Bitcoin Forum

What a crazy week!

Bitcoin has seen the currency gain nearly $3,000 in a day, and $6,000 in a week.
On Coinbase, it was trading at $19,000 at one stage today.
South Korea, as usual, saw the highest prices, at over $19,000 on Bithumb.

https://coinblip.com/blog/another-historic-day-in-the-life-of-bitcoin/

Is this healthy for Bitcoin in the long run?

in the long run it's very bad to progress, and let's not forget that everything that goes up fast, goes down just as fast

Thanks guys I see too many how Bitcoin changed ur life and Bitcoin will be worth a million

We can't tell if it is good or bad until we can deterrmine the reason for the rise. If it is a flight from the dollar, then it could be bad for world peace or the world economy.

I think it ought to increase the value of Bitcoin and Crypto domain names, so I think I'll remove the BIN prices from mine. :)

Everyone stop frigging panicking. It's just aftershocks! : ) Literally like no time at all ago everyone was wondering if it would get past $10,000 and now everyone is crapping themselves because it's bouncing around $15,000!! hahahaha

No,it is not healthy for bitcoin in the long run or any given day.
Think of it as this : Government can see all the money going into a digital asset which is not taxed,not regulated and has a room for all the money laundering services you can think of.This is bad for government controlled economy.More than anything else,I'm only paranoid because the insane rates are turning governments crazy and they certainly will take an action!

Well not crapping we are happy because we are gaining but I think OP makes a good point in that this kind of growing can't be sustained long term. And that is what the discussion is about I don't think it is healthy neither. But we will see soon enough if their is a minor correction and it goes another leg up or it crashes from anywhere from 5-8k and people panic like mad because of the crash. Time will tell in the end if this growth was truly unhealthy or it was the market finally beginning to accept bitcoin. Either could happen at this point in my opinion.

I totally agree with you. This rate will show many enemies of bitcoin and they will try to do something. I think a hard correction is coming and many people will loose money.

I don't think so, because it's not solid. For some reason people started investing hard on it. The price you see is pure speculation, their money came too easy to Bitcoin then it goes too easy into fiat again and when this happen the BTC's price will fall hard. People are seeing Bitcoin as a way to grow their money in few days or weeks like never before, and it's never sustainable. It's doesn't mean we can't enjoy the season to make profit, just be prepared for anything.

I've probably been around Bitcoin long enough to say that a $3k rise in under 24hours is completely unhealthy and, honestly, a turn for the worst because THESE are absolutely perfect bubble conditions. The chances that it will pop and go plunging down to potentially the $9k level is quite high, and a lot of the reason for BTC being so high is because everyone is holding; there is no way there is enough money in the market to buy out two hundred and seventy six billion dollars worth of Bitcoin, that's just keeping it stable. There's maybe a hundred billion in the market that could stabilize it globally, and that puts us at half of the current market value. That's a liberal estimate.

Why is it not healthy? The worst thing that could happen is the correction coming up ahead, bitcoin will drop down a little then it will continue growing like it used to.. and if you are smart you will benefit from that correction to buy more BTC!

It's a big movement, but it's certainly not significant enough to have any noticeable effect on the dollar.  Even though there's a lot of bull pressure, the volume is still low in comparison to stock markets.

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OP - there's no point measuring this in hard numbers rather than percentages.  Percentages are the only decent way to talk about how significance a price increase was.
No.  BTC could lose a lot of the fairly poor reputation it has already.

At this point, I hope not!
I've already pulled making way for the likely correction soon - but that's not to say that I don't have hope it won't rise higher by Christmas.

Have hope in Bitcoin, but also have your wits.

Its funny how people wished that Bitcoin could rise upto 10k last month before the year ends, and here we are at 16k already and everyone is panicking because it goes way beyond the speculated price target. Ofcourse we're worried about Bitcoins future for the long run, and there are as well individuals who will take advantage. This will catch the governments attention and will take every possible steps to minimize the use of Bitcoin. Totally unhealthy in my opinion.

Its not in anyway heathy at all while a lot of people might be happy about the dream come true, I see it as giving some set of people the more justification to vilify bitcoin as a ponzi scheme and in this case several returns in a day and that is what people will be talking about, the media, bloggers, websites etc. I would prefer a gradual one rather than this that just offshoot without any identifiable basis.

I completely agree with this. Such a sharp rise in bit-price in the price is not good either for bitkoyna, or for crypto currency in general, or for the economy of each state, where this bitkoyn is accepted as a means of payment. For bitkoya it's bad that such a uncontrollable growth will necessarily fall, because there are no objective grounds for such growth bitcoin, which can cause a decent panic. For each state, such growth of bitcoins will lead to a disbalance of its economy and the state will have to defend itself. And this will mean the restriction or prohibition of bitcoins.

