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> The blockchain doesn't contain any price information Yes, but it tells us about the supply and demand, including the average time the coin is being held (goo
by sn_master 6y ago
> The blockchain doesn't contain any price information
Yes, but it tells us about the supply and demand, including the average time the coin is being held (good indications of investor confidence and/or real world trade volume) and other valuable metadata.
People even do news articles when large amounts of coins exchange wallets.
If thousands of people all of a sudden "bought" a certain coin on RH, shouldn't that increase it's price due to increase demand? Does that happen? How can it happen? Does RH communicate its trades to other exchanges? Which ones?
> "Legit" exchanges like Gemini and Coinbase don't put every transaction on the blockchain
If you're one of the tens of thousands of the fine folks trading things online from one of (dark.fail) black markets which do hundreds of millions each year in business (judging from FBI seizures) you won't do it internally between CoinBase accounts, but you'll have to transfer it to the wallet of the market or the dealer. Same is true if you'll buy a big ticket item like your new Tesla with BitCoin (which you now can).