This is the time you should be buying, not selling. The Mayer multiple is as low as 0.69. (The average is 1.39) If you are selling now you are basically burning away your money.
Hodl and buy more.
It's a good time to buy till it no longer is. I'm quite conservative when it comes to the current market and the sentiment around it. It's easy to mistake stability and temporary up movements for trend reversals. I want to see the price close above the previous lower highs, and that consistently to confirm at least a potential start of a trend reversal. Currently we're not there, so we have to be patient to see where the market is heading to. People thought $6000 would be it. It was the ultimate bottom. What they don't see is how the same support levels were tested over and over again, which generally speaking, is a very bad sign.... |
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We all know that Bitcoin is revolutionary and this will last and even increase in the future.
If that was the case, the price would reflect that by now. I do however like how people ignore and even see Bitcoin fail, because that's the reason we can still buy at current levels. When people finally appreciate Bitcoin for what it is (store of value, currency, safe haven), we won't be able to pump anymore like we used to pump. The market will be too large to move up or down significantly. Gold is the perfect example of that. People here consider gold to not be an interesting investment due to how 'boring' its market is compared to Bitcoin's market. Bitcoin will become 'boring' as well. |
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These scammers are making a killing by taking advantage of the noobs.
Ignorance and greed are indeed filling the pockets of scammers, but then again, the people who do get scammed and publicly speak out potentially prevent others from falling for the same scams. Sure, there will always be noobs falling for scams, because those who entered like a day ago have to start from scratch in terms of building up knowledge and crypto etiquette, but eventually it will change due to the nature of this market. The speculative phase we're in blinds people due to their greed, while if it turns into something that's more focused on use, people automatically will become more interested in conducting proper research. |
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I'm more inclined to say that one of the weird Asian exchanges that popped up out of nothing and immediately generate hundreds of millions in volume are the first to exit this space.
It makes me think about how many of these exchanges are owned by the same entity. It can't be coincidence that they all know that the most important thing to do is generate heaps of artificial volume to attract users. The first thing honest exchanges do is slowly build up a user base, and while the volumes are low initially, they will grow as time goes by if the demand is there. No exchange instantly attracts large enough traders to justify these mad volumes. Another aspect of these exchanges is that if you happen to register and deposit, that you'll be having a hard time contacting support to solve your problems. Most likely outcome in that case is that you'll lose your funds. |
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Although it is a major problem, psychology is something that can still be controlled, at least on our side, because it will be impossible to control the market side.
Is that so? Try to put your money where your mouth is, and you'll see how much control you have once the market is tanking again. You'll see that you have no control at all, especially when you either used credit or over-invested. Even the most professional traders don't claim to have that level of control, which is why most of them use bots instead of staring at screens all day trading manually. It's clear that people haven't had much prior experience with markets. People here seem to overestimate themselves, but severely underestimate the irrational nature of this market. This is how people end up losing their savings after a myriad of wrong trades and investments. |
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It's not wrong to have speculation, but I personally as a trader don't speculate when taking profit because it will only make it out of focus.
Selling (profit taking is part of it, even if it concerns just a smaller fraction) is just as speculative as buying to sell higher. Pretty much everything we do here is based on speculation, even as hodler not selling for years.... For day traders, taking 5-10% profit every day is enough.
You make it sound like 5-10% in daily profits is peanuts, but it definitely isn't, especially not in the more recent months with less and less volatility to utilize. Don't believe random people on the internet claiming to make x profits. If people were really making that much in profit on a daily basis, they wouldn't waste their time on the internet trolling and convincing noobs how good they are. There is no shortage of idiots here in the world of crypto.... |
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There's a lot you can do. One of those things is not using credit cards.
People living from paycheck to paycheck don't have much of an option but to keep using credit cards to fill up gaps during the month. Millions and millions of people are stuck in a life of debt. Regarding the increase in fees, it's something I saw coming with how there hasn't been much competition in that part of the industry. Less competition and large overall market dominance allow you to do these things. Switching to Bitcoin isn't a viable option currently with how the price keeps fluctuating. Stability and more global acceptance is needed to convince people to at least give Bitcoin a fair shot. But still, with the aforementioned in mind, people still rely on debt, and Bitcoin isn't the right tool to help them improve their financial situation. You have to take care of the underlying problem before you can move on. |
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I can't directly, but I can use my Bitcoin to buy a gift card and from there buy whatever I want within the stores that accept this gift card. That being said, there is not much of a point doing this in my situation.
