Quote from: gentlemand on June 28, 2019, 09:58:10 AM

Quote from: cocoadreamboy on June 28, 2019, 02:00:14 AM

@ 11,350 the bitcoin market will need $20.43 million per day to maintain Wink

good luck with that lol

I've seen this thinking a million times over. It's pitiful to witness the lack of numerical and scale comprehension. It's a bigger number than your bank account. Guess what, the world is a big place with a big number of people too.

Divided by all the countries in the world that is $100,000 per country per day.

Hold me.

Grayscale, one company, alone is supposedly buying 20% of mined coins per month.

As for the original question $13,800 was a price reached in no time at all. It stands to reason it'll disappear in no time at all as well. There was no epic struggle to reach it. No support was built around it.

That would be $20.43 million/day with not a single cent out every day. No one taking profit, No one selling. Very unsustainable.

The massive price jump is market price manipulation plain and simple. You can't easily manipulate the market for long periods of time, that takes very large pockets and also a reason to spend that much money. It is very simple to buy up an order book in 10 minutes and shove the price up, if you have the cash.

Really every county is going to spend $100,000 per day on bitcoin? So people in the Congo are going to keep shoving money into bitcoin? They can't buy food, but they will keep supporting an insane price on bitcoin lol great logic.

Aaron

https://www.amsinger.org