Wait whats the correlation of stocks dropping and bitcoin going up all the time?
Probably nothing but possible China happening Anonymous (ID: 7yYDr4qC) 11/27/15(Fri)16:13:11 No.56852198▶>>56852473 >>56852756
https://www.google.com/finance?cid=7521596Down -4.30%
Yeah, sometimes bitcoin's price is in sync with stock prices, but sometimes it's not. I wouldn't take it as a trustworthy indicator. It all depends on the current popular narrative that is explaining the rise.
The price only went up $32 (10%), almost a rounding error. It didn't double in price like last time and needs some kind of titanic crash to come to fix the market.
The fact that the hash rate increased 37% in something like 1 week is hugely bullish for keeping price up.
In my theory, bitcoin will eventually fail because of that increasing hashrate. The overheating of bitcoin mining has risen the costs of the network so high, that the speculator market just can't hold it up. I actually think that these last pumps haven't been deliberate pumps and dumps, but just attempts to break through that huge backlog of coins, that are ready to be sold by the miners, who would be glad to exit while getting ROI.
In 2013 mining was still relatively cheap, meaning people could hold on to their mined coins more easily. Now the coin production cost is high and most of the mining business is built on debt, so selling pressure is getting higher every day.
The future of crypto is about making the monetary system as cost effective as possible. Bitcoin and it's pure PoW concept is just the first rough version of things to come.
