A Graphic Representation of Bitcoin Price on Coinbase...
A video depicting the Coinbase customer to BitCoin price ratio... :)
The Ants Go Marching One By One...
I read today that "Coinbase was sometimes getting 100,000 new customers a day — leaving the company with more customers than Charles Schwab and E-Trade."
Source: https://www.nytimes.com/2017/12/06/technology/coinbase-bitcoin.html
As a guy that has been in the Crypto Markets for some time I have always viewed Coinbase as the average Americans conduit to Bitcoin, whereas I have viewed Bitfinex (which may be a Mt. Gox 2 in the making) as the more sophisticated, higher volume trading crowd. This has been evident as Coinbase for basically as long as I have been trading typically follows Bitfinex around tugging at its shirt tails, matching its prices and generally moving in whatever direction Bitfinex steers it.
One of the things that I find alarming is the recent change. Coinbase is leading the charge, pushing prices higher, at one point their stood and 11% difference between Coinbase and Bitfinex. This tends to coincide with my thinking that the vast majority of Coinbase users are not savvy investors, but speculative members of the FOMO crowd simply buying for the sake of buying with little understanding of the technology or numerous pitfalls open market trading brings with it.
I have a creeping suspicion that a great many people are going to get burned badly in the near future. I'm not spreading FUD, just examining what I view to be the current landscape... Any thoughts..
Any thoughts?
https://steemit.com/bitcoin/@pawsdog/7whdbh-12-6-2017-the-market-view-and-trading-outlook
i ipvote you can you cheek my link about crypto https://steemit.com/bitcoin/@fatos/bitcoin-price-frenzy-gdax-goes-down-after-price-clips-usd19-000
I will do that now... :)
Everyone is trying to rush to get a piece of the pie. I think I'll wait till after the bubble pops to move in and be in a decent position for the next run in a few years/whenever.
I agree with you.. and I'm there with you I'm waiting to survey the landscape afterwords for any big moves, while actively trading in the middle and HODLing nothing at the moment..
Spot on observation. The market volume seemed to be dominated by low to mid size buyers today. And exchanges that offer direct dollar deposit could not handle the volume where as bittrex stayed quite functional all the way to the end. The top was off scores of people were still buying at 19K range with endless small volumes. A good deal of newcomers parted with their money today.
I was online through out the craze.
https://steemit.com/bitcoin/@rocannon/bitcoin-runs-through-any-and-all-resistance-lines-bounces-back-from-19-500k-all-major-markets-froze
Yes I agree with you there.. a great many got welcomed to the crypto market the hard way..
As someone who is extremely new to this sort of investing (invested in property for the last decade), Coinbase is an extremely easy entry point as opposed to the swirling moving numbers of an exchange.
It took hours of research before I was comfortable using Bittrex, and I'm positive most people won't get that far.
Bittrex doesn't take USD directly though, what system are you guys using when you want to put more USD into Crypto?
Gemini www.gemini.com.. the exchange liquidity is not as good, but they don't track your shit like Coinbase does.. I on occasion offload coin OTC in certain places, and if I do that with Coinbase they close your account if you send coin you purchased from them somewhere they don't like. Which forces you to be creative in finding a solution to get back into Coinbase as their exchange liquidity is great and I like the platform. . I wrote an article on the Coinbase thing...https://steemit.com/bitcoin/@pawsdog/big-brother-i-mean-coinbase
I saw that article a while ago and that made me think about ditching Coinbase... so I started researching ways to use Bittrex to by direct... but they just don't do it.
The other problem I have with Coinbase is that take a full 7 days to complete the transaction between my US bank and the purchasing of BTC, LTC or ETH. 7 days is such a long time.
Sorry, what do you mean by exchange liquidity? Are you referring to fees or the amount of people buying and selling at any one time? Or do you mean a speed thing?
Also, thanks! I'll give Gemini a go next payday.
Wire transfers are much, much faster.. liquidity means that you can't put in a big order and drive the price up or down on yourself.. On GDAX you could market sell 100 Ltc and have little effect, do that on Kraken and you will drive the price down on yourself.
Poor woman on the bottom right of the screen couldn't cross the bridge with her pink umbrella while others were trying not to drown. I hope she didn't get splashed on!
Lol, just noticed that