Whitecoin and Asiacoin put a new kind of fear into the market. People are used to PnD losses, but never have such large amounts of money been lost to scam coins / dirty developers. I'm not too worried but only fear the bitcoin price drops under $400 again. An up-trend in bitcoin would do amazing things for alts right now.
Agreed about the scam coins putting fear into the market. As far as bitcoin, I think people are starting to become resigned to the fact that China's cracking down on it. I noticed that the price of bitcoin didn't drop dramatically when reports that the PBOC starting ordering exchanges in China to freeze accounts. The price of bitcoin dropped pretty dramatically during the rumor phase leading up to April 15th, however since then it hasn't swayed much above or under $450ish. Although right now it's at $437. It would definitely give all alt coins a much needed boost if bitcoin trended upward. Maybe the Winkelvoss twins getting their bitcoin Winkelvoss trust up on the Nasdaq will give it a little boost. It also doesn't help when the Security and Exchange Commission recently voiced concerns to investors telling them that bitcoin created new "concerns" for investors. Personally though I don't think the SEC really gets bitcoin, or would get any altcoin for that matter. It disrupts the well established system, therefore it must be "bad".
Personally I was hoping that the AC and WC scams, along with the BC "foundation scandal", if you want to call it that, would leave investors with an interest in Cinni since it doesn't have any of that baggage. I'm hoping that that's still the case.
Hi, what does $450ish mean? TKS
haha sorry. I just meant around $450.
Winkelvoss trust sounds horrible in a bear market tbh, because it opens the door for leveraged 'short' selling. Also it will be listed on the stockmarket which is only open during the stock trading hours. Bitcoin is traded 24hrs a day on the exchanges worldwide, so traders will likely sell at the end of a trading day to avoid nightime volitility.
In a bull market however, the trust will allow leveraged trading which could send the price into the multiple thousands very quickly also. Could be epic if the news starts to get good.
All I'm saying is, don't count on the trust itself being a driver for bitcoin price, it will only facilitate and exacerbate current market sentiment. The real winners? The Winkeldicks.
haha ya I'm not a big fan of the Winkeldicks either lol I forgot to mention the other things that have impacted bitcoin this year are the bitcoin savings and trust hedge fund collapse, the high profile Silk Road takedown, and of course the implosion of Mt. Gox. So far it hasn't been a great year for bitcoin. Although then again, imagine buying bitcoin back in 2009. Today's price then is pretty damn good.
I'd like to think that cryptocurrency is here to stay. Much like the early days of the internet before the widespread adoption of it circa the early 1990's, there were naysayers back then saying that the internet wasn't useful, it's complicated, people didn't understand how it worked, and there's just simply no need for it. Obviously that was wrong, and now we can't imagine our lives without it, and it's been a catalyst for change around the world which has ushered in a renaissance that is the information age. More than likely bitcoin, litecoin, and a few altcoins will emerge victorious when the smoke clears in the coming years. Hopefully Cinni will be one of them.