r111 (OP)
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May 22, 2022, 06:32:06 PM |
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who is the person who says that today it should be worth 40k and tomorrow 42k? isn't it something decentralized that nobody controls? who agrees on the price to be like this?
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The Cryptovator
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May 22, 2022, 06:41:09 PM |
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Is that something serious? Can't you predict tomorrow Bitcoin will be $40K? I think you can and we can't prevent you. Usually, people predict Bitcoin prices. It doesn't mean they control the price, no matter who predicts. Bitcoin is always decentralized and the price will be based on buy pressure. Mean depends on demand and supply, to be honest. Nothing wrong to predict, just do your own diligence.
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Hamich124D
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who is the person who says that today it should be worth 40k and tomorrow 42k? isn't it something decentralized that nobody controls? who agrees on the price to be like this?
I think you have just answered your own question there mate,nobody controls the bitcoin price its purely speculative (basically reflects speculation on its future value ) and up to the market to decide.
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MARK21
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May 22, 2022, 06:50:52 PM |
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Bitcoin is not regulated by any financial authority, so its transactions are irrevocable. Technically the price of bitcoin is mainly determined by supply and demand, other factors can influence the price of bitcoin such as regulations and reputation.
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Upgrade00
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May 22, 2022, 06:51:32 PM |
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The price you see on cointrackers is determined by a curation of last sales on different exchange platforms.
Exchanges have buy and sell orders set to specific prices which the buyer wants to buy at or the seller wants to sell at.
• Mr. Bob puts 1BTC up for sale at the value of $29,700 on binance, that's the price he wants to sell at, • Mrs. Jane takes up his offer and buys his bitcoins in exchange for $29,700, • Once the sale is confirmed, that would be the displayed Bitcoin price on binance, until the next trade that is, this is why the value is always changing.
Coin trackers like CMC and coingecko check the current trade price on several exchanges to arrive at an average, which would be their displayed bitcoin price. No one controls this system, it is purely community based (decentralized).
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franky1
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May 22, 2022, 06:58:27 PM Last edit: May 22, 2022, 07:09:17 PM by franky1 |
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there are dozens of exchanges. with millions of people. they compete with each other.
usually if one exchange is cheaper than the other. a competition of 'arbitrage' plays in wher epeolpe withdraw from the expensive exchange and deposit into the cheap exchange and buy it cheaper to then sell on the expensive.
this eventually levels out the exchanges to be nearly on par with each other when sudden price events happen on one exchange
and thats where people then see a good 'price' representation, when lots of exchanges are showing similar numbers ......
an exchange has a list of people selling coins, they go in order of price. meaning the guy with the lowest sell price gets his order filled first.
an exchange has a list of people buying coins, they go in order of price. meaning the guy with the highest buy price gets his order filled first.
EG if the current top buy order was $29,700. and lowest sell order was $29.701 you cannot just put an order to sell at $22k and it fills and changes the price immediately to $22k
what would happen is your sell order would go to the buyer at $29700. and you would have to have ALOT of coins to THEN fill all the buy orders inbetween from $29700 all the way down to $22k and you would be stupid to be trying to sell so many coins down the price especially if you bought/acquired the coins for more then what your willing to sell for. ...... as for value(not price) over the expanse of multiple years of acquiring bitcoin from users. people dont want to sell for less than they acquired it for.
so if the cheapest mining on the planet this year is about $25k/btc none of the miners anywhere on the planet would dare sell for less than $25k. as for just investors. yes some are 'old timer' / 'early adopters' but the majority are newer investors that regularly buy and sell
so when someone sold some old 2012 mined coins in 2018. the purchaser of the coins buying in 2018 sets his acquisition cost at the 2018 price NOT THE 2012 price. so even though the coins were originally mined in 2012 at $6 they are now valued by the current holder in 2018 for alot more and he wont sell for less then he bought them for in 2018
this causes a nice support line of most investors and all miners valuing coins above $25k this year with certain percentages of people in different situations having coins acquired for alot more thus not going to sell for less than $30k-$70k and simply holding/hoarding and waiting for the price to rise and very very few 'early adopters' left with coins actively in exchanges willing to sell below certain support value amounts
as time passes and mining costs increase and the 'realized utxo value' increases. this 'bottomline value' increases. which raises the support of the bottom no one wants to sell below.
the PRICE sits ABOVE this bottomline value. (not seen on exchanges, its a hidden wall no one wants to break and fall below)
as for any predictions of the next PRICE, the next high, the next speculative bump the next volatile movement .. well thats just speculative competition above the bottomline support which is not predictable
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I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER. Please do your own research & respect what is written here as both opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at
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r111 (OP)
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May 22, 2022, 07:35:11 PM |
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The price you see on cointrackers is determined by a curation of last sales on different exchange platforms.