I am way better off using good old fiat to settle transactions. I don't see the point of forcing yourself to use something just for the sake of using it. I rather use something that works already, and is super convenient. Fiat checks all boxes.
Would local stores directly accept Bitcoin, then sure, I will use my coins to buy goods, but that's not the case right now. Bitcoin has a long way to go in order to even remotely compete with fiat.
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I saw the tweets and it seems to be a brain fart coming from a pretty eccentric developer. Even the most competent developers have their own ideas on how to work on problems, even though this isn't the best one.
Does anyone knows what the current blocksize is would a miner fill it with solely with SegWit transactions? Do they still have to respect that 1MB base size due to the backward compatibility of the different (non SegWit) releases?
The largest ever minted block is 2.3MB with a stripped size of 556KB. It's a block that was used to consolidate over 7000 inputs. Based on the stripped size, would a 4MB block be the most you can squeeze out?
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The picture shows the whole situation indeed. My opinion is that such rough taxation made to turn people to use national crypto Petro. As I know it's not so popular from the most beginning, so the government simply press people to they use national crypto.
I haven't seen much of an indication that people there are using the Petro. I am of believe that this will make people rush into local economies even further, because who's there to deduct 15% from your Bitcoin transactions? If you buy your coins locally (the volumes there have been pretty high for such a country) there isn't anyone from the government to stop you. They can suck on their Petro because it's simply not going to work in a country that divided. More power to Bitcoin. |
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Because there are too many factors at play here. First of all, we can't discard altcoins which are mostly doing the same thing as Bitcoin, and while the latter is still the king (and will most certainly remain so in the future), it is unlikely that it will be used as a regular means of payment as it will mature as a store of value, with some altcoin (let's say Litecoin) being its proxy for everyday expenses.
I noticed that you're pretty bullish on Litecoin, and that for quite a long period of time now. I can't see it remain a top tier coin for long when Bitcoin's lightning network has grown enough to become a means of exchange. The only thing that Litecoin has going for itself is fast on-chain confirmations, and maybe privacy characteristics at one point, but that's about it. There is no such a thing as Bitcoin being gold and Litecoin silver. It's not an actual metal. Also, with how the Roger and the Bitmain camp consider Litecoin a competitor to their own coin, it won't be added to BitPay or other popular sites they own or are major shareholder of. |
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Doesn't matter this JPM coin nonsense. It is no competitor bitcoin or altcoins, it is only going to compete with ripple and that isn't even a crypto currency. It brings exposure and that is always good
It's not even going to compete with Ripple. Most of Ripple's partnerships are outside the US, and let that be where most of their growth comes from, and this will continue to be the case. It's more of an internal token than something that they want to deploy at a much larger scale, but then again, that's what I understand from everything I read about it thus far. Maybe that JPM will change plans and still target a much wider area. In that case it could be a competitor to Ripple, but not more than that. I don't like XRP, but the company itself is doing extremely well. |
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we will see a decision at the end of the year
Decision is already known. It's going to be wiped off the table. The SEC is just doing its thing as regulator to make it appear that they are giving it a fair shot and look into the application(s) without a bias against Bitcoin. There is absolutely no way any of the ETF applicants can do anything to change the SECs mind this year. The problems they see and continue to delay and reject these ETFs for need years worth of development and growth. I find it way more likely that we'll be seeing an asian ETF pop up, and IIRC, there was an article I read about an ETF in Japan that's now pending approval. We'll see where this goes, but I'm more optimistic here.... |
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that's true?
7.500 BTC = $26.982.525
It's an old example they keep rehashing, but it is true yes. At least, if the dude isn't lying in order to make it appear that he isn't wealthy anymore on paper, all to avoid taxation. With such an amount taxation will cost him millions.... I do wonder though, is there an actual address we can look into to see if the coins are there for real? And are the coins in one address? I can't find any address with 7500BTC, or an amount close to that without recent activity. |
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It looks like a desperate attempt to pull off an exit scam. If you look at how silly everything is set up, and that it is very likely a one man show, the overall image of everything that this site represents gets even more ugly.
