Bitcoin Going Nuts

[Jason101]

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?

 

[Lapidus]

I guess because bitcoin is nothing else then made up bull**** and worth nothing at all.
Does not have any real value behind.

Sorry

 

[Jason101]

Lapidus, that's a sub-quality reply.

 

[counter_violent]

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.

 

[Lapidus]

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.

 

[Jason101]

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.

 

[timsk]

. . . 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.

 

[Jason101]

.

 

[timsk]

Having seen Jason's chart, I think the spread might be a tad off putting for some traders!!!!

 

[Lapidus]

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.

Nice story indeed.

But I didn't say that the bitcoin market is bad for trading at all.
It would be just perfect - to earn money with such huge jumps. But based on what can anyone predict such jump?
Anyway, as it is not for me, it doesn't mean that it's for nobody.
Please don't read me negative. I am just in philosophical (old-grandpa-dislike-everything) mood:cheesy:

 

[Jason101]

Having seen Jason's chart, I think the spread might be a tad off putting for some traders!!!!

Chicken!

 

[Jason101]

Nice story indeed.

But I didn't say that the bitcoin market is bad for trading at all.
It would be just perfect - to earn money with such huge jumps. But based on what can anyone predict such jump?
Anyway, as it is not for me, it doesn't mean that it's for nobody.
Please don't read me negative. I am just in philosophical (old-grandpa-dislike-everything) mood:cheesy:

Chicken to you too Sir!
You mention to predict the movement. Personally I don't think predict and trading belong in the same paragraph

As for reading you negatively, it's all good natured fun, old grandpa.

 

[Jason101]

I just had a glance at a bitcoin forum and it seems like growing speculation on the halving date becoming imminent.

 

[Jason Rogers]

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?

Hi Jason (love the name ),

Below is an excerpt from an article today by John Kicklighter on DailyFX.com:

Cryptocurrency Bitcoin has found its way to a dramatic recovery. There are numerous reasons being offered, but this move may be more important for what it can reflect in the financial system. First, taking stock of the impressive move carved out by Bitcoin, the e-currency has charged its strongest run against the benchmark fiat currency in nearly two years.

​

Past performance is not necessarily indicative of future results.​

In the three-days through early Asia trade Wednesday morning, the BTC-USD exchange rate climbed an incredible 33 percent. For comparison, the run versus the Euro tallied as much as 25 percent, Pound 27 percent and Chinese Yuan 30 percent.

Fundamental Reasoning

There have been a number of fundamental headlines that have carried the bulls’ optimism over the currency’s aggressive climb recently. However, only a few hold real water.

Amongst the most convincing was the European Union’s top court ruling on October 22 that Bitcoin and virtual currency should be exempt from VAT tax. That is a significant step towards legitimacy as a true alternative to the fiat currencies the new money is looking to supplant.

Reflecting a similar situation to the original swell from Bitcoin when capital controls in Cyprus encouraged funds to tap the anonymous transfer to move money, there is a growing theory that China’s restrictions on individuals transferring more than $50,000 may be encouraging an effort to circumvent authorities. This is difficult to verify but volumes with the CNY seem to give it weight.

Carrying less urgency but greater legitimacy overall, there has also been a growing interest among financial institutions in the ‘blockchain’ technology behind Bitcoin. Major industry groups have been established to explore the use of this technology to improve trade processing and other venues. R3 and Digital Asset Holdings have already pulled a number of banks into the equation.​

 

[Splitlink]

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.

I think that you are right, much as a lot of people dislike your answer.

 

[Jason101]

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.

 

[f2calv]

fyi

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-82f6-11e5-8095-ed1a37d1e096.html#ixzz3qb5wivtk

 

[tar]

Bitcoin is not user friendly at all ...

 

[tar]

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 ...

 

[tar]

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 .