I've got to invest very few of my real life money into crypto as I've had a 9 to 9 job before and I used to invest a very small part when BTC was affordable to buy (when it was sub $1k). I didn't use credit card ever even if the site promised that they won't save any of my data (not even my name) as I used to remain conscious all the time. I had a group of traders over Telegram and Whatsapp with whom I kept in touch with, to trade BTC (whether buy or sell). Remaining investments were all that I got through my signature earnings since 2017 as I was not able to manage a lot in the salary I used to get through my real life job.

Well, I believe you're mixing 2 things here:

Spending is, and will remain limited and is actually needed because without it, none would sell and if nobody sells, how will people who are willing to buy it, would actually be able to purchase it at their purchase price?

Ah yeah, things you're mixing here are trading for money and trading for Bitcoins.

How?

Trading for money has many different phases, where few of them are mentioned below:

- One is the phase where the app you described helps people to trade their Bitcoins to pay to merchants and merchants receive fiat (or a state issued centralized cryptocurrency). Another one is when you pay Bitcoins which they display based on market price (fluctuating values in BTC) and they receive the coins only instead of fiat, but it's still trading considering that you're getting back the good/s and/or service/s against your payment.


Whilst trading for Bitcoin is something different:

- When you buy/sell BTC online and pay/get fiat, it is a bit different if compared to trading for money.

- It is a considerable fact that you get to see a lot of fluctuations in the price and that's because trading for money (as mentioned in type 1) is lesser if compared in numbers against trading for Bitcoins because people love to make more Bitcoins through trading over exchanges (be it for altcoins or through fiat) and another type is margin (leveraged) trading. Trust me, price of Bitcoins is being set by those big traders who are setting the trends and its adoption will also bring some greed in people to hodl their BTC and earn more fiat while its value grows.

Or is this ^experiment^ limited to just 1 single entity?
Or you didn't check the thread like last time?

The dip had a reason, see this:
https://bitcointalk.org/index.php?topic=5144162.msg51100331#msg51100331

Binance was the one which tasted the effects of that dump till $7k only and the other ones maybe less maybe more. But the dump took place at just one exchange - Bitstamp and it was so big it took BTC down to $6.2k

I do believe we're in for a correction here, maybe today or maybe a week later but we're definitely going to see a correction. I can't and won't predict any numbers here but I believe it'll be huge so that some of us gain the advantage of buying BTC back at cheap rates again.

I won't go long in this post, keep it short and simple to make it easily understandable to any average trader here:

Summary:

BTC was stable at $6.5k a few months ago and then it suddenly dumped to $3.1k we called as a serious correction there. Nobody actually understood the theory behind and just started off moaning like they lost this and that. Come on, it's trading and there are 95 to lose for those 5 who make it. After this, BTC started back showing some greens nowadays (which already took it over 2x) as there are a lot of great news and technical signs going hand-in-hand. But the current dump showed that bears can still take control any time as they know that with leverage, they can make much more with lesser price of BTC than going for long.

Conclusion:

To what I've noticed so far, BTC is still amidst the play between the bulls and bears but looks relatively bearish over bullish, so I guess that even if it's not a bull trap, there's still much room for BTC to get back down for some time before it actually explodes to some unbelievable levels (some which we already touched and the next ones will be above ATH). People will get one last chance to get that cheap BTC and I suggest that if you didn't buy BTC when it was playing between $3 - 4k range, it's better to stay away and wait for the correct entry point than buying it for such a expensive price tag currently.

First of all, it wasn't exactly $7100 but $6200 over Bitstamp by a single whale claimed by a trader who said he already had such information of this incoming dump by his internal sources.

Source: https://dailyhodl.com/2019/05/17/huge-whale-sparks-major-bitcoin-btc-crash-says-crypto-trader-plus-ripple-and-xrp-ethereum-stellar-tron-cardano/

A pump cannot be carried by a single whale, but a dump can.

Reasons? See this:

- There were a lot of Shorts even when $4500 was on the table as bears were still looking to take control back from the bulls, but the exchanges were suffering losses which made it them want and escalate this unusual bull run for obvious reasons of their financial benefits. It was shot above $8000 in just a few days which made shorts lose their positions as well as a lot of money in those leveraged trades.

- This created an environment where it all looked surprising to everyone as how did the bull run start so quickly and all of these traders started following the trend which made them "BELIEVE" that BTC has now turned completely bullish and it can't turn back. Then comes the whale (I probably believe he's a bearish minded trader currently or tried to recover his losses through selling a massive amount of BTC in a single shot to drag down BTC to $6200 at a single exchange). According to the article, this made other traders try to figure out how to buy BTC over Bitstamp and make the best of this advantageous opportunity by doing arbitrage over other exchanges. So, to stop them from benefitting through this, other traders over different exchanges followed Bitstamp pattern and threw the price to $7k which could have made really handsome bucks to that whale if (and he probably have had) he had leverage trades open with high leverage towards down. Else, just give me one reason as to why someone would just dump an asset over a single exchange when he could have sold them in parts over different exchanges?

