Re: One day.. like gold.. the price of bitcoin will be manipulated by banks
Bitcoin price manipulation is a complex topic.
1. There are around 0.1BTC and less trades to shift prices up, change SMA etc.
2. Gox had sell lag to decrease price fall.
3. Gox limits money withdrawals to increase BTC price.
4. Biggest sharks swim in biggest ocean - Gox - to control market. Thats why although Gox sucked so epically it is still having 80% market share.
Market is contolled by those who has the most BTC or the most money.
We see on market about 1mln BTC and buying or selling 100000 BTC would call new "bubble" run or panic sell of.
At the same time we have 10 mln Bitcoins in existance (already half of cap, while it is still beta...).
Countires to protected their currencies store gold reserve and are able to buy or sell excessive amount of currency to stabilize the price - they are main player.
In BTC main player is unknown and stabilization of price is not main goal as BTC is paradise for speculation, thats why we see such sudden price jumpes like never before in history.
BTC is Japan, Gox is Japan, i suspect those milions of BTC are in Japan hands too (we have 10 milions released while still in Beta, isn't it strange?). They can't sell it cause the market is to small...
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I didn't use word on P. Interesting how many BTC fanatics will put me on ignore list anyway...
1. There are around 0.1BTC and less trades to shift prices up, change SMA etc.
2. Gox had sell lag to decrease price fall.
3. Gox limits money withdrawals to increase BTC price.
4. Biggest sharks swim in biggest ocean - Gox - to control market. Thats why although Gox sucked so epically it is still having 80% market share.
Market is contolled by those who has the most BTC or the most money.
We see on market about 1mln BTC and buying or selling 100000 BTC would call new "bubble" run or panic sell of.
At the same time we have 10 mln Bitcoins in existance (already half of cap, while it is still beta...).
Countires to protected their currencies store gold reserve and are able to buy or sell excessive amount of currency to stabilize the price - they are main player.
In BTC main player is unknown and stabilization of price is not main goal as BTC is paradise for speculation, thats why we see such sudden price jumpes like never before in history.
BTC is Japan, Gox is Japan, i suspect those milions of BTC are in Japan hands too (we have 10 milions released while still in Beta, isn't it strange?). They can't sell it cause the market is to small...
------
I didn't use word on P. Interesting how many BTC fanatics will put me on ignore list anyway...