How many times have we seen people say that Bitcoin won't go below this or that level, while it happened every time? I say a plenty of dozen times. Current situation is definitely not an exception. Great example is the all time high of around $1200 back in 2013, where after that the price tanked to prices far below the $200 level. It's a decrease of more than $1000!! It was a combination of a massively overbought-manipulated price, and the MtGox debacle. But remember, there were far less coins in circulation than is the case right now. I can't say when since it's something we can't predict, but it will go below $700 again, it will go below $600 again, and at some point it will go below $500 again. It's just a matter of time, but the price always recovered so far, so that's something you guys can hold on to.

Banks are definitely making profit with all the money that we store in our savings accounts, but it's not as much as you seem to think. Especially when it comes to European banks that have the ability to attract *free* capital from the ECB. Even to such a level that they simply don't want our money anymore. It's just a matter of time before certain European banks will start to charge negative interest rates on savings accounts. Yes, you read that well, negative interest rates. It will then cost you money to save money, lol. If that happens, these people will be forced to bring their savings to another bank, or even another bank in a different country. It's pure madness!

I am not fimiliar with Fiverr myself, so I can't say how they were accepting Bitcoin payments, but in general, the volatility shouldn't be a concern if merchants accept Bitcoin through BitPay for example. If you compare the business plan of BitPay that only takes 1% in fees, then it's still a far better and cheaper payment tool for merchants than Visa, MasterCard, PayPal, etc. But I am not sure what exactly their reason is for ditching Bitcoin as payment option. It could be that it wasn't being used as much as they were hoping for, and thus they thought it's not worth to continue supporting Bitcoin payments. Or it may have something to do with regulations. Either way, this offers chances to competitors to take over their Bitcoin users.

Dreams shattered? You're talking about yourself, right? Because the price didn't tank further yesterday, but instead, it recovered nicely. Ok, according to you, Bitcoin's fundamentals are flawed and not being fixed, then what makes you constantly waste your time here? If people were to believe you months ago, the price wouldn't touch the $1000 level again, ever. But it did. Yet again you and your shitty bots creating nonsense threads haven't had any effect. I almost feel sorry for you... NOT!

Trading volumes will get affected directly, but I think the real impact will be visible after a few months. Major traders there will change their trading methods as flash trading isn't interesting anymore due to the fees that they are subject to. It surprises me that this announcement from the PBOC has lead to such a level of dumps while I think it's fantastic news. The price should have moved in opposite direction. But as always, people let the negativity come first while they don't even know what's going on. It's purely blind panic that takes over their entire mind...

I think we might even see a larger decrease of their trading volumes as flash traders have no chance to benefit from the slightest increases/decreases anymore due to the fees. Just keep an eye at the volumes of the Chinese giant exchanges in the coming days, you'll notice that it will only go down in number. https://bitcoinity.org/markets/list


It shouldn't be a surprise anymore that everytime the price happens to go up big time, that something happens where the price receives a huge load of beatings in a very short time. Once again it was a well planned attack from the highest levels. I personally expected the price to plummet before reaching $1000 due to whatever form of drama or "hacking" accident, but it happened at the +$1100 levels.

Since you're trading for many years as you say, it should be no surprise that you as trader must be able to benefit even when the price is going down. I see a lot people here focus too much on the upswings, where they go completely nuts when the price is going down, and sell in panic as result. Regardless of the amounts you are trading with, the focus should be pointed towards taking benefit from every market movement, instead of only focusing on the price going up. If you get nervous just because you went in with a position being too large, then you probably should lower the quantity (value) of your entry points to a level you feel comfortable with.

I am sure that there are people that think there are certain methods that they can use to raise their chances of winning, but at the end, it only works as long as you win. It's not for nothing that casinos are banking from all the money/coins that people have lost throughout the years. Sure, a very small minority will walk out with profits, but the far majority of the people are just regretting they ever jumped into gambling. And the small minority that I was talking about that walk out with profits, they at some point too will lose everything if they not stop gambling entirely.

What is your connection to that site since you apparently think it's safe? It looks more like a hobby site created as a fun project rather than a real company that is taking things serious, where they comply with regulations and stuff. I would definitely not recommend anyone to make use of it because you simply don't know what the intentions of the operator are. Especially when you consider that the domain is registered less than a month ago. Don't expose yourself to so much risk because you think it's worth to earn a few bits...

