It's actually a trait of a successful trader to buy high and sell higher. All of the best profits and best volatility is in a strong trending market, such as now. There are no profits to be made in a flat market - it's a waste of your money's time. Trying to guess the bottom of a decline is gambling and still isn't profitable as trading in the trending market even if you get it right.

It's the pre-halvening rally. Everyone who was waiting for the day before the halving to buy realizes "oh shit I have to buy now I'm missing the train".

I wonder if you're going to find Youtube videos of these moves on Bitcoinity with background music from Ducktales or something.

It's not necessarily fake but it's zero-fee which makes those trades meaningless. The CNY exchanges have zero fees and they can technically washsale coins as much as they want all the way to infinity. It could be intentional washselling or it could be high frequency bots going nuts. Every day in March, 6 million coins were traded on OKCoin and Huobi. That's 200 million coins in a month. There are only 16 million coins. It would not be possible for that much trading to happen with real trades with the corresponding price stability and the exchanges could not hold that many coins either. I've also never seen a wall over 1200 coins, and they hide the order book. Mtgox used to have walls of 20,000+ coins.

Anytime a news reporter talks about how "China does 90% of btc volume" it makes them look so stupid and I know not to trust that news source.

They're referring to that fake Chinese exchange volume of 1 million coins per day on OKCoin and Huobi,  which seems to be going away lately.

Is the dollar backed by bitcoin yet?

I used to have almost 100% of my money on leveraged longs myself. However, that was because all of this money was made just recently made from trading profits over a span of 9 months and it was still "house money".  Once the market went flat for 2 years, this "house money" became "my money" and was partly diverisifed into other investments, spending, some fiat, and taxes. I couldn't bring myself to pool it all back together and go 100% long again now that I am taking actual risk with personal money. Even the risk that some mishap occurs while exchanging the fiat or transferring between wallets is too much to make, apart from the price. I would have to start up another pot with profits from trading altcoin or something.

You don't understand Bitcoin traders:  They have a binary view of investing in which you are a bull all in 100% of your net worth in Bitcoin, possibly with leverage, or you are a bear with 100% fiat and possibly short position.

I don't understand why people want to refer to the 2013 chart with the 1000% rise when they can refer to the 2012 with 3000% rise that occurred before it, and the 2012 one actually fits better.

Here we see another sighting of that multi month consolidation.

Today a young bitcoin trader on 2C realizes that all daily charts are simply hourly charts condensed to a slow vibration, every movement on the chart is a fractal of something else previously on the chart, moves can be predicted days or weeks in advance using fractals, and we are trading with ourselves. Here's Tom with the weather.

It's funny to imagine a bunch of panicked angry leverage traders looking at the tape and thinking "Noooo why are you selling now. Why?? This is it! You idiots. Stop"

IMO the hashrate has absolutely no effect on the price and the price would actually be more bullish if ASICs (or GPUs) didn't exist and the network was evenly distributed amongst tens of thousands of laptops doing 10mhz each.

Panic selling in Bitcoin typically results in the price ending up higher than before the selling started.

There's a slight difference: If the price is high due to scarcity, then there is more slippage and volatility versus if the price is high without scarcity. Also the holders have to fear a drop that would occur if the hoarded coins suddenly became available.

I like all the coins but hate that they involve equity markets. As far red candles they seem to have this stimulating property to me all on their own. Maybe it's the brigher solid color or the fact that it used to be the only way I could enter a trade before there was shorting.

For some reason, watching a coin drop is very pleasing to me.

1. Bitcoin is an equity,  not a consumer good. There are other sellers besides miners who hold 16,000,000 coins.
2. The mining cost is a variable which can go to 0.
3. Miners can and will sell at a loss to cover equipment costs or if they have a negative outlook.

watching both

there was a 900 wall on finex just a minute ago