The overwhelming majority of Bitcoin in existence was obtained for essentially nothing by miners and early adopters for mere pennies. Roger Ver probably has 100,000.
Because few people knew of Bitcoin and even fewer people understood its value.
Until mid 2016, the price had remained mostly steady, although still volatile. In just the last year Bitcoins value has increased from $500 to almost $5000. But what is causing the price to rise so quickly to there incredible levels?
Because the 2013 bubbles brought Bitcoin to the attention of a lot of people, but also traumatized the market after spectacular crashes, causing a lot of money to wait on the sidelines.
You want to believe its because more people are entering the market, but that's not how it works.
That's exactly how it works.
Cryptocurrency is unregulated, meaning it's completely possible for there not to be a market at all, but a market simulation. I'm telling you the market IS a simulation.
This would require a very expensive global exchange conspiracy. If you'd manipulate a single exchange and people weren't willing to buy Bitcoin at current prices, arbitrage would kick in and people would just sell their coins on the manipulated exchange. Besides, fiat gets paid out. Do you think exchanges cover those expenses?
People are seeing the consistent price increases in pretty much everything and don't want to miss out, so more and more people are buying in. We all have dreams of Bitcoin hitting $100,000 or higher.
That's how market speculation works.
Then we've got people like Roger Ver, Jeff Berwick, Andreas M. Antonopoulos touting Bitcoin as the savior of humanity, which not only convinces more people to buy in, but also hold. And to be fair, maybe Berwick and Andreas are as naive as we are, but they were in early. This creates market liquidity.
To be fair, Bitcoin
does offer an incredible value proposition.
Meanwhile, they can sell their bitcoins obtained for mere pennies for ungodly profits. As long as the price continues to increase, people aren't converting back to fiat and new people will continue to buy in.
If large Bitcoin holders would sell more coins than the market wants, the price would move down, not increase. Alas, apparently the market wanted more coins than were for sale.
Like on this recent dip, I always hear "buy on the dips". Suckers!! At some point, the "market" will decrease significantly causing millions of people to sell and attempt to convert back to fiat.
Markets do retract, that is correct.
But there won't be any liquidity left as the original investors have been cashing out.
This would require the markets to exist of mostly fake liquidity, which as mentioned above is very unlikely.
New investors giving their money to old investors. It's a classic ponzi scheme, the largest in history.
That's not the definition of a ponzi scheme, that's just... trade. You know, buying and selling. Exchange of money for goods.
So you have a $1,000,000 porfolio and understand it's a ponzi scheme. Oh shit, time to sell!! Well, good luck. Coinbase withdrawal limit is only $10k per day. There just isn't an easy way to convert large amounts, a fact that is always overlooked. The fact of the matter is most people have already lost most of their money. They just don't know it yet.
There's more than just Coinbase. And there's a lot of regulations surrounding fiat currencies which is where the withdrawal limits stem from.
Poloniex updated their ToS to include the inability to be involved in class action lawsuits the day before Bitcoin forked. Why, coinicidence?
Because there was no guarantuee that the fork would not cause any technical issues.
If you went to sleep with 1 BTC @ $2800, you woke up with 1 BTC @ $2800 and 1 BCH @ $400. $400 of "free money". From where?
You didn't wake up with USD 400,- of free money but with 1 BCH. That's a slight difference.
Coinbase, one of the few exchanges that allows conversion back to fiat, refused to release their customers BCH until January. Why so long? Because that $400 doesn't exist, they don't want anyone selling, for obvious reasons.
Because they didn't want to support BCH in the first place and actually told people to move their coins off exchange if they wanted to retrieve BCH. They only gave in once enough people started bitchin' around.
Roger Ver probably has 100,000 BTC, so he had a $40,000,000 pay day, just for owning it. And you better believe he's already cashed out. But have any of you?
Of course people cashed out, or are you claiming that every BTC sold on the market was sold by Roger Ver? Holy shit he's everywhere!
Poloniex refused to release their BCH until August 14th, my best guess being they were waiting for someone to question where the $400 came from.
Again, technical reasons are more likely. BCH deployment wasn't a walk in the park and the network took days to stabilize. And again, people were never promised USD 400,-, just 1 BCH.
Seriously, am I the only one questioning it? We dodged a bullet. And remember, that $400 from nowhere is also sloshing around in other cryptocurrencies. Ethereum will fork not once, but twice the end of this month. Why twice? Knowing what you know now about Bitcoin Cash, makes a little more sense doesn't it. Do you see anything wrong with my logic?
See above.
Roger Ver has parts in Bitpay, BitStamp, Kraken, Shapeshift, Purse, Ripple...everything Bitcoin. He's, well, Bitcoin Jesus. But he'd be prosecuted and hung by his balls, right? Well, not exactly.
Being stakeholder in a company doesn't give you full control over it.
The only reason I know is because Poloniex stole $17k that would be $250k today from me and I've been trying to prove it ever since. Yeah I went a little bigger, huh? We've been had fellas. Sure, laugh, you all better pray I'm wrong.
So... what happened? What exactly did Poloniex supposedly steal from you?
