Check that link below and see what's happening right now: http://fiatleak.com/China is buying BTC faster than usual. On a normal day they average 10 BTC fiat buys/minute. That's pretty wild to watch! Agreed. Thanks for the cool site! Still at about 40 BTC per minute. |
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I'm not really scared of this low price, but I am scared that Bitcoin XT will be implemented and my coins will become unusable or worthless.
Should I be worried? Any high level programmers here worried about the same thing?
From what I've gathered, if you aren't running a node, your coins will be safe regardless of what happens (both pre- and post-fork coins). If you are running a node on Core, and bitcoin XT prevails, you'll have to switch to not lose them. |
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How do you set up automatic buys on coinbase? Say, for example, if I want to automatically purchase X amount of coins if the price touches $200?
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Someone help me fully understand this...I get that for XT to be implemented and Core forced to switch over, we must have 75% XT nodes by January 11, 2016, and it must remain above 75% for 2 weeks. If this fails to happen, will XT nodes be forced to switch back to Core, or will we indefinitely have both Core and XT nodes?
Quick ELI5:Running XT at this time is equivalent with running Core. It's the same network, and the same Bitcoins. At some point in the future, if 75% mining majority is reached (but not before January 2016), the network will split whenever a miner creates a block larger than 1MB. This will not be accepted by Core unless they adopt a large blocks patch, but will be accepted by XT, and at this point there will effectively be two chains. Running XT means that you will always be on the largest (75%+) chain, regardless of whether the fork actually happens or not. Running Core means that you will be left behind if a 75% majority is reached. Regardless of which version you run, coins will be safe (on both chains) as long as you acquired them prior to the fork, and for some time the chains will largely mirror each other. So if I'm not running a node, my coins purchased pre- and post-fork (if the fork happens) will all be safe? |
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the market reacted right and is currently waiting to see what's going to happen with the percentage of xt nodes. i do think we'll test the $200 level again.
At what point exactly Randy? At 25% XT nodes? 50%? Just curious. |
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People should be buying whole bitcoins at this point...only a matter of time until very few will be able to afford to buy an entire bitcoin at once.
I was told the same thing when the price was > $1000, went all-in  Rule #1 of trading, take everything with a grain (or two) of salt. Sorry to hear that though. You shouldn't have listened to those people...you bought at the top of a bull run. This is different. I'm sorry to hear that though. However, if you're still HODLING those coins you haven't lost and will recoup the money eventually my friend. |
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Gotcha. Ok that's what I was thinking but wasn't fully sure. Thanks guys  . |
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So if conditions aren't met we'll have both Core and XT nodes?
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Someone help me fully understand this...I get that for XT to be implemented and Core forced to switch over, we must have 75% XT nodes by January 11, 2016, and it must remain above 75% for 2 weeks. If this fails to happen, will XT nodes be forced to switch back to Core, or will we indefinitely have both Core and XT nodes?
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Not scaring me at all. We are still well over the 160 bottom in January 2015. We had huge resistance at 200 this time and are only down a net of 15 bucks after flash crashing from 250.
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People should be buying whole bitcoins at this point...only a matter of time until very few will be able to afford to buy an entire bitcoin at once.
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You seem pretty experienced and I enjoyed reading your post and like your rationale. I hope you're right too man. So you don't think we'll dip below 200 because of the XT controversy? I bought at 222 recently...tried for 205 but the price was rebounding so quickly that it shot up to 222 by the time I could confirm my buy.
Thanks man--There is definite method to a market's madness if you know what you are looking for. I think $210-225 has been an attractive price for some time, so this creates a demand floor. Of course I don't know where the bottom is--a good trader will play the probabilities but change position on a dime if need be. Some bears are convinced that this entire bubble from $20 will eventually unravel but I think people like Bitcoin too much for that to happen Since last night I noticed some whale traders on Finex are slowly buying back in to not put the price up too much. Long futures contracts are also being accumulated and making higher lows since yesterday. And there's a lot of buy activity on Bitstamp where you generally see more public buying/selling (due to their large European customer base and lack of advanced trading features--it's a pretty basic exchange in that regard). I agree man...when the price dips below 220 and gets close to 200 I can't help but buy a chunk. I think a lot of people are the same way and that's why when we dip below 200 or even approach it the price boomerangs back up by about 30 bucks. What are the signals of a market bottom aside from a flash crash, super high volume, and then a boomerang in price? Just curious . |
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Nothing to worry about here guys...these are just growing pains.
