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It looks like there are a few working nodes. Has anyone contacted novaexchange to see if they'd consider not delisting the coin?
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Well I guess you agree with me that Bitcoin is currency ( people using it as asset do not change the fact that it is currency ) , So Bitcoin should be treated for what it is really is not for what people use it for or think it is . You are saying that any currency have to be backed by something and you gave an examples , strong economy , oil and wealth but you simply forgot one more very important thing the demand, It can also be a very strong factor to determine the value of any certain currency . For example what happened couple days ago with china news !! people started to panic feel that they are not really safe holding BTC ! and we saw price fall down almost 40% because there was no more demand , And after people started to fell that the danger is over they started buying again which made the price go up again ( this is no where near pump and dump situation because simply it is backed by news ) . So in fact the price go up and down based on something ( china news ) not without any reason and that how any normal currency in the world will react . People think BTC price go up without any reason which is totally wrong . because there is one very important reason that almost everyone forgot or even not see it , even tho it is very clear . This reason is "Adoption" wither it is from new people entering the crypto world ( new money in ) or from already existence people putting more money into it . By the way people using BTC to make money in fact add a lot to its value  not just changing it to an asset  There are several things I'd like to respond to, but I don't have time to get into all of them now; I'll work on this some more later. But for the moment, yes, I think we can at least agree that bitcoin is a currency. That's what it was designed to be, and that's still at the core of how it's used. Other currencies, especially reserve currencies like the dollar, are also sometimes treated as assets, held by people in other countries as an investment against their own local currencies if they are falling in value. |
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I think so, maybe even down to 1k. At the moment it doesn't look good for btc.
The bubble had to clap apart some day..
Unrealistic, You do not undertand about how economy works,and absolutely lack of understanding about Bitcoin. If we really hit $1000,we can say it's the end of the cryptoworld.do you understand how much is it ? From $5000 to $1000 ? It's more than 200%. And how much money will lose if the price goes down that deep ? And how much people will suffer because of it ? Lastly what will goverment do if something like that will happen ? (Look at the miners expenses,and Bitcoin users) $2000 is understandable,and i believe it will no goes down more than that,you should know the reason why would this dump happen right ? I would point you to the last large rallies that bitcoin has had: first to ~$32, then ~$250, and then ~$1100. Each time, the price subsequently fell at least 75%. I'm not saying that will happen this time, but looking at history, $1000 looks like a perfectly reasonable price to fall to. Although, actually, I would expect there to be huge support around the last high of $1100. |
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Hello forum members!
Good day!
I am Andrea, an official representative of ForexMart.
Me and my colleagues will provide you daily forex analysis on this thread to help you increase your trading efficiency as well as maximizing your profit. Suggestions, comments or opinions are all welcome. We will also be glad to attend to your inquiries.
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ForexMart
Andrea, thank you for sharing your analyses. I have one really important question: do you have any kind of metrics that show how often your analyses and predictions point investors in the right direction? I see that your guidance is more general, pointing out technical price patterns rather than making specific price predictions, which is good. But do you know how often those price patterns can be traded for a profit? |
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Just spoke with several financial experts with backgrounds in the banking sector. They told me once Japan opens itself up to the Bitcoin the currency is very likely to reach the 30.000 USD mark before 2020 since
Japan has been known to be a trendsetter and have high influence on the EU and US markets.
I have learned from listening to many financial "experts" that they usually don't have any better idea than anyone else what's going to happen. They spout out numbers because that's what they're paid to do, whether they're right or wrong. However, that being said, over the last couple of months I have become cautiously optimistic that $30k+ may be achievable. I think that one of the biggest risks is some unexpected event that seriously shakes confidence in bitcoin--like if some entity successfully mounted a 51% attack on the network. The other risk I see is some event that makes all or almost all governments ban it. There are few things that I think could do this, but it would devastating to the price if it happened. Obviously the probability of these things happening is small, but it's important to know what all of the risks are. |
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In last 4 hours, BTC price has rising twice, and there is improvement in the second Peak. Maybe it will increase extremely at 3rd and 4th wave.
Now is the best time to buy.
What do you think?
I think both of those peak were bull trap and there might big dump/sell off on next wave so its better to not hold all of your portfolio in crypto. I have already sold majority of my holding at these two peaks and waiting for some dip to buy more. You are taking this dip in some different aspect, dips are necessary for trading. It might be trap as you said, but don’t you think it is better even being a trap? Many people buy more bitcoin at this low price and very soon you will be seeing the amazing rise in market price. So I think this time is very good so if you have a huge amount of money to buy it more now. I bull trap refers to a rally in a downward trending market that traps bullish investors, getting them to buy in, and then sells off again. If the period we're in right now is a bull trap, then that means the next move is going to be a lot lower, which means now is not a good time to buy--it would best to wait until we drop below $3k. |
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I just don't understand why people consider Bitcoin to be a bubble.
