Bitcoin Forum

It's nothing to do with the BCH fork, or BAKKT, or the ghost of Satoshi. 

Watch the news.  Stocks and shares are tumbling as well.  US and China worries are affecting the stock market, and the same people selling there are selling here.  What is the point of being decentralised if "big money" still owns your ass?  It's a joke.  Crypto is just another column on a "profit & loss" spreadsheet somewhere.

My prediction?  Back to $600, the price before the last big pump.  That will wipe out most ICOs and AltCoins as they will be worth absolutely nothing.  You can also say goodbye to most of the big money investments in trading platforms and exchanges.

Sure. So called "big money" can definitely manipulate the markets. But does that automatically mean that they "own" you? Definitely not. Whatever the value of your bitcoin is, you still end up with the same amount of bitcoin. There's just so little money into bitcoin or cryptocurrencies in general compared to other assets like gold, hence bitcoin is significantly easier to manipulate in terms of price. As more money goes into bitcoin, it gets harder and harder to manipulate, because as more and more money goes into bitcoin, the prices will be harder and harder to skew with huge buy or sell trades. It's going to take time; don't expect a new asset that's only 10 years old to find it's sort of "stable" price just like how gold did.

As for the stock market, the stock markets went through a multi-year bull market. A bear market was pretty much inevitable.

Good. It's actually better for the markets if these shitcoins just go out of business so people could focus on the important projects.

Well duh. The market is priced against FIAT so if people are facing a squeeze on their FIAT due to economic conditions then they're going to need to sell their crypto to gain more FIAT. Much like all alts follow the path of BTC, BTC will follow the footsteps of FIAT investments.

This will not ever change until BTC can be readily used as a payment option and is therefore not tied to FIAT.

i could agree with you only if the in the past 10 years bitcoin dropped when stocks dropped but that has never been the case and this time is an exceptional coincidence that happened in 10 years so you can not use that alone to connect the two together.

let's face it, you are trying too hard to connect two irrelevant things and then come up with a low ball price prediction.

Then what do you suggest is the cause?

The thing is, all you can do with BTC is convert it to fiat.  You can't actually do things with it.  There is talk of another financial crisis coming.  Surely people should be stocking up on BTC, not ditching it. 

Well, real money is needed in this business because the investors of crypto are using their real money to get in and then to increase their profits. It is not a bad thing that real money controls crypto.

i don't know. i can only guess. and my guess is that it is because of the BCH fork drama that started exactly before the drop began and that is being used by market manipulators to crash the price more. and all of it is done because there is a lot of profit in this crash.

Without real money getting involved, we would still be mining on our PCs.

Well technically you can transact(and better with lightning network being ready) with it and store some of your wealth in it, without actually necessarily needing to go through a central authority. It's just really risky due to the volatility; hence I always say that bitcoin is best used right now on those third world countries with extreme hyperinflation occurring.

Upon seeing the local stock market scene, it seems to be down too, just like what's happening with bitcoin and other crypto. If there's an impending financial crash on the horizon, people should have been buying bitcoin and gold, not dumping it, but it's not the case. Apparently, it seems as if people are also wary of the fact that bitcoin isn't as sturdy as most hodlers want to portray it, hence they are also dumping it while they have the chance. Sure, a large part of this market is really controlled by big money, but that doesn't necessarily mean that they own us, because as the last of their coins are sold, their control on the market is also over, IMO. They can buy back in, yes, but we can always dump on them, so it's just a matter of timing the way I see it.

You think fiat currency is real money?  LOL rolling on the floor.

It's a complete joke, they can create trillions just by typing numbers into a computer screen.  Look at what happened to Libya when they wanted to create a gold currency and only take gold for their oil.  Bitcoin and gold can't be controlled easily because it takes real effort and resources to mine while fiat is a sham.

That's is true can't deny that fiat money have power to control bitcoin and cryptocurrency, because until now the main currency circulate in the whole world is fiat miney lead and base in dollar.

Obviously the goal of digital currency create by satoshi nakamoto is to replace fiat miney into digital currency to give people easily fast transaction using new technology.

