Bitcoin Forum

In 2012, there were lots of talks about "Buy 1 ounce silver. End the Fed". Then Silver price crashed from $50/ounce to $9/ounce.  >:(

forget about the 'all-time-high' prices
those prices are just empty speculation hype, which in many financial industries call the bubble price

look only at the 'all-time-low' prices long term and draw a line
 and you will see a more steady incline(rise).
yes this ATL price is much lower. but this line is the resistance point where people will refuse to sell below unless they are stupid.

this line is more commonly what smart investors would deem the true value.. and as i said at first, anything above that line is just speculation.

 

For the time being, I guess $10K is the resistance point, anything above it is pure hype/speculation.

more like $5k-$6k is the resistance point for traders.. and about $8k-$9k for pools is their resistance point after doing some maths

this $10k is not a true low point for the month, its just a stable bit of speculation where people are not sure if it should go down or up.

.. take real estate (im just multiplying bitcoins prices and values by 10 as a comparison)
imagine it cost $80k-$90k to build a house and no one would be stupid to sell a house for less..
and there are a few house owners that still have houses that they bought averaging around $50-60k when they bought it

todays real estate market puts the average house sell price at $106k... however there could be another recession back down to near $60k or overhyping the real estate market where a house can go for $200k

once time passes and say over a year it never goes below $100k then house builders would be more confident to build more infrastructure and more securely built homes that cost nearer $100k to build knowing they will cover their costs.

much like mining bitcoin. pools wont spend on asics and electric the equivalent of $10k a coin unless enough time has passed to see a good trust that it wont go down to $5-$6k again.

..
if you do enough research you will see its multilayered. where traders bought at way below what it costs miners.. hense the resistance point of $5-6k is lower than miners cost/btc of $8k-9k

but if over time we dont see the price drop to those low levels again pools will spend a bit more. and traders will also raise their own resistance to sell lows too. but that takes time.

right now its a safe hedge to say $5k-$6k is the bottom.. because both traders and pools wont dare sell below that unless completely stupid

Values are always going to be speculative there will always be all time highs and lows.
1 btc is always going to equal 1 btc.

Silver crashed 6 years ago so bitcoin which is a completely different thing is going to crash  ??? makes sense actually... LOL!


10k isn't a proven bottom but it's definitely a resistance point, 9k is the stronger resistance and seems more likely to be a bottom.

its not a resistance point. its a settling point. there is still speculative hype/vapour value below $10k..
i edited previous post after doing some maths and explaining more detail..

but all that matters is stop caring about todays price and trying to make people think todays price is true value.. or that decembers high was true value.
just stick with not caring about the up's and only care about the lows and you will start to recognise where true value lays and what to expect over time

I don't agree with everything franky is saying, but 9k is definitely not a "bottom". I would be very willing to bet that Bitcoin will drop below 9k, and it will probably do it soon, too. When we see daily fluctuations of 20% or more, what gives you such confidence saying that is the bottom when it is only one or two bad-days away from that point.

Unless I'm misunderstanding your definition of "bottom", then I think you're way off. Franky is probably more correct at about 6k, but even this isn't something I would wager on. If there's a single significant event we could see it drop even below that point.

I hate the analogy that "Bitcoin is taking the silver way", it seems like a lazy title and a poor comparison.

Silver was $80/ounce in 1980 and then it came down to $9/ounce (2014).

the $8-9k is based on the maths of cost to mine a bitcoin
the $5-$6k is based on looking at the lows and drawing a trend line across the lows of long periods.

i call the LOWS the waterline of a bathtub of water and the highs the soap BUBBLES of a bath of water..
yes there can be a big nasty event that pulls the plug out of the bath and the waterline goes down. but if you look at the water line for the last few years. so far there has been a steady increase

here, for those that love images
https://i.imgur.com/nl0aEJh.png

How is that a similarity? You keep repeating this line about silver and fail to draw the parallel between Bitcoin. Bitcoin was about $20 only five years ago; does this sound like the same trend? Bitcoin has increased in value over 500x in five years, while silver has declined in value over a 30-year period. These two things are not the same.

