Was the rise in Bitcoin cash due to massive market participants switching to Bitcoin cash? Or just a publicity stunt by bitcoin cash promoters selling their #bitcoin and buying bitcoin cash to engender an illusion market adoption of bitcoin cash?
it COULD be manipulation. If the selling is designed to create favor for one coin and disfavor for another, they sell one (BTC) and buy the other BHC), then flood BTC with micro transactions to slow the system down and make it more expensive, validating their buying and selling https://t.co/WSboJ781no
such a plan is feasible and not so hard to execute. The price action we have seen the past fews COULD be a result of what I outlined above. Or it may not but the suddenness of the reversal makes it more likely a scheme
WSJ: For all the interest in cryptocurrencies, the #bitcoin market remains small, with a relatively small number of participants https://t.co/lhIm1ZQRaW That is why it is and will continue to rise:#Bitcoin/#Litecoin Markets are small they don't require universal participation
you mean dollar HEGEMONY is not near an end and the dollar's days are not numbered and China is not employing the Art of War by Sun Tzu to Shock the World by rolling its 20K tons of gold into a stadium and declaring GAME OVER?
Is the U.S. Dollar Becoming the New Petro Dollar? With OPEC oil cuts and U.S. oil production and exports surging, is the US dollar set to replace the Saudi – backed petro dollar?https://t.co/uzJpPg4mgM
Industrial and Commercial Bank of China, to offer 500b yuan of credit to support rental market https://t.co/0ffj9vo7J6 via @SCMP_News (Because China suffers from a lack of credit) #GameChanger No worries! #GOLD BACKED PETRO YUAN coming- to CRUSH THE DOLLAR End Dollar HEGEMONY!
The real hard thinking leads to the #Gold Backed Petro Lira, Italian Hegemony and Death of the Petro Dollar. Few understand and can connect the dots. Think the Da Vinci code and Machiavelli – #GameChanger , analysts say.
AG and AU are not the same metals – indeed #Gold and #Silver are different colors, with different densities, properties and uses. Relative rarity less important. #Bitcoin and #Litecoin, however are very close to the same thing
Bitcoin Valuation – Value in the Eye of the Beholder
its a bubble but can expand much more because there are millions of people some with a lot of cash that actually beleive in it and there arent that many bitcoin to buy. BTC=more of a collectible like a Picasso that trades everyday than a stock with an inflated earnings valuation
It's not a pump and dump its purely a function that there is a growing albeit small # of investors that believe in the concept and a small # of available bitcoin. #Bitcoin wont require widespread adoption or acceptance, just increasing investor interest to hit $100K
One could argue that a subscription to an investment newsletter has no value as it contains merely letters & symbols. To most $1200 a month to receive such a news letter is a total waste of money BUT there are enough that will pay to justify the $1200 price tag.Ditto for #bitcoin
The #Bitcoin code was not arbitrarily devised. It IS a digital abstraction with no intrinsic value. But the code does create a unique payment system that would be of no value if it was just worthless bits flying around. However, fiat value has been ascribed to those bits
The leap of faith is that those bits have fiat value- fiat value itself is not a leap of faith, but a dication of value. Bitcoin value is voluntary consensus of value, which again a small (few million) participants ascribe fiat value
Gold wont 10X because the gold market is too large due to futures trading dictating the price not supply and demand. Also #gold has become a monetary/fiat substitute that is valued less for its properties as a commodity/beauty than its fiat value
Value is not universal and is often temporal. If people see fiat value in lines of code that are meaningless/valuless to 99.9% of the public, a market can still develop among those that value that code and the ecosystem around it. That is all that is happening.
Our stock market valuations that we think are the product of so many market participants, are really derived from but a small % of the population. No one would pay $52 billion to own Tesla, but "market particpants" have bid it that high. Market don't really get at universal value
the value it provides is an opinion or a market assessment.Those IN the bitcoin market agree with you.Those not in the bitcoin market disagree. But the price is driven by those IN the market. Hence no universal agreement on value is reached BUT those in the market determine value
Certainly worth next to nothing when one applies a p/e or other valuation metric. Some paint on a canvass or words on a newsletter are also worth next to nothing unless there is a market that ascribes value. Art collectors (of which there are very few)/investors determine price
I view cryptobugs/investors as the ones ascribing value. Just as art collectors ascribe value to what you and I might see as splotches of paint on a canvas as worthless, they see as $70 million art https://t.co/UaEXXIEC4H
There are more people who chose gold BUT there is also more gold and gold deriviatives to satisfy that demand- THAT is why bitcoin is rising faster. While fewer may demand bitcoin than gold, there is little bitcoin to meet that demand.
Collapse of Chinese Bike Sharing Sector: Black Hole Capital (real name) funded Bluegogo shut down after raising $60m Recently Wukong, 3vBike and DING DING also went belly-up Mkt leaders Mobike & Ofo have raised $1B each China calls for tighter regs https://t.co/fHM4ZFLBEi
Whatever pump the #Litecoin hodlers can get away with using to justify Litecoin $5000: Litecoin shortage! Sovereign Sized Litecoin Buy in 45 Days! Litecoin Backed Petro Yuan! Bitcoin Liteccoin Ratio UNSUSTAINABLE at 112:1
If people want to peddle it as ‘game-changing’, that’s up to them (and up to the people who read it to do so closely enough to understand the difference). People WANT a ‘gold-backed yuan story’ and they’ll find it in whatever they can. Maybe one day it happens but not yet IMO
"Renowned economist Jim O'Neill" also reads the Asian Nikkei Review & explains how the dollar will lose its 'kingpin' status https://t.co/tnafDb6uhK "The plan is to price oil in yuan using a gold-backed futures contract"
These charts shows the value of about 20,000 tons. Really if China showed that gold it would be meaningless even if price were to skyrocket. Would do nothing to save china from its debt monster- probably far more than the $28T I listed (which doesnt include unfunded liabilities) pic.twitter.com/J5Cdqa0iu5
The U.S. Mint sold 0 of the first America the Beautiful Coin of 2017 today – the Effigy Mounds National Monument coin. YTD Effigy Mounds ATB coins 35,000. The US Mint sold 0 Frederick Douglas National Historical Site ATB coins and 0 of the Ozark National Scenic Riverways. The US Mint sold 30,900 George Rogers Clark National Historical Park today
The US Mint sold 0 Ellis Island ATB coins today
Total YTD ATB coin sales 35,000 Effigy Mounds National Monument coins, 20,000 Frederick Douglas National Historical Site, 20,000 Ozark National Scenic Riverways ATB coins, 40,000 Ellis Island ATB coins and 30,900 George Rogers Clark National Historical Park. Total 145,900
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