I think the real value of bitcoin has been greatly exaggerated by speculative transactions . Now bitcoin is returning to its original value . Whales do not support bitcoin with fiat money , what they will do next to buy or sell is not yet known .

Without converting bitcoin into fiat I guess it can't be called as digital currencies. But because of the unique and strong features where bitcoin it has lots of people all around the globe patronized it so fast, until a years pass by and now the price value of bitcoin is too expensive each though, I can consider it its cheap now compare 2017 price value. However, since we are now in bad shape situation it is better for us to remain bullish for awhile.

This is a normal, free market. It is demand and supply that regulates the price. If someone likes something, then he buys it, if not, then no. It is possible that fiat money will never disappear, but it does not matter for the BTC price drop.

Of course it matters for the BTC price drop. BTC is priced against fiat. People only decide how much BTC is worth based on how many dollars they'd exchange for one, not how much food they can get for it or how many they'll need for a car or a house.

Yeah OP is trying too hard. I've listened to multiple people try to say the two are correlated at different times this year based on a single day where both crypto and stocks fell. That's pretty weak evidence. The fact is crypto has always gone by its own cycle not connected to the stock market.

And the BCH fork chaos clearly caused the big drop recently as the market crashed the day after the fork when BCH went into chaos. To say it was because stocks dropped is a joke.

Can someone give figures for how much has been sold off recently? To have that effect, is is a few people dumping big rather than a lot of people dumping small.

Do you have the crystal ball?  ;D Telling about that $600 price prediction.I cant really deny that Money do really control everything.It can
go inside and out into different investment neither on traditional markets or on crypto. The sure thing is that those people who do have the capacity or capability
on moving out funds on a manipulative matter will always have the advantage. No one really argues with you about such matter.

First of all in order to drop the price of bitcoin the only way is to sell bitcoin, which means by your logic the "big money" needs to own a lot of bitcoin and drop the price of it. Let's assume there are a lot of whales who own a lot of bitcoins that keep on selling, why do you think they would wait in between so much ?

I mean when the price went from 6.5 thousand to 5.6 thousand I would totally understand the logic but than it stayed there for a while and dropped to 4.8 thousand and so forth for a while until it reached to 3.4 thousand now.

I really doubt bitcoin is "controlled" by some big whales but Craig Wright is literally the only person with that much bitcoin which means "bitcoin cash" that you disregard is biggest reason we have for this price. Not that many "real money" is in bitcoin, most of it is people who got in early.

Bitcoin is decentralized unconfiscatable hard money limited in amount, which is measured against an infinite-supply fiat. The properties of Bitcoin are unique and will always be desired. All price suppression of Bitcoin measured on infinite-supply Maddof scheme fiats are nothing but temporary. They allowed the Futures market to suppress the price and create desperation so they can buy most of the supply themselves and own it, so sooner or later prices will have to go up.

It's just a question of asking yourself: What wins in the long term: easy money or hard money? If you think easy money will prevail, then hold cash, if you think hard money wins, hold gold and Bitcoin.

The thing is, all the new exchanges and investments that cropped up last year were all considered viable at the $20K mark.  Look at Consesnys.  They still have their Ethereum, but that doesn't equate to much real money these days, so they had to lay people off.  It is only with these projects that Btc actually becomes usable by Joe Public. 

OP is trying to get to fear and despair quicker so Bitcoin can recover.... keep up the good work OP  8)

Those has huge fiat can enter crypto and manipulate the crypto market with their huge amount of coins. This is all about money and nothing here for the product. If bitcoin will fall at $600 then this could be another market reset as those alts will be erase from the market. New investors will come and start another journey.

maybe there is nothing to do with " BCH fork, or BAKKT, or the ghost of Satoshi ". but this prediction:

 

was in September to October 2016 that the price was  $600, the volume that year was very small if we compare with the current volume. so the odds of falling to $ 600 are still very small in my opinion


when the price was  $600 still there were many altcoins

Did you thought otherwise? Bitcoin is without a doubt a step in the right direction but did you thought that everything was going to change just because bitcoin was created, bitcoin is a form of money so it is natural that it is subject to other forms of money, what we are looking for is that bitcoin becomes a more dominant currency or even the most dominant currency around the world and then the roles will be reversed.