People found better investments, and public hype has stepped away from silver, because it is irrelevant and insignificant to most people's lives. Bitcoin has more use-cases, security, transferability and technological advantages than Silver.

There is no silver, or gold, or much commodities left in the Federal Reserves, hyperinflation is prevalent with money being printed over and over again..

Sure.. A precious metal is compared to a growing cryptocurrency and because there had been some massive booms and big crashes, it would end the same fate as the former. ::)

Firstly, no one is over-hyping bitcoin; the people themselves created these high demands causing the price to surge and resulted into and ATH in December 2017 and crashed January-February 2018, but that doesn't mean that it will end like silver's fate. Bitcoin experienced too many ridiculous crashes on its 9-year journey, but the price keeps getting bigger every time the market decides to push back up.




Absolutely, seeing that the ATH was just a result of people creating huge demands out of limited supply and people who FOMO since the rally is giving everyone else huge profits. For me, true value is the bottom of the crash, wherein people would be hesitant to sell and would just cling on to a certain asset since they've already experienced the worst, and are only hoping that the asset would soon appreciate in value if the demand goes larger and larger. Forget about aiming a new ATH every single day. Bitcoin is solidly valued @ $9k-$10k a piece right now and it's already a great amount.

Let that be a lesson never buy something which is being hyped in the media, most of the time when that happen it is too late and the asset will crash sometime later, bitcoin is not exception to this, when the price was growing almost everyday in December there was a lot of hype that should have been an indication the price was close to crashing and as we know it did, now there is no much hype and this tell us this is a good moment to buy.

solidly??.. nope

less than a month ago it was $6100
a fortnight ago it was below $9k

a solid resistance point is still $5k-$6k anything above this is speculative
but the solid resistance point it does rise... SLOWLY
emphasis slowly.. not jumping $3k over a fortnight.

this $10k price is still speculative.. it can go up or down

I often think about this question. What if the world doesn't actually need Bitcoin? What if people stop buying in the rhetoric?

For now it will not happen, bitcoin will always go in gold, and this is when the bitcoin will go even bigger and it will become a very expensive diamond.

Those anti-government/banks "Bitcoin miners" might face some battle tanks.   ;D

What rhetoric? Your question is without substance, unless you clarify what you're talking about.


Another poorly thought out sentiment, which government do you think will be targeting Bitcoin Miners with battle tanks? Bitcoin is all over the world, do you think all of the governments of the world will unite against Bitcoin? Do you think it is likely that a single government will attack the citizens of every country worldwide for Bitcoin mining? I doubt both of these, so what are you implying?

If Bitcoin is not useless and people stop buying Bitcoin
I think Bitcoin price Will fall..

Bitcoin in 2018 is very popular and it is going the silver way now we have to buy bitcoin because the market is going to tough and now the bitcoin holders are suggested to hold their coin now and if the people who know that bitcoin will be very useful in the future they will try to capture the market now so it is good to buy bitcoin and wait for the future.

On the crypto currency, to earn enough just an important investment, the larger the offer, the more profit.

I find this price to be quite good actually. I don't mind investing in ICOs and other stuff If I know that BTC will be at this price point for a while, and not to mention the transactions fees that make it usable again. Big plus. I wouldn't mind staying on this price for whole year.

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I am not seeing any parallels, really. It is like saying apples used to be a dollar per kilo, now they are half a dollar, beware bitcoin holders!

There is actually very little in common between silver and bitcoin. Silver is always second to gold, bitcoin is and always has been the top crypto. The prices behave completely differently. You can make a nice necklace out of silver, you cannot do it with bitcoin. To carry silver with value of one bitcoin you need a backpack!

Really, there are almost no similarities!

a great number of crypto-currencies originated from basic ones. Sow branchings are called forks and altcoyins. The source codes of these coins almost completely coincide with the parents except for some nuances.

You can say that it is going the silver way, in any case there was a bubble and it bursted. We are on a downtrend and will pick up the pace in few months.