Hello @jrcornel. Can you dig up some data on the relative depth of the order books (stacks of orders to buy (from bidders) and of orders to sell (from offerors)), compared to the typical ‘blue chip’ stock?
Okay, “comparisons with the stock market are irrelevant”. I get that! But I will assure you this: day traders and gun-slinging hedge-fund managers just love this volatility; but you try and interest pension fund managers and managers of big mutual funds holding Mom and Pop contributions and you will be laughed out of the room, IMHO.
Cryptos will not go mainstream, despite all the hype about this now happening, until money managers can rely on only rarely having to face 10%+ drops/jumps within a 24-hour period.
Expect deadly slow growth of merchant acceptance of bitcoin until decent volatility arrives.
I just got talking to the manager of a store who has shut down his bitcoin ATM machine unless you are ready to pay him $20 to keep for his business to process your order. His printed message n the machine talks about the miners' fees and the backlog of unconfirmed transactions. He seemed almost in tears as he talked about his shuttered bitcoin ATM machine.
And here we are celebrating! One thing this volatility tells you 100% is this: if most of us tried to cash in our bitcoin "profits" in the next 24 hours we would crash the price so badly it would leave your head spinning.
Yes, I have some bitcoin. I have no plan to sell it , and I am ready to have it be banned while I am holding it. But I am not joining this celebration.
Sorry, Charley!
You are viewing a single comment's thread from: