Topic: The bitcoin charade - page 2. (Read 2888 times)
I'd not be so certain about Bitcoin miners not being gamblers/speculators. If I should make a guess, many miners hold the Bitcoins they mined for longer than a "classical" miner (e.g. in an iron mine) would, to then sell at some psychological point. This probably adds to the volatility, as a big miner is not usually also a good speculator.
I hope the gamblers do get scared off. Bitcoin miners are not gamblers and the network will be around even if the price goes below $1. Then I can acquire more Bitcoin. The gamblers would of course return when some major market breakthrough occurs and the price will again bubble.
For the record, the 5.6 bid wall disappeared before the price went down there yesterday.
So I agree, there is huge manipulation here on the order book, and that this is still happening is unbelievable.
So I agree, there is huge manipulation here on the order book, and that this is still happening is unbelievable.
I watched last night as the $5.7 25,000 bidwall got sold into. After that was gone someone reinforced $5.6 and $5.65 with about 15,000 BTC each. Seems like that got sold into also.
Someone also has an ask wall around $6.05 at 20K BTC. Which I think has been moving slowly down.
Looks like there are big battles going on in the $5.00.
Now bitcoins looks to be controlled by two sides of manipulation, one side who wants the price to go up and one side who wants the price to go down. I used to think there was one side who wanted the price to go up, and just early adapters dumping their bitcoins.
These sides of the up and down are not your average bitcoin investor, they commonly buy and sell 20K walls no problem.
I am surprised so many of you have faith in bitcoin which is obviously just another form of online gambling. A price that is unstable and set by which side of the bitcoin gamblers want to push it.
My take on the current bitcoin market is:
Right now seems like the gamblers who want the price to go down are slowly winning. There seems to be very low demand lately for anybody buying bitcoins at the current price. The volume was ultra low yesterday until the bidwalls were sold into. Ultra low at like 20K bitcoins, and has been becoming low like this lately. The manipulators who are trying to push price higher will pretty much have to buy most of the coins going up. They have very few bitcoin investors helping them push it higher. They will also have to maintain the currently artificially high price they set by buying all the miner coins who routinely sell their coins after mining. Also deal with the manipulators who want price to go down ask walls now.
If the price does get into the $4's, this will really start lots of panic sells for many of the people who bought on the way up to $7.2, and have been holding off. I think this is why they have been defending the price falling into the $4's so hard and long.
Someone also has an ask wall around $6.05 at 20K BTC. Which I think has been moving slowly down.
Looks like there are big battles going on in the $5.00.
Now bitcoins looks to be controlled by two sides of manipulation, one side who wants the price to go up and one side who wants the price to go down. I used to think there was one side who wanted the price to go up, and just early adapters dumping their bitcoins.
These sides of the up and down are not your average bitcoin investor, they commonly buy and sell 20K walls no problem.
I am surprised so many of you have faith in bitcoin which is obviously just another form of online gambling. A price that is unstable and set by which side of the bitcoin gamblers want to push it.
My take on the current bitcoin market is:
Right now seems like the gamblers who want the price to go down are slowly winning. There seems to be very low demand lately for anybody buying bitcoins at the current price. The volume was ultra low yesterday until the bidwalls were sold into. Ultra low at like 20K bitcoins, and has been becoming low like this lately. The manipulators who are trying to push price higher will pretty much have to buy most of the coins going up. They have very few bitcoin investors helping them push it higher. They will also have to maintain the currently artificially high price they set by buying all the miner coins who routinely sell their coins after mining. Also deal with the manipulators who want price to go down ask walls now.
If the price does get into the $4's, this will really start lots of panic sells for many of the people who bought on the way up to $7.2, and have been holding off. I think this is why they have been defending the price falling into the $4's so hard and long.
Jump to: