Bitcoin

Retireby40

Yeah I was talking about crypto in general that some of them have risen nearly 40%. I was referring to ETH but it wasn't clear.

39% increase in 24 hours. How much money would need to be "invested" for a crypto to rise that much? 

TheAble

Retireby40 said:

Yeah I was talking about crypto in general that some of them have risen nearly 40%. I was referring to ETH but it wasn't clear.

39% increase in 24 hours. How much money would need to be "invested" for a crypto to rise that much? 

We don't know. Nobody knows.

Retireby40

TheAble said:

Retireby40 said:

Yeah I was talking about crypto in general that some of them have risen nearly 40%. I was referring to ETH but it wasn't clear.

39% increase in 24 hours. How much money would need to be "invested" for a crypto to rise that much? 

We don't know. Nobody knows.

If there's no trace of how much is invested who isn't to say the figures aren't doctored to increase FOMO?

Malthusian

Retireby40 said:

Yeah I was talking about crypto in general that some of them have risen nearly 40%. I was referring to ETH but it wasn't clear.

39% increase in 24 hours. How much money would need to be "invested" for a crypto to rise that much? 

Precisely 1 cent (plus transaction costs), provided the buyer was willing to pay 39% more for their handful of wei (10^18 wei = 1 ether) than the last one did. Of course, it would be followed by an instant 39% crash if the next bid didn't follow suit.

As to the real-world scenario and how much demand would have to increase for a 39% increase in the actual market price, and how much new money being put on the table this would represent, no idea, nobody knows.

Remember that in a small time pump and dump scam the price of a penny share will - apparently - rise without any money changing hands at all, as the scammers exchange shares and money between each other to drive up the price; so no actual investment is taking place. Ethereum isn't a scam (just another kind of money game) but it illustrates that you don't need new money on the table for the price to rise, it just helps.

Browntoa

The Independent: Bitcoin flash crash sees biggest price drop in cryptocurrency history.

https://www.independent.co.uk/life-style/gadgets-and-tech/bitcoin-price-latest-crash-record-b1781976.html

RichTips

Browntoa said:

The Independent: Bitcoin flash crash sees biggest price drop in cryptocurrency history.

https://www.independent.co.uk/life-style/gadgets-and-tech/bitcoin-price-latest-crash-record-b1781976.html

It would have struggled to drop $5000 when it cost, say, $5024 in March of last year. It may make more sense to talk in percentages when discussing drops in price but then that wouldn't make such an eye-catching headline I suppose.

At time of writing, it is -0.8% on the hour, -1.3% on the day and +15.4% on the week.

bowlhead99

Browntoa said:

The Independent: Bitcoin flash crash sees biggest price drop in cryptocurrency history.

https://www.independent.co.uk/life-style/gadgets-and-tech/bitcoin-price-latest-crash-record-b1781976.html

RichTips said:
It would have struggled to drop $5000 when it cost, say, $5024 in March of last year. It may make more sense to talk in percentages when discussing drops in price but then that wouldn't make such an eye-catching headline I suppose.

Yes, they probably have some sort of 'headline generation engine' for slow news days. They say it's the biggest drop in history as it had, "never previously lost more than $4000 in the space of a few hours" and then immediately recognise it isn't the biggest drop seen on this market because, "more severe crashes in terms of percentage losses were seen following the 2017 bull run".  

To say it's the biggest drop in cryptocurrency history would be like saying Unilever is more volatile than China Nonferrous Gold plc, because the former has dropped 5p this morning (0.11%) while the latter only dropped 1.5p (17%)

[Deleted User]

Clickbait article. Just imagine, Berkshire Hathaway is down $4290 today, surely they must be more volatile than Bitcoin? Of course not.

jimjames

[Deleted User] said:

I am happy with my 160% in 6 months, aren't you guys? That's very sad how naysayers and haters are loosing out to those who are not afraid to bet 1% of their money to have 200x bigger return comparing to laughable <1% saving accounts.

What use is a currency that fluctuates like that? Currency needs some sort of stability or it's useless like the Zimbawean Dollar

BananaRepublic

jimjames said:

[Deleted User] said:

I am happy with my 160% in 6 months, aren't you guys? That's very sad how naysayers and haters are loosing out to those who are not afraid to bet 1% of their money to have 200x bigger return comparing to laughable <1% saving accounts.

What use is a currency that fluctuates like that? Currency needs some sort of stability or it's useless like the Zimbawean Dollar

It clearly isn’t a currency in the normal sense. It is an investment, more akin to roulette than gold, or equities. Does anyone understand it?