A question came in my mind that with the current fee storm that's taking down everyone's morale not to use BTC for smaller amounts as the fee would get so high (even much more higher than the transaction amount itself) and if possible, we may even see the fee values get above $100 once again for even least amount transactions, here I'd like to ask you whether you would buy a coffee worth $1 - 2 (and more as it differs country to country as well as cafe to cafe) when you currently need to pay the exact amount in fee (like $1 or more to get assured confirmations)?

Too many threads with fee related issues are popping up nowadays which shows that most of these guys are unaware of where to check the best fee and get their transactions confirmed at an assured rate.

Check https://jochen-hoenicke.de/queue/#0,24h
Based on their charts, fees ranging between 40 - 80 SATs/byte looks fine to get your transaction confirmed (at the time of writing).

Check https://bitcoinfees.earn.com/
The same range is seen to get accepted in most of the blocks and get transactions confirmed earlier than either lower fees.

The current problems with transaction fees are us only, because the "people" are paying higher so it's obvious that wherever one group of people with a very large userbase goes, then the same applies to us and we can't even boycott these people because they are too big.

Check https://bitcoinfees.info/
This one gives you an average in USD for much better understanding over how much fee can get you in the next 1, 3 and 6 blocks.

I gave all this info just in case anyone visits your thread, they may see my message and if I save even a single person from getting stuck in a transaction, I'll think that I did job much better.

But none of the said values are near to get accepted anyway sooner as every big firm has started to pay even 100 SATs and more per byte to get immediate confirmations which is making the network get clogged at lower fee levels. This was usual just the way it happened before there was a $20k pump. Let's see to where this stops and how many days more this guy's transaction will take to confirm. I'm not really liking the way why people are getting dragged by the fees and not able to set a cap so as to stop this fee abuse.

0.576 SATs/byte? Seriously dude?
Weren't you watching all of us talking about the latest fee hikes going on (even before the beginning of this unproved bull run)?
It's already said 100 times to check https://bitcoinfees.earn.com/
(Don't go for the recommended fee as they will show you very big numbers per byte, but see which is the least one that's getting accepted and then go for that fee level).
0 - 1 SATs/byte fee levels don't really look suitable when these unusual pumps are taking place every now and then. Don't go for any paid accelerators and just wait as the fee would cost you n times the amount you sent in your transaction.

Hey, can I give it a try and see if I'm eligible here? 🤔
If yes, no need to ask my BTC address as you can find it there in my profile. But beware, if it's for trust building, I'm not interested.

Not just limiting it to pyramid quotes (but thanks for the proper word there).
I mean, I want people to understand the exact use of quoting here.

Why should quotes be used then?
When an important discussion is being done and you want to debate on that, you can quote the author's content and start discussing, but it's better to use ~snip~ for longer responses by them. One most important thing here if you want to keep the whole quote of a person is - QUOTED FOR REFERENCE (FUTURE). This is the purpose quotes serve here. If you believe that the important "said" thing can / maybe / will be edited by author and that change may be to prove themselves innocent in case they show up guilty in future for any of the related deeds to that quoted content, then that quote will work like a charm.



I don't think there's anything bad in quoting anyone's content or images (except if the data is confidential like someone's real life profile or even publishing anything personal about an entity without their consent, and in case of images, if the image is a copyrighted one, then you'll surely get into a big problem here my dear).

You mean as you've said:

The OP should be edited to reflect this advice.

And then, when someone copies the whole statement and adds up something without quoting it:

The OP should be edited to reflect this advice and make everyone understand the rules in a much better way.

This is also considered as plagiarism (I made it clear to those who just copy - paste such contents of other users without their permission and as well, they don't even wrote but add up bullshit with what's already said by someone before).

Even unnecessary quotes (making stairs of spam without adding anything constructive and meaningful to the discussion) can also lead you to ban, so just learn from everyone's experiences and watch out, because you're under the radar and being watched as well. So, my best advice would be to ignore any such mistakes that could lead you towards a ban (maybe a permaban when it's about plagiarism).

It's actually a good thing if you try and show the source of the content you're using to put here. Come on, what's making you ashamed of it when it's not your content afterwards? When we speak about quality here, we talk about a person's own ability and eligibility to write something that had not been created/published elsewhere which shows that the said person has got his own genuine ideas with which he/she is contributing by telling us something interesting that we didn't know before.

I guess that none of these users that come here - read the rules at first, and then cry later. If that's the case, the banhammers will continue to do their work and ban appeals will pop up as usual.

My tips to save yourself from plagiarism:

- Don't steal anybody's content. You've got your brains, use it to make a meaningful sentence. If you don't know English, learn. If you can't even do that, you don't need to post here (or simply, no need to be here as when you can't even discuss anything on your own then why are you here? Just see and learn, find your questions).

