Bitcoin: a fool and his money are soon decentralized - The ...

Please nitpick my explanation of how USD withdrawal being blocked sends the BTC price up

(and is therefore, of course, good for Bitcoin)
(thanks to Djeser, Cadence and Facehammer on YOSPOS for assistance)
Being unable to get money for bitcoins on Bitfinex then caused the bitcoin price to go up. The mechanism is:
  1. Users have a USD account and a BTC account. They can’t sell their coins and withdraw their cash, but they can buy more coins using their USD account – which contains trapped “dollars” which can’t be used for anything else. Think of it as a Bitfinex “USD” token, not as actual money. (Also, they can put more actual money into their USD account.) The price goes up.
  2. With the higher price on Bitfinex, traders try to arbitrage by buying coins on lower-priced exchanges and selling them on Bitfinex. (Note that the USD from the sale is stuck on Bitfinex.) This raises the price on the other exchanges.
  3. The Bitfinex price is factored into the weighted averages that are commonly cited as “the bitcoin price.” This raises expectations, gets mainstream press and more people get into Bitcoin.
Note that this works even if you can’t get the money out of Bitfinex. Users were also reluctant to remove their BTC from Bitfinex because the “price” was highest there (even if unrealisable) and because they loved it as a trading platform.
The trapped “USD” also gets used to buy other cryptocurrencies – the price of altcoins tends to rise with the price of bitcoins – and this has also fueled new Initial Crowdfunding Offerings, as people desperately look for somewhere to put their unspendable “dollars.”
that last para, btw, will hopefully be cited to a Financial Times article on the ICO bubble coming out some time soon.
submitted by dgerard to Buttcoin [link] [comments]

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Dear friends, It seems that Bitcoin Cash had one first bullish impulse which fineshed with a beartrap in a strong resistence level. Therefore, it is expected that the price retreat until the first Fibonacci level of 0.382. We recommend to open a short position if the price retreat to the sell zone. Best regards, Sandro and Gustavo. The bitcoin price is a function of demand, if Tether tuns out to be a scam, and has been used to artificially inflate that demand, then the price can only go down. There is also the problem that if Tether collapses, there will be a run on all exchanges that accept Tether, particularly Bitfinex, and the resulting panic will send BTC through the floor. qeternity 11 months ago. Yes, the price in ... TradingView. Sign In. Ticker Trading Ideas Educational Ideas Scripts People (thanks to Djeser, Cadence and Facehammer on YOSPOS for assistance) Being unable to get money for bitcoins on Bitfinex then caused the bitcoin price to go up. The mechanism is: Users have a USD account and a BTC account. They can’t sell their coins and withdraw their cash, but they can buy more coins using their USD account – which contains trapped “dollars” which can’t be used for ... Bitcoin: bill and teds bogus currency. Buy Forum Stuff; Something Awful; Search Amazon.com: Purchase: Account - Platinum Upgrade - New Avatar - Other's Avatar - Archives - No-Ads - New Username - Banner Advertisement - Smilie - Stick Thread - Gift Cert. - Donations! SA Forums - Something Awful - Search the Forums OLD! - User Control Panel - Private Messages - Forum Rules - SAclopedia - Posting ...

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