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Coinnosaurus
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April 25, 2017, 11:15:26 AM |
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Bear div on almost all timestamps, be ready for some fun
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"I'm sure that in 20 years there will either be very large transaction volume or no volume." -- Satoshi
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ErisDiscordia
Legendary
 Offline
Activity: 1133
Merit: 1163
Imposition of ORder = Escalation of Chaos
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April 25, 2017, 11:40:09 AM |
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Gold parity achieved once again.
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MegaHustlr
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April 25, 2017, 11:43:17 AM |
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Gold parity achieved once again.
The bitcoin parity with gold always triggers my feed parsers for reddit and bitcointalk. I'm actually looking for people talking about parity, the open source software. |
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spud21
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April 25, 2017, 12:16:26 PM |
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Is there a reason for the pump up to $1270+ besides the bitfinex withdrawals problems? The price has been quite stable lately, and this thread's been quiet. That's usually a sign of an impending big price movement.
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spooderman
Legendary
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Activity: 1638
Merit: 1022
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April 25, 2017, 12:19:54 PM |
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No one going to throw FUD on this one?
Ok let me have a go.
BFX withdrawal issues are surely responsible for a lot of the price rise lately?
It's not as if we're anywhere further forward with these stupid pricks blocking SW is it?
And we only would get closer if LTC started to really gain adoption, which in the short term would make bitcoin suffer.
Can't say I'm feeling all that great tbh, but then...I look at the charts, and the price is high. So it's hard not to feel happy.
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Ibian
Legendary
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Activity: 2268
Merit: 1278
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April 25, 2017, 12:26:50 PM |
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Is there a reason for the pump up to $1270+ besides the bitfinex withdrawals problems? The price has been quite stable lately, and this thread's been quiet. That's usually a sign of an impending big price movement.
Supply and demand. Don't go looking for unicorns where none exist, that way lies madness. |
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hv_
Legendary
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Activity: 2506
Merit: 1055
Clean Code and Scale
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April 25, 2017, 12:31:48 PM |
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GOLD parity incoming ...
10 ....
...9 ..8 ..7 ..6.... ohh that was quick - no we are higher!  |
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MegaHustlr
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April 25, 2017, 12:58:31 PM |
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Is there a reason for the pump up to $1270+ besides the bitfinex withdrawals problems? The price has been quite stable lately, and this thread's been quiet. That's usually a sign of an impending big price movement.
Could Tether be the reason? https://np.reddit.com/r/Bitcoin/comments/6719bj/tether_announcement_about_their_banking_problems/dgn4yqt/Good Morning.
I have been following and trading cryptocurrencies since 2013 and recently I have discovered something that worries me.
Some time ago, certain bitcoin exchanges (particularly Bitfenix and Poloniex) have started quoting their Cryptocurrencies in a unit known as "USDT" or Tether. This is not real fiat currency but a cryptocurrency supposedly backed 1:1 with US Dollars by a private corporation. Apparently Bitfenix has an ownership interest in this "tether" and back in late december the market cap of this USDT cryptocurrency has ballooned by about $50M.
This market cap expansion curiously started happening around the same time that the price rallies in Bitcoin, Litecoin, Ethereum and Dash kicked off. The way tether "works" is when a user wants to withdraw fiat to their conventional bank account they send their tether to the company and the company deposits real dollars into their bank account no questions asked. The legitimacy of their operations has been questioned in the past and over the past few days the market has started to discount the true value of USDT tether significantly; it is currently quoting around $0.925.
The problem here is that this is creating a very large price spread between exchanges that quote ACTUAL dollars and those that quote tether. This distinction is not being made clear, which I think is having an unhealthy influence on price rallies in cryptocurrencies. Furthermore, I have doubts that this tether is backed by dollars at all and in all likelihood is a fractional reserve.
The market caps of crypto currencies are misleading because a large number of coins are "parked" off exchanges and are not part of the real trading float. These markets are so small that $50M in counterfeit dollars can have a HUGE impact on the price.
I can also confirm from several traders that there has been significant interest in arbitrage trading between the exchanges only to discover that the tether currency cannot be withdrawn to the lower priced exchanges to support prices elsewhere. To me this smells a lot like the Mt. Gox situation back in 2013 when fake money was used to pump up the price of bitcoin using the "willy" trading bots. The arbitrage is attracting new deposits to these sketchy exchanges and the issuers of tether can literally buy cryptocurrency from unsuspecting sellers with funny money.
