once again the market proved that $6000 is here to stay and it is strong. it was an interesting day actually! price has been constantly testing the strength of this buy support and each time it was pushed down it bounced right back up. it is starting to look pretty funny and i do believe that some whales are trying too hard to push bitcoin below this level.

so far they have been failing. how much longer they are going to keep at it though?

every single sentence here proves that you do not know what bitcoin is. you are just too caught up in the price and have been excited about it that you forgot to check out what is this thing called "bitcoin" that you got involved in!

i suggest that you start by educating yourself a little more. read the bitcoin paper. start watching some of the Andreas Antonopoulos' videos , you can read his book mastering bitcoin. and you will no longer think this way. here is a link: https://antonopoulos.com/

maybe you need to check the "numbers and figures" again because you are quite wrong. people had "trust" in bitcoin already and were backing it up already, nothing has changed in that regard. and bitcoin price has not changed at all either. it is still fluctuating as always.

what has changed however is that altcoins are getting dumped. and as their prices go down hard, they lose market cap so the total also goes down and this  "dominance" being bitcoin MC/total MC is now increasing.

so we went from Bitmain is evil and Jihan Wu is the devil to Bitmain should come save the price for us because we are bag holding. is that it?

it is a free market and this is a decentralized and free to use currency, so you can not tell who and how uses it. there will be day traders and there will be holders at the same time.
these swings are mostly because of the small size of the market combined with the fact that bitcoin investors are too excitable in my opinion. they jump on smallest of news!

each bitcoin drop triggers something in the whole market. it acts as the fuse to light up the already excited altcoin market and that leads to big dumps that we have been seeing these days. the altcoins are currently going back down to their real prices and we may not see this market stabilized until they lose the fake prices that they have gained in the year 2017.
if you want a reason then you have to go back between 8 to 20 months and see the altcoin pumps that were happening then. that is the reason why we are seeing the drops right now.

i honestly don't understand what you mean by the train of words before this part!
about this i have to say as far as i can tell nothing happened yesterday! the "refuse" that you are talking about happened a while ago and we had the drop by then. the drop that took place yesterday was a different thing possibly because of some manipulation and panic sell which was resolves just as fast.

that is what happens when a bubble bursts. a lot of money exits and the prices come down. and in case of this market that is filled with thousands of billions of coins a small drop wipes out a huge market capitalization from the whole market just as a small pump pushes it upwards.

this is a classic altcoin dumping season that has been going on for a couple of months now. it is nothing to talk about really since it is not new. it happens almost every year.

first thing you need to understand is that a cryptocurrency like bitcoin is just a currency. it is not a savior come to rescue the poor or return the balance or make them rich or whatever. it just is a tool that exists so that we can have the "option" of having a decentralized money that nobody can censor.

bitcoin is for all, but that doesn't mean it should make you a millionaire just because you know about it! you still have to work hard to earn money bitcoin.

this is not necessary at all. i think this way of thinking is only because bitcoin is new and different that what we are used to. but if you think about it when you go to a restaurant and pay with credit card for instance, the manager doesn't make you wait a month or so for the transaction to finalize. no, they let you go and maybe in a couple of hours or in a day the transaction was reversed and the restaurant loses money because the credit card you used was stolen one but that is the risk that a restaurant owner takes.
so why do we insist on having a different way of things for bitcoin?

no the problem has nothing to do with being new. it is a more fundamental problem with the person! there are people who are new to the market but they know a lot more than i do. the problem is that OP doesn't WANT TO understand. someone who calls bitcoin pump and dump doesn't know the first thing about the market.

i am sure that this has been one of the biggest challenges that bitcoin had to face this year. the challenge of money exiting the altcoin market and doing it mostly through bitcoin back to fiat. i still remember the Bancor hack where they were panic selling ETH because that and a couple of other altcoins and tokens were the coins stolen and bitcoin price fell down afterwards.

unfortunately those critics who are saying a finite monetary supply can be a poor economic policy, resulting in or exacerbating, economic crashes have ties to banks and their system and want to have control over printing money. which is why they see the alternative as a bad solution and seek to poke holes in it.

saying people are going to be unwilling to spend it because it is appreciating is assuming that bitcoin price will rise till eternity which is obviously wrong. there is a cap for everything even for bitcoin price. it won't continue to grow forever and it won't always give 100%-2000% profit per year. we will eventually reach a more balanced market when the mass adoption hits or at least reach a level where the adoption growth is not enough to increase the price that much. and by then we will see a better stability in price.


