Quote from: hugeblack on Today at 09:50:46 AM

I'm surprised why people are making crazy investments based on someone's recommendation?
This kind of pumping and emptying should stop. It is a good example of the blindness of the weak financial intelligence of many people.

You should be more surprised when they sell because of someone's recommendation. Lest we forget the drop from $40k was because a known shitty news site published some nonsense about double spend!

Quote from: arbiter5 on Today at 10:01:32 AM

Quote from: pooya87 on Today at 09:49:38 AM

Do you know how long it takes someone to sign up on an exchange, go through their KYC process to verify their account, make money transfer from their bank account to that bitcoin exchange, wait a long time until it reaches the exchange and is credited in their account and then eventually after jumping through all the hoops they can buy bitcoin?

You're assuming that literally every buyer we had in the past hour are totally new in the cryptocurrency space. It could simply just be people already with exchange accounts that just bought in because of confirmation bias.

And let's not forget that PayPal, Robinhood, eToro, Trading212, Cash App, Interactive Brokers and tons of trading/investing platforms that people have been already using already has bitcoin by default. Not every single buyer is going to go through the de facto bitcoin exchange like Coinbase/Binance/Kraken/Gemini/etc.

Yes because those who are already involved in bitcoin and also listen to what other people tell them are more scared of the FUD telling them that bitcoin is going to dump. They are also greedy thinking they can buy at the lower price (namely $20k that was being advertised in their FUD). Which means a simple bio change of someone who has been tweeting a lot of positive things about bitcoin is not strong enough to change their minds.

As for all those apps, I don't know all of them but many don't affect the bitcoin price at all. For instance you can buy millions of bitcoin on PayPal or dump millions and it still wouldn't change bitcoin price because it is not linked to outside world specifically exchanges.
I name exchanges such as Coinbase, Kraken, Bitstamp, Bitfinex, Gemeni, etc because they are the main source of price and the price is decided there not elsewhere. Even Binance has very little effects since it is mainly an altcoin exchange and it has tether market not fiat market with a huge portion of their volume being fake.