If Bitcoin Were A Country: Some Stats As We Close In On $10,000
Bitcoin is up 25% in the past week.
Remember that $31 million Tether theft that triggered what, at least on an intraday chart, looked like a decent size move to the downside? Yeah, well Bitcoin is literally up $2,000 since then (and yes, that is just as hilarious as it sounds):
Here's a market cap update:
A couple of things worth noting as Bitcoin closes in on $10,000. There's still no readily discernible catalyst for this. There are a number of things which are driving speculat
This article needs to add some other activities that obviate billions of people from getting water and basic nutrition.
if it gets to the CME, will it be optionable, as in puts at $500 strike with a 1 yr premium of 5cents. If I didnt make 2500x my money on the way up, maybe I can do it on the way down! and faster too!
I hear you, Anonymous.
“If it keeps increasing at this rate, Bitcoin mining will consume all the world’s electricity by February 2020.”
What a fascinating statistic! It puts a marker roughly at the latest that the Bitcoin ‘Big Short’ moment will occur. The situation is already absurd, but such mania will go on well past the absurd and into the preposterous. Bitcoin mining can never get so big as to require as much electricity as the entire world pre-Bitcoin……Can it?
I think this would be the argument that the power consumption is unlikely to continue growing at this rate. Also at present it uses as much electricity as Ireland… or more simply put… not very much. Compare to the Internet at 70 Billion kWh that shy of 50% of the internet’s power consumption. S curves exists, lets not be silly and pretend asymptotic growth can be sustained when it never can be. Crash or Plateau are the real options.
Just a casual observation. Prior to high frequency trading becoming a dominant market affect, I used to make a fair amount of money trading pump and dumps – at least the ones that I could identify early on. What I noticed was that pump and dumps usually occur in four cycles, before they collapse – and sometimes, but rarely – will repeat again after a sufficient rest and along enough for the collective public investor memory to go away.
High frequency trading reduced the necessary volatility in pump and dump cycles to create sufficient risk cushions between cycle trades. Now BitCoin seems to mimic the pre-2007 pump and dump stocks in its behavior and volatility. It that’s the case and based on the charts above, this is the fourth BitCoin cycle. I will be selling my small BitCoin holdings now.
Can’t wait to trade fake money futures with fake money. It should be entertaining.