Even if the person behind this site has the best intentions in the world to make it work in an honest manner, it will either get hacked one day, or the situation becomes unworkable and he will disappear with people's funds.
In general, if a site uses the term investment in its domain, it is very likely going to end bad. It's done to attract noobs looking for a way to invest and earn without doing anything. It's a trap.
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These numbers speak for themselves and indicate large scale demand within a weak and exhausted country. Usually when we read similar articles it concerns a 1000% boost in volume, but the volumes are just 20BTC worth....
I remember reading an article breaking down the situation of Bitcoin's 'explosion' in Iran, and the main point was that you can't even sell 1BTC without significantly affecting the price due go the lack of liquidity.
In other words, the significant Bitcoin price increases in shaky countries comes from how illiquid their markets are, so I'm extra surprised by the volumes Venezuela generates. Pleasant surprise this is for sure.
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It's known to most of us how shady Asian exchanges are when it comes to artificially inflating their volumes and whatnot. The SEC knows that too, and they are trying to figure out how to work around it effectively.
The most effective way to work around this manipulation is to continue rejecting them, or get rid of the backed ETFs, and stick to cash settled ones that at the same time help avoid inflating the price during the next mania. I'm skeptical for sure, but it's not that we have seen anything indicating otherwise. If Bakkt can't get the regulatory approval to launch, which is a possibility, it's confirming my thoughts about how regulators don't want any of this. I'll give it a couple of months to see where it goes (mainly due to the government shutdown), but there is no reason to believe that just because it's I.C.E behind Bakkt, that it's guaranteed to be approved. |
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Most people here don't care about crypto vs the banks. They just want their bags to be pumped so they can dump for fiat money. There aren't many hardcore libertarian left in bitcoin.
let's be realistic, liberation and financial freedom comes from owning way above average of whatever that majority of people accept as a method of payment one-way or the other. if you are a poor kid and you are not working on it, bitcoin won't help you. if tomorrow we wake up and every bank out there closes their doors, and the whole world elect bitcoin to be the one and only measurement of wealth, are we all going to be liberated? indeed not, those with more bitcoin stacking will be liberated and happy while the rest will be just as miserable they are now. financial freedom is always about the "quantity" , how you scale/measure it does not matter, bitcoin,gold,cash,sheep,cows, lands or anything for that matter. bitcoin's major and probably only strength over traditional system is "anonymity", and you will never be liberated with 0.1 btc hiding in your wallet. It all depends on how you look at financial freedom, because it's very much subjective, but I think that you're describing it in the most effective way for most of the people living in well developed countries. In third world countries people are satisfied with financial freedom in form of a fair and open economy, and where their payments can't be censored by oppressive regimes that don't want you to transact with whoever they don't like. If you can blend in both, regardless of where you are in the world, it's much closer to a pure form of financial freedom. I think that's the main priority for a lot of people here. Some will get there eventually, most won't.... |
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Why do you have to rent a safety deposit box? $40k gold is the size of a smart phone, very easy to hide away safely.
That's definitely true, and why people pick gold over silver. I think that the main problem for average joes is that they don't trust themselves holding anything of significant value at home, doesn't matter what it is, gold, crypto, jewelry, and so forth. People feel comfortable having a bank do the work for them, where in some cases they are even insured up to a certain amount. I can have a safety deposit box be insured up to €50k, but that requires total openness. If you don't want that your bank knows what you store, you can skip the insurance part, but that comes at a risk--frequently you see criminals accurately dig tunnels to where these units are, and we all know how this ends.... |
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One has to be a geek and true believer of the underlying tech to not give a damn about what's happening right now. The rest pays attention to the $$ value of their portfolio, which is all good considering that most people are here for the profits.
I know that whenever I think the next bull run has peaked, I will open a short and let it open till I am comfortable closing it. I was thinking about doing it when it was over $6000, but the strong support made me not do it. In hindsight it's a bad decision, but what if I did short and the price pumped significantly? It would be a bad decision as well, so you have to pull the trigger at some point and accept every possible outcome. It feels much better for people knowing that if the price continues to plummet, they earn more BTC off their short, and from there keep adding value to your overall position. No one here can honestly say that they don't care.... |
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