Me on a Russia-1 TV segment about bitcoins and crypto

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]

BITCOIN PRICE ABOUT TO EXPLODE? 13 DAYS OR LESS? Realistic Bitcoin Price Prediction by the end of 2020 and 2021 Bitcoin Halving PRICE PREDICTION in 2020! Bitcoin Price Predicted to 2021 Bitcoin Rising With The Tide?! July 2020 Price Prediction & News Analysis

(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 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 They were doing a segment on Bitcoin, given the ridiculous price, and asked if I was available. Remember, always say yes to telly! Then work out how on earth you’re going to do it. The segment went up on the 20:00 news . yospos. CannonFodder posted: I have rummaged through a bucket of chicken remains and found that the price of Bitcoin next month will be delicious. Finger licking good, in fact. Technical analysis: boring lines, waste a lot of highlighter, still ought to watch the news for fundamental analysis W is for wackos who preach Bitcoin creed X is for X-rays their brains probably need. Y is for YOSPOS where laffchains bring mirth Z is for zero: what Bitcoin is worth. Thanks to Lansdowne, flakeloaf, Dixie Cretin Seaman, haveblue, and AlbieQuirky

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BITCOIN PRICE ABOUT TO EXPLODE? 13 DAYS OR LESS?

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