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If bitcoin is such a disaster why is BTC price holding firm or even increasing?

by pbreit 11y ago

wmf 11y ago
Scroll down to "Nobody knows what’s going on".
- grubles 11y ago
  I did and it's FUD.
imaginenore 11y ago
Because it's not. Most commenters here forget that bitcoin is not a fixed thing. It evolves. It forks. All kinds of famous/important people predict Bitcoin's death every week, but it just keeps going.
- grubles 11y ago
  And this medium.com post signals yet another of the hundreds of forks of bitcoin that have failed and not bitcoin itself.
- polemic 11y ago
  Bitcoin forking is generally considered an Extremely Bad Thing To Happen.
  - imaginenore 11y ago
    It will have to happen from time to time.
  - deleted 11y ago
    [deleted]
  - stale2002 11y ago
    It has happened before with emergency fixes....
- pbreit 11y ago
  Anyone as famous/important (Bitcoin-wise) as Mike?
- arto 11y ago
  To paraphrase an old saying about the Lisp programming language: Bitcoin is no deader than usual.
lololomg 11y ago
Obviously I don't really know the answer but maybe this is partly due to the 'no such thing as bad publicity' phenomenon.
yuvadam 11y ago
It's being manipulated by Chinese exchanges faking trade volumes
- shawn-furyan 11y ago
  Have a citation? The claim that a couple of exchanges in china have majority of the mining power seems plausible and I'm willing to accept it as fact on the strength of multiple assertions that it's the case. But the claim that these exchanges, which are presumably composed of the pooled resources of many independent or semi-independent agents are coordinating to prop volume and price (in the face of a collapse) seems to call for a bit more support than a flat assertion.
  - vanattab 11y ago
    I think you are confusing bitcoin exchanges with bitcoin mining pools. 2 mining pools have 52% of the hashing power and a responsible for "producing" bitcoins. The exchanges are basically just places to buy and sell bitcoins. With regards to wither or not Chinese exchanges are deceptively manipulating the price of bitcoin I don't have any idea.
    - shawn-furyan 11y ago
      You're right. I momentarily confused the two terms. I could see how a couple exchanges, as opposed to pools, would have more unilateral (or bilateral rather) power for manipulating market statistics. Either way, the main question still remains, and it doesn't look like a citation is forthcoming. Going to file this under unfounded speculation for now.
- empath75 11y ago
  It's possible to fake volume, maybe, but faking 'price' is just flushing money down the toilet.
  - sireat 11y ago
    Mtgox faked price too, remember those 1k+ days? because Gox was considered a leader other exchanges corellated their prices.
tveita 11y ago
You could say the same about any bubble, though. If the price is driven by speculation a high price doesn't imply a healthy asset.
empath75 11y ago
There was a pyramid scheme in China using btc and the Chinese are using Bitcoin to transfer money out of the country. And the price hasn't been increasing for the past month or so. I just dumped all mine after getting in around 350.

If bitcoin is such a disaster why is BTC price holding firm or even increasing?

by pbreit 11y ago

If bitcoin is such a disaster why is BTC price holding firm or even increasing?

wmf 11y ago

Scroll down to "Nobody knows what’s going on".

grubles 11y ago
I did and it's FUD.

imaginenore 11y ago

Because it's not. Most commenters here forget that bitcoin is not a fixed thing. It evolves. It forks. All kinds of famous/important people predict Bitcoin's death every week, but it just keeps going.

grubles 11y ago
And this medium.com post signals yet another of the hundreds of forks of bitcoin that have failed and not bitcoin itself.
polemic 11y ago
Bitcoin forking is generally considered an Extremely Bad Thing To Happen.
- imaginenore 11y ago
  It will have to happen from time to time.
- deleted 11y ago
  [deleted]
- stale2002 11y ago
  It has happened before with emergency fixes....
pbreit 11y ago
Anyone as famous/important (Bitcoin-wise) as Mike?
arto 11y ago
To paraphrase an old saying about the Lisp programming language: Bitcoin is no deader than usual.

lololomg 11y ago

Obviously I don't really know the answer but maybe this is partly due to the 'no such thing as bad publicity' phenomenon.

yuvadam 11y ago

It's being manipulated by Chinese exchanges faking trade volumes

shawn-furyan 11y ago
Have a citation? The claim that a couple of exchanges in china have majority of the mining power seems plausible and I'm willing to accept it as fact on the strength of multiple assertions that it's the case. But the claim that these exchanges, which are presumably composed of the pooled resources of many independent or semi-independent agents are coordinating to prop volume and price (in the face of a collapse) seems to call for a bit more support than a flat assertion.
- vanattab 11y ago
  I think you are confusing bitcoin exchanges with bitcoin mining pools. 2 mining pools have 52% of the hashing power and a responsible for "producing" bitcoins. The exchanges are basically just places to buy and sell bitcoins. With regards to wither or not Chinese exchanges are deceptively manipulating the price of bitcoin I don't have any idea.
  - shawn-furyan 11y ago
    You're right. I momentarily confused the two terms. I could see how a couple exchanges, as opposed to pools, would have more unilateral (or bilateral rather) power for manipulating market statistics. Either way, the main question still remains, and it doesn't look like a citation is forthcoming. Going to file this under unfounded speculation for now.
empath75 11y ago
It's possible to fake volume, maybe, but faking 'price' is just flushing money down the toilet.
- sireat 11y ago
  Mtgox faked price too, remember those 1k+ days? because Gox was considered a leader other exchanges corellated their prices.

tveita 11y ago

You could say the same about any bubble, though. If the price is driven by speculation a high price doesn't imply a healthy asset.

empath75 11y ago

There was a pyramid scheme in China using btc and the Chinese are using Bitcoin to transfer money out of the country. And the price hasn't been increasing for the past month or so. I just dumped all mine after getting in around 350.