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first explain how is bitcoin getting worse?
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it has not failed, not yet anyways. bitcoin has been a peer to peer digital cash all these years and it has been used as a currency. in fact the usage has been growing a lot. specially after the adoption of bitcoin as a legal way of payment aka a currency in Japan things changed a lot in 2017. BitPay is reporting to process $110M+ in bitcoin payments per month.[1] that has to count for something don't you think? i believe you are caught up in the past 2-3 months of high fees and some negative news that you think bitcoin has failed as a currency. [1] https://blog.bitpay.com/bitpay-growth-2017/ |
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with all these Futures markets in US in CME and NASDAQ and all the rest of the things that have been coming like the ETFs, US is not going to ban bitcoin.
other countries have not banned bitcoin either. all you have heard in the past week or so was 90% FUD to make you panic and sell your coins so that the whales can have more bitcoin in their pockets.
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For the sake of discussion, do the Bitcoin markets follow or care about if the miners are still making some profit or not? If it does, care to explain the relationship on where the price should be and how mining affects it?
It's hard for me to to think of how the miners influence the market. Maybe it did when the market was small before 2013 during the MtGox days, but now? I can't imagine how that is possible.
just my guesses: 1. miners are practically big whales, specially the big farms and big players like bitmain. if they see their empire threatened they can start placing big buy walls even start buying and manipulating the price to stop the dump and then the market will do the rest for the rise. 2. by not selling any new mined coins they can also decrease the supply in the market and that can affect the price upwards. although this may not be the most effective. 3. the biggest thing in my opinion is the expectation! i believe that a big part of any price movement in any market is the analysis or speculation or expectation that people have. if a great number of people believe that $X is the bottom they will start placing buy orders there and many will buy before and that creates the buy support and the reversal. same as the drop. so if they believe that price can not go below certain level because miners will get F**ed then that is where the price will stop! |
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the drop started as a healthy correction, obviously after reaching nearly $20,000 a correction and a huge drop was expected. and the correction, bubble burst or whatever people like to call it happened and was over. it even got big where bitcoin lost half its value reaching the major buy support of $10,000. but from that time it is not healthy anymore to see more drops it is going lower than it should have.
this may suck now but there is a good thing coming out of it. and that is the fact that altcoins also got dropped and dumped a lot. now they are starting to get ready for their next pumps. buy bitcoin or get your bitcoins ready, invest in them and enjoy their pumps when they come and increase your bitcoin wealth before alt dumps.
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LOL, just another idiot advertising ethereum with a misleading title so that his topic is not moved... it is extra funny to see how he repeats twice that bitcoin has lost 55% and the follows that by how ethereum will surpass bitcoin. but intentionally neglects mentioning that ethereum has lost 65% of its value... some people are so desperate to see ETH get pumped again! don't worry bro it will be pumped, the centralized banks behind it won't let it die. they are making a lot of money thanks to you  |
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it will go to the moon but the start of it may not be now. such a big drop requires a longer time of recovery, not to mention that the drop itself may not have even ended yet. this time the recovery will be a lot shorter than the previous times we had a huge drop but it will still take time. p.s. it seems like there are infinite number of "prophets" these days  agree with you, recover will be in spring. "prophets" ?  Check my old thread, please https://bitcointalk.org/index.php?topic=2073830.msg20718415#msg20718415well, good job. but all i can say is that your "guess" came true, in fact it came true twice according to your post history! you forgot to include the other one about $6000 but that still doesn't change much. you made another "guess" here... and it is a safe bet to be honest. |
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~ I thought I would cover possible reasons why you are asking this question:~
- it can be for getting the private key to import elsewhere and claim forked coins for example. in which case there is a command for it: getprivatekeys('address_goes_here')
- it can be for signing a message with the key. in which case there is a command for that too: signmessage('address_goes_here','message_goes_here')
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it will go to the moon but the start of it may not be now. such a big drop requires a longer time of recovery, not to mention that the drop itself may not have even ended yet. this time the recovery will be a lot shorter than the previous times we had a huge drop but it will still take time. p.s. it seems like there are infinite number of "prophets" these days |
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let me give you a little bit of my memoir! i started getting involved with bitcoin back in 2014 when price was about $550. after a while i started buying bitcoin too. price continued to fall, i didn't give a shit! i was happy i could buy more bitcoin then. price reached $150 i was on cloud nine because i could buy even more bitcoin thanks to that drop. i continued buying, and a while passed bitcoin got closer to $500 again when they started the FUD campaign that bitcoin is dead. Mike Hearn to be exact said bitcoin is dead and will disappear in a short while. long story short price fell down to $300, i still didn't give a shit and was happy i could buy more. not much has changed about my strategy. now imagine how much money i own and will own in the future |
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market became unpredictable (at least for me) so i stayed away ever since bitcoin had its last dip below $10k and recovered above it. i saw the weird market behavior and decided to stay away until the trend becomes more clear.
by the way me staying away means i bought back the bitcoins that i sold above $10k at $9k range and transferred them to my cold storage.
now i am starting to get back on the horse and start looking for altcoins that are getting pumped to invest and increase my bitcoin holding. for example XPlay was pumped 80% today, not that i invested in it or anything! just mentioning the name based on coinmarketcap.com saying that i am looking for these coins so i can make profit during the downtrend from the pumps that are happening right now.
