Just to balance out the bullishness and just to add a little bit of reality: while there's literally no reason for us to not believe that bitcoin would go back up, let's not forget that past performance may not be indicative of future results. There are zero guarantees when it comes to investments.
And yes, I'm a huge bitcoin bull.
This forum, or any other Bitcoin community is not a good place to get trading advice, because it will always be the same "buy and hodl, never sale, wait for some arbitrary huge price, etc.". Few people want to admit the possibility of a bear market, it's always "just a dip". It's easy to say these things when you got into BTC years ago and will never be in red ever again, but those who joined this market recently can be in a very bad spot, they could be one big candle away from turning unrealized profit into unrealized loss. Some were probably not ready to a possibility of losings tens of percents in a few days. Selling now is an option that some holders should carefully consider now, there's nothing wrong with that. It's not an objectively bad decision.
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- Supporting Decentralized platforms: people should think seriously about it.
If it's a platform like BISQ where people use credit cards and bank wires, then liquidity would be so small, because each trade would take hours or days to settle and fees would be a few percents per transaction in many cases. And crypto-to-crypto platforms suffer from high fees in case of Ethereum or centralization in case of BSC.
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You know that stablecoins are centralized and can be frozen and seized by those who control them? This means that BUSD and Tether are out of the question, because when your gambling site will gain enough volume, someone will notice it and your wallets could get frozen.
DAI and other algorithmic stablecoins is the only option, although you should research if they are fully immutable or also have "backdoors".
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I think the China FUD is going to be the biggest reason for this recent price dump, they have the biggest customer base so banning the services there is definitely going to hurt the market for a short time but the bitcoins will be bought back again in the long run and the prices will recover and continue its climb to another ATH.
China FUD is fundamentally the most irrelevant one, because nothing really happened, China simply reminded that they have banned their financial service from dealing with crypto. They didn't impose any new restrictions. And they did it because Bitcoin was already crashing, and just like before, anytime there's a huge volatility, China reminds their financial services to stay away from crypto.
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Because if Satoshi is Elon Musk or the government then we are all being fooled and BTC may not be what we're hoping for. I'd be extremely disappointed myself and I'd probably sell everything the next minute.
It's actually the opposite, it doesn't truly matter if Bitcoin created by government, or by some group of people with hidden motives or by some mad genius, Bitcoin is open source, it has been studied by thousands of people who are some of the best in their fields, and no one found any backdoors in it, so why worry about motivations behind the creation of Bitcoin?
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Well, a lot of things have triggered the dump - China FUD, Elon FUD, recent US regulation FUD, but those things are not the main reason behind the crash. We've seen similar news having little effect in the past.
What happened is just a speculative market cycle. People were buying BTC because they hoped to see something like the 2017 or 2013 boom, when the price was doubling within months or even weeks. "BTC to $150k, BTC to $300k" - these were the goals. But as you can see from the chart, at around $60,000 range the buying was slowing. So, investors decided that the bull market has lost its momentum and it's better to take profit and wait and see what happens next.
Just like the price goes up because of hopes of higher price, it can also go down because of fear of lower price, so the continued selling just fueled more selling. The news helped this sentiment, but they alone can't be responsible for such a big crash.
IMO the era of huge bull runs is over, because when everyone expects that the market will reach some high point and then crash, it would never reach that point, no one wants to be the bigger fool. This time the price started at $10k and topped at $64,500, the next time the difference between start and top would be even lower - maybe 300-400% or less. This is what maturation looks like.
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So, when Bitcoin was close to ATH, he was spreading FUD and posting dump poorly-researched tweets, but when his BTC position turned red, he's suddenly supports Bitcoins and says he won't sell. So its all fun and games until it hits his bottom line. Perhaps he's even regretting his criticism of Bitcoin now. His next crypto tweets are going to be interesting.
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Bitcoin is just testing its $42,000 support. It's still too early to have a full bullish reversal, the market would go sideways in this very narrow range for a few more days. The recent China FUD might have caused a drop, but it didn't put Bitcoin below the key support level, so it's already a good sign. Recovery will start soon, and we'll have to test the $50k resistance to continue the bull run.
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ETH, XRP and almost any coin in existence did not followed this model and instead sold their coins, this makes it a security and while the SEC has not taken action against all icos they do not have to, they are not going to waste their time with coins that are so small, they will go against the big coins and since many of those coins are centralized then they can easily destroy them if they want.
If all ICOs are securities by definition, SEC should have just banned ICO. Tell all exchanges that operate in the US to delist ICO tokens, prohibit running ICOs in the US, etc. You can't run a small unregistered IPO and not face the consequences, doesn't matter if you raise $1,000 or $1,000,000 - a scam is a scam. So why should ICO get a free pass? The law should be consistent and clear.
