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Comment by diab0lic | Hacker News Reader

It is pretty incredible how resilient BTC has been to panic selling, it has definitely been trending downward at a high rate but I would have bet that a panic sell-off would have occurred before it reached these prices. There is still a reasonable inflow of money, from the looks of it -- and this is coming from a serious skeptic.

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I suspect that the exchanges are doing their best to keep the prices artificially high by limiting sales and withdrawals under the guise of technical issues and support load.

That honestly wouldn't surprise me either, I have very little trust for the exchanges.

This. Very much this. 100% this is a major reason.

+1 to all of the above. I am just buying small chunks of it here and there as the price falls with play money. It's not much of an investment grade thing yet imo so that's how I play it.

I think the bots are making a big difference in keeping demand from crushing minimums, always willing to trade on short-term timeframes.

I am thinking the same, there is enough up and down that arbitrage / day trading bitcoins could make you a lot of money.

I find it interesting that always around the full thousands there are sudden immediate pushbacks, for example when it dipped below 8000 several days ago it was pushed back to 9000. same happened at 10000 back to 12000.

I figured it was either that or people who are expecting this to be their chance to get in at a "good" price.

It has lost ~$200 billion in value in under two months. Resilient is the last thing BTC should be called. Fragile, is a better word for it.

Yes, I said exactly that -- it has been trending downward at a high rate and I'm shocked it hasn't gone to zero yet.

I suspect it might have seen another panic sale, had it not so quickly moved from ~$4k to $20k (two months). Once the mania took hold, and millions of lay person investors piled on (Coinbase now has more accounts than Charles Schwab), there was probably no alternative scenario possible other than to go from extreme bubble straight to implosion.

I didn't know the Charles Schwab statistic, would you happen to have a link for that one? I'd love to be able to share it. Thats nuts.

It is. Plenty of people like me who don't deal shares are with CS only to sell their RSUs.

Maybe because transactions are so slow it’s not possible to sell fast enough

Transaction processing speed should only limit the speed at which BTC are loved on to or off of a specific exchange, but not the speed at which they trade on the exchange which should not involve the blockchain at all.

There has been some significant dumping, Poloniex had a 233k Volume for about the 5 minutes that they price fell below 7k there (it's trending below again).

It's probably someone trying to push the price up no matter what (or a shitload of orders with magic price points that people setup)

Has anyone even done the math on how fast 100% turnover of BTC would take in terms of the current transaction processing volumes and delays?

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