Earlier quoted context omitted.
How would them issuing tether out of thin air inflate the price of bitcoin?
By trading tether issued out of thin air for BTC.
[deleted]
What's Happening with Bitcoin Prices
11–20 of 109 posts
Re: What's Happening with Bitcoin Prices
#12Earlier quoted context omitted.
How would them issuing tether out of thin air inflate the price of bitcoin?
By trading tether issued out of thin air for BTC.
Why would anyone want to exchange their Bitcoins that are worth over $10,000 each on Coinbase (and can be converted to real dollars) for some tokens that are backed by nothing?
Re: What's Happening with Bitcoin Prices
#13Re: What's Happening with Bitcoin Prices
#14> Ever wonder why Coinbase takes about a week to “process” the sell?
I've actually always wondered this. What were to happen if the moment I click Sell, the price is $10K but when it's "processed", the price at that time is $1...would the USD I receive be based at time of click or time of processing?
Re: What's Happening with Bitcoin Prices
#15Earlier quoted context omitted.
I would agree except the article wasn’t about any specific cause or even this particular wave; just a general explanation of the bitcoin phenomenon that may even be taken as a general explanation for investment any bubble in general.
I disagree. There is a section of the article titled "Where is all this cash coming from?" which claims (via a Reddit thread) that it's individuals buying on credit.
Or older people getting into the crypto game because they're hearing their stock advisers tooting their horns.
Some of them have boatloads of assets and will trade a small percentage just to get in the crypto game. No credit required.
My friend I helped buy in isn't disappointed. He doesn't fully get what cryptos are yet (although I explain them every time I talk to him), but he sure likes the returns...so far.
Edit: filly -> fully
Re: What's Happening with Bitcoin Prices
#16> Ever wonder why Coinbase takes about a week to “process” the sell? I've actually always wondered this. What were to happen if the moment I click Sell , the price is $10K but when it's "processed", the price at that time is $1...would the USD I receive be based at time of click or time of processing?
You get close to the price when you click, not exactly but pretty close.
Re: What's Happening with Bitcoin Prices
#17In case someone is wondering about Tether, there has not been new coins for about a week now:
https://omniexplorer.info/lookupadd.aspx?address=3MbYQMMmSkC...
Re: What's Happening with Bitcoin Prices
#18Anyone speculating about what's going on with Bitcoin without at least mentioning Tether is out of the loop.
The entire market cap of Tether is a small fraction of the daily volume of BTC. If 100% of Tether was traded for BTC, it would just be a blip on a single day's pricing.
Re: What's Happening with Bitcoin Prices
#19https://99bitcoins.com/obituary-stats/
Thanks, this is about general markets however. I've been trading BTC since 2011.
Doesn't matter if it's tulip bulbs, baseball cards, bitcoins, houses, or dotcom companies, markets operate on similar principles and talking about the market dynamics doesn't say anything about the asset in question. Cryptocurrency is a viable means of exchange and the technology is great and all but that doesn't change the rules or mechanics of the marketplace. It isn't magic.
Re: What's Happening with Bitcoin Prices
#20Earlier quoted context omitted.
By trading tether issued out of thin air for BTC.
Why would anyone want to exchange their Bitcoins that are worth over $10,000 each on Coinbase (and can be converted to real dollars) for some tokens that are backed by nothing?
Tether are, ostensibly, backed by $1 in a bank somewhere.
Having a dollar token is very useful, since you can move in and out of crypto trading positions into a stable store of value, good old USD.
Converting to real money takes a long time so you can't react to the market, and is also taxable and often has other fees on top.