I think that Bitcoin currency being high is a good thing. But, If the user's increase there would be a huge change in our economy. Even without This change. If it continues to increase it will affect our economy. Then the government would intervene in our progress to retain the balance. This is why bitcoin needs to maintain balance.

it is hearth beat

On coindesk max price was more than 16k dollar, I have no idea if it was sold for 19k dollar somewhere. Do you see anything "unhealthy" here? We know how does the price increase/decrease system works, so it's very normal + if it will fall 70% even today, I would call it normal too. This coin isn't usd or euro, it's very different from them. All I know is that this price isn't good for me now.

It was predicted by experts years ago but I'm surprise that this thing happens so fast I thought it would be gradual with a thousand dollar increase in a year i hope it will steadily climb and it's just not a bubble ready to burst anytime or else many people will lose a lot fo money.

I was thinking the same thing. It's not that I doubt the advertising projects that could have invited users. But I think a $3k increase was very hard to explain at the moment. Since that it was about 3-4 years before it can reach that point at its first years. It too high and very scary at the moment. I am pretty sure many will be afraid of small decrease and could panic sell instantly.

It is really great to see Bitcoin reaching this level. But let's be realistic, such increase can't be a good sign.

You will be definitely satisfied if you sell your bitcoins at this price but if you think about the future of bitcoin
you will realize that it is always better if the price increases slowly and steadily in the same time.
Think about governments, do you think they will let people become billionaire without paying taxes or without being controlled.

I don't think it's healthy to see the price jump that high in a short period, but since Bitcoin is a very popular investment lately, so we need to figure out why the price can go that high, if it's just the whale game then it will not a healthy rising for Bitcoin but if the price is going up because people keep on investing their money, then it is healthy for Bitcoin

No,its not at all healthy for bitcoin when we consider it in the long run.

I think that almost every one knows that the main reason for this price increase is the entry of CME and its rival CBOE in the bitcoin market.

US federals have given permission to CME for bitcoin derivatives.

Most are eagerly expecting december 10th and 18th on which it is expected that bitcoin futures would be listed on two exchanges.

I fear that the same crash which we experienced in the seventeenth century in Tulips would occur once more,but this time in bitcoin.  

I have been in this bitcoin market for the past two years and i'm seriously worried about the future of bitcoin.

But the newbies who have just now entered the market are excited,but they don't know the reality.

In the long run it's irrelevant - eventually the price will stabilize when the market will saturate o in the future Bitcoin will become "boring" just like gold is now and people will find some new technology to go crazy about. Currently, volatility may hurt its adoption as a currency or as a store of value, but at the same time, when volatility is positive, it attracts a lot of interest which ultimately also boost adoption - mainstream media wouldn't report about Bitcoin if it was rising slowly. Besides, if you'll look at the volatility analysis, it's way lower than what was happening during first years, when some 50-80% fluctuations were happening.

Well, it is a good sign for long time period Bitcoin holders eho believe that Bitcoin market value Will reach it is today at $16,537.30 from ends on blockchian. But for those who just bought Bitcoin now or about to buy Bitcoin because of current rise in Bitcoin value, if there will be correction in the nearest future they likely be cut off.

With the derivatives market coming up with bitcoin,i expected a rally,but nothing like this,i am not sure whether these sort of price valuation is healthy for the overall bitcoin price in the future,we are seeing only big money being poured into bitcoin and it will be difficult for small investors to even make any kind of investment until the lightening network is activated.

I can't say that how much healthy is it for all.  Who have already collected some bitcoin, It is surely healthy for them. I was waiting for the price to decrease but its value and expectations are not decreasing.  so it is not healthy  at all for me.

It's actually not that shocking since the price was known to go up within a few years anyhow. We're just seeing the proof.

if we have seen the history, the price needs a middle time to increase but now, I think it is not healthy although the price now makes people too happy. if the price still increases significantly then there will be a drop moment but I am not expecting the price drop too far. I think it is better the price increases from one level to another level than gain nearly $3k in a day and this makes me worried about what will happen later. I hope everything is fine and nothing to be worried.

This are prices that brought up by the incoming Dec. 10 event, but let us see the real price after December, ad as we enter January surely we can see the aftermath of the events and then move forward to another year of success. Many are taking advantage of the price so we should take good care of our bitcoins for its value will be very high in the coming days, months and years. 

That's true, but you should note that Bitcoin might not have been that way. And sometimes there could be a price drop. We can be happy with the current Bitcoin price increase that is so devastating, but we should not be afraid and hesitate in the event of a price reduction. It's very important for us that we do not do sales due to panic. Do not let this good news make us panic if there is a sudden change. Even in my opinion, maybe in the future the development of Bitcoin prices will increase and more and more.

