I think that they hope to be right eventually. Perma bears like Peter Schiff keep calling for a crash, and while he does know that he will be wrong many many times, he also knows that he will be right eventually because the price will start correcting and crashing at some point. Bitcoin is known to have brutal crashes, and that's exactly what he is waiting for to happen.

Any person covering Bitcoin for years calling Bitcoin dead at current prices is just retarded or purposely trying to scare off noobs. The latter applies to Peter Schiff.

Bitcoin just can't die. It stays alive and kicking even when the price is just a couple of dollars a pop. There will always be an ecosystem around it. Not many people back in 2010 could have imagined to see $7000 per coin. They just used it because it was useful to them. Speculation was mostly irrelevant.

People need to understand that the only metric that matters long term speaking, is the bottom to bottom development. Thus far we have consistently had a higher bottom, so purely based on that, we will not even see $3000 back. Focusing on the peaks is just retarded because that's indicative of extreme fomo and hype. No market has ever sustained prices reached during such cycles.

It took a while for people to finally give up on $100 to ever be reached again, and now we have to wait for people to give up on $1000 to ever be reached again.

I don't even think an implosion of tether can get the price to sink that low. We have had nearly two years to shake off sellers between $20,000 and $3000 and most of them have been shaken off. Wherever we end up bottoming in the forthcoming months, it will be well above the previous bottom.

I doubt many investors are looking forward to anything related to crypto when the prices are tanking, which they have been for a while now. In that regard, I'm pretty sure that they will end up postponing their IPO, but even if they are going through with their plans anyway, there is still the SEC that could just put a stop to it, and that's quite a likely outcome.

Mining is such a competitive industry and depends on too many variables that investors throughout the years have always been better off buying Bitcoin directly.

The volumes were depressing because we were stuck inside a decending triangle where the range within the price moves tightens further and further, and when that happens, the volume suffers a lot. I don't see how that shows a bad image of the crypto market. It's something we see happen in every single market.

People mistakenly thought that the futures volume of bakkt directly after launch would be so high that the price would pump. If you think logically, there is no way for any platform to generate high volume right off the bat. It takes time for every institution and brokerage firms to register with bakkt to get things up and running. It can take weeks up to months.

I expect bakkt to consistently surpass 10,000BTC on a daily basis in the next 12-24 months. They aren't here to play around. It's serious business.

That was to be expected. Facebook has a potential reach of 3-4 billion people worldwide. This is the first time in history a company has that much power.

I would shit my pants right off the bat as government would I find out that they are planning to launch their own currency that's backed by a basket of fiat currencies. It got the us government so worked up that they found it necessary to praise Bitcoin and point out the flaws of Libra as a currency. 

I do not mind Libra because I truly support free competition between different types of money. Another benefit is that it could help this ecosystem attract more liquidity, which it badly needs. People might not like centralized stablecoins, but they have propped up this market a lot and they will continue to do that.

Someone has to be blamed. 

I remember last year on the way down that every drop was linked to some type of event. We had South Korea fud, Japan's stricter regulations, then social media platforms banning crypto ads, ETF rejections, Goldman Sachs halting their trading desk plans (which was fake news), MtGox fud, governments cracking down on crypto, etc. There was no shortage of nonsensical reasons to blame for the fall in price back then.

I can't do anything but laugh at how stupid news outlets and a lot of people believing this nonsense are. If you don't know how to read a chart, you probably shouldn't invest in any tradable asset.

I love short but powerful quotes.

It's bad because it reduces the demand for spot Bitcoin. Pretty self explanatory, right?

There have been plenty of instances where bots do replicate the movements of CME and Bitmex. Perhaps not to the exact dollar, but close enough is close enough. It makes sense as well because those trading at CME are most likely institutional players (which is where most of the demand came from this year), and the volumes are well above that what spot exchanges generate.

The volume reported by bakkt consists of both longs and shorts. I however do not know what the exact ratio is between the two since they do not publish it publicly (this very likely requires you to have an institutional account at ICE). Considering that institutions are technical buyers/sellers, it's safe to say that there are more shorts than longs right now with how ugly the charts look.

The advantage of bakkt over cme is that you can't short more than the number of coins bakkt has in its reserves. At cme the only limit is what you can afford to pay for a short. Very bad.

Venture capitalists make wrong investments too, so their confidence in a project or business they invest in isn't by definition an indication that it's all safe and sound. In fact, a lot of venture capitalists (including Tim Draper) have lost millions of dollars investing in token projects, where most of these projects were very questionable to begin with.

People don't need blockchain.com for anything nowadays. They are way better off simply installing a mobile client such as Electrum where you for sure know that your funds are safe and ONLY controlled by yourself (obviously assuming your device isn't hacked). No matter how 'safe' blockchain.com is said to be, I will never trust them and I don't have to. I am my own bank.

https://www.tradingview.com/black-friday/

Tradingview offers up to 60% discount and it starts in 44 hours, so keep an eye out for that. I'm looking forward to buy their premium plan, which without discount costs $720 a year. In my opinion the best charting/tool site in the space, but it's admittedly kinda pricey, but that's exactly why I'm looking forward to their black friday sale.

One side note; if you purchase a plan with Bitcoin, you can only purschase one whole year and not individual months because they can't rebill you with Bitcoin on a monthly basis.

