up once the suspension is lifted. What if the suspension isn't lifted? Seriously, they are making them do AML checks, and it is quite possible lots of members of those exchanges FAIL their AML checks. I don't think that possibility is priced in at all. People are assuming that everything will be fine and withdrawals will resume as normal in a month - but what if a good chunk of people can't withdraw? |
|
|
|
|
The biggest risk is that Bitcoin isn't liquid enough. It moves like crazy on rumours from the PBOC for example - if your real economy was attached to it, it would create havoc with trade etc.
Here is an example: say your tiny nation imports oil. Some rumour comes out about the PBOC inspecting some exchange in China. Bitcoin then crashes 30% against the dollar. Suddenly the oil you buy is 30% more expensive because you use bitcoin. So you end up with massive inflation.
No economy can cope with fluctuations this wild based on complete nonsense rumours and speculation.
|
|
|
|
|
The current increase in price is down to speculators buying because they think the ETF might be approved. Of course they might take profits as we get nearer the decision.
It is also possible that the SEC does not make a decision but instead postpones it again, asking for further information.
|
|
|
|
|
In my opinion, this is classic "buy the rumour", stuff. The rumour being that the ETFs will get approved by the SEC. We should see some profit taking as the decision date approaches, and if the ETF gets rejected, the mother of all sell-offs.
|
|
|
|
|
I would advise you to go away and do some research on the top 30 coins. It is no good asking on a forum like this - you will simply get shills pumping for some coin or other in order to get you to buy what they want to offload.
|
|
|
|
I think China want to keep the price below 1000 US Dollars I think to stop their citizens from using it after all tax from using yuan is the main source of income of the government and if the people stops using that they would have lesser income. Maybe China also wants to buy cheaper bitcoin because many Chinese are money minded and as well as their government, and they see bitcoin as a good thing to invest too so they try to make the miners and traders in China dump their coin.
I don't believe that PBOC cares about bitcoin's price more than yuan devaluation. The only thing it wants to stop the outflow of local currency abroad. Of course they try to manipulate bitcoin claiming that is used for illegal activities because it is considered as the digital gold and most Chinese feel confidence to invest on it. Agree. China's foreign exchange reserves were $4 trillion in 2014, but it is now below $3 trillion, so they've spent a trillion trying to offset the outflows in order for the yuan not to crash. They can't really allow the capital outflows to continue because they can't afford it. |
|
|
|
http://www.coindesk.com/bitcoin-investor-roger-ver-to-push-for-okcoin-liquidation-in-court/Roger Ver’s fight against Chinese bitcoin exchange OKCoin is intensifying as the noted bitcoin investor attempts to have the business liquidated in a Hong Kong court.
The move comes after months of legal wranglings that have already seen the exchange lose one court case. OKCoin's alleged lack of response to the judgement has now prompted Ver to take further action that could ultimately see the company closed.
Ver first sued OKCoin in September, seeking $570,000 plus unspecified damages in a breach-of-contract suit tied to a dispute over the Bitcoin.com domain.
That conflict deepened amid accusations of forgery, as well as impropriety on the part of OKCoin – allegations that exchange representatives swiftly denied.
In the end, Ver went to court, suing OKCoin's Hong Kong entity. At the same time, Ver and attorney Daniel Kelman prepared a suit against the exchange, as well as its chief executive, Star Xu, over the alleged forgery of Ver’s signature. That suit is pending trial.
According to court documents obtained by CoinDesk, OKCoin never responded in court to the breach-of-contract suit. On 17th November, the court handed down a final and interlocutory judgment awarding the $570,000 to Ver.
Yet, according to Ver and Kelman, OKCoin has yet to respond to both the court's decision, as well as further entreaties.
As such, the two say they intend to go ahead with a request for the Hong Kong court to liquidate OKCoin's local entity in a bid to obtain the funds.
|
|
|
|
$203,900,000 worth of bitcoin's? If they hand out even 1/10 of that it'll crash the price?
It is 203,900 bitcoins. Not dollars. |
|
|
|
I'm surprised that they are able to recover anything, but this could be a positive for Bitcoin. It could be a sign to potential investors that even in scams or hacks, some coins can be recovered.
People usually focus on the amount of coins lost, not the amount of coins recovered. In this case, if the hedge funds are able to buy out the claims at a deep discount, Mt Gox users will get screwed twice over. Well, everything is a risk, it depends entirely on how long it takes for the Mt Gox claims to come through. Suppose a claimant sells his claim to a hedge fund now, when the price is $1030, and then the winklevoss ETF is denied and the price falls back to $500. The claimant has done well. On the other hand, suppose the claimant sells now, but the ETF is approved and the price goes to $2000. The hedge funds win. So it's really a gamble on what you think bitcoin will do in the near future. |
|
|
|
Or they could be short because they have inside informatiom about the ETFs.
Do you know when these short contracts expire?
Bitfinex doesn't have short contracts. They can hold them as long as they don't get margin called. OK Thanks. That means whoever is holding the shorts is gambling that the ETF is going to be either denied, or the decision postponed again. |
|
|
|
|
Or they could be short because they have inside informatiom about the ETFs.
Do you know when these short contracts expire?
|
|
|
|
They are keeping the coins in the exchange its because it is the policy set by the PBOC. As long as they cannot comply to AML requirements they will be not allowed to accept deposit or allow withdrawal of bitcoins into their system. Their compliance on the new regulations is taking long but possibly it will not reach March 15 before they fully comply with all the requirements set by the PBOC.
The real question is what happens when some people fail their AML checks and they can't withdraw their coins? What happens to those coins? Will the PBOC seize them and then auction them off the way the FBI has auctioned coins seized from illegal operators? |
|
|
|
You can try joining Steemit: https://steemit.com/You earn by writing on there - so if you produce a really good article that gets upvotes from heavy duty steemers, you should earn some steem. |
|
|
|
I knew hedge funds were primed to take risks, but this seems stunningly out there to me. I presume it's peanuts to them but still seems like a bonkers roll of the dice.
Are they absolutely certain about being paid out in BTC? If I was a Gox victim the last thing I'd do is allow myself to be preyed upon again.
I think the Japanese govt has retrieved some bitcoins from MtGox, see https://coinreport.net/status-mtgox-claims-determined-japan-approves-bill-regulate-digital-currency-exchanges/Overall, the amount of bitcoin the MtGox estate holds is approximately 202,185 XBT So they have got stuff to distribute, and they have apparently verified the status of all the claims. So it is a question of waiting and seeing what amount people get. |
|
|
|
|
Show Posts
