Can someone explain the mindset? Or is something shady going on?

synapse81

newbie

Activity: 4

Merit: 0

Quote from: bamboylee on August 05, 2017, 04:47:52 AM

You are not even sure they are buying using fiat. This could be the effect of bch being dumped and being converted back to bitcoin. It is free money so even if you use it to buy bitcoin at higher price, you will not mind.

That makes perfect sense. BCC has been getting more and more, especially today, bad press about it tanking. I just checked several exchanges and there is a lot of volume in some of them for BCC/BTC. All spiralling down out of control and selling.

I think and hope you nailed it on the head and BTC will come down enough after this to make it more affordable to pick a few coins up.

Still, blows my mind that they can just create coins worth hundreds of dollars out of thin air and everyone is cool with it. This is a crazy time.

wantjokull

sr. member

Activity: 700

Merit: 275

I think these are the people who really knows what they are doing. May be these are the pump groups and yes of course they do no know what charts are and dont want to know because they are getting all the profits they are planning.

Sometimes it is possible that other coins like bch and bcc may be interfering with the bitcoin fluctuations. Look now bitcoin is again pumping after the hard fork. Its really hard to know when bitcoin will pump or dump. But when it does it wil do it passionally. :-)

bamboylee

hero member

Activity: 1148

Merit: 504

You are not even sure they are buying using fiat. This could be the effect of bch being dumped and being converted back to bitcoin. It is free money so even if you use it to buy bitcoin at higher price, you will not mind.

dothebeats

legendary

Activity: 3542

Merit: 1352

You really are new to the crypto trading scene. Events like these are normal, and you cannot compare it with the stock market since all of those graphs and indicators, most of the time, tend to be violated by bitcoin's price movement. Also 8 months back, people deem it impossible to cross the $1000 mark, but lo and behold we've been sitting at +$2000 for more than 4 months now. Market confidence seem to be the main reason why the price kept its pace for that long because people are seeing bitcoin as a potential profitable investment for them.

BCC is kinda insignificant, but part of the price rise can be attributed to it since money was made in BCC.

HabBear

hero member

Activity: 1106

Merit: 638

Quote from: synapse81 on August 05, 2017, 12:13:44 AM

My question is can someone explain the mindset tonight?

Do these buyers care about charts and know they shouldn't be buying at the top and these large spikes always follow up with a dive? Do they care? Are they one pat of a team buying and selling to each other to keep the price up while unsuspecting sheep buy with their 1 or 2 bitcoins?

Despite what others have said in this thread, this isn't really about Bitcoin Cash. It's about Bitcoin and the successful passing of a hard fork. Bitcoin has successfully handled the scrutiny of a fork and has not been left in ashes. So the price rise today is the manifestation of a lot of optimism that's been "waiting on the sidelines" while this fork mess ran its course.

Now that the dust has cleared and the price hasn't crashed people are doubling down on their investment or getting involved in earnest. It's genuine growth. There may be pull backs...30% wouldn't be suprising, but there's always a noticeable bounce off the bottom that sparks a slow and steady growth to a new high.

iram3130

legendary

Activity: 1512

Merit: 1010

ITSMYNE 🚀 Talk NFTs, Trade NFTs 🚀

BitcoinCash market will be downwards for weeks now, everyone who got them for free will sell them and collect more Bitcoins and that may be a reason also for the rise in the price. The bullish nature was always there in crypto so you never know.

CryptosapienZA

full member

Activity: 378

Merit: 101

Quote from: synapse81 on August 05, 2017, 12:13:44 AM

New to crypto currency. About two weeks in and reading and researching a lot to try to get an understanding. Not new to technology though and what great things will come with this boom.

My question is can someone explain the mindset tonight?

Suddenly all of these buyers pump up bitcoin about 400 dollars. I'm watching the trades go in and as the prize is teetering at the very top nipping at 3,200. Orders for 10, 20, 30, 50 bitcoins from buyers. Sellers are happy to unload.

Do these buyers care about charts and know they shouldn't be buying at the top and these large spikes always follow up with a dive? Do they care? Are they one pat of a team buying and selling to each other to keep the price up while unsuspecting sheep buy with their 1 or 2 bitcoins?

It's like all of a sudden tonight, all of these buyers and sellers are goin at it like ti was some staged event or some giant news story hit just recently.

I could see over the several days after BCC dived, but just suddenly within a 3 hour period? What is this mindset? It's boggling me.

I believe its called FOMO(Fear Of Missing Out). Studies have shown that most investors buy high and sell low, even though they should do the opposite. It is crazy how some people think(dont think). They all listen to Bitcoin BTC pumpers like Tone Vays(former Wall Street VP), yet they forget that Tone he probably has millions and bought his coins around $500. Its been quite fascinating the mob mentality in the Bitcoin space. It is crazyyy. It has been interesting listening to him. He has been the no 1 advocate for dumping BCC, yet just the other day he said he is not in a hurry to. hahahaha how funny is that. His fans probably all dumped, while he waits to probably dump at a huge profit. The same is true for BCC supporters.

zoomzoom

full member

Activity: 350

Merit: 125

Quote from: synapse81 on August 05, 2017, 12:13:44 AM

New to crypto currency. About two weeks in and reading and researching a lot to try to get an understanding. Not new to technology though and what great things will come with this boom.

My question is can someone explain the mindset tonight?

Suddenly all of these buyers pump up bitcoin about 400 dollars. I'm watching the trades go in and as the prize is teetering at the very top nipping at 3,200. Orders for 10, 20, 30, 50 bitcoins from buyers. Sellers are happy to unload.

Do these buyers care about charts and know they shouldn't be buying at the top and these large spikes always follow up with a dive? Do they care? Are they one pat of a team buying and selling to each other to keep the price up while unsuspecting sheep buy with their 1 or 2 bitcoins?

It's like all of a sudden tonight, all of these buyers and sellers are goin at it like ti was some staged event or some giant news story hit just recently.

I could see over the several days after BCC dived, but just suddenly within a 3 hour period? What is this mindset? It's boggling me.

BCC is highly speculative market atm with many differing opinions. A lot will be very uninformed money, and there are also a lot of trading techniques in play that are really beyond my knowledge. Saying "these large spikes always follow up with a dive" isn't really accurate and experienced traders won't think in this way.

synapse81

newbie

Activity: 4

Merit: 0

New to crypto currency. About two weeks in and reading and researching a lot to try to get an understanding. Not new to technology though and what great things will come with this boom.

My question is can someone explain the mindset tonight?

Suddenly all of these buyers pump up bitcoin about 400 dollars. I'm watching the trades go in and as the prize is teetering at the very top nipping at 3,200. Orders for 10, 20, 30, 50 bitcoins from buyers. Sellers are happy to unload.

Do these buyers care about charts and know they shouldn't be buying at the top and these large spikes always follow up with a dive? Do they care? Are they one pat of a team buying and selling to each other to keep the price up while unsuspecting sheep buy with their 1 or 2 bitcoins?

It's like all of a sudden tonight, all of these buyers and sellers are goin at it like ti was some staged event or some giant news story hit just recently.

I could see over the several days after BCC dived, but just suddenly within a 3 hour period? What is this mindset? It's boggling me.

Topic: Can someone explain the mindset? Or is something shady going on? (Read 527 times)