i disagree.
when a coin has no cap (or maximum number) then you are introducing another extremity to that coin. and the arguments that were made here about people being unwilling to spend it and the coin not being capable of fulfilling what society needs as one of the quotes in the article says becomes true. because a coin with no cap will always continue to go down in value. and nobody is going to even buy a coin that can for instance buy 2 cups of coffee today and 1 cup tomorrow and not even half a cup by the end of the week.

for bitcoin is is neither one of them it is mostly consolidation state and we are currently in an uncertainty state where investors are mostly unsure about what to do. on hand they see the price staying at the bottom and not going any lower than $6k but on the other hand they are bombarded with FUD telling them bitcoin is falling and also the bullshit ETF news that comes at them from all sides.
it will take time but it will be over.

for altcoins we are still in a solid bear market and every recovery that you see is just a dead cat bounce and a bull trap while day traders make money from it.

right now the $6k price is acting as an elastic band thingy which you can only stretch too much before it is  released from your fingers, slips out and hits you in the eye giving you a black up because you played with it too much beyond its elasticity.

and right now we have some people with black eyes because they thought $6k is not strong but in fact it was.
the next 48 hours can determine which way we go if they decide to dump coins on the market and push it down and only if the buy support couldn't but it up, the market may finally grant the newbies wishes for lower prices otherwise say goodbye to it

ok, that's a better explanation. thanks.
although a couple of things i disagree with. you are basically assuming that there is an entity in the market that has full 100% control over the price and the rest of the market is nothing. if that entity decides price should go to X then he will snap his finger and it will go there. well that is unrealistic

as for these "loops" you are talking about, what i see on the chart is very different. what i see is the exact same bottom being tested not a bottom that is going down.
the first "loop" if you want to call it that! started from above $10k and price went down as low as $5900 and jumped back up to above $6k and slowly went up towards $10k again. it broke it but failed to stay there.
the second "loop" ended with $6400 as the bottom and price started rising back up again towards $10k and failed to break and fell down to $5770. that price didn't last long and we jumped back up and now we again tested the lows with $5900 and price is above $6k again

note that there isn't a difference between hitting $6k as bottom and going to $5700 for example when it only lasts 30 minutes. you can not count that as a bottom. the bottom is still $6k and holding strong.

in the end it doesn't matter what you think the "monster" under the bed is doing. the market is all that you need to look at. and as i said, what i see is that $6k is a strong buy support. each time price reaches that level someone dumps about 100BTC to push it lower. so far that dump caused those lower prices and none of them have lasted more than an hour before the market buys back and price jumps back up and your "monster" loses money.

i hope this doesn't happen but i think it will:
i think bitcoin will change and we will end up having higher fees because although we are having scaling but it is not going on with the same speed as the adoption at times and we may end up seeing higher fees again even without spam attacks. and some people would think that is ok as they showed last year with saying "bitcoin is not a currency but a store of value" but it simply can not last because we will either scale to match the demand or lose the demand as it goes elsewhere and those "storing their value" would realize their mistake as their "value" drops.

this is the first time i hear someone use the word "consolidation" in this context! it is either what NeuroticFish said above about inputs or in economical context it means this: https://www.investopedia.com/terms/c/consolidation.asp

it has nothing to do with distribution of bitcoin and there is nothing wrong with the way bitcoin is distributed because it was always fair and transparent. you can not blame someone who has taken a huge risk and invested his time and money in bitcoin so that he can own a bigger amount like 1000. you should blame yourself for hearing about bitcoin years ago and not doing the same.

for example in first days 1000BTC meant you should have ran your computer for 3 hour and 20 minutes at least to find blocks for something that didn't even have real value in the real world and was literary "virtual" money.
the way i see your argument is asking why someone like Hal Finney for example put his time and effort on something that now has a lot of value. and you imply that to be unfair.

a translator is needed to tell us what you are talking about
the delay is the same as postponing the decision! and anything that happened in the market was not because of the delay but because of speculation and short term traders wanting to make profit in the chaos created by FUD.

i don't think it is even possible to say what will people do in the future to be saying "they will never invest in bitcoin" for example. and in this case i believe that it has nothing to do with the volatility and the risk at least it is not the main reason.

when it comes to bitcoin, there is always a lot of misinformation out there. there are lots of people telling others how bad bitcoin is. it has turned into a brainwashing technique! so obviously you can not expect people to show that much enthusiasm towards bitcoin. and that is the main reason why adoption is still below 1%