Bitcoin is climbing back again after the big December dip and it seems that people who almost got nervous breakdown when they read that Bitcoin was crashing are now smiling happily again. As just another traditional move for Bitcoin, we have been to a great rollercoaster ride for the holidays. I am sure this is one of the many ways that Bitcoin is telling us that it is very resilient despite of all the problems it has been carrying on for a long time -- the clogs and the high transaction cost -- and that we should be looking for a better and much prosperous 2018. Are you happy that Bitcoin seems to be back on the game -- again? This is the part of the stages called Return to "normal": Indeed, we all are happy that bitcoin is rising in the rank and gaining its value. It will make more membership and all others will join bitcoin. It is a matter of real happiness that those who invested in bitcoin will get back the desired rate of return on their investment. You really have no idea how to understand a graph do you? |
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Bitcoin is climbing back again after the big December dip and it seems that people who almost got nervous breakdown when they read that Bitcoin was crashing are now smiling happily again. As just another traditional move for Bitcoin, we have been to a great rollercoaster ride for the holidays. I am sure this is one of the many ways that Bitcoin is telling us that it is very resilient despite of all the problems it has been carrying on for a long time -- the clogs and the high transaction cost -- and that we should be looking for a better and much prosperous 2018. Are you happy that Bitcoin seems to be back on the game -- again? This is the part of the stages called Return to "normal":  |
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Additionally, the descriptions of "New Paradigm" and "Denial" in the recent times leading to where we are now also fits the Bitcoin community extremely well
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As long as bitcoin is used as transferring of account from one user to another, for me it is currency. The difference is, bitcoin is digital currency and it is reliable, timeless transaction and you can remit globally.
I just don't know why Mr. Warren hates bitcoin and some of the people are not trusting bitcoin.
By your definition then Pokemon trading cards are also a currency |
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Well, the growth of crypto is a slap to the face of everyone who said that it is a scam, a bubble, a fraud, etc. Maybe they ate their pride and now investing on it. Lol. Crypto currencies still has more to prove in the near future. More power to crypto world and more positive news to come for it!
Your comment - and many with it the last few days in here - clearly shows that we are now in the part of the development called Return to "normal" as per the graph below. This is the Bull Trap before the endgame |
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The current rally in Bitcoin after Christmas has been called a return to normal. Looking at the standard graph from Hofstra University of bubbles, Bitcoin is indeed in the "Return to normal" stage. Look for yourself and compare the standard bubble development with the actual Bitcoin development:  |
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because we have not seen a technology like this, right now big companies are employing the blockchain technology this is a real wonder and the biggest discovery or technology after the internet like the internet, people wants to be the first to have access to that.
You are literally saying that the demand - and therefor high price - is driven by people wanting to be first. That means that when it is no longer something new, the demand will also disappear because there is no value in being "first" anymore |
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In the future, most people will store their bitcoins at some sort of bank to keep them safe. like what they do now.
The only difference, the bank can't use your bitcoins for loans or create more, because no one controls the supply of bitcoin unlike the dollar.
If that is the case, then this bank would charge you a monthly fee - which is the same as negative interest rates. |
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Some True Bitcoin Facts:
The founder of Bitcoin is someone known as “Satoshi Nakamoto”. No one knows who he is, what his real name is, or where he lives. As of 2017, he owns up to 1 million bitcoins, which have an estimated value of $15.6 billion.
The maximum number of bitcoins is fixed at 21 million, which will be reached by 2140.
Bitcoin is owned by no one. It just relies on its users. Just like the internet.
No middlemen or banks are involved in Bitcoin trading.
Bitcoins are made via Bitcoin mining, a software process that relies on math problem - solving.
And how is that relevant to the points I was making? |
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the biggest wonder of bitcoin which has always baffled me so much is that it has people like you heavily invested in talking about it every day.
and if you believed 1/1000ths of what you are saying you would have stayed as far away from bitcoin as humanly possibly!
