Bitcoin - Part 2

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Roger Ramjets said:
Bitcoin Price Faces Bear Indicator Not Seen Since 2014
Notably, the five-month moving average (MA) has rolled over in favor of the bears and looks set to cut the 10-month MA from above - a bearish crossover that hasn't been seen since June 2014.
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psionl0 said:
Isn't it amazing how many so called "critical" thinkers suddenly become chartists and believe in TA when they think that they can prove something with this woo.
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Your arguments are so stale that I don't have to write anything new anymore. :rolleyes:
 
trustbutverify said:
Those stable hands must be cleaning up with all that inside information.
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Good point. But in those 1960's in Zimbabwe they were not allowed to bet. Besides they needed to keep their jobs.

In SA I knew someone with insider horse racing knowledge. He did okay and did not attract attention. Some horses get shot for skewing the betting too much.

ETA... Down we go! (Bitcoin)
 
From Bloomberg: U.S. Launches Criminal Probe into Bitcoin Price Manipulation

The investigation is focused on illegal practices that can influence prices -- such as spoofing, or flooding the market with fake orders to trick other traders into buying or selling, said the people, who asked not to be identified because the review is private. Federal prosecutors are working with the Commodity Futures Trading Commission, a financial regulator that oversees derivatives tied to Bitcoin, the people said.
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I will be curious to see what, if anything, comes of this.
 
PartSkeptic said:
Good point. But in those 1960's in Zimbabwe they were not allowed to bet. Besides they needed to keep their jobs.
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A tall 13 year old managed to bet at will, but the stable hands feeding him the inside info couldn't find a way to get their money down?
 
BobTheCoward said:
Would you consider yourself here a defender of bitcoin only? Does it include all cryptocurrency? A small basket?
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I have seen it argued only Bitcoin will survive. I see this as a necessary argument to make. We should think of the three natural number categories, 0,1, or many.
I will accordingly sell my vast holdings in Ethereum and Ripple immediately.
 
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jrhowell said:
I will be curious to see what, if anything, comes of this.
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Nothing will come of it, because...

Bitcoin Price Drop From $20,000 Likely Due to Market Manipulation:
The group of traders claimed that through the futures market, institutional investors and large-scale retail traders manipulated the market to cash out short contracts by purchasing and selling massive amounts of bitcoin in a correlated manner....

It is entirely possible that the premise established by the group of cryptocurrency traders is correct and that large-scale investors have in fact manipulated the cryptocurrency market. But, if it has been the futures market that affected the price of bitcoin over the past five months, it is completely legal to do so and it remains unclear whether similar manipulation strategies can be prevented in the long-term.
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When 'purchasing and selling' is 'market manipulation' the fundamental principles of the Free Market are in question. Should people not be permitted to buy and sell whenever and however much they want, for whatever price is mutually agreed? This is more than just a few disgruntled bitcoiners upset at not getting their expected return, it's actually an attack on freedom, democracy, and even Capitalism itself.

Bitcoin was invented so people could trade freely without being limited by corrupt banking practices and unnecessary regulation. It cannot be manipulated by 'flooding the market with fake orders to trick other traders into buying or selling' because every transaction is recorded in the Blockchain for all to see. No matter how much the price varies or what the cause, nobody can complain that they didn't have access to accurate information.

Bitcoin doesn't need to be investigated. If the price crashes that's just market forces in action, and anybody who can't stand the heat should get out of the kitchen.
 
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Roger Ramjets said:
Nothing will come of it, because...

Bitcoin Price Drop From $20,000 Likely Due to Market Manipulation:

When 'purchasing and selling' is 'market manipulation' the fundamental principles of the Free Market are in question. Should people not be permitted to buy and sell whenever and however much they want, for whatever price is mutually agreed? This is more than just a few disgruntled bitcoiners upset at not getting their expected return, it's actually an attack on freedom, democracy, and even Capitalism itself.

Bitcoin was invented so people could trade freely without being limited by corrupt banking practices and unnecessary regulation. It cannot be manipulated by 'flooding the market with fake orders to trick other traders into buying or selling' because every transaction is recorded in the Blockchain for all to see. No matter how much the price varies or what the cause, nobody can complain that they didn't have access to accurate information.

Bitcoin doesn't need to be investigated. If the price crashes that's just market forces in action, and anybody who can't stand the heat should get out of the kitchen.
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Yes indeed, well argued Roger.
 
BobTheCoward said:
Would you consider yourself here a defender of bitcoin only?
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You still don't get it. I am not defending bitcoin. I am merely pointing out how ridiculous the arguments against it are.

Bitcoin may well crash and burn (or do any number of other things) but it won't be because technical analysis or crystal ball gazing or any other form of woo has suddenly become a valid tool.

BobTheCoward said:
Does it include all cryptocurrency? A small basket?
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I would say (yet again) that most cryptocurrencies will not amount to anything. Only a handful will and for how long is anybody's guess.
 