I personally think its going to result in bitcoin and other currencies "shooting to the moon" on the back of a devaluing tether and many ignorant traders on other exchanges are going to get caught with their pants down once this thing blows up.
If anyone finds this interesting enough to investigate further perhaps you can shed some additional light on the situation. |
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gentlemand
Legendary
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Activity: 2590
Merit: 3013
Welt Am Draht
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April 25, 2017, 01:04:06 PM |
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The tether market on Poloniex is tiny. Similarly if you want to buy on Bitfinex you're not going to already have Tether, you have to send real dollars. If you want to cash out you're certainly not going to want Tether either. You cash out with real dollars. Tether is not much use for anything other than parking your money for a while. It's a drag but it certainly isn't lording over the market. Previous to this strife how many times have you heard it mentioned here? |
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Ibian
Legendary
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Activity: 2268
Merit: 1278
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April 25, 2017, 01:07:20 PM |
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Could Tether be the reason? No. |
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simmo77
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April 25, 2017, 01:24:47 PM |
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Do we even have bottoms any more? I can't really recall seeing a juicy one for quite some time. Maybe I'm not looking close enough.
It went all the way down to $1199 at Stamp a couple of days ago. Does that count? Someone must have sold for that price. i have to admit that i sold some, but profit is profit and now i have zero risk.  I sold a some. Still have some. We are not the bottom by a looooong shot, especially not in AUD. I sold the coins I bought in 2014, when I was getting close to 1 USD for my Aussie dollar. 1 AUD is now only buying 75c US. With the current situation still yet to completely play out, who knows whether it will go tits up or not. Like noobtrader, I also have zero risk and my only problem is how much of a taste the taxman wants. |
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Torque
Legendary
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Activity: 3556
Merit: 5041
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April 25, 2017, 02:19:42 PM |
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gentlemand
Legendary
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Activity: 2590
Merit: 3013
Welt Am Draht
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April 25, 2017, 02:39:42 PM |
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Pah. China's dead for everything now. And most alts never took off there anyway. That's if it's true of course. What I'd be really interested to see is if they go after the miners. They are effectively running unregulated money presses. |
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JimboToronto
Legendary
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Activity: 4004
Merit: 4473
You're never too old to think young.
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April 25, 2017, 02:52:42 PM |
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An early good morning Bitcoinland.
I see we're still slowly creeping upward.... currently $1270USD (Bitcoinaverage).
That's marginally better than an ounce of gold ($1267). No big reaction. No dump, no crashing through to a significantly higher number.
This despite the Finex fiat transfer problems presumably keeping prices lower on other exchanges.
Just normal day-to-day growth based on supply and demand. Ho hum.
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Totscha
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April 25, 2017, 02:53:16 PM |
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Torque
Legendary
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Activity: 3556
Merit: 5041
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April 25, 2017, 03:17:19 PM |
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FUD or not, the PnD'ers only need a 'plausable' reason to crash dump. Segwit adoption doesn't make an altcoin that nobody wanted or cared about suddenly valuable overnight. ".... sell on the news..." Lol |
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Elwar
Legendary
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Activity: 3598
Merit: 2384
Viva Ut Vivas
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April 25, 2017, 03:39:40 PM |
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It's not as if we're anywhere further forward with these stupid pricks blocking SW is it?
The price increase may be a reaction to this: Wladimir J. van der Laan: "In this version, it now supports non-segwit clients even after activation, by removing all segwit transactions from the returned block template. This allows non-segwit miners to continue functioning correctly even after segwit has activated." *won't post the link because it's CoinDesk* |
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york780
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April 25, 2017, 03:55:25 PM |
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Looks like its green dildo time soon guys. Like Torque said, altcoiners prepare your *nus for btc's green dildo. Mission REKaton will start soon.
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Sniper44
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April 25, 2017, 04:00:36 PM |
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FUD or not, the PnD'ers only need a 'plausable' reason to crash dump. Segwit adoption doesn't make an altcoin that nobody wanted or cared about suddenly valuable overnight. ".... sell on the news..." Lol deep deep down, nobody cares about anything. it is all about the greed dollah orange bitcoin (?). these news things are only a tool to mess with public mind while some people make a lot of it. in case of China i have to say, i thought they were already out of the game! i don't know what 8btc us talking about while all major exchanges have been closed down for months. |
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steelboy
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April 25, 2017, 04:02:46 PM |
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I seem to recall a creep up to 1298 or so just before the ETF news and reaction.
I think we will break through that price before Sunday
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