Gold you can use, you can make jewelry, a lot of people like that. Bitcoin on the other hand is nothing, it only has value because people thought it would keep increasing in value. As a payment system it failed. Too expensive, too slow, too volatile. So once people will stop buying it, it will crash. And that's what's happening now.

A lot of details are known already and it's just worthless. LN is much more like traditional banking than cryptocoins. The revolution won't stop, Bitcoin will die but some other coin will survive. Decentralized money is here to stay, Lightning Network is not an option.

Lightning network goes against the decentralized philosophy of cryptocoins, that's why it will fail. Another cryptocoin that's not as flawed at its core will take over, that makes much more sense than some centralized patching system like lightning network: https://medium.com/@curt0/lightning-network-will-likely-fail-due-to-several-possible-reasons-336c6c47f049

LOL you make it sound like it's something easy to change it. Fact is that they've been working for years on 'lightning network', the supposed workaround for the problems and that it's still far from ready to be rolled out. And even when it's ready, there are a lot of arguments against it, like: https://medium.com/@curt0/lightning-network-will-likely-fail-due-to-several-possible-reasons-336c6c47f049

It's much more likely that bitcoin will just disappear and some other coin that's not flawed at its core will take over.

Yes, because $7000 for a coin that's useless as a payment system is cheap ! LOL

Show me please, buy a coin for $12.700 that has failed as a payment system. It's fun !

Of course. The big whales have sold everything (creator of bitcoin.com, creator of litecoin etc). Hedgefunds are short and are going to drive this down. Japanese margin traders will get autosold and a general sense of reason is entering the media, that a coin with $50 fee per transaction and only 7 transactions per second might not be the coin of the future, LOL.

Thanks mate, an analysis that actually makes sense, these are rare here on this forum. Nice to see! Although I don't totally agree on that last sentence, but for the rest great analysis.

They are: famous big whales like the creator of bitcoin.com and the creator of litecoin have sold 100% of their positions. Futures have started trading this month, so that's when the real big money, the hedgefunds entered. And it's not hard to see which side they took

Only the little guy is buying because he thinks 'wow bitcoin was 20k, now it's only 12.500, that's cheap' LOL

Thanks for this awesome analysis. Yeah who doesn't want to pay $70.000 for a coin that has higher transaction fees than an international bank wire (currently over $50), that can only process 7 transactions per second world wide, that's useless in physical shops for its 10 minutes confirmation time and shops wont offer anyway because no serious shop can live with this kind of volatility, let alone the extreme transaction fees. Yeah $70.000 for such a useless coin, that makes sense, at least, if you're a dreamer Do you want to buy some tulips ? I have some rare ones, they're red, $25.000 each you can have them

LOL. It seems everybody now says that here on this forum "this was expected". Yet 2 days ago I didnt read a single post claiming this, quite the contrary, nearly everybody said that $17.000 was a great buying opportunity. You guys are so funny

LOL. A coin worth $20.000 that has 10 minutes confirmation time (so useless in physical shops), extreme volatitliy (which shops hate so they won't offer it), is more expensive than an international banking wire, has more than a $50 per transaction fee, has a maximum of 7 transaction per seconds WORLD WIDE .. And it's crashing now ? Gosh, didnt see that one coming

Shorted that worthless piece of crap all the way down from 18k, it's a nice day here

It won't hold. Real panic is awaiting. We might even see a real flash crash in BTC (like happened in IOTA on bitfinex earlier this morning, flash crashed to $1.00)

LOL, $11.500 for 1 coin that failed as a payment system. Yeah that's cheap. I'll sell ya a Dutch tulip for $11.500, pretty cheap too.

I think it's going even lower, I see below $5000 before 2018 and even lower after january:

* Japan is the major buyer, these guys are on huge margin so will be forced to sell when it keeps plunging like it does now, adding to the snowball.
* Hedgefunds have entered via futures, they're obviously short.
* The big whales have exited their longs (creator of bitcoin.com, creator of Litecoin, all sold 100% of their positions)
* People who tried to catch the falling knife are also getting killed, they will reach their pain limits soon and will sell too.
* General notion that Bitcoin has failed as a payment system is kicking in world wide. Come on, a coin that has $15 transaction fee, takes 10 minutes to confirm (so useless in physical shops), has extreme volatility (shops hate that so won't offer it), allows only maximum of 7 transactions per second WORLD WIDE, is even more expensive than an international banking wire ... That's a totally useless bunch of crap. It's supposed to be better than traditional banking but it turned out to be extremely worse.

I think block chain is here to stay, just like internet business was here to stay after the dotcom crash, just at totally different valuation and bitcoin itself will die

And there we go, again a new attack at the lows .. let's see if $12.500 is going to hold ...

Haha that went quick again, SOOOLD, $12.000 coming up, below that it will become really interesting. Quite some big bids here though, let's see if they're big enough.

I see $3500 for the end of this year and below $300 for the end of 2018

You saw it very well and I totally agree AGAIN that it's still extremely bearish, I'm increasing my short again, I think it's going to break 10k today and might even go much, much lower. We've yet to still to see the real panic kick in, I think it's not too far away at this point. The people who've bought the falling knife "because bitcoin will ALWAYS go up !!" still need to be forced out of their entries and margin buyers will be auto sold. Then it will go really fast. I see $5000 as a possibility.

It has a great future. Years from now you'll be explaining your grand kids that some 'virtual coin' that had a $15 transaction fee, could only process maximum 7 transactions per sec world wide, came with 10 minutes confirmation time, extreme volatility and almost no shops offering it, went to $20.000 per coin !! They won't believe it, it will be such a great story to tell !! This surely beats the story about the 17th century Dutch tulips. People will be still talking about this hundreds of years later ! If that isn't a great future, then what is ?

LOL. Huge bids are getting demolished like it's nothing. Yeah that's bullish. We're going < $10.000 soon