That's a pretty decent article, Fakhoury.


One thing that I find interesting about the 4th point is that the assertion is that the price went up because there was a lack of liquidity on exchanges, so a low number of buyers were able to push the price up.


That's a bunch of bullshit as an explanation, even though it is technically true; however, the actual practice is that bitcoin's are much easier to move than fiat.  Accordingly, if people wanted to move their bitcoins to the exchanges to sell them for a "higher" price, then of course they could easily accomplish such in an hour. 

The fact of the matter seems to be that either bears are running out of coins, and/or regular folks are not wanting to sell at these prices when they see the prices continuing to go up.

Anyhow, it is a bit of a laughable and misleading explanation, even though it does give some insight regarding what happened over this past weekend.. and which seems likely to continue... at least at this point, unless we start to see an increasing number of folks wanting to sell coins (either bearwhales or regular folks), yet it seems that there continues to be upward price pressures, which could change at any moment, but for now, upwards is still looking good.

Actually, I can relate a little bit to your desire for rest.  Last night was the worst for me because I was awoken twice by my bitcoin alarm, and I tried to just take intermediate and quick measures in response to the upwards price movement (first to $706 and second to $720), which were kind of half-assed measures and sleepy.

Maybe some day, when we are rolling more in profits, we will be able to sit back and say, "I remember when bitcoin was very volatile, and I was struggling to accumulate and to get my BTC holdings in the black.. ... blah blah blah.  Those were the days."      

It is interesting to see the value of my portfolio change so quickly in recent weeks, when it had been stagnant for an extended period.. well at least moving negative a lot prior to August 2015. 

In September 2015, I was nearly 60% in the red.  Then in late May 2016, just a few weeks ago, I was floating around the break even point, and now my portfolio is a bit over 50% in the black.

Honey badger doesn't care....


     

Desperate bears and shills are looking for any opportunity that they can find to get folks to sell on the way down and to create more down.  good luck with that, we remain in a very good place with a decent amount of UP potential.

What is the reason that you want to wait until the exact top? 

If you are nervous, shed a bit.  You don't have to go 100% one way or another.. just shed 10% or 50% or whatever other amount may be comfortable for your situation.

You are crazy if you believe some kind of pie in the sky utopia for bitcoin...

Of course, as market cap increases, the extremities of the highs and lows in the volatility are going to be less... and less

But bitcoin remains a bit of a baby in terms of market cap..   In the upper $600s bitcoin is under $11billion market cap.   In this respect, Bitcoin prices are very likely to continue to overshoot like it has done in the passed, so even though you may expect it to stop at $2,500, it will go to some amount that is likely overvalued in terms of support for that price, and then it will come crashing down.. probably even further than it should.. but we will again suffer with valleys and under appreciation of the asset, and there may even be a few scandals here and there.. stealing and FUCD spreading and possibly even some actual technical glitches... including potential governmental complications, too.

I certainly don't know any kind of exact future for bitcoin, but I do understand that you cannot wish away volatility, and the non-volatile scenario you describe likely has a less than 1% chance of occurring, that is if we reach those price levels, which is another if.

Well, the bull market started in August 2015, but probably we did not know it until about December after we had some corrective attempts... then such bull market was stalled by various FUCD spreading attempts.

It's not clear that it is going to take until September to experience an upsurge to $2500 or higher.

We have to see how this plays out in the $600 to $700 territory.

Actually, when we broke through $500, I thought that we would get to mid-$600s more quickly, but it kind of took its time
and then kind of only got a bit out of control over the past weekend from $580 to $725.  O.k... this price range could be reigned in, but if we get well into the $800s on this run, then it could well transform into an exponential growth to $3k to $5k within the 1 to 4 weeks... or some other variant that is much sooner than September.

I doubt that anyone really knows for sure, even some of the big-ass whales, and accordingly, we have to really see how this plays out, and whether we are going to have a price battle in the $600s and $700s or if there remain fewer sellers than buys, which will cause BBBBBAAAAAMMM!!!   

The logic above is nearly total nonsense.


The current price movement is not merely in respect to havening, but a variety of factors including bitcoin's development and clearing up of various FUCD spreading matters in the community with the realization that much of the FUCD spreading was nonsense.  Furthermore Bitcoin's price had been successfully repressed for nearly a year, so there was a need to return prices upwards, and this is the return of those prices.

