2 upvotes, 1 direct replies (showing 1)
View submission: Don't invest recklessly
Daily volume and inflows are completely different things.
I personally have generated over $1million in volume on GDAX before in a single day while trying to day trade, and I wasn't trading anywhere near that amount to reach those kinds of volume numbers.
Comment by rabbitrabbitrabbit1 at 12/12/2017 at 09:42 UTC
1 upvotes, 0 direct replies
I think that your point is valid but it may confuse people.
If someone holds 1 billion worth of coin they will not exit all at once. They should sell slowly into an upswing as long as the volume is sufficient to absorb the selling.
If someone has 1 billion US cash dollars in North Korea they can't access the value immediately. They have to ship/fly the money to the USA, try to find a buyer who wants to trade yuan(or bitcoin) for US dollars or slowly change it at cash exchanges while crossing the border with China. In Russia they probably have similar challenges.
Andreas Antonopoulos had a talk where he pointed out that during the banking problems in India bitcoin had a significant premium over the Rupee.
Bitcoin is worth what you think it is worth (What are you willing to pay/risk to have $1,000 dollars of present value stored in a key you remember). People probably bought in 2013 because they either wanted to own a cool new financial technology, they wanted to store value in a cryptocurrency or they were speculating that in time people would realize its true value.