The only thing thats going to really light a fire under cryptocurrencies is if Fiat is actually CHASED into this sector. That will be if the long touted dollar collapse occurs. (On the other hand, the money may just run into the new BRICS gold backed currencies in stead).
I think you'll see new money this Q3/Q4 when the BTC ETF is released. As long as it is structured where the ETF has to hold the coins, I think you'll see a bunch of new money flowing in after hearing nonstop all of 2013 about how fast and how high BTC has run up but lacked the knowledge or ease to purchase the coins during that time frame. There's very little "float" of BTC supply out there if you start seeing days of $100+ million of fund flows.
Isn't the "Winkdex" forned so the Wall Street AP's have to buy the underlying Bitcoin at like 10,000 Bitcoin per basket? I'm pretty sure we'll see some serious action in Bitcoin when these AP's have to buy up these mass 10k baskets of Bitcoin...
Assuming they go to the open markets to do so. Of course if the Wink's instead see this as a way to dump bitcoins I suppose they might just sell their own stash to these AP's however the SEC would never allow that though. Hmmmm
Probably not going to happen that way. Will likely be a private transfer. They wouldn't just buy 10k on the market, couldn't do that without moving price too much.
Right, but even those private holders are not always going to be there (if they want out completely from the start), and while some private sellers will sell and replenish their holdings (and will buy back in over time) they will eventually want a premium market price from the AP's for trading such size.
So perhaps at first the AP's will have an easier time of finding these 10k blocks of private BTC sellers early on versus over time...so maybe we don't see quite as much effect on BTC price at first.
Personally though, I think we'll pretty quickly see the investing professionals, and eventually public, go nuts over diversifying into BTC and will drive the price up to $10k within the first year.
So IMO, these AP's will be clamoring and fighting over getting BTC from any and all sources eventually.
I still stand by my prediction at the beginning of the year that as long as there is a true ETF product that has to maintain reserves of BTC for inflows, released in 2014, BTC could see $2500 by year end. Now, if it's an ETN just tracking returns then es no bueno but from everything I have read, it's going to be a true ETF product needing to buy the underlying outright (where and how is anyone's guess). We shall see.
Regardless, DRK fills a void that BTC doesn't. I still need to get a bunch of masternodes setup myself, but waiting for how RC4 drops. Been following the testing thread quite religiously and would love to see posts without the bugs. I agree with others that there should be X days of no bugs before launching on mainnet. It needs to be on mainnet as testnet can only do so much for replicating a large network and there will be bugs that need to be fixed on that, but testnet should be as close to bug free as possible prior to launch.