There's just something off about this rally. I understood the rally after silk road closed. I understood the rally after Gox closed. I don't understand balls to the wall in China when The PBoC has not reversed policy or no major exchange has closed. A market that suddenly changes direction without a retest of support and news that amounts to a loophole that may or may not be closed?
To use Alan Greenspan's term, it looks like "irrational exuberance". Demand that appears this suddenly can disappear just as suddenly. Supply that can disappear suddenly can reappear suddenly.
To use Alan Greenspan's term, it looks like "irrational exuberance". Demand that appears this suddenly can disappear just as suddenly. Supply that can disappear suddenly can reappear suddenly.
Why such confusion? Did you really understand the decline from 600 to 340 in face of nothing but positive news and developments? To me, that was the irrational part. The exuberance starts when we cross the exponential trendline somewhere around 2000.
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The market is too thinly traded to be trusted.
Nothing is real except the bitcoins you have in an address whose key is offline-generated by you.