Regarding the havening, you are suggesting that havening is a bearish event with some kind of implied logic that miners are going to have less incentive to mine, and this kind of logic is frequently passed around loudly and forcefully, as if the  more you repeat a lie it will become true.... In fact the havening is bullish, and it plays out over time rather than being a pump event, as you are stupidly asserting in your post.

I resemble that statement!!!!!!!!!!!


 

How can you be "in the hole" ?

 Did you sell low and then buy high?

That's a good one..  rightly opposite of Wyllie coyote

Exactly:   They were saying, "who's gonna pay $10 for internet play money?"  

By now, we know better.        

Quoted for posterity...



Never say never.

I'm not a technical person, so in some ways I rely upon the technical assertions of other people, and their various descriptions regarding bitcoin's security.

Accordingly, I am mostly referring to the hashing power, and the decentralized power of all of the computers that are securing bitcoin.  Also, my understanding is that there have been various unsuccessful attacks at the bitcoin's blockchain over the years, and none have been successful and additional security measures have been taken, too.

 So, in essence, I am relying on the technical claims that bitcoin is way too secure for its present value and the logical inferences that bitcoin computing infrastructure could fairly easily support a 30x or more increase in the secured value, and we could still rest assured that our coins would be safe.

We cannot really use Huobi or any of the other chinese exchanges (such as O.k. coin or BTCChina) as indicators regarding what is really going on, no?   I have my issues with Bitfinex too, but they seem to have been a bit more moderate in recent times, yet they also seem to be inclined towards exaggerated market performance, possibly due to some of the leveraged tradings (hopefully they are not employing fractional reserves, but you never know about that with any of these exchanges).

Wow!!!!!!


You seem to have been really brainwashed by this various alternative crypto promotion schemes. 

Yeah, many of those alternative cryptos have a lot of hype, but they are really lacking in meaningful substance that bitcoin has to offer, and that is immutable decentralization... hello?   None of the others really have that, even though they try to act like they do.  Don't be deceived.

There is some possibility that some cryptos will share some of the crypto market cap, maybe even up to 30%, but there is no real reason to believe, at this point that any of them or a combination will be exceeding that sharing of the space until they can demonstrate fundamentally that they are able to provide anywhere near the decentralized immutability that bitcoin currently offers built in.

yeah... you will be laughing your ass off when BTC prices implode from $4k to $1.8k.. It's gonna be quite the riot when BTC loses more than half of its value in such implosion, and sad for us that you will be laughing your ass off over our misfortunes.   

It would be helpful to know the time-period for this... In 2016?  by 2017? 

I don't really have any major quibbles with your projection, except it seems a bit more bullish than my thinking... and maybe that is why I am not really fighting any of it.  Accordingly, I am in agreement that we could have a couple of 10x increases from this price point (or at least from the $360 to $460 price range), but there could be some fairly significant price corrections along the way, too, no?, so would the built in correction that is quite likely be part of the next top that you are suggesting? or are you suggesting that BTC prices are going to that $5k to $49k price point on this particular run (without any lengthy or meaningful price corrections)?

That could be correct regarding this thing seeming to move a bit quicker than it is going to be able to support...   Though going up to $800 or near $800 in this particular run may be good and then hovering between $600-ish and $800 for several weeks, could also be a good thing?

 I'm not sure whether we are quite ready for $3k to $5k, in this run, yet.  It seems that Bitcoin, the security technology, is ready for that price and probably could even support coins at $20k or more, but I am doubting whether we are either psychologically ready for $3k to $5k or if there would be a broad enough mass support in place or enough user-friendliness for much of the basic entry-level use cases at that price. 

Whether we go to $3k to $5k now in this run or in the next price upsurge that could likely occur within the next several months, either way, we are likely going to experiencing some correction after the point of getting into the $3k to $5k territory, into the mid-to-lower $1,000s... that's my current thinking, as I am watching this intensifying price action over the past several weeks.

I think that you are correct that there is a lot of that going on in the bitcoin space.. and really, there is a bit of human nature in the practice of investing heavily (and maybe even tending to want to invest too much) into something in which you are very bullish about its future performance..

Sure, inadequate protecting of oneself and one's investment pertaining to possible downsides seems to be common in all areas, and accordingly it is unfair to characterize all bitcoiners to be like that... because there is probably a pretty decent percentage of bitcoiners (possibly 25% or more) who are fairly moderate in their approach and attempt to take adequate and meaningful measures to protect themselves regarding both the upside and downside.