Bullish news for our crypto converts?
Discussion
Increasingly, government is trying to control retail access to cash.
http://www.zerohedge.com/news/2017-01-03/greece-un...
http://www.zerohedge.com/news/2017-01-03/greece-un...
Ginge R said:
Increasingly, government is trying to control retail access to cash.
http://www.zerohedge.com/news/2017-01-03/greece-un...
The news was full of claims that Indians were adopting Bitcoin en masse after the Modi govt withdrew high value notes last year. The reality is more prosaic as access to the technology remains difficult both conceptually and pragmatically for the masses. This is as true in India as it is in Greece and the UK.http://www.zerohedge.com/news/2017-01-03/greece-un...
However, as governments continue to dilute and otherwise meddle with their currencies, flight to havens safe or otherwise will surely ensue. Even without this shove in the back, cryptocurrency or the "internet of money" is a clear and obvious trajectory for both the world's banking structures and citizens who simply want to store their cash safely somewhere.
To me it feels a bit like the internet in 1995 when obtaining a dial up connection from BT often felt like drawing blood from a stone. We've travelled a long way in the 20 odd years since those times and I'm sure it will prove to be the same with crypto currencies. Early adopters in this space will be making both mistakes and fortunes for a fair few years to come.
Zero Hedge, the site that predicted 200 of the last 2 recessions.
I've been deep into crypto for many years. All of the 'events' that inspired a rise such as Cyprus, Greece and perhaps this were in reality nothing more than inspiration for the same old pumpers on exchanges.
Having said that there were huge premiums on the main Indian Bitcoin exchange but the volume was piddly.
If real people really had run from their local currencies the price would go insane. It's gearing up to go insane right now in fact.
I've been deep into crypto for many years. All of the 'events' that inspired a rise such as Cyprus, Greece and perhaps this were in reality nothing more than inspiration for the same old pumpers on exchanges.
Having said that there were huge premiums on the main Indian Bitcoin exchange but the volume was piddly.
If real people really had run from their local currencies the price would go insane. It's gearing up to go insane right now in fact.
bloomen said:
Zero Hedge, the site that predicted 200 of the last 2 recessions.
I've been deep into crypto for many years. All of the 'events' that inspired a rise such as Cyprus, Greece and perhaps this were in reality nothing more than inspiration for the same old pumpers on exchanges.
Having said that there were huge premiums on the main Indian Bitcoin exchange but the volume was piddly.
If real people really had run from their local currencies the price would go insane. It's gearing up to go insane right now in fact.
What are your views on this sudden spike. I was telling someone just a few weeks ago how Bitcoin is much less volatile now but then it just went mad. All time high in gbp now and growing still. I rode the spike last time and missed all my sell off points as it was all new to me. At a few points over the last 2 years I've literally written off the money as a mistake, but then 2016 came along and it's been amazing. How long will it last..I've been deep into crypto for many years. All of the 'events' that inspired a rise such as Cyprus, Greece and perhaps this were in reality nothing more than inspiration for the same old pumpers on exchanges.
Having said that there were huge premiums on the main Indian Bitcoin exchange but the volume was piddly.
If real people really had run from their local currencies the price would go insane. It's gearing up to go insane right now in fact.
Dunno. I'd say the price had been suppressed for so long that people were ready to jump on the train again. At the same time nothing about Bitcoin has changed in the way it actually operates. There's no more capacity.
Compared to 2013 there's much more awareness and the market is deeper and wider. There are also far fewer coins arriving every day and an ever growing band of buyers. There's lots of talk of family offices et al looking for thousands of coins.
I don't think such buyers have really thought through how few coins might be available to them. The price is all speculation based off small numbers of people. If there really was global and sustained demand then the price would go utterly berserk and this is all before genuine deflation kicks in effectively in about 10 or so years.
Perhaps this is its moment to take things a notch upwards and stay there. I won't be buying any more though.
I think the events of the last few years have turned more people onto the idea of having their money outside government control. At the same time that may well inspire governments to assert themselves if crypto really did become big. All they'd have to do is strangle the exchanges.
If it survives its own internal and external strife then I think it's only just starting to warm up. We're barely into the early adopter phase yet. Between now and 2020-24 is the crunch phase I think. Either it flies or dies by then.
Compared to 2013 there's much more awareness and the market is deeper and wider. There are also far fewer coins arriving every day and an ever growing band of buyers. There's lots of talk of family offices et al looking for thousands of coins.
I don't think such buyers have really thought through how few coins might be available to them. The price is all speculation based off small numbers of people. If there really was global and sustained demand then the price would go utterly berserk and this is all before genuine deflation kicks in effectively in about 10 or so years.