Exchanges have buy and sell orders set to specific prices which the buyer wants to buy at or the seller wants to sell at.
• Mr. Bob puts 1BTC up for sale at the value of $29,700 on binance, that's the price he wants to sell at, • Mrs. Jane takes up his offer and buys his bitcoins in exchange for $29,700, • Once the sale is confirmed, that would be the displayed Bitcoin price on binance, until the next trade that is, this is why the value is always changing.
Coin trackers like CMC and coingecko check the current trade price on several exchanges to arrive at an average, which would be their displayed bitcoin price. No one controls this system, it is purely community based (decentralized).
Does it mean that if I create a seller account on binance and I set my bitcoin to the value I want for example 70 thousand dollars, if someone buys it at that price then the bitcoin will go up worldwide to 70k or only on the binance website?
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BlackHatCoiner
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May 22, 2022, 07:38:13 PM |
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who is the person who says that today it should be worth 40k and tomorrow 42k? In summary: Buyers and sellers. Bitcoin doesn't differ much from every other asset, product, commodity. It has a demand. It has a supply. It has an equilibrium price. It has a equilibrium quantity. Whenever the demand for a product increases, so does the price and the quantity that the buyers and the sellers agree upon. For example, if people suddenly want to get rid of their bitcoin, because, say, they feel anxious about what's happening in the world, they will be willing to sell it lower than the price they were willing to sell it previously. That's a decrease in demand, which will drop the price.
One cool thing that's different in bitcoin is the production. Normally, if the demand of a product increases, so does its PE and QE, and if the supply of a product increases, the Q E does too, but the P E decreases. This means that if there's a concurrent increase in both the demand & supply, P E is counterbalanced. The supply curve of an inelastic product, such as diesel, looks like this: (Displayed linearly for the sake of simplicity)The supply curve of bitcoin is perfectly inelastic*, parallel to the Price Axis: That's because the supply of bitcoin cannot be altered due to a change in the price. There will be 6.25 BTC brought into circulation every 10 minutes, then it'll be halved to 3.125 BTC etc. Therefore, when there's an increase or decrease in demand, there's nothing else that can equilibrize the price. That's one of the reasons it's highly volatile.
*Note: Again, for the sake of simplicity, we can assume the supply is the coins in circulation and not the exchange's liquidity.
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Upgrade00
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May 22, 2022, 07:38:24 PM |
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Does it mean that if I create a seller account on binance and I set my bitcoin to the value I want for example 70 thousand dollars, if someone buys it at that price then the bitcoin will go up worldwide to 70k or only on the binance website?
It's unrealistic someone would buy at that price now, but such a trade would only affect the price on binance, not the global market as there are many other exchanges. And this would only affect the binance last trading price, up till the next trade is completed.
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BIT-BENDER
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May 22, 2022, 08:01:17 PM |
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Would you ask who is the person that make the price of your local commodity increase or decrease, because no matter where we are from we all have that commodity that either increases or decreases, this is very normal and most times it has to do with, supply chain and demand, when the former is higher than the later the price decreases and if the later is higher than the former then the price increases, this is naturally how the system works although some people can control these chain but they have to be whales to do so.
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blockman
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May 22, 2022, 08:03:16 PM |
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Bitcoin is a speculative asset and that's why anyone can give the price the way they look at it. True, no one controls the price and that's why if someone says that it's going to be at that price then that's his opinion and there's a probable analysis as to why it's going to be at that price by now. Everything on the market relies on the supply and demand and that plays a big part to the motion of prices.
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yhiaali3
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May 22, 2022, 08:17:06 PM |
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Of course, bitcoin is decentralized and the price is not determined or approved by anyone, it depends entirely on supply and demand, this law is not only on bitcoin but on everything, meaning if the demand for the purchase of a commodity increases, this will lead to a rise in its price, there is a famous incident in history known With the tulip boom or the tulip madness, people started to buy tulips in a frenzy, which led to an insane increase in demand for this flower and a fabulously high price, this is how things work.
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Prince Malik
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May 22, 2022, 08:18:06 PM |
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You got tge wrong idea friend, people said that bitcoin will be 100k or we 10k tomorrow is just a person who predict not control or decide the price, people are free to say whatever they want not just about bitcoin but every stuff in the life, bitcoin is decentralised and it will be desensitized forever
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r111 (OP)
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May 22, 2022, 08:23:16 PM |
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Of course, bitcoin is decentralized and the price is not determined or approved by anyone, it depends entirely on supply and demand, this law is not only on bitcoin but on everything, meaning if the demand for the purchase of a commodity increases, this will lead to a rise in its price, there is a famous incident in history known With the tulip boom or the tulip madness, people started to buy tulips in a frenzy, which led to an insane increase in demand for this flower and a fabulously high price, this is how things work.
The demand increases, the price goes up, in many cases by people who want something different from the unfair and unequal fiat money, so is it not possible that the demand goes up and the price goes down ? so that all those who do not have the resources to acquire the potential can acquire it in an easier way ?
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r111 (OP)
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May 22, 2022, 11:01:54 PM |
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there are dozens of exchanges. with millions of people. they compete with each other.
thank you very much for the answers, I had an intuition. The truth sometimes frustrates me to be almost since 2012 in forums learning about the Internet and never having bought bitcoins, because I really appreciate the philosophy of this currency and many Internet communities and this forum that are always willing to help. Many people don't care about that and just want to get rich with the currency and then exchange it for fiat money. I think in the future bitcoin is going to be used to pay for very good and kind things that people who have fiat money will not be able to pay for, in that sense I do get excited about having bitcoin coins. It has been clear to me what must happen for the price to change and I really liked the answers, also if someone wants to donate something I have created a new wallet bc1q0ew6jtj4swmf2ylf9yqeq7wp7xm3j9w3tqwvg5 since in 2018 I think, I received a payment of 0.0002 but my cell phone was damaged and I can not recover my key, I will take care of it a lot.
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taufik123
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May 23, 2022, 06:32:52 AM |
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The statement about decentralization is very true, no one will be able to control the price of bitcoin. But for people who say tomorrow the price of bitcoin will hit $40k, $100k or some other price it's just a prediction and the predictions made won't actually happen, maybe just close. It all depends on Fundamentals and depends on supply and demand. Whales also can not fully control, but wahles can do a lot of manipulation to influence the price. source: https://dotnettutorials.net/lesson/supply-and-demand-trading/
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fortuner
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May 23, 2022, 07:00:48 AM |
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The statement about decentralization is very true, no one will be able to control the price of bitcoin. But for people who say tomorrow the price of bitcoin will hit $40k, $100k or some other price it's just a prediction and the predictions made won't actually happen, maybe just close. It all depends on Fundamentals and depends on supply and demand. Whales also can not fully control, but wahles can do a lot of manipulation to influence the price. source: https://dotnettutorials.net/lesson/supply-and-demand-trading/Therefore, don't believe too much in a prediction because everything is just words that can be right or wrong. Let's go back to our own beliefs, even though many whales manipulate bitcoin prices, but bitcoin prices for now still can't rise and we can only wait and wait.
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Asiska02
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May 23, 2022, 07:49:54 AM |
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Bitcoin is a decentralised means of exchange and it’s finite. The price of bitcoin or worth is determined by its supply and demand, number of competitors. Also it is affected by regulations and media coverages amongst others. So no one knows or can tell the price the bitcoin will be in a particular time but can only predict it to be a particular amount looking at the way the market is operating at that point in time.
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Coin BTC
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Trident Protocol | Simple «buy-hold-earn» system!
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May 23, 2022, 01:36:51 PM |
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I think there is no harm in predicting the price of bitcoin, and no one will be able to prevent you from this, because it is only a prediction and not a decision to set the price of bitcoin, which decides the price of bitcoin is the market itself. After all, we all know that Bitcoin is always decentralized, of course, the price according to the buyer's request can be concluded that the price of Bitcoin depends on the supply and demand that occurs in the markets, of course.
Actually you have answered your own question, namely you know that no one can control the Bitcoin.
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masterrex
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May 23, 2022, 02:08:30 PM |
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who is the person who says that today it should be worth 40k and tomorrow 42k? isn't it something decentralized that nobody controls? who agrees on the price to be like this?
IMO, I believe everyone can speculate and predict the future Bitcoin price, But nobody can control it. Because the price was purely based on the supply and demand, meaning the traders are dictating the price on a daily basis, and the buy and sell movements can affect the daily price volatility of Bitcoin and other cryptocurrencies in the market. And if the market has a bearish sentiment which results in fewer bitcoin buyers we can expect the Bitcoin price to go down, but if the market is Bullish in sentiment meaning there are a lot of potential buyers we can expect that the Bitcoin price will go up because the demand was there.
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