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there was no bubble ever since bitcoin fell about 50% back in 16-17 January down to $9k-$10k price. it had already burst by then. anything lower than $10k is pure manipulation and panic dump in my opinion caused by a lot of FUD and lots of negative news that are filling the media and they are not even new! with that said we are nearly at 70% drop! i wonder when this is going to end you asked that on 18th where price was recovering from a drop and while the $10k support was holding pretty strong. i don't see anyone calling you crazy, nobody can predict bitcoin price but we go with what we see and with such an strong support holding the drop was not expected. |
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Guys listen up,
Please lets all not cash out at all right now, its allready down 25%, Lets just wait for it to go to $8500 before we cash out. Can we do that?
it is the same thing as telling people not to buy when the price is rising! nobody is going to listen, and why should they. it is the current ongoing trend whether we like it or not. you should go with the flow not against it. of course that is for traders, and if you are not a trader then you shouldn't be bothering with buys and sells this much. also i should mention that you seem to have forgotten that what the price was and currently is! it is not a 25% drop it is a total of nearly 70% drop from ATH. |
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at first when we were not on a downtrend (above $10k price) nobody was expecting a drop and it was full on manipulation. price kept crawling upwards but large amounts of bitcoin was being dumped on the market and kept pushing it down.
when the downtrend officially started, everyone changed their strategies because it was obviously a downtrend so it got bigger and will continue getting bigger until we reach a satisfying bottom where the accumulation begins. it is no longer much of a manipulation but the market wanting to go down as everyone is on board!
In your opinion where do you think the bottom could be before there is a reversal?? thanks... that is the problem though, you can't predict it with bitcoin. there are a lot of speculations out there. some say it will be $6000 some say $5000 and some others say $3000 and some were saying it is $8000 which is now gone. all i know is that currently we are nearly 70% below ATH and technically the dumps should not be as severe as before the farther we get from it. |
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at first when we were not on a downtrend (above $10k price) nobody was expecting a drop and it was full on manipulation. price kept crawling upwards but large amounts of bitcoin was being dumped on the market and kept pushing it down.
when the downtrend officially started, everyone changed their strategies because it was obviously a downtrend so it got bigger and will continue getting bigger until we reach a satisfying bottom where the accumulation begins. it is no longer much of a manipulation but the market wanting to go down as everyone is on board!
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Can someone tell me how low the price of the bitcoins will go .
it is impossible to tell because there is nothing right about this drop anymore, so you have to wait and see when the market makers decide it is enough dumping and where the decided final bottom is. Is it worth to make an investment or should i wait ??
if you have not made an investment yet then waiting is the best option. and you should be happy because now you can buy a lot more bitcoin than you could if market was acting natural. |
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if they do it now it is possible that they are going to accept "cryptocurrencies" in general not just bitcoin specially if they use something like BitPay to process the payments. unfortunately bitcoin lost a lot of merchant trust and adoption because of its ridiculously high fees.
but if they do it in the future like a year from now, it is pretty convenient to use something like Lightning Network to do it immediately and with low fees, granted we can come up with a way to keep the on chain transactions cheap also.
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if you have the wallet installed already and the wallet file (default name is default_wallet) was created by you and you set that password you wrote down, then just
- open your electrum
- open the wallet if it is not already open and you have multiple wallets created
- enter your password if it is a full encryption, otherwise click on the menu: "Wallet" and choose "Seed" then enter your password.
now you can see and store your seed.
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the answer to your question can be in a lot of different ways depending on how much you want to understand the "system". as an end user all you need to know and trust is a trusted and long tested wallet or private key generator that can create random enough keys for you. some examples of these wallets are: bitcoin core (full node), Electrum (SPV), bitaddress.org (paper wallet), Trezor (hardware wallet). for more technical understanding try reading the wiki at https://en.bitcoin.it/wiki/ or developers doc at https://bitcoin.org/en/developer-documentationBut, once I have a bitcoin it is bound to a private key which is nothing but a big long number but I don’t know how to get at that simple number. All this stuff about seeds for restoration just don’t add up. Just give me the number so I can take it off line and protect it. All these things to scan and wallets to maintain just to deal with a simple number, just a string of digits.
data (a number in this case) can be represented in many forms. for example 2018 is 07E2 in hex or 11111100010 in binary. there is a lot of different ways too. one way that is specific to bitcoin is an alphanumeric encoding excluding 0, O, I, and l characters. the number: 5500171714335001507730457227127633683517613019341760098818554179534751705629
hex of the same number 0C28FCA386C7A227600B2FE50B7CAE11EC86D3BF1FBE471BE89827E19D72AA1D
base58 of the same number which is what you see as your private key in your wallet 5HueCGU8rMjxEXxiPuD5BDku4MkFqeZyd4dZ1jvhTVqvbTLvyTJ
converting between these are also pretty simple, you just have to know the specifications. there are benefits in showing it in base58 format like being more human readable with less errors and the checksum. you can see it here: https://en.bitcoin.it/wiki/Base58Check_encoding |
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