Interesting.
I see a big sell off happening, followed by a massive re-buy around $1000-$1200. The big holders will off load, scare everyone else into withdrawing, then rebuy at a lower price. As I've stated before in talking BTC on Hubski, I think long term BTC is only going to climb, but it's going to be manipulated along the way. Especially since China is buying it up heavily now as well. The people holding BTCs as a currency are vastly outnumbered by the speculators with multi-million dollar bank rolls to play with. I love following the BTC market, it's super interesting.
Yeah, there was a big sell-off at about $900 to $600, although it's already clawing its way back. I totally agree that manipulation is going to be big for quite some time to come. Also, the spreads between exchanges are bizarre. My long term guess is that bitcoin has a 50% chance of growing enormously. Until recently, it was 30%, but these Senate hearings make it sound like the Winklevoss's ETF might actually happen.
I was VERY skeptical of which way the US Government would go, but from the sounds of it, they are not only letting it ride, but seemed to endorse it. I think that's a big thing. I honestly expected them to go the other way.but these Senate hearings make it sound like the Winklevoss's ETF might actually happen.
True, but without a currency they can really get their hands into, I'm surprised they would support it. As long as taxes, mortgages, and paychecks are all paid/recieved in dollars, Bitcoin is still just a function of the world currencies, so I guess they really don't need to worry until that first company out there decides it's going to start paying people in Bitcoins.
The Internet Archive already does, at least for employees who want to be paid in Bitcoin.I guess they really don't need to worry until that first company out there decides it's going to start paying people in Bitcoins.
Interesting. Thanks for that link. I wonder if they are still paying taxes on that payroll that goes out in BTC?