ChartBuddy
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October 10, 2013, 05:02:51 PM |
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niothor
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October 10, 2013, 05:10:48 PM |
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The fact that everybody knows about bitcoin now yet the volume remains pathetically low is a bad sign... Indicates both that the capitulation is yet to come and we may not recover from this one.
There is volume. One simply has to know where to look for it. http://btckan.com/price40k volume in USD, 40k in CNY. However, you should notice the Chinese exchanges with volume have... drum roll please... NO FEES. Open your eyes; its fake volume. I wouldn't go as far as saying their volume is fake , probably is just a bit "improved" but a normal question would be: From where the hell is that volume coming ? Why I'm asking this is because most coins are still mined in Europe and Us , and the largest stash are still here. Maybe China is coming fast from behind but still, I doubt Chinese users have enough coins to topple gox and bitstamp. And don't even bother to say that comes from chip sales , I doubt there is a factory in China accepting bitcoins when we're talking about millions $ and a slight price correction could wipe their profit. |
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ArticMine
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Monero Core Team
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October 10, 2013, 05:25:12 PM |
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...
The fact that everybody knows about bitcoin now yet the volume remains pathetically low is a bad sign... Indicates both that the capitulation is yet to come and we may not recover from this one.
There is volume. One simply has to know where to look for it. http://btckan.com/price40k volume in USD, 40k in CNY. However, you should notice the Chinese exchanges with volume have... drum roll please... NO FEES. Open your eyes; its fake volume. 2. Fees
The process of buying and selling Bitcoins incurs transaction fees, just like the fees you pay when trading other assets. BTC China charges a flat % fee in trading commission, and has recently eliminated deposit fees, to provide an even better value for our users. Bold my emphasis. Just a sample as this one has an English page. https://btcchina.com/page/aboutus#whatweoffer. Just because they have eliminated transaction fees (交易费) on deposits does not mean they have no fees. I suspect that a trader that convinces himself or herself that the BTC trading volume in China is fake is in for a rude awakening no matter in which direction the market goes. |
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giszmo
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WalletScrutiny.com
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October 10, 2013, 05:27:47 PM |
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In retrospect it seems obvious, but back then, the most optimistic talked prices around 4$ (we got to 7$ in what, two months?) . Anyone posting suggestions of 100-200$ was just like the guys now, talking about 10,000$ in 2015.
Its easier to go from $10 to $100 then from $100 to $1000. It needs much more volume. We are far from saturation. Assuming bitcoin will replace fiat, the road from $1 to $10 should be just as hard as from $10 to $100 but at some point this would accelerate as fiat can be printed at will. If it were limited I would agree there would be exponential growth until bitcoin economy is about 10% of fiat economy and there it would have to slow down but if bitcoin takes over the world, you will see 1BTC being traded for 1 trillion USD easily. By that time there might be million dollar bills in circulation that the US.gov promised to back with 1µBTC each and depending on whether people believe it or not, the decline of value will continue. |
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rampantparanoia
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October 10, 2013, 05:28:59 PM |
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I suspect that a trader that convinces himself or herself that the BTC trading volume in China is fake is in for a rude awakening no matter in which direction the market goes.
+1. Also don't forget: most of these asics are manufactured in China, and the Chinese have a track record of making cost-friendlier clones (even if its just for themselves) |
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ChartBuddy
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October 10, 2013, 06:03:00 PM |
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niothor
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October 10, 2013, 06:06:55 PM |
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I suspect that a trader that convinces himself or herself that the BTC trading volume in China is fake is in for a rude awakening no matter in which direction the market goes.
+1. Also don't forget: most of these asics are manufactured in China, and the Chinese have a track record of making cost-friendlier clones (even if its just for themselves) I bet that when they start those cost-friendlier asic clones they will be mining litecoins instead of bitcoins. There are quality products made in China but the clones made in China are nightmares. |
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rampantparanoia
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October 10, 2013, 06:09:20 PM |
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I suspect that a trader that convinces himself or herself that the BTC trading volume in China is fake is in for a rude awakening no matter in which direction the market goes.
