Sustaining prices versus dirty pump

[DanielT]

Some people like to say that the 3600 bitcoins being dumped is nothing, because of the volumes we see in exchanges are much larger.

That, misses the point, as 3600 is a dump constant put against short-term speculation. Who wins? At $300/btc, traders must pour $1,080,000 every day, for sustaining the price. That is indeed a total amount (no one needs to pump $1,080,000 single-handed), thus not necessary the most ridiculous value there is. But the speculator excitement is now very low. Therefore in order to bring bitcoin to great heights (A.K.A the moon) at the current inflation level, the pump must be legendary.  There simply isn't such a market.

Thus I conclude that we won't see ATH prices so soon, as permabulls like to claim.

[lolled]

Some people like to say that the 3600 bitcoins being dumped is nothing, because of the volumes we see in exchanges are much larger.

That, misses the point, as 3600 is a dump constant put against short-term speculation. Who wins? At $300/btc, traders must pour $1,080,000 every day, for sustaining the price. That is indeed a total amount (no one needs to pump $1,080,000 single-handed), thus not necessary the most ridiculous value there is. But the speculator excitement is now very low. Therefore in order to bring bitcoin to great heights (A.K.A the moon) at the current inflation level, the pump must be legendary.  There simply isn't such a market.

Thus I conclude that we won't see ATH prices so soon, as permabulls like to claim.

I don't think all of the mined coins are dumped. Some people even hold on to them .

[dakota neat]

If Bitcoin can't handle 10% inflation a year, it's not worth it.

[DanielT]

I don't think all of the mined coins are dumped. Some people even hold on to them .

Miners have to pay electricity, and it is risky to hold btc in a bear market. The bull market could start in few weeks, but who can afford to wait?

If Bitcoin can't handle 10% inflation a year, it's not worth it.

I haven't heard a currency that can handle 10% inflation without some costs.

[lolled]

If Bitcoin can't handle 10% inflation a year, it's not worth it.

Do you mean handle, or do you mean if it does not show 10% inflation ?

[CoinCidental]

I don't think all of the mined coins are dumped. Some people even hold on to them .

Miners have to pay electricity, and it is risky to hold btc in a bear market. The bull market could start in few weeks, but who can afford to wait?

strong hands can wait ,peasants will be pushed out
you decide now which side you want to be on
panic sell like a pussy or grow some balls and ride out the storm
its up to you ......

[dakota neat]

If Bitcoin can't handle 10% inflation a year, it's not worth it.

I haven't heard a currency that can handle 10% inflation without some costs.

It will be 5% next year. That's the inflation target of most western countries.

[DanielT]

It will be 5% next year. That's the inflation target of most western countries.

That is next year, and 5% is still borderline high.

[Gio344]

I doubt the full 3600, lets say 3000 get dumped , thats about 25btc an hour selling split up over a couple (5) exchanges im guessing

They may only dump to break even with electricity cost and keep the rest of btc profit

[dakota neat]

It will be 5% next year. That's the inflation target of most western countries.

That is next year, and 5% is still borderline high.

Everyone knows what to expect and those numbers are fixated. Now compare that to our central banks.

[thresher]

It is apparently obvious at this point bitcoin usage cannot sustain at the current level.  The only reason it goes up at all at the moment is from people pumping, or trying to not miss the chance to get in.

When we dip below 200 again, maybe that was the support level and it dropped lower from panic, maybe it wasn't but, it should be clear that we are having trouble sustaining prices.

[DanielT]

Everyone knows what to expect and those numbers are fixated. Now compare that to our central banks.

I'm not trying to imply central banks are better than Bitcoin, so I don't know where are you going with this.

[NotLambchop]

It will be 5% next year. That's the inflation target of most western countries.

That is next year, and 5% is still borderline high.

Everyone knows what to expect and those numbers are fixated. Now compare that to our central banks.

Everyone knows & that's why the price is tanking.  Bitcoin's yearly inflation is not 10%--that's Bitcoin's monetary base inflation.  And even that's wrong, it was 12% in 2014.  

When regular folks say inflation, they mean price inflation, e.g. "a gallon of milk costs 3% more than it did a year ago.  Bummer, 3% yearly inflation."
For Bitcoin, price inflation was ~500% in 2014, with no signs of letup in 2015.  
Nice going.

[dakota neat]

Sorry NLC, you keep continously saying 'This user is currently ignored' for me 

[DanielT]

Does NLC always put that ugly ass picture in his posts?? I'm may ignore him now.

[solid12345]

If miners would stop dumping Bitcoin for fiat then inflation wouldn't be a big deal. The problem is Bitcoin mining has become for the large part a tool to make more US dollars which does nothing to give value to the currency itself or show any confidence in the system. It doesn't help every whale is pumping and dumping on each other just to make more fiat money too.  Just who in the hell does have faith in this system anymore except the lowly guys like us with a few Bitcoins and a few venture capitalists with spare gambling money?

[kwukduck]

If miners would stop dumping Bitcoin for fiat then inflation wouldn't be a big deal. The problem is Bitcoin mining has become for the large part a tool to make more US dollars which does nothing to give value to the currency itself or show any confidence in the system. It doesn't help every whale is pumping and dumping on each other just to make more fiat money too.  Just who in the hell does have faith in this system anymore except the lowly guys like us with a few Bitcoins and a few venture capitalists with spare gambling money?

Well the concept is nice, as with so many things, it just gets ugly when people get involved and greedy and intolerant and hateful and well a lot more of that stuff...

[NotLambchop]

Sorry NLC, you keep continously saying 'This user is currently ignored' for me 

^^^
This lolcow's first post, price was ~$600:

Nice buying opportunity. I predict an uptrend starting next week, which will cut through magic 666 like butter and leveling out at 800 until middle of july.

[bclcjunkie]

also don't forget, out of 3600 dumped coins at least 70% will make back to the dumper(hidden orders, putting up own bids and etc).. manipulators aren't that stupid to just give you free lunch away... in fact they are getting better at it these days.. i'm impressed how they can take up positions on both sides and fake the entire futures market...

Some people like to say that the 3600 bitcoins being dumped is nothing, because of the volumes we see in exchanges are much larger.

That, misses the point, as 3600 is a dump constant put against short-term speculation. Who wins? At $300/btc, traders must pour $1,080,000 every day, for sustaining the price. That is indeed a total amount (no one needs to pump $1,080,000 single-handed), thus not necessary the most ridiculous value there is. But the speculator excitement is now very low. Therefore in order to bring bitcoin to great heights (A.K.A the moon) at the current inflation level, the pump must be legendary.  There simply isn't such a market.

Thus I conclude that we won't see ATH prices so soon, as permabulls like to claim.

[chaoman]

I don't think all of the mined coins are dumped. Some people even hold on to them .

Miners have to pay electricity, and it is risky to hold btc in a bear market. The bull market could start in few weeks, but who can afford to wait?

If Bitcoin can't handle 10% inflation a year, it's not worth it.

I haven't heard a currency that can handle 10% inflation without some costs.

I pay my power bill in cash and keep my mined bitcoins.