From peak to bottom, it was a +$500 correction. I think this was just steam that had to find its way out. Let's see how much room for growth there is now. I am a bit unsure about the direction from this point - it could very well attempt to climb towards $3000, but also head down further, or take a short break and settle somewhere between $2000-$2500 (I know it's a wide range, but we've seen yesterday that it just takes hours to eat through). Trade the volatility, or keep holding.

If I look at myself, I bought my first coins between $20-$25 in very early 2013. I at some point have had like 170BTC in total, but cashed out the major part in that exact same year. I remember that I started with nearly $5000 as initial capital. At that time I was just seeing Bitcoin as an investment opportunity. If I took the effort back then to directly read through Bitcoin's capabilities, I would have gone nuts on Bitcoin, with the result of me converting 50% of my wealth to Bitcoin.

The 20,000RMB trade was done through OTC, and not through the traditional Chinese exchanges - that's a major difference. It's a start of people slowly moving away from the traditional exchanges, and look for alternatives such as trading through OTC, or simply going peer to peer through LocalBitcoins for example.

Seriously, you are one of those that change their mood based on how Bitcoin is moving. If the market is heading up nicely, as has been the case in last weeks, you are all positive, but as soon as there is a dump happening (which in this case is completely normal), you directly change your mindset negatively. Important to know is that you only lose when you sell at a loss. Also, if you can't handle the pressure of the market, you should likely choose to avoid making short term investments.

I think you should put more effort into quoting the right person, lol. It's TMAN that has put up the bet, and not me. 

See;


Either way, TMAN, if you are so sure of yourself, then buy yourself some extra coins in order to benefit from the eventually doubled price from current levels.

In order to make sure that you never lose access to your coins, you should have a back up of each and every of your private keys. Best thing to do is to have them engraved on a piece of metal, as that will greatly contribute towards a strong durability. Printing them on a piece of paper (paper wallet) is also a good option, but here you enjoy less durability due to the fragility of the material.

It's perhaps cool and exciting to certain people, but it's still peanuts in my eyes. I will start to make a small jump of celebration if we happen to hit the $10,000 mark per coin. Bitcoin is just doing what I expected from it since the very beginning, but in a faster way. Eventually people will look back at current levels and regret not having bought more coins, or regret that they have sold their coins at current levels. It's a cycle -> people selling -> price goes up -> people regret having sold.

Chinese trading has changed from the very moment the exchanges there have been subject to all kinds of ridiculous regulations. It's not for nothing that the P2P market has exploded in a very short period of time. People are sick and tired of all the nonsense verification steps they have to walk through in order to make use of an exchange. Seriously, recording yourself on camera with your ID next to your head is beyond insane. I am glad the western exchanges aren't being forced to abide by these barbaric rules.

I always go with the rule of making more winning than losing trades. If you for example make 5 winning trades, you'll have some sort of a buffer that will allow you to catch up 1 or 2 losing trades without any problems. If you manage to keep that ratio more or less consistent during your trading sessions, you'll be doing fine. But the main point is that you should understand how the market works, and especially in current circumstances where the price bounces up and down heavily in a regular fashion.

A correction has been imminent for quite a while now. If a correction kicks in, which is perfectly normal considering how quick the price went up in a matter of weeks, it will allow the market to calm down for a moment. Currently people are blindly panic buying just to get hold of a coin or two (or more of course) - it can't continue like this endlessly. Important for people to understand, is the risk that comes with buying at current levels. As easily as the price may go up like $500 from current levels, it may go down with that much as well.

Franky, you take joy out of a nasty situation created mainly by miners choking the network with rubbish transactions to boost their income through fees?

If you want people to take you serious, then at least put some effort into making yourself not look like a clown. It's pointless to speculate about such insanely high prices while we haven't even been close to reaching the $10,000 level yet. If he would say that we would reach $10,000 within 10 years, I would strongly support his statement, but how can I do that with $1 million? Other than that, I do agree with his statement that people should allocate a certain percentage of their wealth to Bitcoin. People have been looking at the price reaching $1300, $1400, $1500, $1600, etc, and started thinking it was too late to invest - look where we stand right now, it's never too late!

It's not a bubble. Please put some effort into researching what currently is driving the price up. Regarding OP; I seriously don't know where exactly the price will land in case a serious correction kicks in, but no doubt that it will take the price below the $2000 level again. If you look at the global support above the $2000 level, it's piss poor, and most of the support that is visible will be pulled back in case the price starts showing signs of going down.

Pools will have to switch over to the majority as they otherwise risk wasting a huge amount of resources for nothing. Pools that play hard to get right now will not take that risk, and thus will follow the rest. And yes, even Ver and Jihan will have to admit their 'defeat'.

In normal circumstances a target price is good, but right now every target price gets broken where the price continues to go up. Just browse through the speculation section, you'll see how people that cashed out profits thinking they made the right call, are now regretting having sold their coins. That's why you should cash out only small fractions per time. If you do that, you'll continue to benefit from an increasing price. People that sold well below current levels are now desperately waiting for the price to go down, or they have bought back their coins at much higher levels.

If you look at the total number of infected machines versus the paid ransom, then it's not really in line, but in reality it's a great bit of funds that has been collected in such a short period of time. Especially when you consider that it might be just one person counting his profits. Where do you get to earn that much without doing any real effort?

Problem with a lot people is that they can't handle the stress that comes with trading. It's either them being inexperienced, or they are over-invested, or they invest with money that isn't meant to be invested. In case of the latter mentioned, people will sell as soon as they see the price go down to prevent further losses. In their stupidity, they buy back their sold coins at a premium, and repeat the whole cycle of panic selling at a loss till they end up with next to nothing. These people should stay far away from trading for their own safety.

It's impossible to point to just one thing while there are several factors that play an important role. Don't underestimate what effect panic buying can have on the market. People have been waiting for the price to drop when we were hovering around the $1300 level, but the price just kept going up till where we stand right now. In current times waiting for the price to drop means that you will miss out on profits, and people realize that. In that regard, they prefer to buy at current levels rather than to wait for a drop that might not come. It's a gamble that they take.

China's "exit" has been the best thing that could happen to Bitcoin in years. It was ridiculous how even the slightest news from China affected the market in a major way. Seriously, the high frequency traders there squeezed out the market like it was a wet sponge. If you look at how the market is behaving before and after the PBOC regulations, then you can definitely notice a possitive difference. But then again, it wasn't all negativity as the heavy market fluctuations were like a gift to all traders.

Basically that. Bitcoin is whatever you want it to be. It's getting annoying with all these people that think Bitcoin isn't meant to be used for this or that purpose - mind your own business!!

Hello noob. People saving/holding their coins, heavily contribute towards a higher price as they make sure that there are less coins in circulation. More respect to the holders, please... Don't forget that in current times, merchants make use of third party payment processors - which means that the coins people spend, will eventually get dumped on the market. In other words, more people spending, will result in more pressure on the market.