discuss Bitcoin above $16,000. Where is it headed?

[Arpit131]

Bitcoin is already trading at $16,300+

Where do you think it will cap out?

 

[urlurl]

sure you can, by holding you are restricting the supply, which increases the price. As long as they hold off selling they can maintain higher prices.

 

[xynames]

That's not manipulation. If all we current holders did was hodl, and nobody sold or spent (transferred), the price would never change. Only completed trades - a buy and a sell - affect the price.

 

[Asfas1000]

I agree that holding is not too effective in bringing the price up.

 

[urlurl]

yes at this point there are more buyers than sellers

 

[xynames]

What you need to raise prices is more buyers willing to pay more, and less sellers willing to sell for less, and then the price rockets, with each rising completed trade.

Actually BTC has been pretty stable past two days, almost scary, which I am hoping it's about to island hop up past 18K, but even if it drops, voracious dip buyers seem to be waiting there to scoop it up and take it back up eventually.

 

[urlurl]

well if you bought in 2013 - you are way ahead of the game.

 

[xynames]

I've been accumulating and holding since early 2013, consistently, so I have all different kinds of bases - not all of it at $200.ish I wish! But, yes, I've done well. Can't complain.

It's all paper profit though until I sell.

I think you were saying something about that you would demand a premium to accept BTC in lieu of cash? I was able to do that, to the tune of double, at the beginning for any monies owed to me, but not for a long time now.

 

[xynames]

Anyway, as anyone owes me cash, even today, with BTC at 16Kish, I still accept it. I still believe in it.

 

[D Haynes]

I find this whole bitcoin story quite exciting to watch and read about. I have no invested interest as I don't trust what I don't understand but it's entertaining to read the differing opinions. It's still not clear to me what happens when everyone cashes out and the money isn't there. It seems to me that this is almost certain to happen. I'm guessing the key is to cash out just before the masses to be sure you get paid.

 

[Nikhil Jain]

So just an update - BTC surged to USD 19,600 right now at Zebpay, India.

 

[urlurl]

I find this whole bitcoin story quite exciting to watch and read about. I have no invested interest as I don't trust what I don't understand but it's entertaining to read the differing opinions. It's still not clear to me what happens when everyone cashes out and the money isn't there. It seems to me that this is almost certain to happen. I'm guessing the key is to cash out just before the masses to be sure you get paid.

there is no hard cash backing it - to cash out you have to find a willing buyer (hence the exchanges) to give you cash in exchange for digital bits - at this point; more are buying than selling... equals price increase

 

[urlurl]

So just an update - BTC surged to USD 19,600 right now at Zebpay, India.

so why can't a person buy on exchange 'x' for $16000 and sell on exchange 'y' for $19000 - easy $3k?

or am i missing something

 

[Nikhil Jain]

so why can't a person buy on exchange 'x' for $16000 and sell on exchange 'y' for $19000 - easy $3k?

or am i missing something

@xynames ?

 

[D Haynes]

there is no hard cash backing it - to cash out you have to find a willing buyer (hence the exchanges) to give you cash in exchange for digital bits - at this point; more are buying than selling... equals price increase

So when someone buys a coin are they buying an existing coin from another owner ((seller)finite amount of coins available), or are they buying a new coin from a "mint" of some kind?

Edit - I realise this was a silly question from your quoted post but does that mean there's a finite amount of coins?

 

[urlurl]

you are buying from another owner, they will be finite when all the rest of the coins are mined.

 

[D Haynes]

All makes sense now lol

 

[teper]

Also note that that difficulty of mining bitcoin is going to rise sharply which will also result in the transaction fees reaching 100 or may be 1000's.

The current rise is FOMO for sure. Even i am feeling it

 

[teper]

so why can't a person buy on exchange 'x' for $16000 and sell on exchange 'y' for $19000 - easy $3k?

or am i missing something

Because Zebpay is open for Indians only.

 

[teper]

These 40% are also known as Bitcoin Whales and a theory is that most of them know each other and discuss various things among themselves like buying or selling bitcoins in bulk.

It would be interesting to watch if one of these whales decided to unload its bitcoins then what will happen.

http://fortune.com/2017/12/10/bitcoin-whales-market-manipulation/

 

[Nikhil Jain]

Because Zebpay is open for Indians only.

Isn't it possible to load ones bitcoin at another exchange using his/her wallet address and start transaction there ?