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It is pretty incredible how resilient BTC has been to panic selling, it has definitely been trending downward at a high rate but I would have bet that a panic s

It is pretty incredible how resilient BTC has been to panic selling, it has definitely been trending downward at a high rate but I would have bet that a panic sell-off would have occurred before it reached these prices. There is still a reasonable inflow of money, from the looks of it -- and this is coming from a serious skeptic.

adjkant 9y ago
I think the bots are making a big difference in keeping demand from crushing minimums, always willing to trade on short-term timeframes.
- beberlei 9y ago
  I am thinking the same, there is enough up and down that arbitrage / day trading bitcoins could make you a lot of money. I find it interesting that always around the full thousands there are sudden immediate pushbacks, for example when it dipped below 8000 several days ago it was pushed back to 9000. same happened at 10000 back to 12000.
- diab0lic 9y ago
  I figured it was either that or people who are expecting this to be their chance to get in at a "good" price.
adventured 9y ago
It has lost ~$200 billion in value in under two months. Resilient is the last thing BTC should be called. Fragile, is a better word for it.
- diab0lic 9y ago
  Yes, I said exactly that -- it has been trending downward at a high rate and I'm shocked it hasn't gone to zero yet.
  - adventured 9y ago
    I suspect it might have seen another panic sale, had it not so quickly moved from ~$4k to $20k (two months). Once the mania took hold, and millions of lay person investors piled on (Coinbase now has more accounts than Charles Schwab), there was probably no alternative scenario possible other than to go from extreme bubble straight to implosion.
    - diab0lic 9y ago
      I didn't know the Charles Schwab statistic, would you happen to have a link for that one? I'd love to be able to share it. Thats nuts.
      - sofaofthedamned 9y ago
        It is. Plenty of people like me who don't deal shares are with CS only to sell their RSUs.
not_kurt_godel 9y ago
I suspect that the exchanges are doing their best to keep the prices artificially high by limiting sales and withdrawals under the guise of technical issues and support load.
- diab0lic 9y ago
  That honestly wouldn't surprise me either, I have very little trust for the exchanges.
- aviv 9y ago
  This. Very much this. 100% this is a major reason.
  - gigatexal 9y ago
    +1 to all of the above. I am just buying small chunks of it here and there as the price falls with play money. It's not much of an investment grade thing yet imo so that's how I play it.
tscs37 9y ago
There has been some significant dumping, Poloniex had a 233k Volume for about the 5 minutes that they price fell below 7k there (it's trending below again). It's probably someone trying to push the price up no matter what (or a shitload of orders with magic price points that people setup)
InclinedPlane 9y ago
Has anyone even done the math on how fast 100% turnover of BTC would take in terms of the current transaction processing volumes and delays?
lafar6502 9y ago
Maybe because transactions are so slow it’s not possible to sell fast enough
- dragonwriter 9y ago
  Transaction processing speed should only limit the speed at which BTC are loved on to or off of a specific exchange, but not the speed at which they trade on the exchange which should not involve the blockchain at all.

adjkant 9y ago

I think the bots are making a big difference in keeping demand from crushing minimums, always willing to trade on short-term timeframes.

beberlei 9y ago
I am thinking the same, there is enough up and down that arbitrage / day trading bitcoins could make you a lot of money. I find it interesting that always around the full thousands there are sudden immediate pushbacks, for example when it dipped below 8000 several days ago it was pushed back to 9000. same happened at 10000 back to 12000.
diab0lic 9y ago
I figured it was either that or people who are expecting this to be their chance to get in at a "good" price.

adventured 9y ago

It has lost ~$200 billion in value in under two months. Resilient is the last thing BTC should be called. Fragile, is a better word for it.

diab0lic 9y ago
Yes, I said exactly that -- it has been trending downward at a high rate and I'm shocked it hasn't gone to zero yet.
- adventured 9y ago
  I suspect it might have seen another panic sale, had it not so quickly moved from ~$4k to $20k (two months). Once the mania took hold, and millions of lay person investors piled on (Coinbase now has more accounts than Charles Schwab), there was probably no alternative scenario possible other than to go from extreme bubble straight to implosion.
  - diab0lic 9y ago
    I didn't know the Charles Schwab statistic, would you happen to have a link for that one? I'd love to be able to share it. Thats nuts.
    - sofaofthedamned 9y ago
      It is. Plenty of people like me who don't deal shares are with CS only to sell their RSUs.

not_kurt_godel 9y ago

I suspect that the exchanges are doing their best to keep the prices artificially high by limiting sales and withdrawals under the guise of technical issues and support load.

diab0lic 9y ago
That honestly wouldn't surprise me either, I have very little trust for the exchanges.
aviv 9y ago
This. Very much this. 100% this is a major reason.
- gigatexal 9y ago
  +1 to all of the above. I am just buying small chunks of it here and there as the price falls with play money. It's not much of an investment grade thing yet imo so that's how I play it.

tscs37 9y ago

There has been some significant dumping, Poloniex had a 233k Volume for about the 5 minutes that they price fell below 7k there (it's trending below again). It's probably someone trying to push the price up no matter what (or a shitload of orders with magic price points that people setup)

InclinedPlane 9y ago

Has anyone even done the math on how fast 100% turnover of BTC would take in terms of the current transaction processing volumes and delays?

lafar6502 9y ago

Maybe because transactions are so slow it’s not possible to sell fast enough

dragonwriter 9y ago
Transaction processing speed should only limit the speed at which BTC are loved on to or off of a specific exchange, but not the speed at which they trade on the exchange which should not involve the blockchain at all.