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Author Topic: If this is the cause of the recent BTC spike... I'm not happy at all  (Read 793 times)
virtualdn (OP)
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August 13, 2017, 07:39:52 AM
 #1

I really hoped it's not but it seems people see BTC as a way to keep their money safe during a disaster.. was it bought recently in Japan a lot? Think twice why then... I prefer a $1,000 BTC but with peace in the world tbh.

https://www.cryptocoinsnews.com/bitcoin-hits-new-all-time-high-above-3700-amid-rising-international-tensions/
https://www.capitalandconflict.com/investing-in-bitcoin/north-korea-trump-and-cryptos-spike/

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August 13, 2017, 07:49:18 AM
 #2

no, not exactly.

there currently are A LOT of reasons for this price rise.
the most important reason is: end of scaling debate well to be 100% correct, being near the end of the scaling debate and that thing lasted for a couple of years. I think it started back in 2015 or something and has been keeping bitcoin low.
now it is over, the big blockers are off to their altcoin and bitcoin has no blockage on its path up, so it is flying Smiley

all that extra stuff are like secondary reasons contributing to the rise.

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virtualdn (OP)
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August 13, 2017, 07:51:36 AM
 #3

no, not exactly.

there currently are A LOT of reasons for this price rise.
the most important reason is: end of scaling debate well to be 100% correct, being near the end of the scaling debate and that thing lasted for a couple of years. I think it started back in 2015 or something and has been keeping bitcoin low.
now it is over, the big blockers are off to their altcoin and bitcoin has no blockage on its path up, so it is flying Smiley

all that extra stuff are like secondary reasons contributing to the rise.

Agree but this rise is HUUUGE for such a short time.

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August 13, 2017, 08:05:27 AM
 #4

no, not exactly.

there currently are A LOT of reasons for this price rise.
the most important reason is: end of scaling debate well to be 100% correct, being near the end of the scaling debate and that thing lasted for a couple of years. I think it started back in 2015 or something and has been keeping bitcoin low.
now it is over, the big blockers are off to their altcoin and bitcoin has no blockage on its path up, so it is flying Smiley

all that extra stuff are like secondary reasons contributing to the rise.

Agree but this rise is HUUUGE for such a short time.

well yeah. I didn't say it is small Roll Eyes

the market is still small and when a dump that is because of some virtual fear can lead to a huge dump like these drops in the below picture, the same thing can cause a rise in the other picture.
the dumps were more than $1000 in price each time preventing the price from reaching $3000
and now that the virtual fear has been lifted the same amount of rise has happened. it is nearly a $1000 from previous resistance of $3000




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August 13, 2017, 08:10:47 AM
 #5

Japan recently legalized Bitcoin as a currency and over 200 000 merchants started to accept it as a payment option.

https://www.cnbc.com/2017/08/12/bitcoin-vaults-to-new-record-above-4k-boosted-by-japan-and-multiplying-its-value-fourfold.html

If this happens in other countries, we will have to prepare ourselves for $10 000 to $100 000 per bitcoin prices, depending

on how many countries would do the same.  Huh I hope this is the start of great things to come.  Tongue

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August 13, 2017, 09:48:15 AM
 #6

Japan recently legalized Bitcoin as a currency and over 200 000 merchants started to accept it as a payment option.

https://www.cnbc.com/2017/08/12/bitcoin-vaults-to-new-record-above-4k-boosted-by-japan-and-multiplying-its-value-fourfold.html

If this happens in other countries, we will have to prepare ourselves for $10 000 to $100 000 per bitcoin prices, depending

on how many countries would do the same.  Huh I hope this is the start of great things to come.  Tongue
That news is like a few months ago and yes, Japan is one of the countries that help the bitcoin to become even more expensive because there is a lot of merchants in Japan and allowing them to receive bitcoin is a boost on bitcoin's demand in the market which is already triggering the price of bitcoin to get a higher place.

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August 13, 2017, 09:59:38 AM
 #7

I really hoped it's not but it seems people see BTC as a way to keep their money safe during a disaster.. was it bought recently in Japan a lot? Think twice why then... I prefer a $1,000 BTC but with peace in the world tbh.

https://www.cryptocoinsnews.com/bitcoin-hits-new-all-time-high-above-3700-amid-rising-international-tensions/
https://www.capitalandconflict.com/investing-in-bitcoin/north-korea-trump-and-cryptos-spike/

I don't think that is the real reason why Bitcoin has risen so much since there are so many other reasons. That may have affected the prices, but I don't think they are the main reason why bitcoin is so high.

