Bitcoin Going Nuts

This is a discussion on Bitcoin Going Nuts within the Cryptocurrencies forums, part of the Markets category; Originally Posted by Splitlink I think that you are right, much as a lot of people dislike your answer. I ...

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Old Nov 5, 2015, 1:06am   #16
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Originally Posted by Splitlink View Post
I think that you are right, much as a lot of people dislike your answer.
I did not dislike Lapidus's answer. But Lapidus's answer was answering a different question to the one I asked. Unless Lapidus's answer was inferring that the latest move was completely due to random movement.
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Old Nov 5, 2015, 7:50am   #17
 
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fyi

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The price of the cryptocurrency bitcoin surged on Wednesday to its highest in more than a year amid a wave of Chinese testimonials for a “social financial network” called MMM, which bears the hallmarks of a pyramid scheme.
http://www.ft.com/cms/s/0/ee93bc2e-8...#ixzz3qb5wivtk
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Old Nov 5, 2015, 8:41am   #18
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Bitcoin is not user friendly at all ...
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Old Nov 5, 2015, 8:44am   #19
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Originally Posted by Lapidus View Post
I guess because bitcoin is nothing else then made up bull**** and worth nothing at all.
Does not have any real value behind.

Sorry
+1

A penny currency ...
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Old Nov 5, 2015, 9:14am   #20
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Pyramid scheme 101

If everyone is hoarding in the hope to make a killing then its not a currency ! If everyone holding bitcoins keeps checking the price then its not a currency , but rather a pyramid scheme even if all humans got engaged in this scheme it doesn't make a difference its still a pyramid scheme .
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Old Nov 5, 2015, 12:07pm   #21
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Jason101 started this thread Not relevant to trading it.

Last edited by Jason101; Nov 5, 2015 at 11:56pm.
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Old Nov 5, 2015, 1:02pm   #22
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Unless Lapidus's answer was inferring that the latest move was completely due to random movement.
Do you have other explanation?
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Old Nov 5, 2015, 3:55pm   #23
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Not relevant to trading to it.
When it comes to a pyramid scheme i wouldnt ask why .. same goes for penny stocks , i wouldnt ask why a penny stock surged 300% overnight cuz the answer is irrelevant ...
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Old Nov 6, 2015, 12:29am   #24
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Originally Posted by Lapidus View Post
Do you have other explanation?
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When it comes to a pyramid scheme i wouldnt ask why .. same goes for penny stocks , i wouldnt ask why a penny stock surged 300% overnight cuz the answer is irrelevant ...
No, I haven't Lapidus, it was a genuine question, I have no clever answer. I think tar is on the right track here though.

My trading system has stayed the same for years now. Before I settled on my style I made sure it tested well on randomly generated charts.

So I lean towards the idea of reasons being irrelevant. But it is still damn interesting, why things take off. How much of it is random? How much of it is pyramiding in a thin market, or psychology? Just really interesting.

Because my trading is back tested on randomly generated charts I am particularly interested by something that is seemingly as arcane and aimless as bitcoin.
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Old Nov 6, 2015, 1:15am   #25
 
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The sudden rally of bitcoin could well be something to do with the " blockchain " development, there was a interesting article on the radio the other week regarding blockchain's..I dont fully understand how they work but apparently its the new" big thing"..

Not wanting to get left behind, its got the attention of some of the worlds major banks signing up too, Heres a link explaining it a little more...

https://bitcoinmagazine.com/articles...ide-1443553081
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Old Nov 6, 2015, 8:55am   #26
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Further to Mike's post above, this might shed some light on blockchain:

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Old Nov 6, 2015, 1:08pm   #27
 
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I did also read that the us government is selling off a large quantity of bitcoins which were seized by the FBI when they busted "silk road 2.0 " ( Online drug dealing site ) This also may of triggered a bullish rally on the stock..
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Old Nov 8, 2015, 10:36am   #28
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I did also read that the us government is selling off a large quantity of bitcoins which were seized by the FBI when they busted "silk road 2.0 " ( Online drug dealing site ) This also may of triggered a bullish rally on the stock..
But shouldnt that trigger a bearish reaction ... ?
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Old Nov 8, 2015, 11:27am   #29
 
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But shouldnt that trigger a bearish reaction ... ?
One would think so, but putting the stock in the public eye and also the government selling it may bring in investor's that would never concider the stock before, I personally wouldn't touch a synthetic made-up stock , it has all the hallmarks of the dreaded "colatrolised debt obligation" (cdo) that brought the financial crisis a few years back.
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Old Nov 8, 2015, 1:26pm   #30
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Just for context on where price is.
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