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They didn't even do anything, they simply reminded that their financial services are not allowed to deal with cryptocurrency. Absolutely nothing changed. They did it now because of the crash, in their minds they probably think that they are protecting potential investors from losses.
This doesn't affect mining, so there's no reasons to worry about it at all.
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Green energy is projected to become cheaper than fossil fuels in the near future, and it already is in some places, so this problem will literally solve itself sooner or later. And since Bitcoin is contributing to only a tiny fraction of emissions, no action should be taken, because its impact is on the magnitude of the margin of error.
Eco-friendly pools are pointless, a pool is just a server that miners choose to connect to. They can always connect to some other pool.
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This isn't for long, sooner or later the market will tire of it. Also, he's only able to do it because the market is in bull run so it's sensible to the news. When Elon was tweeting about BTC in the past years, it barely flinched. This just shows how much of the price today is based on psychology and speculation rather than strong fundamentals.
Maybe after Dogecoin will crash, which is bound to happen soon, Elon will lose interest in crypto and we will all move on.
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I really doubt that he has sold after he stated that he didn't, got caught lying would be quite bad for his reputation, though it wouldn't be the first time (remember that incident with divers?). However, Tesla might sell in the near future, Elon is a few troll tweets from Bitcoiners away from snapping and actually doing it. In his recent tweets he showed that he thinks that working on PayPal makes his an expert on crypto, just because both are payment systems, lol.
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People aren't just angry that Elon Musk is criticizing Bitcoin, it's the fact that he does so with poor-researched arguments that have been around for years. His latest tweets about Doge's blocksize repeat the same position that was voiced in 2017, and we all can see what happened to BCH and BSV. The climate argument is also nothing new. This isn't even a manipulation, just very erratic and childish behavior.
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Tesla selling BTC would be bullish, because the risk of 1.5 billion dump would be gone.
I think Elon didn't sell BTC yet, because he's afraid to look like a fool when the price would eventually reach 6 figures and he would be remembered as a man who rejected Bitcoin and missed out on profits. It's well-known that he is a narcissist, and making poor technological prediction would hurt his (self)image.
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Bitcoin's energy use is not necessary going to keep growing at a fast rate, after a few more halvings more and more block reward would be coming from fees rather than new coins. Right now Bitcoin's energy consumption strongly depends on Bitcoin's price, in the future it will depend on on-chain transaction volume.
If it will ever be proved that PoS is 100% secure and not worse than PoW in any way, then maybe Bitcoin community will start considering switching to it, but it's still unclear whether it's true or not.
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This is good, after the dump is confirmed, Elon will no longer have power over Bitcoin, at least not on the same magnitude. And Dogecoin is turning into Bcash 2.0, it's the same stupid big block idea resurrected after 4 years, now with a prominent billionaire behind it.
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No way 100% or even 10% or maybe even 1% of Bitcoiners would bother to plant trees or even donate to an organization that does it. Any efforts that rely on volunteering large masses of people, like "all Bitcoin holders" are doomed to fail.
Bitcoin gets attacked for its energy consumption because no one talks about how much emissions Christmal lights create, or air conditioners, or cruise liners, so Bitcoin became a convenient scapegoat for the media.
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There's certainly a big possibility that we are indeed in a bear market already, the price has lost its momentum a long time ago and when a huge momentum disappears, it usually leads to a trend reversal. Forget about Elon Musk now, there could be another next big company that will invest into bitcoin. And this might cover what Elon musk is doing. We might be in a struggle to keep up with that $50k range, but we might see another break out run.
Elon's FUD would probably discourage quite a lot of companies from publicly owning Bitcoin, as tech companies wouldn't want to be labeled as polluters.
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1. Institutional Adoption: One of the big factor for the recent bull of bitcoin is this. Big buyers entered the market and that increased the volume of trade that leading to price increase. What makes the difference is that institutional investors are not dumping because if they are dumping, price would have gone deeper faster after Elon musk tweet but price is beginning to stablize gradually.
Institutions could easily dump Bitcoin if they would feel like the bull market is over. They are pro traders with no emotional attachments to their investments. 2. PayPal and Cryptocurrencies: I remember this was another point that pushed price from $50,000 to the current ATH seating at $64,000. The announcement caused a spike in the market and bitcoin will keep enjoying this collaboration and for more that will come.
There's only so much PayPal can do, and they weren't single-handedly responsible for a $14,000 price increase. 3. Bitcoin Halving Driven Scarcity:Surely too , halving has been historic and such a big factor that will always cause for a new ATH, we all know this.
The next halvening is in 3 years, so there's plenty of time for a bear market for now. 4. Accessibility to the Public:Bitcoin has no restrictions on the quantity to purchase despite the challenges from countries that try to restrict the use but more means like P2P are used. So this is a convenient and decentralised financial system for the public
It has been like that for many years already.
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