Quote from: rafanadal on November 15, 2018, 02:27:12 PM

Quote from: realr0ach on November 15, 2018, 02:22:19 PM

One of the biggest issues I see is that when the price of bitcoin was $200 or less, it had viable attraction to low, medium and high income punters and speculators even if they knew nothing about it. Random middle class people would take a risk for a few hundred bucks. When someone says, "$6000, cheap coins!", who the fuck believes that? Nobody. That's like half a car to a random middle class salary man.

The general public is probably outta here for good now. If you were depending on the general public to be your greater fools, it probably ain't happening. That's why I said numerous times before, all this market is now is whales like Bitmain, Winklevoss, Roger Ver, and Tim Draper all trying to scam each other in a zero sum game. If something manages to make the price go parabolic again, I highly doubt it's going to the aggregate of the general public, it will be something like more Tether Fraud, a huge implosion from no greater fools to buy the Tether fraud, and then BitFinex disappearing permanently with international manhunts.

But there's also another thing I have to mention. In the old days of bitcoin when it was trading from $200-$800, the price was CLEARLY moved in a manner where the only thing cared about was what type of percentage gain can someone get by moving it from point A to B. They didn't care about if the price went up or down in other words, only what type of profit could be extracted from the move. After the price went higher than that, the market changed entirely and became much more artificial where you could tell people were bending over backwards attempting to artificially prop up the price instead. Almost as obvious as the amount of effort that goes into trying to suppress metals, except the inverse for bitcoin.

Makes sense.

Bitfinex is the main entity artificially trying to prop up the price via fraud, tethers, owners trading on their own exchange gox-style, and whatever under the table deals they have going on there. Until that exchange is wiped from the pages of history, there will be absolutely no real price discovery of bitcoin. Since all of their activity is price positive for bitcoin (just like MtGox was), I don't know how anyone could argue that bitcoin isn't in an artificial bubble as long as they exist and aren't in Karpeles' cell. If bitcoin was not in an artificial bubble, the spread between the fake exchange Bitfinex and the real exchanges wouldn't have been $300 yesterday while there was zero spread between Gdax and Bitstamp.