The chart below shows how dangerous it is to buy bitcoins at these levels. The lowest line of the red square is where the price is at this moment. The total volume of all transactions in the red square (starting dec,6) in $ value is around $7,955,225,307.08 This means that for this amount bitcoins changed ownership. We can assume that people who bought in this short red square did not sell yet, and that sellers were mainly people taking profits. This leads to the conclusion that there was a huge transfert of wealth of $7,955,225,307.08 from the "cannon meat" to people who made big money at these crazy prices. As price is where he was 1 month ago all these transactions represented selling thin air. Those who sold made in this period between zero and $5,500 extra profit; those who bought made in best case no loss, but also no profit; but in worse case they lost $5,500 for each bitcoin. From point of view risk/reward I have serious questions. Imagine how huge the losses will be if the bitcoin would go under $10,000 or even $5,000. This will cause huge financial drama's for the "cannon meat" people.
Fake coins make ripple co founder a billionaire worth more than Google founders...haaaaaaaaa Biggest asset bubbles the world has ever seen everything is going absolutely insane....art/stocks/real estate/ car auctions/ Cryptocurrency/ the entire world is one big bubble....worse than anytime in history!!!!! Ripple co-founder is now richer than the Google founders on paper With Ripple's XRP coin hitting a high of $3.84, the company's co-founder and executive chairman Chris Larsenis now worth about $59.9 billion on paper. That puts Larsen just ahead of Larry Ellison, who ranks fifth on Forbes 400 list with a worth of $58.4 billion, and ahead ofGoogle founders Larry Page and Sergey Brin, who rank eighth and tenth on the list, respectively. Larsen has 5.19 billion of XRP and a 17 percent stake in Ripple, according to Forbes, citing sources at the start-up.
That isn't true because plenty of people both bought and sold in this time frame. If I bought at 14K and sold at 19K I made profits. You are making assumptions that can not be backed by this chart. Simply put: we have no idea who bought or sold at what price... The bitcoin. OK I imagine. As long as they play with money they can afford to lose, no problem. Lots of holders will still make money even at those levels. Also huge amount of new money will come in, those who missed out on the 2017 rise. So as long as the current buyers don't sell, it isn't a loss. The bitcoin is really no different from a wildly fluctuating stock, it transfers wealth from the late comers to the smart and lucky.
All in a few short years! this ponzi will not end up well. Litigations, congressional hearings, jail times - all ahead.
You make assumptions too that you cannot backup. How do you know that plenty of people bought and sold in that timeframe? The only way to find out is check every walletand see for each account all the moves. Theoretically possible to do I think. Buy at 14 and sell at 19 was impossible because we were above that level till we reached 19K and even selling at 19K was for the happy few as in the timeframe volume was 520,531.51 and the volume above 19K was 9,761.22, or in other words 1.88% of the total volume of the timeframe. Less than 2% of the volume was sold above 19K, not really the majority. May I remind you that after every crash in the stockmarkets a considered number of people lost their home or everything they had. With the crypto's things will not be different; rather worse seen the huge volatility and drawdowns.
1. Because of the sing up frenzy at brokerages. Because my grandma in her coffin bought and sold bitcoin. Hell, even my cat was trading cryptos... 2. Come on now, it is on the chart, but the exact numbers are irrelevant anyway. That wasn't my point. 3. Again, I am not sure why you criticize bitcoin in this regard when it is the same with stocks. Some people simply just can not be helped. TL;DR: People lose money in markets, be it stock, tulip or crypto. Your post was kind of pointless, specially because you are on Elitetrader.
That's what I don't understand....is why will it take that many years before we get congressional hearings and litigations ....there should be steps now being taken before it unfolds.... it reminds me of every congressional hearing from the past....they are never on top of it before the occurrence happens....