ok so I figure whoever this wall belongs to must have wanted to sell for a long time, and now feels like there is enough buy pressure incoming due to ATH being reached that he can get away with selling so many.
Is that the only scenario that makes sense?
There's a chance, albeit slim, that he might be trying to prevent the price from rising too quickly, to prevent a bubble pop like last April. I don't believe that, but I'd like to....
Or he is one of the buyers on bitstamp. If Gox has liquidity difficulties he may have had problems withdrawing his coins. So he deposited at Bitstamp, buys there and sells his Gox coins to unsuspecting buyers, while not really losing anything himself. It would explain why he is not being more stealthy with his sale.
I can come up with lots of other scenarios as well but I think that he just wants out is still the most probable one, Occams razor and all.
The amount of coins on sale on the exchange is shrinking fast. Only 6k on sale on BTCChina, 7k on Bitstamp, 11k on Gox.
This is the "all time low" in terms of BTC on sale. Just think about how Avalon holds 65k coins in one address.
In my opinion is not a very good sign, it would be better for the trend to be fueled by new money in instead of scarcity of supply - just because the scarcity can be easily reversed by only one big holder.
I guess this is the nature of "penny stock market", and BTC behaves completely as a penny stock market.
Tighten your seat belts.
Thing is, more coins than ever are locked up for the time being and can't make it to the exchanges in the foreseeable future.
The FBI has 174.000 BTC and probably won't be able to sell them until after the case against Ulbricht
Bitcoin Investment Trust has 60.000+ BTC locked up that they are obliged to hold on to for their customers for probably at least a year (the number is based on the fact that they had 15.000.000 USD invested when the exchange rate was ~250 USD/BTC). This number will probably rise quite a bit in the coming months as they will buy more bitcoins to supply to new customers.
Possibly, the success of BIT will make other high profile individuals/companies imitate them and start buying up coins to start competing businesses. This would lead to additionally 10ks of coins being looked up for the time being. This is just speculation though, but a fairly reasonable assumption as far as I'm concerned.
You also have the Winklevii twins claiming they had 1%+ of all bitcoins in the beginning of the year waiting for their ETF. That's at least 110.000 BTC.
We also have Chamath Palihapitiya, ex Facebook-executive, who claimed to have 5.000.000 USD invested in BTC at the end of october. At the exchange rate back then, that would be 25.000+ BTC. He also said he was still looking to acquire more.
And there is a very high likelihood we have unknown high profile investors who have made private bets but hasn't said so officially. This is hard to quantify, but I belive this is at least a multiple of 10ks of bitcoins being locked up for the time being in anonymous rich investors' wallets.
If you add it all up, far more coins are being "on hold" right now, than ever before.
The amount of coins on sale on the exchange is shrinking fast. Only 6k on sale on BTCChina, 7k on Bitstamp, 11k on Gox.
This is the "all time low" in terms of BTC on sale. Just think about how Avalon holds 65k coins in one address.
In my opinion is not a very good sign, it would be better for the trend to be fueled by new money in instead of scarcity of supply - just because the scarcity can be easily reversed by only one big holder.
I guess this is the nature of "penny stock market", and BTC behaves completely as a penny stock market.
Tighten your seat belts.
Thing is, more coins than ever are locked up for the time being and can't make it to the exchanges in the foreseeable future.
The FBI has 174.000 BTC and probably won't be able to sell them until after the case against Ulbricht
Bitcoin Investment Trust has 60.000+ BTC locked up that they are obliged to hold on to for their customers for probably at least a year (the number is based on the fact that they had 15.000.000 USD invested when the exchange rate was ~250 USD/BTC). This number will probably rise quite a bit in the coming months as they will buy more bitcoins to supply to new customers.
Possibly, the success of BIT will make other high profile individuals/companies imitate them and start buying up coins to start competing businesses. This would lead to additionally 10ks of coins being looked up for the time being. This is just speculation though, but a fairly reasonable assumption as far as I'm concerned.
You also have the Winklevii twins claiming they had 1%+ of all bitcoins in the beginning of the year waiting for their ETF. That's at least 110.000 BTC.