Perhaps this is its moment to take things a notch upwards and stay there. I won't be buying any more though.
I think the events of the last few years have turned more people onto the idea of having their money outside government control. At the same time that may well inspire governments to assert themselves if crypto really did become big. All they'd have to do is strangle the exchanges.
If it survives its own internal and external strife then I think it's only just starting to warm up. We're barely into the early adopter phase yet. Between now and 2020-24 is the crunch phase I think. Either it flies or dies by then.
bloomen said:
Of course, but all you have to do to turn off 97% of potential users is shut down the on and off ramps.
Even in China, where this threat is perhaps most tangible, capital outflows through crypto are totally dwarfed by more traditional routes. And shutting recognised exchanges would do little to halt the trading; it would simply re-emerge elsewhere.Far more plausible that governments desire crypto taxation revenue, want as much information as possible gleaned from crypto activity (it's far more traceable than many think), and few governments would want their fintech industries left behind in the rush to exploit the emerging technologies.
Russia recently did a u-turn for precisely these reasons. One minute they were threatening forced labour for bitcoin holders, the next the tax authorities were deeming it forex.
I've sold a single-digit amount of Bitcoin in expectation of it going back down to $300, or whatever. Then I'll just buy some more, and wait for the next cycle. (And if the worst comes to the worst, and it keeps on rising? - well, maybe I somehow manage to convert my winnings into £, and it'll go some way to buying me a new car... or, more precisely, an old car that I haven't personally owned before.)
When I sold on BTC-e, at the suggested rate, about 85% of the order was fulfilled instantly, and then it was another minute or two before somebody bought the rest. So that didn't feel on the face of it like the thick swarm of buyers, desparate for that sweet, sweet bitcoin, that the price runup seemed to imply.
On the other hand, the prevailing rate then was a bit less than $1000 per bitcoin, and look at it now. So what the hell do I know.
But then again - and now I've run out of hands - price is set at the margin, as is bloomen's point. So who knows what's really going on.
When I sold on BTC-e, at the suggested rate, about 85% of the order was fulfilled instantly, and then it was another minute or two before somebody bought the rest. So that didn't feel on the face of it like the thick swarm of buyers, desparate for that sweet, sweet bitcoin, that the price runup seemed to imply.
On the other hand, the prevailing rate then was a bit less than $1000 per bitcoin, and look at it now. So what the hell do I know.
But then again - and now I've run out of hands - price is set at the margin, as is bloomen's point. So who knows what's really going on.
Edited by to3m on Thursday 5th January 01:16
to3m said:
I've sold a single-digit amount of Bitcoin in expectation of it going back down to $300, or whatever. Then I'll just buy some more, and wait for the next cycle. (And if the worst comes to the worst, and it keeps on rising? - well, maybe I somehow manage to convert my winnings into £, and it'll go some way to buying me a new car... or, more precisely, an old car that I haven't personally owned before.)
When I sold on BTC-e, at the suggested rate, about 85% of the order was fulfilled instantly, and then it was another minute or two before somebody bought the rest. So that didn't feel on the face of it like the thick swarm of buyers, desparate for that sweet, sweet bitcoin, that the price runup seemed to imply.
On the other hand, the prevailing rate then was a bit less than $1000 per bitcoin, and look at it now. So what the hell do I know.
But then again - and now I've run out of hands - price is set at the margin, as is bloomen's point. So who knows what's really going on.
Wow. lucky move!!When I sold on BTC-e, at the suggested rate, about 85% of the order was fulfilled instantly, and then it was another minute or two before somebody bought the rest. So that didn't feel on the face of it like the thick swarm of buyers, desparate for that sweet, sweet bitcoin, that the price runup seemed to imply.
On the other hand, the prevailing rate then was a bit less than $1000 per bitcoin, and look at it now. So what the hell do I know.
But then again - and now I've run out of hands - price is set at the margin, as is bloomen's point. So who knows what's really going on.
Edited by to3m on Thursday 5th January 01:16
I take it you've seen the crash? at one point today you could have bought back in and really upped your pot. Either way you played it for a win.
It's truly a mug's game trying to trade this stuff and I would strongly advise against it. The exchanges are heavily manipulated to liquidate small timer positions.
And events like today's come unexpected. The crash back to where values were a week ago was driven by the Yuan appreciating suddenly where previously it was depreciating reliably. You'd have to be watching a lot of data to catch that early enough.
Best to buy dips and hold long term.
And events like today's come unexpected. The crash back to where values were a week ago was driven by the Yuan appreciating suddenly where previously it was depreciating reliably. You'd have to be watching a lot of data to catch that early enough.
Best to buy dips and hold long term.
Edited by Behemoth on Thursday 5th January 21:30
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