Sonatine, do you own any bitcoin? Just wondering..
Sonatine, do you own any bitcoin? Just wondering..
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Gonna shoot a PM to Monsterj for his take. Basically, he trades volatility
I can’t think of the proper words. Kind of historic madness
@Sanlmar
One thing that baffles me with this futures offering is this... either they don't care or don't know better, haven't decided.
It is known that probably several hundred at most BTC whales have the ability to manipulate up's and down's, accept it, it has been seen many many times, when they dump they dump, when they buy they buy and the entire board is affected. It has also been mentioned and admitted by some of them that they talk, a lot and have for years. This includes not just early adapters/bitcoiners but miners, big one's.
Now maybe I am crazy but as long as the bet in futures is manageable they can 100% manipulate a drop or rise to the tune of at this time say $2k-$4k, now I wonder what type of regulation or watchdog is in place and if the exchanges they chose like kraken Gdax Gemini are what they found to be the least "suspect" and it is why they used them?
At any rate these whales must be lovin futures and I have no doubt we will see laws if even in place, broke.
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LiteCoin is on the move today as it’s up 55% for the day as of right now. Last week it was at less than $100/coin, it then booked to $170....I unfortunately bought it at its peak and it fell back to $150ish and stayed there over the weekend. Now it’s around $225/coin. I’m in for the long haul. Currently have 3 coins and may buy more st the beginning of the year.
We all know a coin just doubling up + in a week is very natural and sustainable I bet it will go much higher and never lose half its value either over the coming week lol
Sell at the top, buy at the dip, live and learn.
Except for the fact that so few individuals account for such a disproportionately large share of the float .....
this is exactly what Trading is all about. You are wagering against an opponent. If the other side has more information or control over the market you walk away or you try to follow him
We don’t need big daddy to watch over the futures. Gamble at your own risk.
Can anyone explain the crazy rally on litecoin?
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The rally is driven by retail investors trying to cash in. Reports are people are taking out credit card advances and cashing out on sound investments to get on the crypto train to get rich quick.
The end is near, it might be a month or a year, but when people with no money start borrowing and selling, it's close to the end. A handful of people are going to get very rich, most will lose everything. What was it, 98% of the 1990s dot.coms went out of business?
I am not sounding like a whiner, but like all of us on this site, we had an opportunity to buy bitcoin at like $10. What we fail to accept is just about everyone would have sold like at $100, maybe $200. I get it, there is always an exception that a few held all the way up, but that is not the norm.
The reason I never bought bitcoin is its not a currency. It can't be one because it has no liquidity and is not stable. It's just too small to be a currency with 21M units and its not backed by anything. So now its being touted as an asset, like gold. But gold had tremendous value, its the basis for jewelry worldwide. Like 1B wedding rings. Bitcoin, it just is not a value producing asset, its going the way of the tulip. But it's not to say you can't get lucky and make money while its hot. You can also go broke.
The folks who got burned by the dot com boom are not participating in this boom. The people who are long crypto are a lot younger. They have never experienced the pain of a huge mania going sour. A ton of money is still left to be made. Most of the money is made in the last 6 months of any mania.
Ironically, because the volatility is >50%, no market maker will quote options without being tied to vol levels. In other words, I would quote options tied to a specific future price, this means that the delta is tied together to a volatitly level. However, these are volatility levels not seen in any other commodity or equity besides right before "numbers" like employment, crop report, or earnings releases.
Things will probably stabilize significantly when the CME starts clearing futures and options. My firm doesn't trade them, but a lot of the big chicago props do, DRW, for example, has the biggest desk in the world. They are probably the largest bit coin holders in the world. Through the grapevine I heard they have 50K coins on reserve, if not more. The firm owner, Donald Wilson has a 20 million dollar house a few blocks from me. Asshole. Lol.
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