- Use quotes and use author's name in the first quote (be it from Bitcointalk - automatically shows up once we click "quote" OR somewhere else you've taken the content from). It's better to use archive and then just paste that thing here. The best thing would be to just share the work through links and don't just copy only (and if done, just paste the exact thing here with the source link).

@theymos,
Can I ask you something?
When I gave my first tip here, I just saw something and thought to ask you about the same. Isn't it possible for you to raise immediate warnings to new users when they ask the same questions like what is Bitcoin? What is confirmation? etc. etc.

Because this boosts a lot of spam as many users who've already answered it for at least 100 times, use that thread and start talking bullshit to create one more megaspam thread.

It actually depends upon two types of mindsets -
1st is yours where you're watching the value of BTC as well as earnings in fiat that come in a Legendary member's pockets.
2nd is ours. Where most of these Legendaries are trying to accumulate BTC, others work for BTC fully leaving their day-to-day 9-to-5 jobs as they know they can earn much better here and spend higher. It also depends upon the quality of a Legendary member whether he has the ability to beat others' quality and remain in the campaign by meeting its standards or not, some post a lot and reach the maximum (or even more when there is no maximum like Stake campaign) where some post least due to having the freedom to post any amount of posts with no burden of minimum posts (like the campaign I'm a part of - Chipmixer).

No mate, it's not the same case this time as I believe that whatever we expect from crypto markets, it does always opposite of the same and when big players already know that there's not much steam left in the altcoins' trading game and all the money is being shifted to margin trading for much better returns, this time it'll prove to be a lot more different than before. I don't say that alts may die completely, but the way many of then were overvalued, it's time for them to see the real action by the whales who will put innocent people into traps again (the way they had been doing so far) and then throw those alts into graveyard by making their values go least in USD and BTC alone will rule.

I'm also not saying that they might drop to ground zero immediately, but I see no future of alts that are actually worthless and have nothing productive in their existence whereas I still believe that alts like ETH and EOS have reasons to stay die to the smart contracts and many good tokens using their blockchain and as well, both these projects are good as well after upgrades.

---

Really? Any proof? Where the shit did you find that?
It's true that alts gained a lot during the bull run, but BTC also did a 3x compared to whatever the 10% you're talking about.



I don't think that they're offloading but trying to gain more at lower values to cut off their losses to least levels. BTC alone can't pay them off, but what if alts give a surprise with a comeback at least once? That would be a twin-win situation for those who filled their bags with the alts they follow.



The only point I kinda agree with.

https://ethereumworldnews.com/crypto-vcs-bitcoin-nears-100000-2021-altcoins-die-off/amp/

Watched this.
Heisenberg Capital, led by Max Keiser and Stacy Herbert, two of the most early cryptocurrency adopters, gave a statement that BTC will probably outperform in the near term and will end the whole game for alts as the whole capital is currently being fetched out of alts and being put in BTC only to make it realize its true value. They believe that 2018 was all a comeback for Bitcoin to claw back the market share out of altcoins.

I've been watching and I'm seeing each and every of their word to be getting proven true as all the alts are just declining and people are trying to steal the only giant cryptocurrency - Bitcoins by only playing the leveraged trading games going on over Futures platforms and exchanges like Bitmex. The volume for each alt is declining to their all time lows while BTC has started showing greater possibilities of breaking its all time record highs once again.

Please share your thoughts on this and tell me what do you think.

@Everyone,
Thanks for the comments, really helpful there.
I've edited and changed the title as well as a few things that were needed to be changed and some added.

---

What I don't really get here is, can't Electrum do something and emphasize on a process to verify such servers before even allowing those servers to work if we choose to Auto Connect in any version of Electrum? Isn't such vulnerability a crispy slap on their face that their software isn't even handled by them (for lower versions) and many already fell for this 4.0 and many other phishing issues going on nowadays. Come on, Bitcoin core and mycelium are also softwares but I never heard any such issues with them. I love Electrum and want to stick with it forever, but not at the cost of losing all my savings and money that I decide to keep there.

I had version 3.3.2 till today and as I opened my Electrum wallet today only, while trying to send a transaction I noticed some arbitrary messages like "Your version is old and to broadcast your transaction, you need to upgrade your Electrum to V4.0

Visit https://electrum.mx* to download the software or click this link xxxxxxxxxxxxxv40.exe"

*WARNING BY ME: Do not click the link as I've mentioned it here just for information purposes, it may have malware that may harm/steal your data and also, please don't download anything from there.

This shows that version 3.3.2 and below are all vulnerable to phishing attacks as you can see a warning over Electrum website too. Just so you see that warning, no need to worry. You just click the "X" (close) button on the top right of that dialog box that appears.

After that, just visit https://electrum.org (Electrum's official website) and go to "Download" and download their official latest version 3.3.4
A better suggestion would be to just verify even at their official website before downloading anything, that would help.

Never, ever download from any websites / apps or even Electrum itself except their official website. Be safe.

Credits to all those who helped me and made me realize my mistakes, I've corrected them in this edit. Thanks.