We also have Chamath Palihapitiya, ex Facebook-executive, who claimed to have 5.000.000 USD invested in BTC at the end of october. At the exchange rate back then, that would be 25.000+ BTC. He also said he was still looking to acquire more.
And there is a very high likelihood we have unknown high profile investors who have made private bets but hasn't said so officially. This is hard to quantify, but I belive this is at least a multiple of 10ks of bitcoins being locked up for the time being in anonymous rich investors' wallets.
If you add it all up, far more coins are being "on hold" right now, than ever before.
40000 here that will not be for sale any time soon. Might move more from my active trading wallet.
I feel like we have almost all the ingredients neccessary for "the perfect storm", the only one missing is a financial crisis of some sort, the Cyprus ingredient. Then, we would see a rally.
Genius! nothing gets political backing faster then "donations"
Sooo... This makes it a good idea to donate to the most anti-liberty minded politicians who are most likely to be against Bitcoin, in order to disincentivize them to do anything against it. That's weird.
Fear is what is driving this rally. It's not about utility or long term use, but purely fear of missing the boat. "Last chance to get in and get rich". "Last chance to own a Bitcoin." I do believe we're going to break $1000 on this fear and maybe more. The fall however, is going to be something else all together.
The good news is, no one need sell when it dips....because of the below events.
Bitcoin value doubled in 3 months
19 times in a row
It is a nonsense.
a) 2^19 = 524 288
b) $266 / 524 288 = $ 0,000507354736328125
2000 Coins for a dollar. Doesn't seem that unreasonable to me. We are talking pre-exchanges and pre-10k Pizza time here.
2) The word you are looking for is "fiduciary". "Fiat" means "let it be" and thus means that someone is in control.
fiat
ˈfiːat,ˈfʌɪat/
noun
1.
a formal authorization or proposition; a decree.
"the reforms left most prices fixed by government fiat"
Fiat money has been defined variously as:
any money declared by a government to be legal tender.[1]
state-issued money which is neither convertible by law to any other thing, nor fixed in value in terms of any objective standard.[2]
money without intrinsic value.[3][4]
http://en.wikipedia.org/wiki/Fiat_moneyBitcoin has ZERO value, except what we all agree it is worth. Just like USD. In fact, given the fabric USD is printed on, it's fair to say USD is actually "worth" more.
If you actually followed the source wikipedia links to, it says the following:
I use the term fiat or abstract paper money interchangeably to stand for a government supplied means of payment of no intrinsic worth.
So not even your own source actually supports your claim. It's just Wikipedia messing up.
If you actually followed the source wikipedia links to, it says the following:
I use the term fiat or abstract paper money interchangeably to stand for a government supplied means of payment of no intrinsic worth.
So not even your own source actually supports your claim. It's just Wikipedia messing up.
Not sure why this bothers some of you so much. There is government fiat, now digital fiat, clam shell fiat, etc, etc. As freethink just said, fiat isn't necessarily a bad thing. It's not bad that USD is fiat in that sense. What's bad about USD is that it is debt based. It enters the system as debt. It would actually be nice if the treasury would just issue sovereign money and break capital holders grip on our economy. But they can't/won't because they are in debt to the capital holders. Some of you worry about the small things and don't really see the big picture at work here.
Because it is muddling language. When you add meanings to words, the words actually get less meaningful. This serves a good purpose in politically charged topics as you can become more vague about what you mean without people even realizing it a lot of times. The etymology is fairly clear in this case, fiat means by decree.
Relevant:
https://www.mtholyoke.edu/acad/intrel/orwell46.htmThis loan thing is depending what is the situation. It's dumb to say that investing loaned money is absolutely wrong or that it's right. Many people spend rest of their lives in debt hell and investing some of that to bitcoin might be the way to get rid of that debt. There's risk but you have to calculate those risks based on your situation.
When you're in a hole, dig faster?
Maybe you can do a 180 curve while digging and get out of that hole.
You can't get out of a hole by digging - you need to find something that is about to
defy gravity to lift you out
Sure you can. Dig on one side of the hole and use the dirt to build something that gets you up on the other side of the hole.
