*********** Amber Alert ***************
World equity revaluation in progress.
Markets throwing toys out of pram at mintpal closing QE ending - want more. Trying to pin central bankers backs to the wall before traders turkey out on free money hose drying up.
Plunge protection teams out in force.
London down 2.4% - diving towards the 4:30 finishing line, ballast being offloaded like it was ebola infected horse manure (oops ! now 2.6%)
Q3 and Q4 GDP figures already being revised (which will only serve to endorse todays speculation).
As I'm writing this, London now -2.78%. That rocket is vertical alright but the engine's at the wrong end.
Having to rely on secondary sources for market feeds because Marketwatch has crashed due to nervous pensioners watching their life's savings being poured down the drain by over zealous central bankers who think that money is the same thing as value.
Observers noting that things would be a lot worse if there was a safe haven:
Cash ?? - zero return
Oil ?? - monkey hammered by Opec due to petulence
Gold ?? - monkey hammered by an endless supply overleavered paper shorts
That leaves crypto. Un uncapitalised train about to leave the station. Where is crypto now ? Think 1992 and travel agents vs web sites. One was a multi-billion dollar industry, the other was a geek hobby.
Within a few years they had entirely swapped places.
EDIT: Italy is now down 4.5% Spain 3.5% and London 2.8%. We're now on the back side of a tripple top that started in 1999.
Yet I recently came to the conclusion that BTC market is still a huge FIAT drain. A black hole where "normal people" put their FIAT money in order to let most or even all of it disappear (due to price changes, bad trades, accidents or even naked frauds).
My guess is, that by now, there have been significantly more people involved in this game than Bitcoins mined. And I also assume that their average stake was bigger than 500$ person.
That means that "average people" (excluding the lucky early adopters and wealthy early/mid-time investors) should not be able to buy a full coin by now if exchanges were used to simply buy and sell coins. The market must be leaking the liquid fiat like a spaghetti strainer. The most skilled traders are sucking out all the fresh fiat which arrives into the market from the average people and then some more (hence the strong downward trend).
Most of the traders aren't keeping their gains in BTC (as they should) but periodically withdrawing it in FIAT. They enter the market with X fiat (or alternatively some BTC they bought a lot earlier) and leave with X+Y fiat but negligible to zero (or less than their initial) BTC.
And I don't see this changing any time soon.
When FIAT inflation will really take effect, they will just starve for even more FIAT and sell any BTC they held.
