Bitcoin is a niche product, only few people are aware of it as an investment alternative. The direct impact of China news on Bitcoin prices is greatly exaggerated.
So I don't expect a rise in BTC price because of it. Even if the scenario you are pointing out becomes reality, restrictions for Bitcoin purchases would not succeed on a large scale, because you can't ban p2p trade.
This. A very few people know about bitcoin and it is unregulated in places like China precisely because so few people are using it to move money. If it suddenly became genuinely popular, they'd ban it in a heartbeat. |
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BTC/USD: Break on Through Are we in for the big one this time? Will we finally see Bitcoin surge way and beyond 800 USD? All signs are pointing to a 'yes' for now, but as in the past it also could not be so. It's really hard predicting the market as volatile as BTC/USD and the ones that try end up losing some money. For the ones already holding, keep holding if you don't need the fiat. For the ones who are looking to get in, just buy the dips. Bitcoin holders also have the advantage to increase their holdings further by shorting altcoins. ETH and REP come first in mind of good shorts. Don't know is the answer. It is nailed on that the Federal Reserve will raise interest rates this month - this will cause the dollar to surge against most currencies plus gold. But because bitcoin is a small market easily manipulated, bitcoin might not be affected, especially if people in China and elsewhere are piling in to protect the value of their money. I'm sitting this one out! |
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Mainly speculators on the Chinese exchanges, and people trading based on TA, which means they have bots programmed to automatically buy and sell when they trigger certain price points.
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i hope so but i also doubt it.
because $1000 is $250 away and that kind of rise in only one month is not possible and it is not even favorable because that kind of rise will be followed by a big dump back to $700. but i think we may see price touching $800 near XMas.
in november 2013 price went from sub $200 to $1163 (bitstamp). i agree though that a slow and steady rise is more favorable. The 2013 rise was a one-off. People were just discovering bitcoin and MtGox was running it's infamous trading bot to inflate prices. Those days are never coming back, which is a good thing. |
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State actors shutting down top 100 ALT's - pretty improbable.
It depends on where the miners are located. Any alt that has most of it's mining done behind the Great Firewall of China is vulnerable. The Chinese are cracking down on money moving out of their country, but at the moment are focusing on the "big" movements of cash to buy property in places like Australia and Canada. At some point they'll focus on bitcoin and litecoin and all the alts mined in China, if the market cap moves up to a point where it is on their radar. The safest alts are alts like Steem where the developers and mining control is in the west. |
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I would just love it, if micro payments could somehow be incorporated into social media and forums. You could pre-fund your account, and then "tip" constructive content. The downfall of ChangeTip was that people needed to register for their service to use their service. If this could be built into the software {plugin} and managed automatically.. then this would go viral. Using it now on Bitcoin, would simple not work, but the LN will make this viable in the future.  Reddit tried that with both Changetip, and with Dogecoin. Doge had better success in that people were willing to tip a few doge which were worth less than a cent. Steem's genius is that when you up vote, you arn't transferring from your own wallet, you are allocating newly minted steem from the next 24 hours to whoever you have upvoted. The tipping thing on reddit failed because people are basically cheap, and as soon as btc started to rise in price, people would rather hoard than give. Giving out pooled money from the next 24 hours minting doesn't feel like you are hurting yourself, and of course tyhe voter/curator gets a payment too. |
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You can arbitrage on western exchanges, but hard to do a western-eastern exchange arb because eastern countries have capital controls.
Suppose you bought bitcoin on bitstamp and transferred the bitcoin to a chinese exchange and sold it for £30 higher. Then what? How do you get your fiat out of a chinese exchange given China has capital controls? You'd have to leave it there and hope bitcoin's price in China goes below that of the western exchanges, and then you can buy bitcoin and transfer it west. But the price in china might always remain higher, in which case you are stuffed.
It would be too hard to do arbitrage trading by involving fiats. In my experience arbitrage trading is well effective only when we are dealing with digital currencies/crypto currencies. But whenever we are going for fiats, at least as per my country laws, I am exposing myself into government taxes and other regulations, that might become a problem at any point of time so I'm not going for arbitrage trading with bitcoin/fiats trading. And that is why the prices in pure crypto currency - say BTC/ETH or BTC/DOGE are the same on most exchanges. The arb has evened them out. |
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Currently we are entering the phase of mass adoption lol! User adoption is very near zero now. All potential uses of bitcoin have been smothered. The only remaining 'store of value' and speculation keep things going. But with 3tx/sec limits and high fees, all interesting uses of Bitcoin are thwarted. End users abandon ship a long time ago. Just ask Circle or BitPay. The ship has sailed. This. Bitcoin has become too centralized, and the whole business of becoming an alternative to the dollar collapsed starting in 2014, when the dollar started to rise for the first time in 30 years against all major currencies, and continues to rise. Bitcoin needs to solve a problem that can't be solved using fiat or plastic or paypal. To date it hasn't done that. Even in places like Venezuela and Argentina, it didn't achieve critical mass. What holds it back? People feeling nervous that all the mining is concentrated behind the great firewall of China? The small blocks and the slowness in getting transactions confirmed? The backlogs and the fees? The difficulty in buying it? Your guess is as good as mine. But something has gone wrong. |
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I was thinking the same thing, but then I came to a conclusion that we'll never see any real competition to the bitcoin and it will be the only real player in the world when it comes to cryptocurrency.
