What causes price moves in cryptocurrencies?

As all countries expand their money supplies for the short-term advantage of their governments, more global nominal wealth is created, all looking for a place to park: stocks, bonds, metals, currencies, cryptocurrencies. (That a lot of parking is going on is another way of saying that the velocity of money is decreasing; there are fewer transactions per unit of wealth.) Wherever it gets parked that asset's price booms until it looks too expensive, then another asset type takes over as the preferred parking place. Volatility is a function of the strength of these shifts in parking preferences. The shifts are ephemeral and difficult to foresee.
 
Hoi said:
Well, if you are saying that there is no Intrinsic value, then I’m afraid you haven’t understood it yet. If you want, then please read on.


First of all there are many definitions for “intrinsic value”. The one you pointing is:

“Economics: No intrinsic value exists for any good or service except its price (see use value) which is reflection of its demand and supply position and not of any inherent quality”.


But there are two other definitions which are more matching bitcoin’s realm:

“The actual value of an asset based on an underlying perception of its true value including all aspects, in terms of both tangible and intangible factors”.


And:

“Record keeping: Worth of a document expressed in monetary terms, due to some unique factor such as a signature, age, seal, or circumstances in which it was created”


Especially the last one is what makes that the bitcoin-protocol has Intrinsic Value. Just because in essence it is a Ledger! Keep that always in mind.

For as long as people exist, we register value (units of work) in Ledgers. They are extremely useful and thereby extremely valuable. Especially if you can offer a secure and immutable Ledger (ask your Notary). But all known Ledgers before 2008 weren’t that secure, there was always some single point of failure (corruption, fraud, war, etc.). Until 2008 when the bitcoin-protocol was invented (for which there will be a Noble-price once), which solved “trust in an untrusty environment”. A decentralized trust-less and immutable Ledger was born, which is storming the world in finance, accountancy and notary right now, as it’s so much better than what we had before.


Please read this post https://www.elitetrader.com/et/posts/4472699/.
There I explained that one full bitcoin, actually represents 100 million Ledger-rows. So if you own one you can register a lot in this immutable Ledger. Many see the Intrinsic Value of such rows, as they will be used in future for everything we as people use ledgers for. And as such, 100 million rows are now worth about $2000. Which I (and many investors who understand what this means) think is a bargain. In 10 maybe 20 years our world will use these ledgers massively. And the ledger which offers the most secure and useful features will be worth a lot. Currently, among all the crypto-currencies, it’s Bitcoin which is by far the most secure (it has the most accountants{miners} and is extremely stubborn to protocol changes). This means that when tinkering might change its security, prices will tumble (as its Intrinsic Value goes down).
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Exactly your sort of "explanations" lead to the complete IDIOCY surrounding cryptocurrencies.

Only LUNATICS can follow these "arguments"....

But obviously enough criminals following the "HYPE" of doing business "anonymously"....around the globe!
 
Lots of scared money in cryptos these days. FOMO definitely kicking in.

When you have front pages like these, people gonna be scared:

0705_forbes-cover-bubble-cloud-100-07272017_1000x1313.jpg
 
SoesWasBetter said:
saw it coming, should have gotten my pound of flesh
too lazy
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Pfff... here at ET, we wrote about Bitcoin from 2011. Many post during the hypes in 2011 and 2013, just the same as now in 2017. And each time guys like you who didn't took some time to study and try to understand what enormous opportunity it really represented, but bashing it instead....
History will repeat itself in 2020 and 2024, I'm sure of that.

If you read back my posts from 2013, I predicted a $7000 price for Bitcoin (just 1% of Gold's market). Now my prediction for 2020 is $10,000 and 2024 it's $25,000. Maybe I'm too optimistic but I'm sure we will hit $7000 once.

In 2013 I wrote here on ET: "Ignorance is your greatest enemy".
 
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Hoi said:
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If you read back my posts from 2013, I predicted a $7000 price for Bitcoin (just 1% of Gold's market). Now my prediction for 2020 is $10,000 and 2024 it's $25,000. Maybe I'm too optimistic but I'm sure we will hit $7000 once.

In 2013 I wrote here on ET: "Ignorance is your greatest enemy".
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I have said it before, and I will say it again...When that last coin is discovered, BTC is fuxXo0R3Ed.

Ignorance at its finest. Know your base, and know it's banality. How can a fixed-amount currency be worth anything when compared to a fluidic world economy? Sure, your fancy coin may jump a whole lot...But it cannot survive, IMHO. You willing to invest in it at it's current price, and pray it gets to 20,000, 50,000, 100,000,000 or whatever? Y'all insane.
 
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