RandomPedestrianN9 (OP)
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Activity: 84
Merit: 10
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June 07, 2014, 07:15:57 PM |
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People are clearly killing each other over BTC.
Such volume, many adoption, very interest, totally not a bubble.
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MatTheCat
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June 07, 2014, 07:26:57 PM |
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People are clearly killing each other over BTC.
Such volume, many adoption, very interest, totally not a bubble.
Low volume is what happens during a consolidation period.
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Melbustus
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Activity: 1722
Merit: 1004
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June 07, 2014, 07:30:18 PM |
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As loathe as I am to feed a troll, I can't resist pointing out the following...
The dynamic with bitcoin is that relatively low-volume periods add confidence to the concept as a whole... People understand what an incredible concept bitcoin is, how it can, in theory, replace much of PMs as an asset class, plus transactional utility, etc... What scares people away is the volatility and newness of the technology. There's clearly tech risk with bitcoin, but no such risk with gold.
But every day that bitcoin simply continues to exist and process transactions builds confidence. Every low volume day without much price change either way adds to the confidence that bitcoin is 1) not in one of its crazy parabolic phases, and 2) not in a decline. Combine those factors, and you get a nice recipe for people who understand the overall concept to get over any hesitations.
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Bitcoin is the first monetary system to credibly offer perfect information to all economic participants.
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YogoH
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June 07, 2014, 07:33:14 PM |
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I think the lower volume is from many reasons. Like Matt said, consolidation. Also, the lack of trust in exchanges since mt gox, and the rise of ATMs, Coinbase, and other easy ways to get BTC besides the traditional exchanges.
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Dalmar
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June 07, 2014, 07:37:37 PM |
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All the noob traders are waiting for a big whale volume spike so they feel comfortable buying in. This staircase pattern with low volume periods is common with bitcoin.
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RandomPedestrianN9 (OP)
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Activity: 84
Merit: 10
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June 07, 2014, 07:42:00 PM |
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Still in denial. So many bagholders.
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Benjig
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June 07, 2014, 08:02:35 PM |
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All the noob traders are waiting for a big whale volume spike so they feel comfortable buying in. This staircase pattern with low volume periods is common with bitcoin.
Hehehe, back in 2013 buying at 120 was really an investor move because there were not so many adoption but now the one who is not buying at this price is really a noob, he will wait until it is 5,000
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MatTheCat
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June 07, 2014, 08:06:28 PM |
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All the noob traders are waiting for a big whale volume spike so they feel comfortable buying in. This staircase pattern with low volume periods is common with bitcoin.
and I am 80/20 sure that they will get it early next week, if not before. I say this, because I believe Bitcoin will be manipulated to break out from here. Have witnessed some very deliberate price management in Bitcoin in the past few days and it tells me that some whale wants to make Bitcoin fly. Having said that, it is causing me a bit of concern that we are drifting slightly beyond the down trendline on low volume at the moment. With Bitcoin, the direction that it shows first is often the opposite direction from which it is headed.
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RandomPedestrianN9 (OP)
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June 07, 2014, 09:00:15 PM |
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My uncle wants to spend his life savings on BTC tomorrow so you guys can unload and cash out with USD. He will hold your bag and sponsor your new Lamborghinis. He cant wait.
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MatTheCat
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June 07, 2014, 09:40:39 PM |
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My uncle wants to spend his life savings on BTC tomorrow so you guys can unload and cash out with USD. He will hold your bag and sponsor your new Lamborghinis. He cant wait.
Then I welcome your uncle to this small microcosmic fractal offshoot of the global casino economy. If our most lucrative industry is the finance industry, which doesn't actually produce anything much of tangible value, then someone, or rather a whole bunch of suckers/peons have gotta pay for the vast profits some way or another? Poverty? Environmental Destruction? War? So long as it fills up the fuel tanks of my fleet of Lamborghinis, what the hell do I care?
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BittBurger
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June 07, 2014, 09:46:15 PM |
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Low volume The dynamic with bitcoin is that relatively low-volume periods add confidence to the concept as a whole...
"This is actually good news!"
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Wilhelm
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June 07, 2014, 10:06:46 PM |
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So long as it fills up the fuel tanks of my fleet of LamborghinisGulfstream G650s, what the hell do I care?
Correction
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Bitcoin is like a box of chocolates. You never know what you're gonna get !!
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RandomPedestrianN9 (OP)
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June 08, 2014, 12:55:42 PM |
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The volume is mondblowing, good to see every person on Earth is trying to buy BTC as we speak. Clearly..
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MatTheCat
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June 08, 2014, 01:07:51 PM Last edit: June 08, 2014, 01:29:04 PM by MatTheCat |
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The volume is mondblowing, good to see every person on Earth is trying to buy BTC as we speak. Clearly..
Come back when Bitcoin has hit $900 and tell us some more stories about mindblowing volume.
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Wilhelm
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June 08, 2014, 01:11:12 PM |
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We are only in the trend reversal stage and we possibly haven't hit the bear trap yet. It will be a while before we go to da moon and beyond.
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Bitcoin is like a box of chocolates. You never know what you're gonna get !!
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RandomPedestrianN9 (OP)
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June 08, 2014, 01:34:52 PM |
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The volume is mondblowing, good to see every person on Earth is trying to buy BTC as we speak. Clearly..
Come back when Bitcoin has hit $900 and tell us some more stories about mindblowing volume. Yes and buy at the top.
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MatTheCat
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June 08, 2014, 02:12:49 PM |
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Yes and buy at the top.
Well, somebody has to.
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wachtwoord
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June 08, 2014, 02:18:27 PM |
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Low volume is the same as: "Rocket launch in t minus 10."
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DolanDuck
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June 08, 2014, 08:56:01 PM |
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The huge volume usually is triggered by bots when there are crossing emas or panic buys/sells if the value starts to jump/drop.
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▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄▄ PRIMEDICE The Premier Bitcoin Gambling Experience @PrimeDice ▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀▀
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MatTheCat
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June 08, 2014, 09:22:33 PM |
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The huge volume usually is triggered by bots when there are crossing emas or panic buys/sells if the value starts to jump/drop.
Or by whales triggering the bots. Weekly MACD and SMA crossoever coming right up to a Bitcoin exchange near you.
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