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Market cap is only holders dream. It means nothing. People already have hard time liquidating anything more than 100k, i hear. The float is pretty low. And as y
by tehlike 9y ago
Market cap is only holders dream. It means nothing. People already have hard time liquidating anything more than 100k, i hear. The float is pretty low. And as you noted miraculously couple days after tether press prints money, bitcoin and most alts jump 10% magically.
Combine that with people attributing hundreds or even billions of dollars of market cap to something that doesnt have any tangible use or doesnt even have a github repo, i am goddamn sure tether can and will bring down the whole market down.
Technological adoption was the "news following the market" on bitcoins price rise. The real news will be when it explodes.
Another thing is bitfinex=tether, so tether imploding means bitfinex becoming insolvent, which will also bring downward price pressure.
- lhl 9y agoThis is dead easy to check and absolutely not true. BTC/USD 24hr volume on GDAX alone is $147M and you can liquidate $1M of BTC on GDAX right this second w/ less than 0.1% slippage. Why would you even post something (or hold an opinion) that's so easy to confirm/disprove if you simply know nothing about it? I find it constantly surprising by how low-information the posts on cryptocurrencies tend to be here on HN.
- tehlike 9y agoLiquidating doesnt mean yoy can take the money out. Try doing that. Also the volume is mostly bot driven even on gdax. That is why the whole volume and marketcap is crazy.
- lhl 9y agoGDAX has withdrawal limits of up to $25M/day, however if you're liquidating that much at once, you're better off OTC. GDAX USD accounts are only FDIC insured up to the standard $250K.
- tehlike 9y agoInsurance is for the money staying in accounts. I guess my point is with this much manipulation and fraud, it is not hard to see market go down big time due to tether. Gdax volume is inflated aomewhat due to bitfinex' bot that keeps buying and selling/painting tape on gdax. We saw what happened previously when a large exchange becomes insolvent. Tether will lead to bitfinex being insolvent, or better will lead to government raid or something. I would also be careful about calling things low info. I have plenty invested in crypto, but unlike many i am not a mooner dreamer. Btc is trying really hard ti stay at its current price and relies on tether printing. I dont think this is hard to see...
- deleted 9y ago[deleted]