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Author Topic: Official cryptocurrency thread (Bitcoin, Ethereum, Altcoin)  (Read 54633 times)
EvilPie
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« Reply #915 on: February 14, 2018, 04:23:43 PM »

Is diagram supposed to represent Bitcoin negatively?

Going chronologically the peaks are higher every time. Also the low gets progressively higher in all but one instance.

Looks like quite a stable long term investment if we take this set of charts in isolation.

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« Reply #916 on: February 15, 2018, 07:35:51 AM »


The resilience of these Cryptos is remarkable, look how its bouncing back yet again

A week ago when it dropped into the 5000 range everyone was shouting "game over" and here it is now challenging the 10000 mark yet again
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Jon MW
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« Reply #917 on: February 15, 2018, 08:54:50 AM »


The resilience of these Cryptos is remarkable, look how its bouncing back yet again

A week ago when it dropped into the 5000 range everyone was shouting "game over" and here it is now challenging the 10000 mark yet again

Aren't they only owned by a (relative) handful of people though?

I saw the figure of less than a 1000 people own 80% of Bitcoin for example (although they didn't put a source for that figure).

As long there's at least a background buzz of publicity and demand doesn't it just mean that they can pretty much control the market to suit whatever purpose they want? That's pretty much what the massive volatility made me think of anyway.
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« Reply #918 on: February 15, 2018, 09:18:53 AM »

At the time of typing this message the top 1000 addresses own 35.04% of all bitcoin and top 10000 56.44% respectively. Note that I said addresses and not people since it is possible for someone in the top 1000 to own two addresses.

I would say that the fact that some people own a lot of bitcoin has very close to zero reason why bitcoin is so swingy. You sometimes see 1000btc buy and sell walls (and often get obliterated) on the bigger exchanges. As of September last year around 1600 addresses owned 10k btc or more, if these sorts of addresses were to dump their btc on to the exchanges then you would probably see a bit of price movement.

The reason for such big swings is because bitcoin isn't tangible to a company that releases it's profit and loss. It is much easier to evaluate a company on the stock exchange and therefore the agreed value on such stocks have a much lower range. Bitcoin is a completely new technology and despite everyone who wants one agrees it has some value, that value is purely determined on market sentiment! New scary technology + no price tangibility + relatively low market cap + FUD and FOMO able to spread so quickly because it's 2018 = EXTREME volatility.

Until we see bitcoin replace gold and we start to see market sentiment become somewhat irreversible for a long period of time, we can expect volatility to be extreme.
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« Reply #919 on: February 17, 2018, 08:24:42 AM »

At the same time, Western Union, one of the oldest money transfer companies, has confirmed it is testing Ripple’s Blockchain-based settlement system.

George Soros, who had earlier referred to cryptocurrencies as a “typical bubble” has invested in Overstock, through his investment fund. Overstock is one of the most pro-cryptocurrencies businesses, and its stock price has appreciated immensely as the cryptocurrencies skyrocketed.

This shows that the mainstream businesses are slowly recognizing the value of blockchain technology.
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Longines
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« Reply #920 on: February 17, 2018, 12:21:33 PM »


This shows that the mainstream businesses are slowly recognizing the value of blockchain technology.

Not sure there is anything slow about it.

https://www.accenture.com/us-en/success-blockchain-contracts

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« Reply #921 on: February 17, 2018, 12:33:56 PM »



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Hahah

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« Reply #922 on: February 17, 2018, 12:38:24 PM »


^^^^^^

Ha, superb.
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