Although Bitcoin has no intrinsic value, but don't forget Bitcoin is disrupting a huge market that is of traditional currencies by making it online and decentralized along with many other benefits that Bitcoin bring with itself and its value will increase with increase in utility. Utility might not be much at the moment, but potential is high. Bitcoin is not mere a currency that is driven by speculation, but is giving us a whole new form of monetary system.
I think you nailed the answer to your own question. From wikipedia: "An economic bubble or asset bubble ... is trade in an asset at a price or price range that strongly exceeds the asset's intrinsic value." [https://en.wikipedia.org/wiki/Economic_bubble] If bitcoin has little or no intrinsic value, then certainly a price in the thousands of dollars per coin is trading in a range that strongly exceeds its intrinsic value. One of the big problems we have is that there is indeed no good way of determining what a bitcoin should be worth. All of it is speculation. Some transactions are carried out for non-investing purposes, and bitcoin needs to be worth something for that to work, so I think it's worth more than $0. But couldn't all of those transactions still work fine if bitcoin were $2000? Or $1000? Or less? It's really hard to know how much, but I think there is a huge investor premium on bitcoin right now. If all of the speculators disappeared, price would plummet. Now, that doesn't mean that bitcoin won't become a mainstream currency in the future, and it doesn't mean that bitcoin's price can't go much higher. But I do think it's likely we're in a bubble...I just have no idea how big it is. Indeed, having no intrinsic value and still rising is considered to be a bubble. But I have very well mentioned that why increase in price makes sense. Bitcoin is providing a whole new form of currency which is decentralised and online but comes with limited cap. Thus, it is deflationary. Demand will rise naturally because this is something people want. Utility will increase in future with more merchants accepting Bitcoin. Recently a real estate company announced to sell their property in BTC. Soon more will follow. The increase in price is not hollow, but based upon some solid reasoning. I totally disagree with this , define intrinsic value ! because with your understanding almost all the currencies in the world have no intrinsic value . I can give you endless examples , but lets first get few things straight BitCoin is not an asset Bitcoin is a currency and the price of a certain currency determined by the demand on it . so even if Bitcoin reached 1 million dollar and there is still people paying that much to buy it then it is worth what it is , your talk will be correct if we are speaking about an asset that the only value of it determined by the amount of return you get from it and this is not the case here . I can keep go on and on explaining that BTC value is for fact its current price nor less not more so even if Bitcoin dumped to $1 it will be its value at that moment and if it pumped to $1,000,000 it will be its value at that moment as long as someone paying to buy it . Again, from wikipedia: "In finance, intrinsic value refers to the value of a company, stock, currency or product determined through fundamental analysis without reference to its market value." [https://en.wikipedia.org/wiki/Intrinsic_value_(finance)] Commodity futures contracts are backed by specific goods (oil, cattle, corn, etc.). Stocks are backed by their issuing company (i.e., their assets). Currencies have value because they are backed by the economies and wealth of the nation that issue them. If the money supply/currency for a particular country remains fixed, its currency appreciates against other currencies when its economy does well, and it depreciates when it does poorly. The dollar is valuable because it represents a country with a strong economy. The value of a country's currency is, of course, more complicated than this, but this at least shows how other currencies have something to back them. The problem with bitcoin is that it doesn't have anything tangible to use to determine what it should be worth. And while the concept of bitcoin is that it's supposed to be used as a currency, I think that most of the price action is due to using it as an asset to make money, not as a currency to pay for goods and services. |
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I am in it for the long haul.If it gets down to 1K I wont be happy but I will hold strong with a firm belief in what this currency will do. If it goes below 1K I will be especially unhappy but will still hold. I will sink with the ship on this bet.
If we get to a point where price is several times what you bought it for, I would recommend selling at least enough to cover your initial investment. That way, no matter what price does, you will be able to relax a lot more, knowing that you can't lose money, even if it goes to zero. That can be very freeing, helping you keep your emotions in check during the times when price falls, and thus helping you to make rational decisions, as I mentioned in my first post. |
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I am in it for the long haul.If it gets down to 1K I wont be happy but I will hold strong with a firm belief in what this currency will do. If it goes below 1K I will be especially unhappy but will still hold.
