No Grexit, Bitcoin Price Tumbles - page 2.

TheRealistMassiah1

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Quote from: Morecoin Freeman on July 13, 2015, 06:38:31 AM

Quote from: MF Doom on July 13, 2015, 06:21:29 AM

...its just whales who have control and time the price pumps/dumps to coincide with excitement around these events.

This is true. They're even not necessarily whales. Just a bunch of good traders.

At what point is someone considered a whale anyways?

Loose Definition of a Whale:
The ability to sway a market simply based on your liquidity weight, example current order book average Ex, bitfinex lets say its 3000 bitcoins either direction on the Sell and Buy side, so being a whale on very low liquidity = having 500,000 Usd - $4,000,000+ Usd to sway that market... in my per se case its the ability to sway the market at least a few points in one direction and keep it there with other incoming support.

Side note It only took 14,000 bitcoins to drop from 308 - 284 ... That is a pretty sad realization when you realize that .1% of liquidity control = almost a 6% tumble in TOTAL market cap which equates to a market cap value loss = $240,000,000 USD loss ....

Morecoin Freeman

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Legendary trader

Quote from: MF Doom on July 13, 2015, 06:21:29 AM

...its just whales who have control and time the price pumps/dumps to coincide with excitement around these events.

This is true. They're even not necessarily whales. Just a bunch of good traders.

At what point is someone considered a whale anyways?

TheRealistMassiah1

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Quote from: MF Doom on July 13, 2015, 06:21:29 AM

I think most people could tell a sharp correction was due, especially after going to $310 yesterday afternoon. This is the normal process when btc price begins to run up. Also another reason I didn't buy in yet. The market is so easily and quickly controlled, it seems that events like the greek default have some play into the price, but moreso its just whales who have control and time the price pumps/dumps to coincide with excitement around these events.

The only way the Greek "default" had played a role in the market is the "whales" manipulation of the market advantage in doing so.... otherwise there is no correlation between Greece and bitcoin... there would of been no reason to.

MF Doom

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I think most people could tell a sharp correction was due, especially after going to $310 yesterday afternoon. This is the normal process when btc price begins to run up. Also another reason I didn't buy in yet. The market is so easily and quickly controlled, it seems that events like the greek default have some play into the price, but moreso its just whales who have control and time the price pumps/dumps to coincide with excitement around these events.

TheRealistMassiah1

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Also I forgot to note that Greece would have needed 80,000,000,000 euros worth of bitcoins = 25 times the bitcoin market , meaning that we would of needed 14,380,000* 25= 359,500,000 bitcoins to serve the economy of Greece. I don't know when Satoshi plans to implement that increase but hopefully it would have been soon for Greece's resolution ... am I rite (//end sarcasm)

Side note: Obviously 359,500,000 (395.5 million bitcoins) would not have been feasible but in that scenario that's only for Greece alone, what if we wanted to add All of Euro, and China, and USA with their $10,000,000,000,000 (10+trillion in bailouts) O_O that would be a dire number to see.

TheRealistMassiah1

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Quote from: NeuroticFish on July 13, 2015, 05:45:52 AM

In case of Grexit, bitcoin would have reached a new peak, maybe double. Some speculators gave this idea a try.
The virtual gain was huge and the risk was rather small. 9% or less.

Are you pulling numbers out of your rear? ... how is it possible for bitcoin to be Greece's currency when bitcoin itself is not a currency it's an account that has an exchangeable price for it's "Realized Value" like a conversion to USD EUR or CNY ... in this case Greece HAD NO MONEY ... what were they going to do to obtain these "bitcoins" ... pillage and commandeer their citizens bitcoins ... start a war to commandeer other countries bitcoins?? what a joke rationalization...

Side note: clarifying Account for you guys,
Account : Intangible Assets Account ... aka comparable to a commodity note..

NeuroticFish

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In case of Grexit, bitcoin would have reached a new peak, maybe double. Some speculators gave this idea a try.
The virtual gain was huge and the risk was rather small. 9% or less.

TheRealistMassiah1

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There was no way that bitcoin price should of been correlated to the "Grexit" ... That is an irrational and illogical reasoning to how Greece could send bitcoin plummeting $15-$20. When Greece's GDP and bitcoin availability is not that well established. So no clue why there is a rationality or logical correlation to "Grexit" and bitcoin price but I guess someone has been able to take advantage of it.

Fiat_Hodler

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We were all gna be so rich and rolling in bitcoin money!!!

iliasyaco

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Damn its dancing Shocked

Topic: No Grexit, Bitcoin Price Tumbles - page 2. (Read 2017 times)