I thought bitconnect was going to kick off tbh.
Kick off as in become successful? That's impossible with how insanely high their offered returns were. Most platforms offering interest for your liquidity barely top a few % while BitConnect went over that with many orders of magnitude. No business can ever sustain that without a continuous income flow. If people were a bit more cautious about what they do with their coins, they by now would be a whole lot wealthier, and that just by hodling. It's a simple but extremely effective way to increase your wealth. People that lost due to BitConnect will take more risk with other investments in order to recover from their losses. People's problem is that they believe in the next time to be different because they learned from their mistake. In reality only a few learned and stop with this garbage, the rest will keep making the same mistakes over and over again.
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I think we are going straight to 4.8k, but I'm still not sure if I should buy or not. I still think we will reach the 3000's area before August.
It doesn't hurt to spread buys. I am done buying for this month, unless it dips below $6000 in a worthy enough manner. The few % differences aren't that important for me since I will hodl them for a very long time. If it ever goes below the $4000 mark I am sure to allocate a significant amount of my free to invest capital to buy Bitcoin in the most effective way. At that point it's all or nothing for me. It's serious business.
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One thing, if you want to be a hodler, don't look at the price every day That. I no longer bother to check the price. All my 'price updates' happen when I browse through news sites. In other words, if I don't browse through news sites I won't even know what the price is. The price doesn't even matter when I buy my monthly or bi-weekly Bitcoins with a fixed amount of money as part of my accumulation process. Dollar cost averaging will make sure I end up doing well anyway. I can somewhat understand why people get upset about the price going lower, but there is no need to exaggerate the situation. The current range of $6000-$7000 is obvious and pretty firm. The market will only panic when we dip below the $6000 mark.
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Hope last year's growth picks up again and moves on the right track reaching minimum $35k in December 2018 as expected.
Don't hope for something that has no remote backing as to why it should reach such levels this year. If there is no fundamental bullish development stimulating growth, we will not break out of current phase. I don't even mind seeing the market end the year close to the $10,000 mark. It's actually a great price and should go up further in 2019 as we by that time are yet again closer to the block halving. I expect most of the fireworks to be based on lightning network deployment and the block halving. Institutions entering the market is an additional factor, but I don't want to put too much focus on that yet.
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Or people get their credit card charged but don't receive the coins
I even read stories where people complained about their credit card to be charged twice, which if true is a horrible event but it may also have been incompetence from the financial service behind the cards. I am glad that till this day I haven't had one single problem with Coinbase, but that with a high probability comes from me not dealing with fiat. All problems are related to fiat one way or another. Coinbase was a great help at time the network was clogged up badly, but currently has less use for me due to the much lower network fees. We'll see where everything leads to, but Coinbase will remain unharmed.
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No one would have thought back in 2009 that one day bitcoin could be a multi billion dollar market and each bitcoin could worth more than $6k. So this is the same incident or situation today that no one is believing that bitcoin could one day worth $250k but the entrepreneurs are believing this and that's why they are building the future on bitcoin and blockchain.
I am still watching old videos where the claims were that at some point Bitcoin could be worth tens of thousands of dollars up to a million, and look what we have achieved. Past believers are the new elite. I too think that we are still in the same situation and that there is way more upwards growth to realize in the coming years. After a few years we will look back and blame ourselves for not buying more at current prices. I was quietly accumulating last year till the bull run literally demolished my buying patterns. The price kept going up without stopping. I am happy to accumulate again during a calm market.
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Today we are positive but yesterday we were talking hopelessly as we know that yesterday the price was 6.4k dollar and today the price increased to 6.8k dollar so this is a good increase at this stage.
That's normal. It's how get rich quick noobs have always been. The sentiment within this community and even globally, fluctuates simultaneously with the price of Bitcoin. The price is moving within a 10% range for some time now, and I honestly think it's not worth focusing on. Let it fall to $6500 and jump back up to $6800. If you're not a trader these prices differences have no value to you. I check the price once or twice a day, but not intentionally. I read through news sites and they happen to quote the latest exchange rates. If that wasn't the case, I wouldn't know the price. If I'm not trading, buying, spending, the price isn't important.
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I think it's just incompetence.
They probably hired a few new guys that were supposed to boost their operations, but it seems to work against them. This can't be coming from the existing order that was running BitPay smoothly for years straight.
I am sure that there is quite some share holder fighting in the background due to how BitPay is messing up big time. If you have 2 ideologically different camps to deal with, things will go wrong.
It's a damn shame since people are heavily relying on BitPay as largest entity in this space. Imagine how many people ended up paying with PayPal or credit cards just because BitPay is half broken.
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We don’t know exactly how many are lost because many are lost when the owner dies and no one knows about the Bitcoins.
I'm quite sure that we're pretty close to seeing banks offer vault services for crypto enthusiasts and investors. In this case you contractually make clear that you want this or that to happen with your coins when you are gone. Times are changing. This market no longer consists of cyber punks, but average people trusting their bank more than anything else. Their fiat and precious metals are stored in banks already, so why not crypto too? I personally will never allow anyone to have control over my coins, it just doesn't feel right. For the first ever time I can digitally hold what I own myself. I'm proud of this and will continue to be so.
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This is extremely irritating as bitcoin was starting to pump towards the $7000 mark but now because of this the recovery is delayed again.
Just open your eyes and see how the market actually performs, we weren't pumping towards $7000 at all. It's just the usual whale manipulation that bounces the price up and down these days, not the regular people. Most of the regular people are either hodling their expensive coins or are waiting for the market to keep dropping. $6000-$7000 is an accumulation range for the more knowledge individuals. Regular people always need to see a continuous increase in order to pull the trigger. The higher the price pumps the more confident they become and the more likely it will be for them to finally start buying. We're not at that stage yet.