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Just accumulate while people panic sell and talk about single digits or something
they only make things cheaper for you
Exactly. Nothing like getting rich at the expense of others  . One should be very careful while buying because "accumulate when others are panic selling" is correct only you should be a discipline buyer. You shouldn't just jump and buy all at one time because we do not know the bottom yet. If it goes to 100 level then you will loose lot of money so buy progressively to gain more profits. As of now, do not know how long it will be down just wait and see So where in the cycle do you buy? For the prudent investor it is not during a bull market. Instead he watches for the market to bottom out and give evidence of accumulation. There are technical ways to predict bottoms but they are not well known, (and TA gets dismissed as voodoo around here anyway  ) That leaves the average investor in a conundrum. Buy now or wait for lower prices that are not guaranteed? Obviously during the past down cycle waiting would have been prudent, but what if the price had gone into a new bubble May/June 2014? It totally could have but it didn't. What if Gox hadn't failed? Everyone who waited would be stuck buying back at higher prices. The longer we stay in this range with $200-$220 as a bottom the less chance we will go below. This is because of the effect supply absorption has on the market--it prevents it from making new lows and quality absorption causes higher lows and declining trade volume--the market eventually becomes dull as selling and trading grind to a halt. Because of this activity I see on the charts, I'm a buyer at $225 every time. If you were waiting for sub $200, that was your chance. With these buying opportunities comes low sentiment (which is why everyone wants to wait for lower prices that won't come) and they tend to last for days rather than weeks with the opportunity for really cheap coins (at the apex of the crash) lasting for minutes or hours. That is where the biggest traders build positions, during the big sell climaxes, but it is hidden to the public who are distracted with scary red bars. "But we could slide lower due to the XT drama!" you say. That is not necessarily true. The Finex cascade ran so many stops and caused so much panic selling that if those traders and holders come to their senses and want back in, they must buy back, and do so in a market that has been stripped of sellers. The longer the market sits steady at this price, the more price will edge higher as this happens. You seem pretty experienced and I enjoyed reading your post and like your rationale. I hope you're right too man. So you don't think we'll dip below 200 because of the XT controversy? I bought at 222 recently...tried for 205 but the price was rebounding so quickly that it shot up to 222 by the time I could confirm my buy. |
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Just accumulate while people panic sell and talk about single digits or something
they only make things cheaper for you
Exactly. Nothing like getting rich at the expense of others . One should be very careful while buying because "accumulate when others are panic selling" is correct only you should be a discipline buyer. You shouldn't just jump and buy all at one time because we do not know the bottom yet. If it goes to 100 level then you will loose lot of money so buy progressively to gain more profits. As of now, do not know how long it will be down just wait and see I totally agree mate. I buy on a consistent regular basis but I also buy small handfuls when the price crashes a bit (like it just did). And I always leave plenty of fiat left over incase the price should crash to say $100 . I seriously doubt that will happen, but anything is possible. Once the XT drama is over and we're approaching the halving, no one has ANY excuse to whine about not getting a chance to buy enough coins. We've been in the 200's for almost a year. You can only blame yourself if you aren't and/or haven't been accumulating all year.
Also, to the panickers and people spreading fud, look at bitcoinrichlist.com. Do you see any of these big dawgs selling? No. I rest my case. There's a winner and a loser in every game. Once you sell you've lost.
Are people still complaining about not being able to buy any? I think if you haven't bought in yet a fall in price will just scare most people off. I think bitcoin price could go even lower given all the panic and confusion over the forking so if you were going to buy in maybe wait a bit. Oh they will because they're selling so they'll become that much more bitter when the price rises. Look at kwukduck. Sold all his coins at 10 bucks back in the day. |
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Actually I've been involved since 2013, starting visiting these forums in early 2014, but never joined until 2015. Actually, it's worked out pretty well so far I must say.
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Still a good indicator though. Doesn't hurt to keep an eye on it. |
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Just accumulate while people panic sell and talk about single digits or something
they only make things cheaper for you
Exactly. Nothing like getting rich at the expense of others . |
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Once the XT drama is over and we're approaching the halving, no one has ANY excuse to whine about not getting a chance to buy enough coins. We've been in the 200's for almost a year. You can only blame yourself if you aren't and/or haven't been accumulating all year.
Also, to the panickers and people spreading fud, look at bitcoinrichlist.com. Do you see any of these big dawgs selling? No. I rest my case. There's a winner and a loser in every game. Once you sell you've lost.
I would give up trying to wary people on the fact we are on the unique opportunity to buy cheap as hell Bitcoin once again for a very long time. If you haven't been hustling BTC during all of this year an continue to do so as long as buying 1 BTC monthly is a possibility, I really really dont know what you are doing with your life. Honestly, I'm not sure what the hell you said or were trying to say. Might want to pick up an English grammar book . |
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Once the XT drama is over and we're approaching the halving, no one has ANY excuse to whine about not getting a chance to buy enough coins. We've been in the 200's for almost a year. You can only blame yourself if you aren't and/or haven't been accumulating all year.
Also, to the panickers and people spreading fud, look at bitcoinrichlist.com. Do you see any of these big dawgs selling? No. I rest my case. There's a winner and a loser in every game. Once you sell you've lost.
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