[2016-02-11]Ethereum Price Rise being led by Bitcoin Flight

[jak1]

Ethereum has been the “wonder” of the crypto currency world for a second week in a row. As the Bitcoin blocksize debate has caused disunity and discord amongst the bitcoin community, a fair amount of BTC money is flooding across into ETH.

That said the market cap of Ethereum has breached the $350 million dollar market cap putting it second in CryptoCompare’s market capitalisation rankings overtaking Ripple and Litecoin.

http://www.newsbtc.com/2016/02/11/ethereum-price-rises-on-strong-volume/

[1714011075]

1714011075

[1714011075]

1714011075

[1714011075]

1714011075

[BlindMayorBitcorn]

Nuts.

[Redrose]

That's interesting how Ethereum just rose. However, I don't think that it is blocksize debate that is the main cause. This is just some big companies realising that Ethereum could be an interesting tool for them.

[Minecache]

Block size debate and all the petty squabbling is causeing capital flight out of Bitcoin.

[BlindMayorBitcorn]

Block size debate and all the petty squabbling is causeing capital flight out of Bitcoin.

It's a fact.

Probably.

[Minecache]

Block size debate and all the petty squabbling is causeing capital flight out of Bitcoin.

It's a fact.

Probably.

http://www.afr.com/technology/bitcoin-rival-ethereums-price-skyrockets-20160211-gmrltn

[BlindMayorBitcorn]

All evidence seems to suggest this is Bitcoins flowing into Ethereum, not fiat. Time will tell.

[aso118]

Ethereum's rapid rise is indeed surprising.
We should be careful about price manipulation.

[BlindMayorBitcorn]

Ethereum's rapid rise is indeed surprising.
We should be careful about price manipulation.

I've always liked the project. I hope it wasn't just one of those pump and dumps you hear about at parties.

[Minecache]

Ethereum's rapid rise is indeed surprising.
We should be careful about price manipulation.

I've always liked the project. I hope it wasn't just one of those pump and dumps you hear about at parties.

Don't most folk frequent a different type of pump and dump party?

[1Referee]

Ethereum's rapid rise is indeed surprising.
We should be careful about price manipulation.

Well, it's actually not that surprising. Especially when you consider that nearly 50-75% of the total coins are in the hands of just a few people. They can basically do anything to the price that they want. I thought it would stop once they reached 0.01BTC but I have the feeling that they will continue with pumping untill they reach a market cap of $1 billion.

[Zacudis]

Block size debate and all the petty squabbling is causeing capital flight out of Bitcoin.

That is true. The 24 hour volume in Polonex is 52,000 bitcoin. If you include the volume from other exchanges, it will be even higher.

[Minecache]

Bitcoin and its users need to get their house in order.

[RodeoX]

Speaking for myself... Moving to ETH because of concerns about bitcoin is a good way to get poor in a hurry. But to each his own.

[mtnsaa]

I also feel that Ethereum is not only a new refuge from Bitcoin incoming stagnation (or current if you want). But for me there's a lot of actual interest from, institutions, companies and banks that always shunned and laughed about Bitcoin but praised the blockchain. This is a dream come true if that's the case, Ethereum if becoming adopted as an standard for many business to conduct their business and build their platforms would be bigger than anything seen before.

Bitcoin could never achieve what was intended to do, well I don't know if that was its intention, but user adoption has been terrible and that won't ever get better, no common person will touch. Plus its image has been too spoiled and tarnished, mention Bitcoin to real businessmen and they will laugh, they know the money is in the blockchain technology, Bitcoin is just for loonies. Now I don't agree 100% with that, I still think Bitcoin has plenty of value as it is, a refuge from fiat, sort of virtual gold and a gateway to trading all these new projects.

[randy8777]

Speaking for myself... Moving to ETH because of concerns about bitcoin is a good way to get poor in a hurry. But to each his own.

exactly this. i hear some people saying that they are considering moving all their btc to eth because of the bitcoin price that isn't moving and that there still isn't an agreement made to solve the block size issue. those who do go all in eth will find out how much of their coins are left after the dump start to pick up.

[mtnsaa]

Speaking for myself... Moving to ETH because of concerns about bitcoin is a good way to get poor in a hurry. But to each his own.

Yes this doesn't sound wise, Bitcoin like I said may be in a lot of trouble but it has proven itself through the years. However we already saw its peak, I doubt it will ever "take off" but it's a great way to store value just like gold or similar assets. Ethereum is not a "coin" per se so it doesn't make sense to go all in. I can do that myself if I want to because the amount I hold is very low so I'm not worried if I lose a % of it, the potential for a great profit is too great to pass.

[Denker]

I tell you guys what will happen.
Ethereum will see a dump, no doubt about that.What we don't know is how much it will get dumped.
And what will happen after that is that one part will cash out and another other part will move into Bitcoin.
The dumb will get left behind if they should miss to get out in time.

[TraderTimm]

Listen you chucklebums, someone needs to get their stories straight.

For one, Ethereum - whoever it was - spammed the living shit out of Reddit for several weeks straight, denouncing Bitcoin and parroting a lot of the bullshit I'm reading here about how "people are fleeing Bitcoin". I say, show me the proof in the form of Bitcoin Days Destroyed spiking (which it fucking hasn't), declines in mining participation (nope, still on an uptrend) and transactions per block (hey there, still an uptrend).

I don't care if Ethereum rises in price, its a separate system, and may have some features that people like -- great.

What I don't appreciate is some fucker conducting a "catfishing" expedition, painting the whole issue as if its some massive flight from Bitcoin into ETH -- because that is NOT fucking happening by any metric I can see. Take a look yourself over at https://kaiko.com/statistics if you'd like.

I'd caution those trying to profit off of a temporary price spike in ETH, as it seems this is primarily driven by a concerted campaign to instill FEAR in people - which is what I'm calling bullshit on. If your system is so great, you don't need to resort to these kinds of tactics, whoever you are.

Its enough to piss off an oldbie like me, then you know they've crossed the line of ethical behavior.

[indiemax]

Whatever the reasons for the Eth pump, be it Chinese miners using it for some profits atm or flight of Bitcoin holders

they will all be back to cash out their profits into Bitcoin eventually