Hacker News new | comments | ask | show | jobs | submit login

I find it ironic that if MMM is having an impact on the price, that irrational actors (people buying into MMM) are inflating the price of Bitcoin (mainly promoted by libertarians).

Anyway, the up swing is impressive now and can't be dismissed as normal volatilty: https://bitcoinwisdom.com/markets/bitfinex/btcusd

There will be a big drop at some point, no one really wants to sell when it's rising like this. This sort of upward movement is exactly why a lot of people have bought Bitcoin. Trying to time the top will be hard though. I imagine a subsequent drop of ~25% would be likely.

It's fun to be back at a time of thinking about when to sell again.

If it is MMM driven then at some point the organisers will want to cash out, a huge dump/sell of coins across multiple exchanges would kill the price, however they are unlikely to be able to sell all of their coins so it would hurt their remaining assets. A slow sell off would make more sense but given the illegal nature of the scheme they may not have a choice in the matter.

they have to cash out all the time, since they need to keep paying their members to get more youtube videos about "MMM pays XXX $"

Where did you get 25% from?

Guidelines | FAQ | Support | API | Security | Lists | Bookmarklet | Legal | Apply to YC | Contact