Quote from: ex-trader on November 17, 2013, 08:46:14 PM

Quote from: revans on November 17, 2013, 07:19:22 PM

Quote from: smoothie on November 17, 2013, 06:56:28 PM

Quote from: EvilPanda on November 17, 2013, 12:33:21 PM

I opt for a crash. Price is purely dictated by chinese market. There was no adoption, no major company support and still the price trippled in just a month. China goes up and sudenly all other markets follow without thought. If they decide to sell, for whatever reason, whole world will sell in panic.

And that makes sense because?

Chinese adopt it but there is no adoption...lol Cheesy

At best the Chinese are doing what everyone else in the bubble is doing; buy Bitcoins in the hope they make a profit. It is not adoption as a currency.

At worst, well I have a paper I'm finishing on this topic. Synopsis: The Bitcoin 'exchanges' and the 'market' they supposedly create are a fraud. Price action is driven by non existent trades on the platforms. The manipulation is now so rampant across competing exchanges that the entire legitimate trading activity of the exchanges is drowned by a sea of fakery. There isn't a single exchange I examined for this research that isn't engaged in this activity.

I totally agree with this. I buy Bitcoins because I think they'll go up not because they're any use to me. I totally believe that 99% of the bitcoin buyers are like this, does anyone really believe that all the people buying BTC through exchanges and forcing the price up are doing so because they want to spend it - really, how, where.

The real truth that no-one wants to acknowledge is that the actual Bitcoin economy i.e. not gambling, mining or speculation is still virtually non-existent. If it were growing someone would be shouting about it, yet all I hear is silence....

+1 There's some true believers out there. Most are just in it for the profit though.