It wasn't 100k per day - it was per week. The appetite is obviously there, but the landscape has already changed. Once the public got involved, it provided the liquidity necessary for some of the bigger crypto dogs to lock in profits - hence why Bitcoin melted from 19,800 to 11,200 in mere hours (referring to BitStamp). So the "BTFD" theory doesn't hold water like it used to. The easy money has been made already. The volume that played out on that down move is a direct implication of selling - which could have only come from the HODL'ers. Hedge funds are getting involved because they're seeking alpha. They need the volatility, which they have not gotten from equities. The problem is they're late to the party as well. The other issue now that wasn't there when Bitcoin took off is variety. It dilutes the impact of rising moves these cryptos are capable of because there are too many to pick from and again the public doesn't know Bitcoin/Ethereum from their own buttholes. Crypto was almost Pavlovian in how money was coaxed out of the public's idle wallets. They're all dying to live the dream of making millions off tiny investments aka "The FOMO Bubble". Another thing to consider is that the market cap of all fiat currencies is roughly $2 trillion. Cryptos recently hit $800 billion. To match all of the fiat in the world limits the upside from here to slightly above 50%.
I would be proud to show you my books, I live in Pegram Tn. About 15 miles west of Nashville, shoot me a p.m. and maybe we can set it up, I have nothing to hide or gain by trying to impress a bunch of strangers on a forum. Just a Ole country boy that's man enough to call out a bluff, hell,bring rock with you, yall can hold hands while we take a gander. The invitation is open, are you a man or a loose lipped kid that needs a good spanking???
pff "fiat" it is actually not applicable to money tod Just a Ole country boy….this post #222 says a lot about you as a person.
Gentlemen, lets crack open a beer and take a step back here. We have a lot of people on this forum from all walks of life. We can disagree, we can argue, but at the end we all share a lot more in common than most people because we are here!
Mentioned this would be the case quite a few times: https://cointelegraph.com/news/initial-country-offering-as-next-big-thing-for-icos-expert-blog Countries, Counties, Corporations, and Media (particularly Social Media) will inevitably design their own coins/tokens. While the market cap of crypto may expand - the volatility and wild gains will continue to contract because of all the differentiation (currently 1,381 cryptos and growing). Early coins will become dinosaurs.
After the big purge, there is going to be a great opportunity to see which one of the cryptos is standing the true test of time.
So far this sell off is still holding support levels. Come on bears! Here is your chance to break through the 12500 level!
Lots of negative news out there: Bitcoin conference no longer accepting Bitcoin as payment (I shit you not! LOL): http://nymag.com/daily/intelligence...n-conference-no-longer-accepting-bitcoin.html South Korea (world's largest crypto population) set to ban trading: https://www.reuters.com/article/uk-...currency-trading-rattles-market-idUSKBN1F002A
Countries banning bitcoin is a weekly news item. The only thing I can see triggering a sell off at the moment is if we see another giant hack hit an exchange.
I'd venture a guess that this is U.S. influenced since they are our partners on the Korean Peninsula. How long before others follow suit? Last thing the U.S. financial markets want to see is the continued rise of public money into crypto instead of equities. EDIT: South Korea makes up 33% of Ethereum's market share. The country is responsible for 20% of all crypto trading worldwide.
More News: US Market regulators to meet regarding crypto: http://bitcoinist.com/the-noose-tig...g-with-market-regulators-over-cryptocurrency/ China to ban all crypto mining in their country: https://www.wsj.com/articles/china-quietly-orders-closing-of-bitcoin-mining-operations-1515594021
I'll keep in mind these gold words "...they will come to a bad ending." You already know who said so about cryptocurrency, don't you?
Wait - he said what during the tech bubble? Regardless ...... nobody is ever going to be right 100% of the time, but he's also got an overall track record that is hard to argue with.
Like clockwork South Korea decides against banning cryptocurrency trading. They flip/flop on it constantly to the point it's a buy the dip opportunity.
I was talking to a friend in S Korea this morning, he says there is a new and unexpected trend taking place there which is fascinating. There is so much rampant speculation going on, the likes of which I have never seen, and I used to be big into penny stocks. Because of the crypto boom, everybody feels they are a genius and very smart at trading cryptos. Many younger kids are questioning why they should be studying or working at low wage jobs if all they need to do is buy Cordano today and sell it next week to make $50,000. South Korea sees this as a growing threat to the economy.
We don't have to look far back in history to see where investor "exuberance" leads. It could be soon or a year or more but there are going to be a LOT of people crying and devastated over this at some point. The day of reckoning will come. I just hope it is not severe enough to impact us lowly stock investors by pulling our stuff down on a currency crash that never had any value to begin with.
