When you forced into slavery by your government (worse, sent off to die) you tend to be sad. |
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I'll give you guys here a sneak peek into the future of seasteading because the people here understand the implications of it. Excellent video with some behind the curtain looks into what will be revealed in the next couple of months. https://www.youtube.com/watch?v=UVAicGsF4DA |
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That chart is bullshit, in my 10+ years of trading experience and I have never seen a market behave like that.  Bitcoin has done that exact thing several times already. It's like a broken record with this thing. The only thing that matters is that the "mean" is upward moving over time. Something the dollar and fiat currencies do not do. |
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They will blame the falling price on many short term things (China, Dimon, x, y or z).
The simple truth is that a bunch of people saw the price skyrocketing and wanted to make a quick buck. Whether they did or not, people will not be rushing in to lose a quick buck if they see the price going down over the course of several weeks. So less cash coming in and those that just wanted some quick money will be jumping ship.
It happened with the jump to $32, $266, $1200 and now $4970. The price was rising as it needed to...but the quick money folks exacerbated it a bit and pushed the price higher than it needed to go.
It's all good. The correction is healthy. However you invested is fine. Just don't believe whatever they blame it on.
And just look at the highs I mentioned...notice which direction those are going?
As high as the price is and knowing there is likely going to be a correction, when my friends ask me if they should buy bitcoins I just say...it depends on if you want to at least double your money by 2020.
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So BTC distribution problem might not be as bad as it seems. For what it's worth.
also 1. At least the top 1% holders were brave early adopters that took great risk and therefore should be rewarded 2. At least the top 1% holders can't just whip up more btc like the Fed and indirectly hand it to themselves 3. The masses will always find themselves at the bottom of wealth distribution because they can't invest and hodl (long term vision vs. short term). The masses are focused on borrow and spend mentality. 4. Bitcoin shares and distributes the wealth WAAAAYYY more than something like a company IPO People going from average amount of money to a millionaire are more likely to sell off a good chunk of their bitcoins when they become millionaires. No dude making $50k holding 10,000 bitcoins is going to just keep holding those bitcoins when the price hits $100. He'll sell a large amount. Even though today he would be a lot richer. He may keep some, but I think there will be a lot of wealthy early adopters but not so much a dozen or so super-wealthy early adopters like in the oil industry or computer industry. |
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I tend to see the role of bitcoin in the future as a reference value, not so much a transaction currency or something that will completely displace fiat currency.
Ironically enough, we were looking into creating a cryptocurrency for our seastead and one proposed solution to the high volatility that would come with a new currency with no market was to use bitcoin as a reserve currency. |
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Last video game I played was Ms Pacman. (Although it was only a few weeks ago.) That pill-popping hussy ruined my childhood. Don't talk about my girlfriend like that.  She was my best friend in High School. I had some good friends that were D&D characters, but they kept getting killed off. itnet  Lol https://en.wikipedia.org/wiki/BITNETd&d? >.> https://en.wikipedia.org/wiki/MUDDamn, MUD, BBS, Usenet, 2.4K baud modem, some of us are revealing our age here.  I created my own MUD. The Four Lands. Strangely enough it's still running. Run by the person I handed it off to. ISCABBS for me  |
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I was thinking phone apps.
I would never keep more than a few hundreds $ in crypto on a smartphone. My favorite option is encrypted volumes and files on linux only. Phones look like some security hazard walking. Yep, I use it mainly for spending. Throw a few hundred $ worth on there and throughout the week use it. Refill as needed. Like a regular wallet in your pocket. |
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Elwar a question out of curiosity: why don't you consider Mycelium, Electrum, Bitcoin Core etc. as good short term solutions?
I would not suggest to use blockchain.info as a hot wallet.
They are too...I was thinking phone apps. Electrum is probably best as far as security goes. I only include blockchain.info because of my frustration with breadwallet not allowing you to set your transaction fee. Though I don't use it personally. I used Mycelium but did not like it as a phone app. |
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I agree with Schift on the problem, I don't entirely agree with him on the solution. Gold would need to be digitized in order to be useful in today's economy.
The way I see it:
Long term storage of value (10-50 years): gold
Modern long term storage of value (5-10 years): Bitcoin cold storage (cryptosteel, redundant backups, safe deposit box, etc)
Medium term storage of value (<1-5 years): Bitcoin cold storage (paper wallet, trezor, etc.)
Short to medium term storage of value/spending: hot wallet (breadwallet, blockchain.info for monthly spending, etc.)
Sadly enough, less and less people agree with Schiff on the problem when that is the whole point of Bitcoin.
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...If I have a 1 oz gold or silver coin on my table, I can walk down the street and trade it to someone else for goods or services with no middlemen or 3rd party extortion involved.
You would be better off trying to trade a candy bar for goods or services. https://www.youtube.com/watch?v=h1zF3ZCirhA |
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We have lived through that 4 year cycle a few times already
A few times already when Bitcoin is only 8 years old? Is my sarcasm meter on the blink or are you just trolling the bears? Well...a few being 2  I sat through my $10k investment at $17 (right after the $32 bubble) went down to $2 over the course of 2 years. I sat through the $1200 bubble that came down over the course of 2 years to $180. There could certainly be some correlation between the halving and the price rise. Inflation gets cut in half and we have price discovery to find the new value. Overshooting only leads to a downward price pattern which in turn takes all of these new "get rich quick, FOMO" people that buy bitcoins just because they see dollar signs and makes them run away scared as the price is going down. And after a year of dropping price nobody wants to invest in something losing value ("It could go to 0!"). So it tends to drop below the value due to that type of speculation. I don't see as big of a drop this time as the last two times though since this "bubble" was rather weak. I think the price will mainly be down in the $2k range, maybe dip under $1k on some FUD briefly before starting a new climb to heights that nobody but McCafee would predict. You have to admit, zooming out to the 2 year chart the pattern looks all too familiar. |
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In all honesty, even though I already put in my guess, I predict the next ATH will not be until 2020  I fear another 2 year bitcoin hibernation period before much more amazing prices. We have lived through that 4 year cycle a few times already, I have little doubt it won't happen again. I'm still holding though. But this time I will not have a job when it hits the 2 year low to buy all of those cheap coins. |
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ATH guess 01/02/2018
Where are you from though? In the uk I'd read that as 1st Feb 2018. US would read that as Jan 2nd. All of the responses have been in non-US standard. |
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This seems like the lamest Bitcoin bubble yet.
Are we still on our way to 'return to "normal"' or do we begin the 'fear' stage?
If this is the end of the cycle then it was pretty tame and they are getting more and more tame each time. The 'return to mean' phase would put us solidly over $2k which is still fine by me. But it may dip just under $1k before turning around.
Or we're following the short term TA charts and we'll bounce off of $3k or so.
Two things that may play the biggest role are the Chinese closings and the possible ETFs this month.
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Nice to have the bear trolls back. It hasn't been the same without them. Not sure why they all left about 4 months ago...
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Calling the 30 day low at $2940.
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e.g. Monero.
Took you a while but you finally got around to your shitcoin investment. |
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Hey guys, I'm an investor but I missed the biggest investment in the last decade so let me tell you why that investment is wrong....
And also...blockchain is the next big thing! Don't miss out.
some people are just hilarious
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let alone the sheer amount of electricity needed for buying a coffee.
Are you talking about the sheer amount of electricity it takes to secure dollars in banks and credit cards along with all of the offices, money trucks, printing presses, legislators, wars, etc? A lot wasted for people to use their Amex. |
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