Yeah. All development and no hype will pay off in the end though I’m sure. It’s a marathon, not a sprint after all.
Just wanted to point out that there is currently ZERO demand for loans for margin trading.
This means that there is nobody in Poloniex betting against MaidSafeCoin, this is extremely weird. Because of the absolute absence of demand the loan interests rates have been close to zero (0.073% APR), and yet nobody is taking them… And this has been the case for weeks now.
Either the lending system is broken, or there is a bull rally building up like crazy.
Any particular reason why the price is currently increasing?
I wonder if the people started to realize that the project is not vaporware anymore
They should have realized that long ago when alpha came out
Seems to be someone who keeps dumping it down now. I can’t make sense of some of these moves. My optimistic side is saying that its an attempt to suppress price to buy cheap, but I’m far from certain. We need a good update tonight I think.
Bit of a smallish sell wall at !800 now…oooer…
Nah, it’s just because BTC is going up a bit… people panic to get back into BTC and oversell the % change in alts
Hmmm…I had thought of this, but was thinking this dumping started pre the latest $10 rise and this maybe just accounts for the drop from 1800?
Thinking about it, we pretty much know that someone has at least $1m of both btc and msafe. The price on poloniex and bitfinex is way above all other exchanges - the 6 -7% discount on usdt matches this almost perfectly, so accounts for price increase.
Given that someone has a large amount of cash to play with and they wanted to suppress msafe price to buy cheap - how much would it take to raise btc price on poloniex only by $10 or so in order to use as cover to suppress price?
Probably thinking too much into it here, but worth asking.
Yeah that might well be true.
There is the update cycle too. We’ve always had small dumps on the days of updates. It used to be Tuesday, now on Thursday… ‘buy the rumour sell the news’ kind of stuff. Not that anyone expects a huge update today I don’t think. It would be a bit quick.
Ha, I reckon you might be giving the whale moves and current MAID market a bit too much credit. Not that I have any idea, but I’d be surprised if anything like that was going on for the sake of such a low liquidity market given how much money is changing hands in other markets and how much money it would take to hold the BTC price up. I reckon it would take a lot of money to hold the BTC price over $10 difference on polo for more than a few hours
Holy macaroni. I can finally post in this thread!
Watching the market is so tangled up with the great search for the ‘because’, I try and avoid it now, NNTaleb-style. It’s not possible to truly know the reason behind price fluctuations (unless you’re causing it), and we are so hard wired to find a narrative to explain things that I am just as likely to see something where it is not, and act on it. Then again, I may get lucky regardless!
The btc pair aspect does make it unnecessarily cloudy though, I do wish there was a fiat pair to at least take that out of the equation.
Edit: Perhaps that would have no difference, while people continue to have a finite crypto fund and move from one to the next and back.
Yeah…I think you’re right mate…its gone to 1292 now! It’s interesting how the msafe and other alt prices is now directly related to people’s perception of how the USDT situation will resolve itself. If the btc price is still in direct alignment to the discount on USDT, then this would now be around 8%.
We can I think infer from this that confidence in a good outcome is waning fast and BTC could go substantially higher.
One of the relevant issues that people are thinking about here, apart from the banking issue is that Tether has no legal obligation to exchange tether for money. Essentially, it seems people could effectively just be holding Pokemon cards.
I get that this is probably a necessary legal disclaimer to conform to regulations, yet it doesn’t change the facts and people are essentially trusting a third party here.
The flip side is that if you think the situation will resolve itself and banking issues get sorted, then BTC price will drop around $100 as soon as known and alt prices will probably shoot up - in which case you would be filling your bags now.
Edit…ah OKcoin now has same issues…looks like China again…Tether uses Taiwan bank and Taiwan under Chinese control. I think the issue will resolve itself.
1325 now, it’s all a bit bananas.
Meh, who cares. As you say, it will resolve itself soon enough.
Can someone explain the difference between 1BTC = $1,241 on Coinbase and 1BTC = $1,325 USDT on Polo? I know what tether is. I don’t know why it’s behaving as it is.
Edit: Not very good at resisting the ‘because’ on this one!
This is a good explanation of what’s going on right now.
Totally agree. Viewed in the short term arkets are basically chaos theory in action. Explanations of their fluctuations are always tacked on after the fact. I always like to refer to the experiment by Daniel Kahneman in which he found almost zero correlation between the performance of successful stock pickers year on year. Not that I’m above having the odd punt, and I’m happy to back good ideas on a long-term basis, which is a different thing entirely.
Ta. I wish links would open in new windows tho
Exchanges that do not or cannot do USD withdrawals : Polo, Bitfinex, (Tether) … and use tUSD also… are seeing BTC price go up on those exchanges.
Users that want to get their funds off these exchanges mainly use BTC withdrawals… this means buying BTC if they haven’t already…
a simplified take on it
btc-e and OKcoin too
I think there are some other things to consider here. USDT has a marketcap of $54m…so not much. A discount of even 10% would only equate to $5.4m, so why such a jump in btc?
This would also only seem to mainly affect those that wish to withdraw USD, other currencies are OK aren’t they, so mainly USA isn’t it?
Anybody else who’s not particularly bothered about cashing out, but has concerns about being stuck in USDT has to initially convert to btc or another currency paired with USDT.
There is no reason to stay in BTC, any other alt currency that seems a good investment will do
I think at some point, a lot of these people will realise btc is now seriously overpriced and move to alts. I think Msafe will benefit from this shortly.
Right hand click and choose “open in new tab”
OR better go to your forum preferences (click your icon in top right corner of page)
and scroll down to “other” and then tick “open all external links in new tab”