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While I do think that bitcoin is going to increase further in the long run, I don't agree with many of the things that these people like Tom Lee and John McAfee say.
All these barking dogs are a plague and don't do anything other than trying to be right for their own benefit. McAfee blatantly denied that he made a $78,000 prediction to happen this year. He claimed it wasn't him but someone else while there are videos on YouTube providing evidence that it was actually him. No one gives a shit and he will continue doing what he's good at, which is being a clown. McAfee is really the type of person that at some point can become the next Roger Ver. It all depends on what will make him the most money. Now it's Bitcoin, but I think he's a ticking time bomb.
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I have seen him brag about his past gains and now there is nothing left for him to brag about. Multiple crypto hedge funds have imploded this year, so they are one of the few lucky ones to still operate, but for how long.
People need to realize that we, if rational and have basic market understanding, can do a better job than all these hedge funds not doing anything other than gambling with people's capital.
I sincerely hope that people weren't trapped in based on how optimistic this hedge fund approached a market that was bound to correct. If so, I can definitely see people open legal cases, which happened before.
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Binance seems to serve its users in the best possible way, and that on all grounds.
Binance is one of the main reasons other exchanges are losing market share because of how traders will always follow the highest volumes and the most liquid coin pairs, and Binance exels here. It's actually quite fascinating how Binance has managed to floor more than half the market in such a short period of time. Out of nothing it popped up and started dominating the market with iron fist. The only downside to this is that it is heavily centralizing the exchange market. One blow of Binance will shake up the entire market. It's quite a scary thought, but thus far they did it right.
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People need to accept that the sentiment has changed significantly and the demand as result of that is no longer what it was last year. The futures are an easy aspect to point at, but let's not forget the demand.
People were more willing to hold their coins through for a longer while, and these coins are now floating around in the market waiting to be eaten by stronger hands. The only question is at what price that will happen.
There doesn't always need to be a reason for the price to bottom. First it was China, then South Korea, then social media ad bans, then regulations, then Tether, and now the futures.
The consistent search for reasons will never stop.
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I'm fine with today's market. I am only doing long term planning and the best way to buy the average of the market is to dollar cost average every month with a fixed amount of money.
It's near impossible to lose that way. I am not in for the quick profits but look to build up wealth in a slower but more steady manner. It requires a lot patience, but it's definitely worth it.
People chasing quick profits mostly end up losing everything quickly. Some times people need to realize that the risks don't always outweigh the potential profits. Crypto is serious business, not a joke.
The sooner people realize that losing isn't fun the sooner they will stop with all that altcoin nonsense.
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OP, that is all my expectation and am currently buying more bitcoin and ethereum since there value are very cheap now as compared to when they were around $8,000 and above.
If you think their value is cheap why don't you start buying up some of both coins? Current prices are okay for the cycle that we move in. It's not expensive and not cheap at the same time. You can't compare hype prices with how things are right now. The hype demand is no longer present and for that reason the +$10,000 levels aren't sustainable and remain a very difficult target during this entire year. Long term accumulation is what people should be focusing on or patiently hodl till the next hype cycle. People are happy and active during hypes but are completely lost when the market is calm.
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Supply and demand resetting itself back to normal market circumstances. We still have managed to secure a great deal of adoption in 2017 to where we are right now. The price might have gone down, but more adoption is still here.
I don't see anything unfair about current market. I would even say that higher levels are not justified and don't mirror what we have gone through. Maybe in 2019 we will get back to these levels, but definitely not now.
I find it somewhat amusing how the mainstream media constantly tries to link increases and decreases with certain events, while we don't need anything to increase or decrease. It's an open market not depending on reports.
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People, the more mature their crypto habits become, the more they will start appreciating Bitcoin for its solidity. Altcoins come and go and there is literally nothing providing any certainty of which coin will manage to remain relevant and which won't. Bitcoin is always a safe bet, and wealthy players like safe bets. I cringe every time I see people call Bitcoin boring. Bitcoin is boring but it dominates the entire crypto space when it comes to pointing out the direction. Bitcoin stagnant means the whole crypto space is stagnant. If altcoins were providing anything of value and people actually cared about them individually, they would move on their own. People only sit in altcoins because they know that when Bitcoin goes up 1%, altcoins go up 2-3%.
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The number of transactions which can be handled per second used to be a problem, but that is no longer the case with blocks not being full.
Unfortunately, people will keep blaming Bitcoin for being expensive just because of how a group of miners initiated their most powerful spam attack to date. Doing 100 things right is worthless when 1 thing goes wrong. Just like the $20,000 mark of last year. It was an extremely short lived peak, but we have to sit through this nonsense for probably a year or so. People's stupidity is reaching low after low. And yes, currently transaction fees are peanuts and stimulate a stable currency experience. Most transactions will be confirmed by the first next or second block. Block times have also come down. It's under 10 minutes now.
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You can make like 90% losing trades and still come off profitable in the end simply because with just one profitable trade you can cancel out a dozen of losing ones, and with a vengeance.
That highly depends on how people prefer to trade. If you trade in a way that 1 trade can undo 10 losing trades, you are not aiming at consistent gains per trade, but just hope to ride the market for a longer while and profit more. If that works for you personally, that's great, but not every trader wants to follow that system. Consistency (as far as possible) is more important in my opinion. I wouldn't feel comfortable waiting for something that might not happen. Securing profits when your minimum target has been met is just easier overall. There is no need to waste more time on a trade than needed.
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