Bitcoin is unlike any thing else.  We cannot compare it to stocks, commodities or fiat currencies. Its beyond anybody's control.  It will keep going up with minor setbacks.

In what I have understood to you sir and from the others, there's no problem at all if bitcoin's growth rate is too fast or become larger to our speculated value unexpectedly; the main problem is bitcoin only might catch the attention of our governments and take action regarding this. Am I right? (please correct me if I'm wrong).

If that's the case, I may say that bitcoin's price is still healthy (according to my own opinion) because the problem we are facing is not the price itself but its effects to our economy. I think we're just a little bit threatened to what can our governments do in order to pull down btc. This situations only shows that btc is now overpowering above others.

Here we go - Bitcoin just lost over 14% now...

The issue I see is that i've noticed people buying and holding onto bitcoin in hopes of making great returns off of it, not actually using the currency as the means of transaction. That may have contributed in shooting the price up so fast recently. Crypto is usually risky in general, but in the short term for bitcoin right now it seems even more so.

I am agreed with you opinion. Bitcoin repidly increases is ok for now but it will not long last. The more it will rise up the it will go down when it reach its peak. But it's quite amazing how the price of bitcoin goes high and high. Bitcoin surpass other cryptocurrency 2x than before.

In long term it is not healthy and it is not sustainable as it can not keep going up like this. Big price swing is often seen in crypto coins.

The price of bitcoin has already exceeded 20K, which is obviously unhealthy, and some people say it's going to be 40K, or even 50K this year. I don't think so. Such a market is entirely speculative, and this is not the true value of the bitcoin.

I feel like FOMO is happening right now and a lot of noobs are going to get burned, the market is prime for a hard correction/short term crash. We'll recover into an insane bull run like always, but this time has been particularly wild. I don't think this is 'the crash' yet though.

I dont know what to say but Im really curious what makes btc pump rapidly and what sure is its good for holders with huge btc stored in their wallet they have already really big profit as of now

Such a rapid growth of the bitcoin rate is not a good indicator for bitcoin, since such an upswing will inevitably have its same sharp decline. Such volatility is a factor that will unbalance the economy of any country and the state will be forced to defend itself against such a negative factor by setting various restrictions and prohibitions on bitcoins.

this is unhealthy for people who just watch it or just have 0.00001 btc, its really hurt guys, regrets first not invest 1 year ago..

In Korea, bit coin is steadily rising vertically. Bitcoin transactions are happening on several exchanges including BITHUMB.

Well i'm also shocked that bitcoin gain $3000 in 24 hrs and i'm a little bit scared right now we all know that that faster bitcoins value rise the faster that  there will be a price correction although right now its a good thing that i profit a lot just need to be careful to make the right decision when to hold or sell.

Today when I woke up, btc was at $16,700
Over the day it was going up and down untill a couple hours ago it was around $14500
But, over the last hour... shot up again to $16500... and who knows what tomorrow will bring...

I think the big boys are now buying and selling btc, causing bigger fluxuations
Dont let it bug you... try only looking at the price every Friday

If it continues to grow at the same Bitcoin speed, then it can end badly for everyone:)

I think it isn't very healthy. There could be a bigger correction comming soon but nobodu knows when (and if). One rule: only invest what you are willing to lose.

This doesn't make any negative impact upon the growth, because all that happening with bitcoin seems to be the real growth. Apart from that, what's been taking place is completely upon the predictions made by enthusiasts who were the base for several cryptocurrency development programs.

Very unhealthy situation. But it was precisely from this angle that new technologies entered human life.

I think it's not very healthy. I was somewhat relieved when I saw this morning that there was a small correction, about 15%. Stabilization with small fluctuations would be the best scenario.

Perhaps such a crazy bitcoin growth associated with the intention to bring it to futures trading. It will be possible to shorten bitcoin. Accordingly, the higher price of BTC, the more profit will be on short positions. Let,s wait on December, 12th and then we'll see.

Bitcoin is still in the price discovery range, so i dont think calling it unhealthy is right... We are on the verge of mass adoption, so anything could happen in a very short time frame.

With that said, i think we're due for a correction now, but nothing too big, just a few thousands in my opinion, to a 12-13k support level.

I quite worry about the bitcoin price now. It is increased too fast while people now trying to buying a massive amount and it looks like a dominos.

Wow, a very significant increase.
If BitCoin continues to rise then the miners of BitCoin will prosper ;D

I think it is still healthy but I am not sure about it. It is increased too fast and unpredictable so I am in the middle.