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psionl0 said:
You still don't get it. I am not defending bitcoin. I am merely pointing out how ridiculous the arguments against it are.

Bitcoin may well crash and burn (or do any number of other things) but it won't be because technical analysis or crystal ball gazing or any other form of woo has suddenly become a valid tool.


I would say (yet again) that most cryptocurrencies will not amount to anything. Only a handful will and for how long is anybody's guess.
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I get it. My line was teasing.
 
Roger Ramjets said:
It cannot be manipulated by 'flooding the market with fake orders to trick other traders into buying or selling' because every transaction is recorded in the Blockchain for all to see. No matter how much the price varies or what the cause, nobody can complain that they didn't have access to accurate information.
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Just in case someone might take this seriously, I want to point out that the block chain records the fact of bitcoins moving between anonymous accounts, but does not record what if anything was traded for those bitcoins. And of course exchange orders are not transactions.
 
psionl0 said:
You still don't get it. I am not defending bitcoin. I am merely pointing out how ridiculous the arguments against it are.

Bitcoin may well crash and burn (or do any number of other things) but it won't be because technical analysis or crystal ball gazing or any other form of woo has suddenly become a valid tool.


I would say (yet again) that most cryptocurrencies will not amount to anything. Only a handful will and for how long is anybody's guess.
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Fundamentals drive any market eventually, it can be likened to stretching and twisting a rubber band, but place it back at rest and it has the original shape. TA can only interpret the stretching and twisting, never the fair value of the entity.
For example gold rallied last week after the toys were getting tossed, but the 4 hour algo predicted the rally.
 
TA suggests to me we are about to have the long awaited collapse, the set up looks dire.

7335 when posted
 
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Price Will Catch Up to Bitcoin’s Record Hashrate By Q3: Analyst
Despite the steady decline in Bitcoin prices, the network hashrate continues to increase astronomically. Why are miners contributing more computing power to mine a cryptocurrency that has struggled over the past five months?

From an economic perspective, it makes no sense for miners to spend more money mining Bitcoins when the price continues to struggle... Aslam believes, it is proof that miners have full confidence in the crypto. Thus, they are willing to ignore the market indices...

According to Aslam, bitcoin price will soon begin to reflect network growth. He predicts a convergence between fundamentals and market indices by the third quarter of 2018. If that is the case, then the number one crypto could be set for another moonshot.
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Ignore the bears, buy Bitcoin NOW!!!
 
HODL those bitcoins!

Bitcoin price forecast to double as experts revise cryptocurrency predictions
Bitcoin will double in value by the end of the year despite its recent price stagnation, according to several cryptocurrency experts...

In January, a panel of cryptocurrency experts compiled by price comparison site Finder forecast that bitcoin would hit $33,000 by the end of this year. A new prediction released this week revised that figure to less than half that initial outlook at just $14,638.

Despite being more modest, if it is realised it would still represent almost a 100 per cent gain on bitcoin's current price.
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200%, 100%, 50%, who cares? So long as the percentage is positive it's all good, and even if not:- HODL!
 
Research: Only 10% of Bitcoin Cash (BCH) is used for transactions
When Bitcoin Cash (BCH) – a hard fork of the world’s apex cryptocurrency Bitcoin (BTC) – first took off last August, it promised to solve BTC’s soaring transaction fees and make cryptocurrencies a viable option for everyday transfers once more. But it appears hardly anyone is using it for its so-intended purpose.

A new study by blockchain intelligence firm Chainanalysis suggests that most cryptocurrency enthusiasts still use BCH for investment purposes a lot more regularly than for transactions. Indeed, the amount of BCH held in wallets is 10 times higher than the amount of BCH used in transactions...

Since December 2017, a large number of investors have sold their Bitcoin in the market, leading to its increased use for transactions. For Bitcoin Cash, it seems to be the other way around. While up to 15 percent of BCH was with exchanges and other liquidity services in November 2017, it now seems to have moved on to large investors who are holding on to it.
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Bitcoin Cash is still being promoted as "fulfilling the original promise of Bitcoin as Peer-to-Peer Electronic Cash" but so far it has failed to deliver on that promise. Why not? Is it because Bitcoin gets all the publicity, or because its lower price makes it less attractive to speculators, or simply that it is trying to solve a problem that doesn't exist?

Either way one fact is obvious - neither Bitcoin nor its 'improved' replacement are being widely adopted for its original stated purpose as a 'Peer-to-Peer Electronic Cash System'. Which leaves only one question remaining - what is it good for? Its volatility makes it a poor 'store of value' (whatever that means) and it has just about run its course as a Ponzi scheme. What will happen when 'investors' finally see it for what it is and lose interest? Will it crash to its true value (0), or will a hard core of HODLers manage to keep the price up forever? More importantly, will we ever get to see John McAffee eat his **** on national television?
 
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