There is a scaling issue with bitcoin and also people are pumping up in preparation for Segwit2x, especially the whales. Doesn't look the that is affecting Bitcoin price much.

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August 13, 2017, 10:04:33 AM
 #8

Agree but this rise is HUUUGE for such a short time.

And people have been waiting a LOOOOONG for everyone to pull their fingers out when it comes to scaling. It's been rumbling along for three or more years now, and it was always bubbling in the background from the first moment Satoshi introduced the 1MB thing.
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August 13, 2017, 11:38:58 AM
 #9

I don't think that is the only reason why bitcoins recent spike. There are a lot things bitcoin was triggered to increase and as I have noticed for the past few months already. bitcoin usually increases its prices on the weekends. I'm not sure if you have observed it too but most of the time it occurs during weekends. Although I have read somewhere Japan boosted the demand of bitcoin that's why it had reach to $4k now.
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August 13, 2017, 11:54:09 AM
 #10

If Japan is behind this, I can not imagine the price when France, Italy, Germany, Spain, Russia and so will start buying Bitcoin since it will have been legalised.
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August 13, 2017, 12:11:58 PM
 #11

I really hoped it's not but it seems people see BTC as a way to keep their money safe during a disaster.. was it bought recently in Japan a lot? Think twice why then... I prefer a $1,000 BTC but with peace in the world tbh.

https://www.cryptocoinsnews.com/bitcoin-hits-new-all-time-high-above-3700-amid-rising-international-tensions/
https://www.capitalandconflict.com/investing-in-bitcoin/north-korea-trump-and-cryptos-spike/

What you want is not always right sorry for that because Bitcoin is a currency and it is fluctuating whenever it wants, what is the problem with the price hike, it is the sign of the growth of Bitcoin itself so why will you hinder it. As you may know that the only thing that slow the growth of Bitcoin's price is the 'August 1 event' and after that when the scaling is successful investors starts to get in their money. No matter how you want it to be low it will never gonna happen.
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August 13, 2017, 12:14:15 PM
 #12

I really hoped it's not but it seems people see BTC as a way to keep their money safe during a disaster.. was it bought recently in Japan a lot? Think twice why then... I prefer a $1,000 BTC but with peace in the world tbh.

https://www.cryptocoinsnews.com/bitcoin-hits-new-all-time-high-above-3700-amid-rising-international-tensions/
https://www.capitalandconflict.com/investing-in-bitcoin/north-korea-trump-and-cryptos-spike/

Though it's true that Japan has 46% of Bitcoin activity, I don't agree that's it all due to war tensions. Japan had regulated the coin, and it's legal to use it there. Then it's also because they see it as a better alternative to gold and yuan. The returns given by Bitcoins are amazing and the Japanese people have understood it far better than any one else.

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August 13, 2017, 04:27:06 PM
 #13

Though it's true that Japan has 46% of Bitcoin activity, I don't agree that's it all due to war tensions. Japan had regulated the coin, and it's legal to use it there. Then it's also because they see it as a better alternative to gold and yuan. The returns given by Bitcoins are amazing and the Japanese people have understood it far better than any one else.

There is only one reason Japan has such a high proportion of Bitcoin trading - zero fee exchanges.

Just as China 'dominated Bitcoin trading' with 3-4 zitty teenagers and their bots. And look what happened when their zero fee exchanges were shut down.
flippener
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August 14, 2017, 11:00:10 AM
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I really hoped it's not but it seems people see BTC as a way to keep their money safe during a disaster..
I absolutely believe that is partly why BTC is climbing - it's one of the reasons I own it. As we slowly slide down the fall of western civilisation over the next 50 years (peak oil, climate change, pollution, overpopulation, debt mountains, etc.) more and more people will look to BTC as a safe haven away from fiat.

I'm an optimist though - I think the slide (starting with Trump, North Korea, Brexit, etc.) will provides lots of good reasons for BTC value to climb fast and high.

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