I keep asking my self why the price has jumped from 800 to 1000 on the last week, makes no sense
Speculation during a week when most people are on holiday over Christmas seeing family and friends. Thinner order books during holiday season makes it easier to push upwards. The question is what happens when people are back at work. |
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Pure book manipulation by OkCoin and Huobi, thats all.
A manipulated rally will not sustain and what we are currently seeing is so stable rally, it seems it may sustain for another $300 to $400 far too. In other words, it may be a bump but with the reason of investments from new people. I wouldn't say the current rally is stable. It's gone from $700 to $1000 in about a month. That's kind of parabolic, which is anything but stable... |
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but this is a problem with the exchange that can't keep the big portion of their funds on cold storage, i don't think it has to do with bitcoin no being decentralized enough, i remember also that the bitfinex has faced a good and fast recovery, it wasn't a bid deal like mtgox and the market was fine after few weeks
It is not decentralised if everything has to go through a handful of chokepoints. The exchanges are a chokepoint, and the concentration of mining behid the great firewall of china is another chokepoint. Until people can buy stuff directly without having to use exchanges and without having to use btc-to-fiat cards or apps, there will be chokepoints which will fail periodically. |
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Two scenarios are likely to happen at this point :
1. "We got hacked" e.g Mt.gox
2. They actually get hacked
It's no secret that when the price of BTC increase , exchanges and other services becomes a target for hacking
Now there is no central point of failure like before mt gox got over 80% trades of all bitcoins. Now its distributed quite evenly, so its not dangerous anymore. Actually the Bitfinex hack of August 2016 caused the price to drop quite sharply ($65 million stolen in that hack). Bitcoin isn't as decentralised as it should be because sadly exchanges keep going bust (usually after a hack). |
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Part of it is that the yuan and rupee are weakening against the dollar, and people in those countries can't get hold of dollars, so they are doing the next best thing, which is buying bitcoin, which is holding it's value against the dollar.
Part of it is a pure speculative pump - once the real buyers started purchasing, the speculators piled in, in a momentum trade.
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I'd say Doge, because it is super easy for the layperson to understand, no decimals etc, just whole coins. Very low fees to send and quick to confirm.
I also like Steem because no fee at all to send, confirms very quickly and the wallet is online on the steemit site, so no huge blockchains to download on your computer only to find your laptop has crashed and you've lost them all.
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So people pull out the money from old currencies to try the new ones?
Yup - and this is the case on Poloniex and other exchanges too. Speculators are fickle and keep chasing the next "new thing". Unless a coin has a very strong community, it dies after a short period of time (usually the devs cash out, forcing the coin's value down, and there are no new enthusiasts or speculators to buy). Once a coin has dropped a certain amount, speculators pull their cash. Some pumper-dumpers might buy very low and do a pump, but most coins are good for about one pump and they're done. |
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these guys are conservative. i wonder how many of them actually pay minute by minute attention to the wider bitcoin scene as long as the coins keep rolling in. the pool operators will be on the ball, maybe the guys playing video games in noisy warehouses are less so.
I don't think they pay attention at all. As you say, as long as the coins keep rolling in, they're happy. |
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I can see it dropping like a rock once it hits that mark.
It is a psychological wall that happens when something gets to that much in value people start to panic and do disturbing things like sell it off then that affects the price of bitcoin significantly, but in a negative way.
Some people will take profits when it hits that point. Others who bought at near $1000 in 2013 will cash out. So there might be a pullback. But for people in China, which has undergone six devaluations this year, or India where cash is under attack, it will still be worth buying. So there might be a pullback, a breather, and then another push up to $1200. |
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They'll ban gold before they ban bitcoin. Bitcoin is still deep under the radar in India, only a few people in the loop know about it.
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Earli adopters are the bigest winners in Bitcoin story. At least I think so.
How many of the early adopters held on through thick and thin? And how many bought at $10 and then sold at $200 thinking, wow I've made a 20-fold return? Most of the people who own bitcoin now bought AFTER the 2013/14 bubble. The early adopter people (apart from Satoshi) cashed out long ago. |
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She's not a bot. Here is a picture of her with one of her colleagues, Peter Eyre:  |
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Because it just happened again after 2013-2014, I don't think too far. If we look 2013 which the highest price bitcoin at the time, which then drop to $400 in mid-2014. And the price drop again early 2015. It's crazy down to 400 and down again to 200.
IMO, because bitcoin in this time already had many users than before, I think for the price drop is not too far maybe around $700 or $800. Hopefully.
In Dec 2013 it rose really fast - from $250 to over $1000 in just a month. And then a few months later we had the Mt Gox fiasco, and that was what forced the price down to $400. The price has gone up pretty fast this month, but nowhere near as fast as in 2013. It was about $750 at the start of December. There might be some sell-offs by people who bought at the previous top, who cash in because they got burnt and want out. But the news coming from China and India and other places suggest that the amount of people looking to protect their money is much higher than in 2013, and these newcomers will support the price. |
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If you don't want to provide ID etc, then the best way is to mine some alts using graphics cards and then sell them for bitcoin on one of the alt exchanges (which don't require much of an id because they arn't using fiat).
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It is at the euro all time high and pound all time high as well. And yuan all time high and rupee all time high.
Just the dollar holding out now!
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Unless Bitcoin comes to a consensus on the scaling issue, then I see another cryptocurrency replacing it as a PAYMENT system but not as a store of wealth or very large transactions.
Agree. Also the concentration of bitcoin mining in China is very concerning - it is not what Satoshi envisaged, and it could be a major drawback if China turns difficult. |
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the main objection people have against bitcoin is simple
"what can i do with bitcoin once i have it"
so the obvious solution is to make bitcoin spendable. eg if you can buy toilet paper, car gasoline and baked beans. (travel, food, toiletries) then everyone will see bitcoin is not just speculative but actually real and useful.
The trouble is, if you make something scarce they WON'T spend it. This is why economists fear deflation - because if the currency of an entire country is strengthening, people start hoarding it, and all economic activity stops. IMO the breakthrough will be made with one of the inflationary alts, say doge or steem. Bitcoin will be used as digital gold. |
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We are at "Return to mean". We haven't started a new cycle yet because the media are ignoring bitcoin's recent rise.
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