Hows about:
Bitcoin = Bits = 1 unit
cents = cBits = 0.01 units
millis or mills = mBits = 0.001 units
micros or mics = μBits = 0.000001 units
Satoshi or sats = 0.00000001 units
nanos or nans = nBits = 0.000000001 units (for when 1 Bitcoin = 1 Mega dollar or BTC1 = M$1 = $1,000,000)
I never got why we actually have satoshis and not nanobits, the 64-bit signed integer is more than big enough to store >21M bitcoins even if it was divisible to nanos.
There are a lot of completely arbitrary choices in Bitcoin that bugs the perfectionist in me. Like why did Satoshi choose 21M as the cap in the first place. It's such a random number that makes a lot of the math in Bitcoin "ugly". A power of 2 would have been way more elegant and taken away all the rounding complications for block reward halvings etc.
The money in circulation today ($USA) is 1,18 trillion dolars [...] the projected theoretical value is 1,18 trillions of $ /21 Million Bitcoins= $56,190.47 per bitcoin.
How about the us debt + the rest of the world currencies?
We're talking about circulation (aka: the $ that can buy gramms of gold). Debt is not in circulation (or it may as well is - who knows
)
About the only thing that is in circulation is debt, as even cash is debt. Someone took a loan for it to be around!!!
Not necessarily true. Governments pay people for stuff all the time.
They do, but they become indebted to central banks or others to do so.
Also generally not true, most government outlays come from taxes. Only a small portion of expenditures in a given year are from borrowing.
In the US, at least, M1 is larger than the internal debt, so cash is not debt.
If the only one allowed by law to issue dollars, euros etc are banks (central and/or peripheral), and they only issue it as loans, then all money has to be debt, old or new.
Not if that debt is settled without removing the cash from circulation.
That can never happen because of interest.
Let's play a game. Suppose you are a central bank and I am a client. There's no money in circulation and you are the only one allowed to issue it. You also require interest to issue money.
Now, I request a $10 loan. With interest, you should get back $12. BUT only $10 exist. The only solution is for you to give a loan to the next client and then the next etc............ all the way to infinity. Until numbers lose their meaning!!!
I hope you understand!!!
As far as I understand, the interest is actually counted as profit, and doesn't disappear when you pay it off. It actually gets spent into the economy again, unlike the principal that do disappear when you pay it off. So you can pay off $10, then $2 gets spent into the economy, and you can try to earn that to pay off the last $2 as well (simplified). It doesn't make the system moral in any way, but I still think it's important to be correct about it.
I don't think most of the world really cares about dollars.
Maybe not, but most of the world HATES decimals in prices. Decimals confuse people. Would you like to see a cup of coffee cost 2 milliBits or 0.002 bitcoins? It's much easier to understand whole numbers. Also, many people think 1000 $ /bitcoin unit is too expensive. I try to tell them they can buy fractions of a bitcoin, but they hate that idea. People don't like dealing with fractions. It's basic psychology.
This is the reason I'm in favor of using the unit 'bit', where one bit would be 100 satoshis. it would be so much more marketable. Getting a fraction of a BTC for a dollar isn't very appealing, but getting ~1000 bits would sound a lot better. Bit derives naturally from bitcoin, but is still different enough that it sounds like its own unit rather than just being a word for a thousand or a millionth of a BTC.
The following quote from another thread justifies it perfectly.
+1 for 1 million bits in a coin. I feel like that would be perfect when 1 btc is in the ballpark of $10k, therefore a bit is in the ballpark of a cent. Its still workable now but its also looking forward to the future. With a 10k valuation, prices for things won't need decimal points, they'd look like dollar prices do today except without the dot which I think is very intuitive. Bits is easy to say and intuitively derives from bitcoin.
Too many names for things is confusing, especially when they can be confused with each other like milli and microbits. Now we'll have bitcoins for large sums, bits for small sums, and satoshis for the technically inclined (laymen need not worry about this term).
Bits also work if bitcoin ever reaches a valuation of a million $ each, then bits are equivalent to dollars and prices can reintroduce two numbers after a decimal point like we use now.
Anyone know if you can see the order book of the Coinbase exchange somewhere without signing up?
Also, what is up with the flat "price top" on coinbase this last day as seen here?
https://bitcoinwisdom.com/markets/coinbase/btcusd