Who is buying?
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@aciddude It makes sense, because the funding mechanism works by depositing crypto or CNY. People get a deposit bonus of 0.5%, but every withdrawal takes 0.5% off as well. Having the trades in normal currency could attract a larger customer base, because most people don’t like working with fractional amounts (more than 2 decimal places).
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Interesting day today. Btc dumping. Ftc rising.
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Almost every reasonable alts made an exponential rise in the last 2-3 months, but FTC only rising steadily. Is it normal? I thought reach more than 10k in april.
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@SimonTower One factor could be that the coins are not liquid enough yet. Arguably, most of the rise has been driven by Chinese speculators/investors. Fluctuations of +/- 20% happen daily, which is great for day trading. I wouldn’t mind putting a few hundred pounds extra in, just to see what happens after halving. However, it’s a bit painful to convert the coins back into pounds if I ever desire to. It would be nice to have an 19800 equivalent in the UK.
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@Frozenace Just out of interests what do you consider to be the easiest was to convert FTC to GBP at the moment. This is something that I will be looking to do in the future (depending on the price).
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@Danlau said in Who is buying?:
@Frozenace Just out of interests what do you consider to be the easiest was to convert FTC to GBP at the moment. This is something that I will be looking to do in the future (depending on the price).
imho as a person using GBP a lot…you have a few options
- Bittylicious…if someone buys
- Trade OTC - if you can find a buyer
- Sell FTC for BTC, Trade BTC on LocalBitcoins for GBP
the easiest is probably the LocalBitcoins route as you’re pretty sure to get your GBP…there will be fees and paperwork along the way.
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@aciddude Thanks for the reply. Bittylicious was my first choice as this seemed to be the most straightforward however they currently don’t have any buyers who would want a ‘one off’ purchase. I could register as a broker however I don’t have the time to sit around all day waiting for the individual ‘small’ buys.
I shall take a look into the others that you have suggested. Thank you.
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Look at that Google Trends! Highest value now in the last 12 months. :o
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I found a site what use the API from 19800.com. It’s interesting because 100% of that orders made by trader bots without any logic. Look at that fluctuation. (0.00-0.8 yuan within seconds). It’s started 3 hours ago.
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@Danlau @aciddude Thanks for the comments. It’s quite easy to buy in, but hard to cash out, not that I want to at the moment. I don’t really want to lose another x% by converting the stuff back into Bitcoin and then cashing out. Hence, if there was a regulated company that can just provide a GBP/FTC pair (well, actually any other currency would be good too).
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@SimonTower
There is a paper about the correlation between bitcoin price and google trends, pretty legit work by academic standards.Regarding ftc/gtrends i noticed that usually in pre-pump times, there is a clear increase in interest.
Although the current trend does not follow older patterns accurately, i am quite curious about the next weeks and especially untill Aug.
Of course, there is lots of manipulation in price action, as many of us tested, so movements can be mostly artificial.Other than that, by traditional TA i expect the price to go up to 2500-3500satoshis by mid-June/July.
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@Moonman I followed the recent pumps at BTC38. That was much slower than older ones too. I think it will spike 2000-2100, the daily lowest price will close up to 2k slowly and skyrocketing after that above 10k again within couple of days.
The triangle is closing within 2-3 days at 1h chart in the uptrend so I expect a jump soon.
I can’t imagine what could we reach if our developers announce something big (plan to segwit, lightning network, etc-etc).
so, the point is: “Who is buying?” I am! ;)
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@SimonTower
Would love to see that happening, but 10k satoshis is 0.0001btc, at current btc prices that is about 0.15eur/ftc multiplied to a supply of lets say 162mil (current) means a minimum marketcap target of about 20-25mil eur.
As much as i would like to see that happening, it seems quite unlikely to me.
Would jump around happily if it happened though :p -
@aciddude Looking at the local bitcoins forum it would seem that the biggest problem is getting a bank that will accept the incoming payments for the coins. From reading the posts there it would appear that many of them have had accounts frozen as a result.
As has been mentioned on this forum, it would be ideal if there was a company that provided FTC/GBP pair. Hopefully in the future this will happen as it without it there seems no easy solution.
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Smb just sold FTC worth ~6.8 BTC on Bittrex, or bots triggered.
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@Lordas We didn’t brake the uptrend, so good for him. Somebody sold to another guy. Look at the opposite side. Somebody bought FTC for 6.8BTC and that buyer don’t want to sell under this rate. :D
edit: 19800.com made the dump at first. Look at that site. Most of coins hasn’t any trades for days and all of ftc orders take by 1 bot at both sides. I really hope that exchange close soon.
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@SimonTower said in Who is buying?:
@Moonman I followed the recent pumps at BTC38. That was much slower than older ones too. I think it will spike 2000-2100, the daily lowest price will close up to 2k slowly and skyrocketing after that above 10k again within couple of days.
The triangle is closing within 2-3 days at 1h chart in the uptrend so I expect a jump soon.
I can’t imagine what could we reach if our developers announce something big (plan to segwit, lightning network, etc-etc).
so, the point is: “Who is buying?” I am! ;)
It is important that FTC does not announce any features such as seg-wit in order not to pump and dump the currency. Those of us admins scared by the UNOCs debacle will understand the importance of delivering first, then announcing it.
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@SimonTower Where do you suppose money is going to come into FTC when the main exchange closes? Another BTC-e like drop perhaps
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@Frozenace When FTC delisted from BTC-e, everybody moved to Cryptsy. When Cryptsy died, the volume started to grow at Bittrex.
We don’t need a completely manipulated exchange for FTC, I think. 19800 is almost a fake exchange with fake trades now but when the price is falling there the real traders at Bittrex are selling too. I opened a topic about exchanges, let’s work together to reach some real one!
edit: Check the BTC, ETH and some currencies at the site. It hasn’t any trades for days now and the prices are stucked (BTC at 7080 yuan, lol)
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@SimonTower Of course it’s good to have more exchanges on board to smooth out the price.
Having a discussion about real vs fake anything is pointless, because it’s not possible to prove the theory. The walls are too thin, hence the price moves around wildly.
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