I think that's a bit unfair, seeing as this threads been going 6 weeks since "Bitcoin = 5000 nearly" days
Here is todays chart from IG showing a Daily range from 11500 to 8600 and back ! - So 3000 pips a day ?
Anyway thanks @Clint for showing that IG and others are looking for to back out of the market with their pants intact !
I particularly like the tactic employed by the other Bookie - of introducing overnight interest at 175%
It seems tht the cheapest and best way to trade Bitcoin is to actually buy some as it seems @Dennis3450 has done.
Seems to me that with the liquidity issue mentioned earlier in the thread withn regard to withdrawals when the price is DOWN, the Spread better copanies like IG , need to cover their bets and the only option seems to be purchases at coinbase, who will delay any sales in hard times, letting the price potentially drop through the floor and costing the "Bookmakers" huge amounts.
Given the model of "Ownership" which seems to be emerging, one has to wonder who exactly is the beneficiary of this meteoric rise in this instrument.
There is no doubt that some have made some money over the past year or so
So now some hold physical (Paper) Bitcoin in one of these "Accounts" others just spreadbet the instrument, which means teh Bookie has to hedge by buying physical (Paper) Bitcoin to underlie their short positions.
So we ave been informed that in a downside adjustment, liquidity seems to dry up and orders don't seem to get addressed for DAYS !
Given a "Crash" scenario - "Days" is ample time for the value of the paper currency's value to drop back to a dollar each !
Let's say for the moment that this were to play out and then gradually the congestion cleared and coinbase were forced to fill the back orders at "market" ?
If we assume the average "Sell price" they received for the units from the Bookies and individuals like our @Dennis3450 was $5000 and now they have to buy them back at $1 - Whose interest is it in to allow this particular rise to an inevitable end ?
[Edit - quite a few Spellings and minor typos in this post - can't be a**ed to go back and fix them all - sorry ! ]