Bitcoin nears $8,000 as ‘FOMO’ traders pile in after crash
marketwatch.com
Bitcoin nears $8,000 as ‘FOMO’ traders pile in after crash
1–10 of 15 posts
Re: Bitcoin nears $8,000 as ‘FOMO’ traders pile in after crash
#2I know it's cool to hate cryptocurrencies, but the whole "FOMO" part of this article is almost entirely made up.
Even if it's true, the author has no way to know that for sure, and anecdotally I haven't seen it.
Most of the people that I know that are buying right now are doing so because for the first time in a while (unfortunately) Bitcoin is in a fairly stable state. There are no (serious) forks coming up, no massive scandals like a major exchange going under, the mempool is back to a reasonable size, and there are some really cool things on the horizon like lightning network, and even further out possibly schnorr signatures.
Coming from the past months of forks, infighting, contentious upgrades, and lots and lots of FUD, whenever I was asked about bitcoin I'd gladly talk their ear off about it, but would end with a warning that it's a very iffy time to be getting into things with how much was happening. Now it's starting to be in a state where I would feel comfortable introducing people into the space.
Re: Bitcoin nears $8,000 as ‘FOMO’ traders pile in after crash
#3it's gotten to the point where you can't lose money by buying bitcoin. it's just always goes up.
Re: Bitcoin nears $8,000 as ‘FOMO’ traders pile in after crash
#4I know it's cool to hate cryptocurrencies, but the whole "FOMO" part of this article is almost entirely made up. Even if it's true, the author has no way to know that for sure, and anecdotally I haven't seen it. Most of the people that I know that are buying right now are doing so because for the first time in a while (unfortunately) Bitcoin is in a fairly stable state. There are no (serious) forks coming up, no mass…
Bitcoin is not in a stable state. Price rises every time Tether decides to fabricate 20-30 million dollars they don't have, which coincidentally happens every time bitcoin starts to lose steam and the price drops a little.
> no major exchange going under
Not yet, but every exchange trading Tether will probably sink, along with the price of bitcoin, when Tether (aka Bitfinix) can no longer keep up their fraud.
Re: Bitcoin nears $8,000 as ‘FOMO’ traders pile in after crash
#5I know it's cool to hate cryptocurrencies, but the whole "FOMO" part of this article is almost entirely made up. Even if it's true, the author has no way to know that for sure, and anecdotally I haven't seen it. Most of the people that I know that are buying right now are doing so because for the first time in a while (unfortunately) Bitcoin is in a fairly stable state. There are no (serious) forks coming up, no mass…
... There are no (serious) forks coming up, no massive scandals like a major exchange going under, the mempool is back to a reasonable size, and there are some really cool things on the horizon like lightning network, and even further out possibly schnorr signatures
Re: Bitcoin nears $8,000 as ‘FOMO’ traders pile in after crash
#6I know it's cool to hate cryptocurrencies, but the whole "FOMO" part of this article is almost entirely made up. Even if it's true, the author has no way to know that for sure, and anecdotally I haven't seen it. Most of the people that I know that are buying right now are doing so because for the first time in a while (unfortunately) Bitcoin is in a fairly stable state. There are no (serious) forks coming up, no mass…
Bitcoin is not in a stable state. Price rises every time Tether decides to fabricate 20-30 million dollars they don't have, which coincidentally happens every time bitcoin starts to lose steam and the price drops a little. > no major exchange going under Not yet, but every exchange trading Tether will probably sink, along with the price of bitcoin, when Tether (aka Bitfinix) can no longer keep up their fraud.
Can $20m really push up the price that much, when talking about a $125bn market cap? Seems like a pittance.
Re: Bitcoin nears $8,000 as ‘FOMO’ traders pile in after crash
#7Earlier quoted context omitted.
Bitcoin is not in a stable state. Price rises every time Tether decides to fabricate 20-30 million dollars they don't have, which coincidentally happens every time bitcoin starts to lose steam and the price drops a little. > no major exchange going under Not yet, but every exchange trading Tether will probably sink, along with the price of bitcoin, when Tether (aka Bitfinix) can no longer keep up their fraud.
Can $20m really push up the price that much, when talking about a $125bn market cap? Seems like a pittance.
It's 20m every couple of days now. over 200m printed in the past month.
Re: Bitcoin nears $8,000 as ‘FOMO’ traders pile in after crash
#8Re: Bitcoin nears $8,000 as ‘FOMO’ traders pile in after crash
#9Earlier quoted context omitted.
Bitcoin is not in a stable state. Price rises every time Tether decides to fabricate 20-30 million dollars they don't have, which coincidentally happens every time bitcoin starts to lose steam and the price drops a little. > no major exchange going under Not yet, but every exchange trading Tether will probably sink, along with the price of bitcoin, when Tether (aka Bitfinix) can no longer keep up their fraud.
Can $20m really push up the price that much, when talking about a $125bn market cap? Seems like a pittance.
The market cap isn't the right benchmark, there are too many friction points in trading bitcoin for any holder to respond to any buy offer.
Ideally you'd measure the liquidity of individual markets and between them.
Re: Bitcoin nears $8,000 as ‘FOMO’ traders pile in after crash
#10I know it's cool to hate cryptocurrencies, but the whole "FOMO" part of this article is almost entirely made up. Even if it's true, the author has no way to know that for sure, and anecdotally I haven't seen it. Most of the people that I know that are buying right now are doing so because for the first time in a while (unfortunately) Bitcoin is in a fairly stable state. There are no (serious) forks coming up, no mass…
> the mempool is back to a reasonable size
This mempool? https://blockchain.info/charts/mempool-size?timespan=1year&d...
Looking at this (7-day average over the last year), it is currently at 100 MB. It was higher than this for about two weeks in late May/early June this year and has never since reached 100 MB. The last maximum was a brief peak at 80 MB in late August. For much of the year it was below 20 MB.
I would not attempt a transaction before it's back down below 40 MB or so.