What power does Traders have on the Bitcoin price ? - page 4.

VC George

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Quote from: European Central Bank on May 26, 2017, 07:56:50 AM

the bigger it becomes, the harder it is for small groups of people to control the price, but it is still possible.

no one sets the price other than the people buying and selling on the exchanges and there probably ain't very many who do it full time. but all it takes is one surge of serious demand and the coins they use to play are eaten up and never returned.

in the early days on mt gox there was one guy who was putting up walls of thousands of coins, the chart was a vertical line into infinity. some other guy came along, bought it all and he was never heard from again.

I agree, it can happen if say 5 whales gather at August and do their move Wink

Low trading volume and it will be easier for them to push the prices and
essentially "play" with the rest people trading at those looping periods.

bitbunnny

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I don't think that traders directly determine the Bitcoin price. Maybe the wales ans that ones who trade realy big sums but it's more thing about the demand and supply. Despite some theories I don't think that any group isn't powerful enough to control and influence the Bitcoin price on their own.

European Central Bank

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Quote from: deisik on May 26, 2017, 11:15:00 AM

Thereby, even small groups of people are then able to control or affect the price, contrary to your claims

that assumes that the same old bunch of people are selling and buying back their coins all the way through. every wall that's put up is at least partially eaten by someone else. and eventually a whale bigger than you swallows you whole and the cycle starts again. i don't believe the traders that dominated in 2013 will be the same people in 2020.

deisik

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Quote from: European Central Bank on May 26, 2017, 07:56:50 AM

the bigger it becomes, the harder it is for small groups of people to control the price, but it is still possible

I'm sorry but it works the other way round

Market cap should be made a taboo word across the forum since it has lured so many people into delusions and forced them to arrive at false conclusions. More specifically, market cap is just the price multiplied by some constant (more or less constant variable). But as I have already explained it numerous times and harsh reality has already proved my words, higher price destabilizes the market since you would need less amount of coins (both crypto and fiat) to "reach out and touch the price". Thereby, even small groups of people are then able to control or otherwise manipulate the price (even if temporarily), contrary to your claims

Idrisu

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For now traders are the determinants of bitcoin pricing and the forces of demand and supply are the tools in their hand. The market capitalization of bitcoin which stood at over $41b today are sign that bitcoin is not control by individuals, governments and nations.

European Central Bank

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Quote from: CosmicVibe on May 26, 2017, 08:17:01 AM

Isn't that the story of the Bearwhale ? I've heard about that.

similar, but this was years before, maybe 2011 or 12.

that guy on mt gox was putting up walls of tens or hundreds of thousands of coins. all gone in one buy.

if you're interested the bearwhale has returned - https://www.reddit.com/r/Bitcoin/comments/6d2tp1/i_am_the_bearwhale_uasf_now/

but in his case he intentionally wanted to sell all at once. he wasn't eaten up by buyers. pretty stupid move but he still got millions of dollars.

CosmicVibe

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Quote

in the early days on mt gox there was one guy who was putting up walls of thousands of coins, the chart was a vertical line into infinity. some other guy came along, bought it all and he was never heard from again.

Isn't that the story of the Bearwhale ? I've heard about that.

European Central Bank

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the bigger it becomes, the harder it is for small groups of people to control the price, but it is still possible.

no one sets the price other than the people buying and selling on the exchanges and there probably ain't very many who do it full time. but all it takes is one surge of serious demand and the coins they use to play are eaten up and never returned.

in the early days on mt gox there was one guy who was putting up walls of thousands of coins, the chart was a vertical line into infinity. some other guy came along, bought it all and he was never heard from again.

CosmicVibe

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Hi here !

So, the captitalization of BTC reached 40B $ , this is nice but not huge at all compared to FIAT currencies.

My question is : with such a "low" amount of money, does the traders have real power over the Bitcoin price ? I always heared about the natural inflation, simply more demand etc... But don't you think that if a lot of early investors with huge amount of BTC could gather and have control over its price ? Or they are simply slave of the system like every one of us ?

I'm waiting for your toughts Grin

Topic: What power does Traders have on the Bitcoin price ? - page 4. (Read 2312 times)