it's really quite fascinating price action, or inaction, one might say.
to my mind, they're blocking walls. someone needs to keep the price down. but yeah, they seem to have an endless supply of coins. the good news is that the buyers are getting bolder and buying up everything right up to the edge of the large ask walls. the spread, instead of increasing, is decreasing as buyers get more comfortable knowing that the ask walls aren't going to suddenly market sell and wipe out the bid side. buyers are slowly eating them away and it's just a matter of time.
I got that same feeling quite strongly for the first time today. Someone wants to keep the price down. I think they're coiling the spring waiting for the right moment
Do you ever have a thought that makes you shiver? I did today. I was at the gym sitting on a bench and thinking, "I bet I'm the only person here who has a sizeable position in bitcoins," when I noticed that a significant number of people were staring at their phones. It hit me how I'm sort of the same as everyone else--I just happened to stumble upon bitcoin a bit earlier. If all these people knew what I knew, a few of them would probably be checking bitcoinity right now.
So I was imagining that bitcoin was making headlines again, but this time there's even more awareness. Most importantly, there's a way that anybody
can instantly buy bitcoins with a credit card from their phone. And I could just see it: there's going to be a rally, and it's going to last for weeks, at first it will be only a few people, but at the gym or at the pub these people will set their friends up with Circle accounts and instantly buy bitcoins as the price continues to rally. By the end everybody
is going to be staring at their phones and cheering on the price of bitcoin. Gamblers will keep increasing their exposure as the price climbs, and the rally will last longer and go higher than everyone imagines.
And then we'll all be staring at our phones when it crashes.
Anyways, what gave me the shivers was this feeling of inevitability to the whole thing, and how connected our phones make us, and how that interconnectedness allows things to change very quickly. What happens when 21 million people press the "buy now" button on their phones at the same time?