Bitcoin Going Nuts

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Old Nov 4, 2015, 1:32pm   #1
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Bitcoin Going Nuts

Hey, just been looking at bitcoin, it has been going crazy over the last few days.
Anyone trading bitcoin? Wondering what is driving it at the moment?
A few months ago I noticed that in bad news bitcoin seemed to be taking gold's safe haven role?
Any ideas?
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Old Nov 4, 2015, 1:40pm   #2
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I guess because bitcoin is nothing else then made up bull**** and worth nothing at all.
Does not have any real value behind.

Sorry
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Old Nov 4, 2015, 2:05pm   #3
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Jason101 started this thread Lapidus, that's a sub-quality reply.
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Old Nov 4, 2015, 2:08pm   #4
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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
A bit like all Fiat currencies then.
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Old Nov 4, 2015, 2:14pm   #5
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Lapidus, that's a sub-quality reply.
Well, there is no other I can come up with.
If price actions from a classic goods (gold, oil, currencies) you can analyze, predict (sort of) or follow, basing yourself on economic news, certain country values (stocks or obligations etc.); then what analyze can you perform to a cryptocode which is nothing else then a piece of a digital code. Has no gold in its structure, belongs to no country (that you can look to it from the economic point - war in county, crisis etc.)??
Just wondering if someone take it serious.
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Old Nov 4, 2015, 2:48pm   #6
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Jason101 started this thread I am not necessarily saying some insight to the exponential rise, needs to be fundamental or economic based. A trader here may have some technical or psychological hypothesis on the recent exponential moves.
I am not sure that gold has any more intrinsic value than bitcoin or any other fiat currency as cv points out.
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Old Nov 4, 2015, 2:53pm   #7
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Originally Posted by Lapidus View Post
. . . If price actions from a classic goods (gold, oil, currencies) you can analyze, predict (sort of) or follow, basing yourself on economic news, certain country values (stocks or obligations etc.); then what analyze can you perform to a cryptocode which is nothing else then a piece of a digital code. Has no gold in its structure, belongs to no country (that you can look to it from the economic point - war in county, crisis etc.)??
Just wondering if someone take it serious.
Hi Lapidus,
Your comments remind me of the story of a shoe manufacturer who, back in the day, wanted to expand their operations worldwide and sent a director and senior sales manager to Africa to assess its potential. The director reported back to the CEO saying it was a complete non starter as no one there wore shoes. The sales manager reported back to the CEO saying they'll make an absolute fortune as no one there wore shoes!

The point being that your observations about bitcoin could all be positives in the eyes of some traders. It can't be manipulated and it's not susceptible to economic data, pegged to the fortunes of another currency and there's plenty of volatility providing opportunity for profit. If it can be analysed using technical analysis (that's very much a question and not a statement btw), then it might be the perfect market for some traders.
Tim.
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Old Nov 4, 2015, 3:17pm   #8
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