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RE: What Goes Up, Must Come Down! (Similarities to 1998?)

in #bitcoin7 years ago

For the longest time, bitcoin has sold on exchanges at prices far higher than the main exchanges. Those of us who know that know that Bitcoin is bull and some people don't seem to remember, Bitcoin hit $11,000 just before Mt Gox. Bitcoin is bull for the future and love your post my friend @jrcornel (I hope I am right!) ;oD

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You make a great point here. In fact that is part of the reason for some of the rally. When the markets with the heaviest trading volume are trading at different prices, all other markets eventually get dragged to their price points. Bitcoin had been seeing it's most trading volume in Asia as of late. The price over there was also about 10% higher than on US exchanges. They were pulling up the price of Bitcoin in a way.

I noticed what you say and it was like when I bought Bitcoin yesterday on Coinbase. It was a hundred dollars higher than at Poloniex. Then I bought. It dropped along with all the other coins I bought. Then it bounced to $2698. Meanwhile, it is selling on places when one person suggested I buy it at $3,000 to $4,000 dollars. I did not buy it there but for some reason many exchanges get away with selling Bitcoin at double the price or near that and they always have got away with it.

They get away with it for a while, but eventually enough people play the arbitrage game that it closes the gap and the prices all gravitate towards the exchange where the most volume is taking place.

Here is what you do not understand - I just talked to a guy today who had no idea what it was and will never understand it. I had to spell Bitcoin for him so he could look it up on his computer if he did that. Yesterday, I talked to three that stopped by my house and they had heard of Reddit not Steemit and they knew nothing of Steem or Bitcoin. No one know s about it except the very few my friend @jrcornel and most never will know about it nor will they care.

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