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    [Daily Discussion] Monday, December 10, 2018 Bitcoin Markets

    December 10, 2018

    [Daily Discussion] Monday, December 10, 2018 Bitcoin Markets

    [Daily Discussion] Monday, December 10, 2018

    Posted: 09 Dec 2018 08:06 PM PST

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    [Altcoin Discussion] Monday, December 10, 2018

    Posted: 09 Dec 2018 08:06 PM PST

    Thread topics include, but are not limited to:

    • Discussion related to recent events
    • Technical analysis, trading ideas & strategies
    • General questions about altcoins

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    • Be excellent to each other.
    • All regular rules for this subreddit apply, except for number 2. This, and only this, thread is exempt from the requirement that all discussion must relate to bitcoin trading.
    • This is for high quality discussion of altcoins. All shilling or obvious pumping/dumping behavior will result in an immediate one day ban. This is your only warning.
    • No discussion about specific ICOs. Established coins only.

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    Google trends and price support at the 'Boring low'

    Posted: 10 Dec 2018 12:51 AM PST

    I posted this yesterday on the Daily Discussion forum at r/bitcoinmarkets:

    I analysed gtrends data for 'Bitcoin' search as provided at

    https://bitinfocharts.com/comparison/google_trends-btc.html#log

    It plots against time the multiple of searches from 1/1/2012.

    I have looked at the boring low (flatline) periods in mid 2012, mid 2013, mid 2015, late 2016 and the reason for choosing these periods are that searches there are as less polluted from speculators as possible.

    A very uncanny relationship between price at those periods and search index is that price directly proportional to square of search index.

    Now we have the advantage that the Oct 2018 was a very low volatility period so hopefully stripped out of speculators so if I take the Google search index in that period and extrapolate from the earlier observed trend, we could conclude that the price that can be supported is at least 3k.

    Now what could be the rationale to expect price to be proportional to square of search interest? I think Metcalfe law on value of networks. If the number of users double, not only do you have more users but each user sees more value in the network because of the proportionally higher number of fellow users.

    Data to support above:

    2012: GT=1 Price=5

    mid 2013: GT=4.34 Price=90

    mid 2015 GT=6.5 Price=225

    Early 2016 GT=8 Price=405

    Late 2016 GT=9 Price=600

    Oct 2018 GT=26 Price = ???

    Note that it won't work to use such data for volatile, very bearish or very bullish periods because then searches are polluted by people just searching because of BTC being in the news for volatility.

    Tldr: I see 3k having high probability of being a bottom due to being supported by the search interest based analysis above. This is a reason additional to 3k being the support level by being the low of mid Sep 2017 and being the same % decline from ATH as previous bear market.

    So fingers crossed on 3k holding.

    submitted by /u/aaj094
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    Now exchanges are being exploited for loopholes in their promotional giveaways

    Posted: 10 Dec 2018 08:11 AM PST

    https://thenews.asia/en/2018/12/10/unusual-xlm-transactions-at-bitbox-affect-exchange-rankings/

    As reported in Seoul Economy (Seoul Gyungjae) this evening, volume on cryptocurrency exchange Bitbox has exploded, especially on transactions of Stellar (XLM). As a result of the increased volume, the exchange sat at #34 on the global exchange rankings by volume when this was published. Bitbox was rarely found in the top 100 prior to this news.

    Bitbox is currently running a promotion which awards BTC to users who pay a pre-determined amount of transaction fees in LINK, Bitbox's exchange token. While the promotion may be the reason for the increase in transaction volume, it would not necessarily explain why XLM/BTC pair trades accounted for 99.84% of the total exchange trading volume of $69,986,455 in the last 24 hours (5:00 pm on Oct 10, Seoul).

    Thousands of identical transactions involving 19,000 XLM were concluded. A total of more than 1.1 billion XLM coins were traded on Bitbox on the 9th and 10th. Previously, XLM was rarely traded on the exchange.

    ​

    Bitbox said they revoked those LINK tokens and aren't letting that guy win.

    submitted by /u/CoKBrian
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