Agreed.
I'm just one of these little day traders trying to figure out WTF is going on, and what news might come out regarding Chinese exchanges (and accordingly what weight people will give it).
I'm just one of these little day traders trying to figure out WTF is going on, and what news might come out regarding Chinese exchanges (and accordingly what weight people will give it).
In the short term, I agree that there is selling pressure. I can see why you might be agitated by my comments. You are short term. I'm not.
You are worried about day to day or even hourly moves. I'm more like the next few weeks or months.
BTW, I have never come across a really wealthy day trader. The guys that are rich are insiders, macro guys, the buy and hold guys and hedge fund guys. Don't get me wrong, some day traders do well, but on the whole they survive. They aren't really wealthy. This is just my observation generally and is the reason why I chose not to day trade.
I have come across several wealthy traders in my life (energy traders, FOREX traders, bond traders, etc...). Traders are needed in order to provide liquidity to the market and for price discovery. Not everyone can be a "buy and hold" type person or there would be no liquidity in the market. If bitcoin ever becomes mainstream, there will actually be MORE traders than there are now since investment banks & hedge funds will have teams trading bitcoin on the open market. Not to mention there will be a robust bitcoin derivatives market as well.
This should be obvious to anyone with half a brain.
So i have come across some dude thats rich because of hitting jackpot at casino, that means i should go to casino every day? dream big right?
Apparently, you dont even have half a brain.
You must not even have half a brain because everything is traded. Commodities, energy, stocks, bonds, currencies, etc... Trading is an essential part of any market.
The reason for the massive volatility in bitcoin right now is because it is still a relatively illiquid market. Also, trading platforms have not matured to the level that more sophisticated trading is possible. Trading is not gambling if you can hedge you trades in a derivatives/options market. Right now bitcoin is too new to take advantage of good hedging, but that doesn't mean that it will never be. If adoption rates increase, then the volatility will decrease and trading will be less risky.
However, trading is here to stay.
Wait so you spin day traders to trading in general ? awesome
Who else is going to trade right now??? The banks sure as hell aren't touching bitcoin yet.