+1. Also don't forget: most of these asics are manufactured in China, and the Chinese have a track record of making cost-friendlier clones (even if its just for themselves) I bet that when they start those cost-friendlier asic clones they will be mining litecoins instead of bitcoins. There are quality products made in China but the clones made in China are nightmares. except that litecoins cannot be mined via asics by design. |
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adamstgBit
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October 10, 2013, 06:14:09 PM |
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I suspect that a trader that convinces himself or herself that the BTC trading volume in China is fake is in for a rude awakening no matter in which direction the market goes.
+1. Also don't forget: most of these asics are manufactured in China, and the Chinese have a track record of making cost-friendlier clones (even if its just for themselves) I bet that when they start those cost-friendlier asic clones they will be mining litecoins instead of bitcoins. There are quality products made in China but the clones made in China are nightmares. except that litecoins cannot be mined via asics by design. that BS.... you mean to say litecoins are not worth enough to bother building an asics minner for it. |
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justusranvier
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October 10, 2013, 06:14:41 PM |
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except that litecoins cannot be mined via asics by design.
That's what the Litecoin pumpers originally said about GPUs too, and look what happened. |
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niothor
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October 10, 2013, 06:23:00 PM |
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I suspect that a trader that convinces himself or herself that the BTC trading volume in China is fake is in for a rude awakening no matter in which direction the market goes.
+1. Also don't forget: most of these asics are manufactured in China, and the Chinese have a track record of making cost-friendlier clones (even if its just for themselves) I bet that when they start those cost-friendlier asic clones they will be mining litecoins instead of bitcoins. There are quality products made in China but the clones made in China are nightmares. except that litecoins cannot be mined via asics by design. You're missing my point I was saying that a bitcoin mining asic clone made in China is more probable to a) not work b) mine litecoins c) electrocute you to death d) mine bitcoins |
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rampantparanoia
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October 10, 2013, 06:59:29 PM |
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You're missing my point
I was saying that a bitcoin mining asic clone made in China is more probable to a) not work b) mine litecoins c) electrocute you to death d) mine bitcoins
gotcha - forgot about the subpar quality  |
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adamstgBit
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October 10, 2013, 06:59:59 PM |
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China keeps buying it up!
I have a feeling they will break major resistance (820) in a matter of hours.
how high will China have to go, b4 arbitrage starts to keep it from flying away?
China was late in the game, I would speculate that if coins from other markets do NOT move over to the chain market, they WILL fly away. supply is simply insufficient over there.
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ChartBuddy
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October 10, 2013, 07:02:49 PM |
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Wary
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October 10, 2013, 07:39:35 PM |
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there would be exponential growth until bitcoin economy is about 10% of fiat economy and there it would have to slow down It may even not slow down at the final stage. If BTC takes 10% of fiat economy, fiat becomes 10% cheaper. It will trigger run from fiat, which will be exponential too. Fiat will not wither slowly, it will collapse fast and hard |
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ChartBuddy
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October 10, 2013, 08:02:51 PM |
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Walsoraj
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October 10, 2013, 08:17:20 PM |
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Panic buys as a result of Dwolla closing? Getting even harder to get fiat from exchanges.
hmm... might be time for me to turn bull and buy in...
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ElectricMucus
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Marketing manager - GO MP
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October 10, 2013, 08:19:11 PM |
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Panic buys as a result of Dwolla closing?
hmm... might be time for me to turn bull and buy in...
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Walsoraj
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October 10, 2013, 08:20:11 PM
Last edit: October 10, 2013, 08:34:27 PM by Walsoraj |
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Panic buys as a result of Dwolla closing?
hmm... might be time for me to turn bull and buy in...
Perfect storm approaching... Debt ceiling issues in US and even more difficultly turning btc into fiat. Those with fiat on exchanges gonna get desperate soon... *edit* Bull mode = on + set to turbo. This might be epic, especially if ask sum goes below 40k. *edit 2* Gox going down for maintenance: 3:00 a.m. and 5:00 a.m GMT on October 11th. Panic buys before the downtime? hmm.. |
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Richy_T
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October 10, 2013, 08:33:04 PM |
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Not that informative but fun:  Why such a small image? You know you can make them larger by clicking on them? yes,I took the full 800x600 frames, but decided that the animation was not useful and scaled it down maybe to use as an avatar. The animation would be nicer and scrolling smoother if there were updates every minute instead of every hour. Is it a subscription service or some software? There is nothing on the image host that hints to how it's made. Completely hand-rolled. The data is collected every minute but the image is created and uploaded every hour. |
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