Sounds like you have your plan. I wish you the best in staying your course. Hopefully we won't go much lower. What I found especially interesting is that he said more and more people that are buying from him are completely unfamiliar with the tech behind it. To me that is a huge indication that a lot more people are adopting BTC as the future. To me that means wide spread adoption is underway which of course means much higher prices.
This is indeed good to know. It shows how many people are interested in trying to make some quick money. As for alt currencies I have mainly invested only in ones that have a real company and have a track record. I threw the dice at a few cheap ones as well. I believe my list has about 25 alt coins I am interested in after researching all the top picks I could find. I got 16K coins of Doge for like $12, why not ? Many had dropped 50-75% so I am hoping I bought near the bottom. Only $500 total in alt coins right now. I am up about $40 since I bought all my picks a few days ago. Well aware I could lose it all.
It sounds like you're doing your research, so that's good. Looking for the ones that have good backing and have had their price beaten down is a good strategy--means they're running a good sale. I also got some DOGE today as it's getting down to where it was before the big runup the last several months. |
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It's actually surprising that there's still a huge number of people that fell for these FUDs. I don't why they don't understand that if they panic sell they help lower the price more. I guess thanks to them other people could buy at lower prices and help the price increase.
For Chinese bitcoin holders, this was a big deal. If there were serious rumors that you might not be able to trade in your cryptos for your local currency anymore, wouldn't you be concerned? Additionally, there were a lot of technicals that were pointing to a significant pullback after we made it up to around $5k. The news out of China gave traders a reason to sell. Now the official news came like .Bitcoin was now level in China. In a week back.Some had said, China had stopped trading with bitcoin. After that the price of bitcoin is also reduce below 4000$.But after accepted, the bitcoin price again start to reach the maximum value. I.e greater then 4000$. Yes, this was a classic "sell the rumor, buy the news" reaction. Because financial markets try to predict the future, you see this type of trade (as well as the opposite--"buy the rumor, sell the news") a lot, not just in bitcoin, but in all other markets, too. In this case, traders/investors were speculating that a China ban might hurt the price of bitcoin. By the time China came out with an official announcement about it, price had fallen so far that the negative news was already "baked into the price." The result was a relief rally, and probably a short-covering rally, as well. |
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I just don't understand why people consider Bitcoin to be a bubble.
Although Bitcoin has no intrinsic value, but don't forget Bitcoin is disrupting a huge market that is of traditional currencies by making it online and decentralized along with many other benefits that Bitcoin bring with itself and its value will increase with increase in utility. Utility might not be much at the moment, but potential is high. Bitcoin is not mere a currency that is driven by speculation, but is giving us a whole new form of monetary system.
One other thing: financial markets, including those of cryptocurrencies, are always forward-looking. They're always trying to predict what the future value of the asset will be. You are correct that bitcoin's potential is high, and that's part of what's driving the price up into what I think is bubble territory, as I said before. Eventually--even if it takes years and years--price and reality will meet in one of two forms. Either reality catches up to price (i.e., price stays strong as the intrinsic value of bitcoin increases), or price catches up to reality (i.e., price crashes big time). |
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it is possible for it to receive bans... but I don't think it will ever be stopped. And morally it is not even right to ban it. How can you ban people from agreeing of using anything as money? That's how money begun to exist anyway.
Since when has morality stopped governments from doing things they shouldn't? There's a difference between trying to keep people from assigning value to something and trying to keep people from using something as an actual currency. The former is impossible--you can always trade one thing for another. But the latter is generally within the jurisdiction of governments--i.e., they can ban you from using something as a currency. Labeling something as a currency usually isn't trivial, and there can be consequences to letting anyone declare anything they want to be a currency. There need to be laws and regulations surrounding what a country uses for money, otherwise you could have economic chaos and all kinds of other problems like rampant fraud and other financial crimes. |
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I just don't understand why people consider Bitcoin to be a bubble.
Although Bitcoin has no intrinsic value, but don't forget Bitcoin is disrupting a huge market that is of traditional currencies by making it online and decentralized along with many other benefits that Bitcoin bring with itself and its value will increase with increase in utility. Utility might not be much at the moment, but potential is high. Bitcoin is not mere a currency that is driven by speculation, but is giving us a whole new form of monetary system.
