Is Bitcoin the Next Big Thing?

[Edwin]

BBC1 Panorama on Bitcoin tonight 8:30-9:00pm, could be quite interesting.

Was it?

 

[boxerdog]

It wasn't bad, worth a watch if you're bored for 30 minutes but nothing we don't already know.

 

[ian]

Typical BBC stance, was an entire show of negativity, but in a softly softly way.

 

[markb]

Looks like litecoin/bitcoin doing well today.

 

[dee]

Looks like litecoin/bitcoin doing well today.

Hooray ! My little LTC hold looking a little less sore

 

[bonusmedia]

It looks like I picked about the worst day possible to go short
Hanging on for now...

 

[Admin]

Just be careful, dont fight the tide, I went bankrupt trading CFDs....but i was very, very badly suited to it.

 

[Edwin]

It looks like I picked about the worst day possible to go short
Hanging on for now...

Hope things work out.

Looks like Tether just plucked a little more cash from thin air. Not a lot by historic standards (and neither enough, nor timed closely enough, to explain the recent rally) but it shows their EUR creation programme isn't completely dead...
https://etherscan.io/token/0xabdf147870235fcfc34153828c769a70b3fae01f

 

[martin-s]

Looks like Tether just plucked a little more cash from thin air.

Allegedly?

 

[Edwin]

Allegedly?

Of course. I've said in my comments about Tether all through this thread that it is not clear whether they are scamming people or legit. Until they get audited - or busted - we'll never know for sure.

 

[ian]

For those with some time to kill, this is a fascinating read on the state of market cap value versus Tether, and how its impact could be huge if proven to be a scam (which Tether is imo). As a crypto supporter, this report makes for painful reading, but feel it is worth sharing (I'm sure Edwin will love the technical analysis):

https://www.reddit.com/r/CryptoCurrency/comments/7xae98/understanding_tether_why_it_accounts_for_a/

 

[dee]

For those with some time to kill, this is a fascinating read on the state of market cap value versus Tether, and how its impact could be huge if proven to be a scam (which Tether is imo). As a crypto supporter, this report makes for painful reading, but feel it is worth sharing (I'm sure Edwin will love the technical analysis):

https://www.reddit.com/r/CryptoCurrency/comments/7xae98/understanding_tether_why_it_accounts_for_a/

Pretty interesting read. Makes a lot of sense.

 

[Edwin]

There's no arguing with the rebound... just hard to see what's driving it, as there's been relatively little news over the last few days and what there was seemed mainly negative, e.g. https://www.theguardian.com/technol...s-poison-says-warren-buffett-investment-chief

Worth noting that volumes have been thin - much thinner than when it was dropping.

 

[dee]

There's no arguing with the rebound... just hard to see what's driving it, as there's been relatively little news over the last few days and what there was seemed mainly negative, e.g. https://www.theguardian.com/technol...s-poison-says-warren-buffett-investment-chief

Worth noting that volumes have been thin - much thinner than when it was dropping.

Doesn't always take news to drive the price. General sentiment and the ' feeling that it must have hit bottom ' is good enough for a lot of people.

EDIT. If volumes are thin it could just go sideways for a bit .Maybe up to 11 ish , then back down. The only likely news trigger seem to the downside at the mo.

 

[websaway]

There's no arguing with the rebound... just hard to see what's driving it, as there's been relatively little news over the last few days and what there was seemed mainly negative, e.g. https://www.theguardian.com/technol...s-poison-says-warren-buffett-investment-chief

Worth noting that volumes have been thin - much thinner than when it was dropping.

JP Morgan may be something.

 

[Edwin]

Perhaps there's a bit of "the sky is falling" then "oh no, it hasn't... yet".

Anyone with a thousand BTC to throw at the market right now could make it dance a merry tune. For instance, it would only take 350 coins to drop it from 10,100 to 9,800 on Bitstamp.

Re trading volumes...

On 15 February, global trading volume was 52,509 BTC, according to research site cryptocompare.com. That compares with 495,883 and 271,450 on the 6th and 7th February, respectively.

http://www.iii.co.uk/articles/482281/why-bitcoin-and-cryptos-are-surging-again

 

[Edwin]

A look at the cheapest and most expensive places to mine Bitcoin...
https://www.cnbc.com/2018/02/15/the-cheapest-and-most-expensive-countries-to-mine-bitcoin.html

Fascinating that one of the keener markets (South Korea) is staggeringly expensive. The Koreans must be buying 100% of their BTC, surely. Nobody can mine at those prices!

 

[ian]

There's no arguing with the rebound... just hard to see what's driving it, as there's been relatively little news over the last few days and what there was seemed mainly negative, e.g. https://www.theguardian.com/technol...s-poison-says-warren-buffett-investment-chief

Worth noting that volumes have been thin - much thinner than when it was dropping.

Plenty of good news in recent days, acceptance by many governments that Crypto has a future in banking; suggestions that it should remain self-regulated but enforcement on ICO's etc. There has been so much positive news that I'd strongly suggest all the FUD of last week was a coordinated attack to drop the price and then reverse the trend for governments and major institutions to buy in, and lets face it, they'll already be massively in profit.

Didn't expect you to post anything positive of course

 

[Edwin]

Plenty of good news in recent days, acceptance by many governments that Crypto has a future in banking; suggestions that it should remain self-regulated but enforcement on ICO's etc. There has been so much positive news that I'd strongly suggest all the FUD of last week was a coordinated attack to drop the price and then reverse the trend for governments and major institutions to buy in, and lets face it, they'll already be massively in profit.

Didn't expect you to post anything positive of course

Are you discounting the Tether analysis?

 

[ian]

Are you discounting the Tether analysis?

Of course not, that may be a huge thorn in the side and one in which I'm holding funds back for, in case of a significant dip, but the news has been mainly positive, and interestingly mostly from the government's of the world; even they love to manipulate the markets to suit.