I thought the same, but then I had a look at ebay's sold listings section for ledger nano hardware wallets. Plenty of used hardware wallets are sold and plenty more will be sold in the coming days/weeks/months.

People are clueless when it comes to everything related to crypto. It's kinda sad to see, but it directly shows that we have a very long way to go in order to have common joes be comfortable enough to use Bitcoin on a daily basis in a safe and secure manner. In crypto there is no central entity that refunds you for your stupidity like banks do. Money lost is money lost and there is no one to complain to.

It was to be expected after China's blockchain announcement. People here are so stupid that you can make them believe whatever you want.

As always, the chart is the news; we broke below an important trend line, nullified the $3000 pump, saw the volume drop significantly, etc. It was a perfect bearish setup, one I took advantage of. This is going to sink much deeper. Short term speaking there might be a bounce up, possibly up to $8000 but it won't last.

I'm prepared for low $6000's and believe it's very realistic with the december month historically being a bad performance month for Bitcoin. Great time to accumulate.

That's not really China's fault. People should blame news outlets for purposely misleading readers by spreading fake news and not having native Chinese translators working for them. I'm pretty sure that in 95% of the cases the fud can be attributed to the incompetence and malicious intent of news outlets.

Don't forget that news outlets publish sponsored articles too, which means that any entity can attempt to manipulate the sentiment within the market, mainly with how fast news outlets copy and paste each other's articles. In a market this volatile and filled with weak hands, and relatively low regulatory oversight, there is something to gain by doing so.

Focusing on 21 million BTC units isn't correct.

At this point most people can already not afford a whole Bitcoin, so it makes much more sense to deal with satoshi units. I have been getting used to dealing with the satoshi unit a lot due to the lightning clients I use. It's so convenient and easy to use, and more importantly, people prefer to own whatever number of whole satoshi units over 0.0000xxx part of a whole BTC unit.

If you think satoshi units are low value units, then you will be surprised to find out that one single satoshi can be split into 1000 milli satoshis on lightning.

https://en.bitcoin.it/wiki/Satoshi_(unit)

The certainty we do have is that each time we are getting closer. It might not mean much by itself right now, but it generally is a process of years to get an etf to be approved. With Bakkt generating ~2700BTC in volume today and the CME doing quite well for months straight, there is some serious legitimate us dollar volume being generated, which helps countering the non us dollar volumes overseas.

The thing I don't like about these institutional products is that the spot price is going to respect their trading hours in the sense that we will get to fill the gaps that occur whenever there is a large move in the weekend for example.

I'm pretty confident that it will. It broke through the ascending trend line of the parabolic increase we had this year, which is never an indication of confidence. Another very bearish indicator is the fact that we gave back nearly everything of the massive $3000 pump we had not that long ago. This made me open a short position I will very likely hold on to until we visit sub $6500 levels.

Interestingly, Gold seems to be following Bitcoin quite accurately this year. Bitcoin had a very nice run up this year, then Gold followed with a rally of its own. Bitcoin started to weaken and not long after that, Gold did so too. Both are currently looking kinda bearish with lower prices to expect. My first Bitcoin target is $6000-$6500 where my target for Gold currently is ~$1400.

Thanks for the bump. It's very cool to see what my sentiment was back then. It paid off quite nicely.

Be greedy when others are fearful. Wise words from Warren Buffett I will never forget.

I prefer to focus on where the higher time frame moving averages are, and these hover somewhere between $4000-$6000 which is far away from the $10,000 level.

I personally never use the word never within crypto, but I would be comfortable saying that we, with a high degree of certainty, won't see sub $10,000 levels again when most moving averages hover somewhere above that level. The 200MA on the weekly that helped Bitcoin bottom out at $31xx is currently still below $5000 (~$4880 to be more precise).

In the end, people should be happy that the price isn't going to the moon in one go. The longer the price hovers somewhere below the $10,000 level the more time you have to add to your position every single month.

What people consider low leverage is still extremely high in the grand scheme of things. I had a discussion once with a wannabe trader and I was kinda made fun of for not going beyond 3x leverage and to some times stick to just plain spot trading. The dude was convinced that up to 20x leverage is still within the "safe zone" which is completely retarded.

Crypto in general is inherently already extremely volatile and people want to add 20x more risk to each movement because of their greed. No wonder most people end up broke here.  

I am quite a fan of PurseIO myself because they accept Bitcoin directly and offer discounts up to 30% which is always a good thing.

The higher the discount percentage and the amount concerned, the more time it may take for your order to be processed, but if you don't need it directly and don't mind waiting a few days to save money, then it's definitely something for you. I generally select discounts ranging from 10-20% and haven't had a single problem once.

A lot of effort has been put into easier user navigation, sleeker ui, and apparently also some seo improvements.

If I search for Bitcoin wallet, bitcoin.org pops up above blockchain.com which is hilarious considering that providing a wallet service is their core business model. Interestingly, bitcoin.org has also surpassed bitcoin dot com on Alexa, which is something that I am very happy with, mainly so with the fact that they are listed somewhere on page two over here.

I however do not like seeing ShitPay being recommended on bitcoin.org with the nasty tricks and cheats they are still pulling off.