I think you nailed the answer to your own question. From wikipedia: "An economic bubble or asset bubble ... is trade in an asset at a price or price range that strongly exceeds the asset's intrinsic value." [https://en.wikipedia.org/wiki/Economic_bubble] If bitcoin has little or no intrinsic value, then certainly a price in the thousands of dollars per coin is trading in a range that strongly exceeds its intrinsic value. One of the big problems we have is that there is indeed no good way of determining what a bitcoin should be worth. All of it is speculation. Some transactions are carried out for non-investing purposes, and bitcoin needs to be worth something for that to work, so I think it's worth more than $0. But couldn't all of those transactions still work fine if bitcoin were $2000? Or $1000? Or less? It's really hard to know how much, but I think there is a huge investor premium on bitcoin right now. If all of the speculators disappeared, price would plummet. Now, that doesn't mean that bitcoin won't become a mainstream currency in the future, and it doesn't mean that bitcoin's price can't go much higher. But I do think it's likely we're in a bubble...I just have no idea how big it is. |
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You just found out the hard way that people in crypto can be absolute snakes. Same is true on this forum.
As to your question: Don't buy at $4200. You can find a better deal if you're patient, and you absolutely should be patient. Don't be a panic buyer, else you'll regret it. Sign up on an exchange if you're able to and buy it that way. Or check the currency exchange section here. You're a noob but you might find someone willing to deal with you.
I also recommend using an exchange if you can--obviously use a reputable one. You'll probably get a better price. And while this hopefully will never happen, if for some reason you should need to get out of your position quickly, you'll have the ability to do that. It's always good to have options and be prepared for anything that might go wrong. |
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You may also want to consider selling just enough bitcoin to cover your initial investment (or maybe just a little more than that so that you know that you've banked a little profit). That way, no matter what happens, you know you're not going to lose money. That kind of peace of mind can help a lot with making more rational decisions about how you treat the rest of your investment.
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I think you need to decide how you're going to approach bitcoin and stick with it. If you're looking at it as a long-term investment, then you shouldn't worry so much about exactly where you buy it. And I would suggest buying in incrementally so that you can get more at a lower price if it drops. If it continues to go up, then keep buying some on the pullbacks.
Whatever you decide to do, make sure that you really are ok with losing whatever you invest. You don't want to lose sleep over your investment if price drops. You need to be comfortable with whatever you buy so that you can make rational decisions in times of market panic and market euphoria. Otherwise, you'll be tempted to follow the rest of the market into those traps.
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It can drop even under $2000  We can only wait and watching We wait and see. But I don't want to see bitcoin price below $2000 again. The price right now is better and it is enough for me than to $2000 bitcoin price. I am hoping that bitcoin price really recover its price. Bitcoin is really recovering back from its worse times as most of the Chinese traders shift to Japan and south korea. This will surely make the price move forward and never let the price back to $2000 range. I'm divided on where price is going right now. It's important to keep in mind that every time bitcoin has rallied to new highs that were a factor of several over the previous highs (i..e, rallies to ~$32, ~$250, ~$1100), we eventually experienced a crash of at least 75%. Will this time be different? It's hard to say. It wouldn't surprise me if we fall below $3k again soon. But since that dip was very much news-related, and the news is now out about China banning bitcoin, we may simply recover from here. Of course if worse news comes out, or is rumored, we may see another leg lower. |
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I think you need to decide on how you're going to view your bitcoin. If you bought some just to try to make some money off of it, then maybe sell at least part of it and pay down/off your mortgage. As others have said, the peace of mind is worth it. On the other hand, if you're looking at your bitcoin as a longer term investment that you believe will be worth a lot more in the future, then treat it as such and leave it alone for now.
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I think it's important to consider that graph both in the short term and in the long term. I think we have been in a short-term bubble, which is not as bad as it was a few weeks ago. But this is normal for bitcoin. BTC was in a bubble when it first hit ~$30 and then crashed. It was in another when it hit ~$250 and then crashed; same with the first time it hit ~$1k and then crashed. This is just another short-term bubble cycle. Long term, I think it's harder to say where we are on that graph, but I think we still have a lot of potential growth left. When institutional investors start investing in bitcoin en masse, I think that's when we'll hit that "New paradigm" peak.
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Actually at the moment I am wondering on what has changed.
Are there any new developements during the past two days that I am not aware of?
Or is the recent increase just a consequence because we had no bad news, and bitcoin follows the upwards trend it had before the rumors?
Just short-covering. People went short last week on the China news, and now they are closing out those trades by buying back lower. But if everyone does this at the same time, you get a surge of buying that pushes up the price. I'm sure that short-covering/buying back in was part of it. I also think that a lot of people were waiting for $3k, which was being thrown around a lot as a pullback bottom prediction. But I think the bounce was also because of an end to the uncertainty about whether or not China was going to ban bitcoin. Financial markets generally hate uncertainty, sometimes more than they hate negative news. |
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