So you are saying that if I see a burning building I should just run away instead of warn people to get out? Is that what you would do? |
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There are many wonders of Bitcoin:
- High transaction fees
- Long transaction times
- Extremely high volatility
- You lose everything if you lose your passwords
- You lose everything of you are not a master of cybersecurity
Apparently people believe a product with such wonderful features will gain main adoption
Compare this with credit cards and banks:
- Low to medium transaction fees
- Medium to Fast transaction times (as an example you can buy a cup of coffee instantly and without being ruined by fees)
- Very low currency volatility
- You can get a new pincode or access code form you bank if you lose it
- You can block your credit card and get a new one from your bank if it is stolen
Yes - it is clear why Bitcoin is so much better than the existing system.......or something.....
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I'd say it's more than reasonable to expect that an unprecedented rate of growth would be followed by an unprecedented correction. You're forgetting that some of the growth we've seen in the past month was also "never seen before". Wish I could have called the top better but I bought back at 11k. The fundamentals are trash right now with the fees and slow speed I'll admit but I think it's easy to underestimate just how retarded a person can be.
Actually it is not reasonable at all. In a market with investors who know that they are doing, it is very unusual for the price to overshoot this much and then see such a massive correction. The logical conclusion is that a large number of Bitcoin "investors" have absolutely no clue what they are doing. It is the good old rule that when your local taxi driver starts to give you investment advice it is time to pull out, as the market price is now controlled purely by dumb money |
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it's way too soon to criticise bitcoin as a currency. The technology is in it's infancy, nobody should expect it to be fully functional and perfect in 2017.
problems will appear and improvements will be made, just the same as any other new technology
and whoever has had to receive a SWIFT bank transfer knows that the quality of this service is so shitty, the bar is set very low. bitcoin just needs to be slightly less shitty in order to become the best currency available
When people are now paying more than 100$ for a transfer of course you should expect perfect functionality and service !! But clearly there is a HUGE gape between the price and the service in Bitcoin now |
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I believe it went from $100 to $2 once ... that would be a 5000% drop
A 100% drop means you go to zero. Clearly you have no idea of mathematics. But seems pretty symptomatic of the level of understanding many so-called Bitoin "investors" in here have..... |
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I don't really agree to your assumption that bitcoin never went such a dump in short time. According to this chart, there was a massive dump of 72% in 2010 and the last dump in November was also 30% in 4 days. There is nothing new in this dump. Yeah, the fall in USD must be quite high, but percentage wise it is just another dump.
All the large dumps you show took place over much longer timescales. Price now dropped to below 11000 this time, so your calculation for the current drop is fake news - you have manipulated it |
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Add some bad news to the equation and it all seems much more understandable.
I agree with that - but it does not change the simple fact that what we have seen in the last 4 does is not normal. We have never seen anything like that in Bitcoin before. That is just pure mathematics. |
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In less than 100 hours the price dropped from 19.700$ to 10.890$. That is a 45% drop.
There has never been a drop like this in such short time in the full history of Bitcoin.
Ever.
"volatility is normal in crypto" I hear many say. But not like what we see today. We have never ever seen anything like this.
Erm, yes there has, we saw it earlier this year at least once already or are you that short minded or too lazy to look in to the past? The same thing happened when China shut down exchanges and blocked ICOs. No it hasn't - you are simply factually wrong. The largest drops we have seen this year are: In September from 4950 down to 3226. This is "only" a 35% drop. And that drop took 13 days. In June from 3018 down to 1938. This is "only" a 36% drop. And that drop took 35 days. The drop right now is 45% in less than 4 days. It is amazing to see the so-called "investors" in here only react on emotion and anecdotes, but not be able to do simple mathematics |
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Its crypto, anything can happend in matter of second.
No, this is plain wrong. That is why mathematics is your friend. You can calculate what is normal. You can calculate what has happened before. What we have seen in the past 100 hours is something we have never seen before. That is fact. |
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Never seen before? you clearly do not understand how the market works.
Are you drunk? It is simple mathematics. 19700 to 10890 comes to 45%. What part of that is it that you do not understand? |
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a few _days_ ago it gre by 1000$ in some 2 minutes. 120 seconds. Is it _really_ unseen territory?
Also, I recall a 50-some% drop smetime in 2011... guess most people don't go that far back?
Oh, not to mention the collapse in 2013?
Nope. 1000$ drop a few days was not that much in % because the price was high. Previous crashes had the effects of Mt.Gox being the largest impact. Price dropped 36% over 2 months, and then for a total of 80% over some 6-8 months. But note the timescale here - months. Never this sharp a drop this fast. |
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