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Sorry, but what? What exchange is printing billions of $ of unbacked Bitcoins?
I didn't say they were.
You would have to be nuts to short when there's an exchange printing billions of dollars of unbacked tokens they can use to drive up the price at will. If you want to short cryptocurrency, short tethers.
- [1] http://omniexplorer.info/ask.aspx?api=getpropertytotaltokens...
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He's right. It's Bitfinex and it's been going on for a while now. A ton of people have called them out and they've largely ignored everyone. They've promised an audit and no audit has materialized in the years since they've promised one. There's a fantastic anonymous twitter account that's been calling them out for months now and gathering pretty damning evidence: https://twitter.com/Bitfinexed
Bitfinex prints Tethers, not Bitcoins.
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What do you disagree with?
Something as simple as Apple shares doesn't follow your pattern.
So what do you guys think of this? I believe all BTC trading spikes are driven by some of the existing owners swapping coins and cash every now and then to keep the trading volume high. It is in their best interest to get the prices bounce back higher whenever it goes down. Once the price is manipulated higher, they can sell and keep the cash when someone who thought BTC is the next "I-Dont-Know-What-It-Is-But-Its-Go…
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> That too late thing is coming sooner than later. Not saying it's not coming, but can you estimate the time frame? Otherwise, this statement basically contains zero information.
A month. Bitcoin has in the last few weeks become next to useless as a currency. 30+$ to get a trade executed within an hour is unacceptable. So it isn't currency anymore. It is now just an investment vehicle. Skyrocketing price + no underlying use/value means this looks more and more like a pyramid. When the pure investors start pulling out their profits (a monthly thing) only to find that more difficult than antici…
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>why not just hold the real dollars? Some exchanges don't accept fiat, so if you want to trade USD/BTC you settle for USDT/BTC.
Do you know if any of these exchanges are part of the index CME uses?
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What do you disagree with?
When was the last time gold was traded for < $10? Not everything that goes up is surely to go down. At least not in a lifetime. Nobody really knows what's going to happen, that's market 101.