Now many may say that such coins like dash or ETH or even zcash might replace it but lets be honest there is no true alternative to bitcoin.
At the start of this year you could only trade btc and litecoin against fiat, and even with those it was only on exchanges like btc-e. Since then coinbase, kraken and others have added other alts, and the possibility now exists that if an alt performs better than bitcoin, people will switch to it. It's no longer a bitcoin-only space with alts relegated to alt exchanges. All the players are now configured to be able to switch to any alt that looks like taking bitcoin's crown. That is a major development. |
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the killer app is ...
reddit/steemit + uncensorable unstoppable + $BD(what is the millennialz bank account?)
fuck the STEEM ... it is just like fiat ... ever inflating (only the dumb invest/hold) ... it is used to fuel the machine
see the forest thru the trees
this fork just re-enforces the scammy insider whales dominance ... the price crash is a GOOD THING!
Actually, the price has been RISING since the announcement of the changes... |
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Chinese influence the Bitcoin price a big time. Like someone has already said here they are probably the bigest miners at the moment so this is a natural cause. If Bitcoin and Yuan correlate this is not random and accidental. It seems like Chinese are trying to get control over the Bitcoin.
That's true, they are heavily invested in it. Not sure if they want to control it, but they do have influence over it. They want to control it because it is one way of escaping Chinese capital controls. As people become more and more desperate to move money out of China, and as all the avenues get closed off, the chinese miners have the ability to get their money out (because they are generating bitcoins as they mine) and they have the choice of selling some of those coins over the counter to someone who wants to move money quietly out. |
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Billions of dollars of daily volume on Chinese exchanges (vs) Millions on european ones. Feel the difference!
They don't have fees on the chinese exchanges, and many of those exchanges run bots mindlessly buying and selling at no fee, to create an illusion of volume. The only true volume is on the fee-based exchanges, because it's too expensive to have fake trades. |
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There must be some huge arbitrage opportunity to be exploited here. I mean 13% is not bad at all, take away 3% for fees and 3% for currency exchange fees... You're still pocketing 7% per trade. Is there some sort of restriction that doesn't allow the outflow of rupees in the country ATM? I don't think so. They have capital controls, that's why the difference in prices exists. Otherwise it would have been arbed away. The rupee is also sinking against the dollar, so I supposed those who are paying extra to buy bitcoin will recover their money in a few months time when the rupee sinks further. |
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What are the main drivers of BTC price change in China?
What are the trends?
USDCNY atm. coiners there buy when it goes up. this takes BTCUSD with it. always when BTCUSD goes up, look for the reason in CHina lol Yes - and the upcoming Fed rate rise will be interesting. The dollar will strengthen against the yuan, and while US buyers will likely stay in dollars, the Chinese buyers will rush into bitcoin to preserve the value of their money. It really depends on which group is stronger, and at the moment there seem to be more chinese buyers as they try to get money out of their country. |
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Dogecoin has entered the accumulation zone. Is it time to buy and catch the breakout? What do you guys think?  Full screenThat's a really interesting chart. I do think that lots of alts will "pop" upwards against bitcoin when the Fed increases interest rates and btc declines against the dollar, in December. |
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I guess no one yet had cloned steem ever since? I thought newbium was just one. Maybe you guys are requesting a clone to a wrong crowd, there are hardcore programmers can do this in less than a week. its the money talk that can make it work, how much would someone pay for steem.it clone by the way?
There is a Russian clone called Golos (which is licenced by steem). But yeah, most wannabe clones haven't launched yet, so at the moment they are just vaporware. |
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I can agree with that. I think if you realistically look at all the aspects that have been, and still are influencing the price, then anything between the $650-$700 levels is what I consider to be a fair price. So in that regard, the current price can be seen as a more than welcome bonus for most of the people here. I however think it won't last long as I expect the price to dive below $700 before the end of next week. My advice is to either keep holding, or secure profits right now (assuming you are a decent % in the green of course).
Why would the price of btc dip so soon when lots of countries are complaining of fiat devaluation? Bitcoin is priced in dollars and the dollar has been strengthening since 2014. It makes sense to buy bitcoin if you live in a country whose currency is depreciating against the dollar, but bitcoin no longer makes sense for Americans, the mighty dollar is back. |
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