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The price of bitcoin is totally fraudulent, driven by a couple of exchanges literally printing money, and gullible people doing arbitrage and exchanging bitcoin

• makomk 9y ago
  The current price increase was driven almost entirely by a major US-based exchange which doesn't accept tether and has fairly substantial volume. Somehow this doesn't falsify the idea that the price is driven by tether-printing because it seems there's no possible turn of events that can falsify that belief - it doesn't matter whether Bitcoin is going up or down, or whether the trading driving the price involves tether, it's always tether.
• gaius 9y ago
  The question is, say I had a million dollars worth of bitcoin. Or 10 million, or 100 million. How easily could I exchange them for a traditional hard currency, GBP, CHF, USD? What is the depth of the liquidity of this market? Without that, the valuation is meaningless.
  • kss238 9y ago
    The 24hr volume for bitcoin is currently at 6.2 B. Selling 10 MM of bitcoin in a day would not affect price very much. Looking at the largest American exchange (6% of daily btc volume), GDAX, a 10 MM market sell order would drop the price to around 9400 USD from 9750 USD currently. Selling 100 MM of bitcoin in a day would affect the price significantly. Looking at GDAX, a 100 MM market sell order would drop the price to around 7000 USD from 9750 USD currently. Although this would be arbed pretty quickly and I would think that it would recover to maybe 8500 USD.
    • empath75 9y ago
      Volume in tethers or dollars?