Point that OP is making, is that you CAN use it to purchase stuff from stores with your Bitcoins, but that he doesn't see any reason to sell coins for dollars. It's his personal opinion of course, which you, but also I don't fully agree with. I can understand his way of thinking, but it's a fact that the majority of the people here simply don't look at Bitcoin from that perspective. For a lot people Bitcoin is nothing more than an investment opportunity, where eventually everything gets converted back to fiat. Why do they mostly always convert their coins to fiat? Because they don't trust Bitcoin to keep their money sitting in there for too long due to the volatility.

At a certain time the low fee structure was a fantastic selling point for Bitcoin, where I could even send transactions without a single satoshi in fees where it gets confirmed instantly. But that was very early 2013 that I am talking about. If you compare the situation back then with how things are right now, then it's clearly visible how large Bitcoin has grown in a matter of years. I quite often see people say that they want Bitcoin to be accepted everywhere, and that they will use it to pay for things. But they either just say it to bump their posts count, or they don't realize that paying steep fees, and waiting for confirmations to come through with every transaction, is simply not convenient compared with using fiat as payment tool. Bitcoin being used as local currency is simply not ideal, but if you purely focus on transacting and purchasing stuff online, then it's a fantastic tool.

I will never "burn" my coins as in deleting my wallet files and/or private keys. If the price happens to become worth zero as you stated in your example, I will keep holding my coins and do my very best to acquire more coins. Bitcoin is an open source project, so if needed, fixes can be implemented where after that the price will surely explode from nothing to something. Even if Bitcoin doesn't have any interesting features anymore at that time, then I'll solely use it as a speculative investment tool. At the end of the day one of our main priorities is still making profits, and that's something that will stay no matter what.

Bitcoin lends itself perfectly for that purpose, but banks and governments aren't sitting still without doing anything. It's also in their own benefit to get their own version of the blockchain developed, where they have all benefits of a regular blockchain, but where they remain in control over every aspect. It will be a centralized incentive. But if enough banks, businesses, governments, etc, choose to implement it correctly, then they can even challange Bitcoin as they can basically offer free and instant transactions. Bitcoiners won't be much sensitive to that, but the average joe is. They add value to it as unlike Bitcoin that doesn't have a central authority to take care of everything, their version will give them that safe feeling as the government sits on top of everything. But as it stands right now, it's pure speculation...

Developers may seem to be a powerful entity in the world of Bitcoin, but in reality they are not. Especially not when you consider how difficult it is to achieve consensus regarding the block size upgrade where pools are the ones that are holding back everything. In that regard, it's safe to assume that Chinese mining farms and the people behind the scenes responsible for all this fud and panic, are the ones that are really in control.


We as in community? If so, in what way? If you're talking about that we can team up to get something done, then it will be difficult as even people here don't agree with each other in general. Especially when you consider the number of groups that this community has been split in.

I think it's a great thing that people can no longer trade there with borrowed money. Especially when you consider how much volatility the price was experiencing as result of that. It's basically gambling that they do with money they don't really have. I hope that this will lead to less intensive fluctuations and thus a more stable (as far as possible) market. I just wonder what it will do with their trading volumes when these giant exchanges (huobi, okcoin, btcchina) start implementing fee based trading as is the case with western exchanges. It of course won't wipe out their fake volumes entirely, but we'll definitely notice a significant difference.

But then again, I am sure that these exchanges will look for ways to avoid these regulations to still offer people the opportunity to trade with borrowed money. Especially when you consider that it was/is a very profitable aspect of their business. I don't think they will give up on that so easily.

You know what the real issue is with this? This Chinese news where so many people panicked over isn't anything that affects trading at all. It doesn't affect Bitcoin at all. If people took the effort to actually analyze and understand these articles, they wouldn't dump. Even after all these years people still haven't learned anything. People are as brainless as always. Especially when you consider how little effort it cost for whales to blow these articles up, but where the resulting market reaction is massive. It always works, so these whales will continue to influence the market. If people would stop dumping like brainless chickens, then these whales will have to come up with something else as it isn't working anymore.

It doesn't matter how much you warn/advice people not to sell their coins in panic. People are 1) not familiar with trading in general, and especially not the hostile market that Bitcoin is. 2) People invest with money that they either can't miss in their personal life, or they borrow money to invest in Bitcoin. In that regard, they try their best to not mess up and start selling to prevent further losses. In their mind they are doing the right thing, while they don't see how much they harm themselves. Another thing with these people is that they mostly always buy at the top, where it results in even more pressure.

I don't think people in India are eagerly waiting for a currency (Bitcoin in this case) that will require them to include $0.15-$0.30 as minimum fee with every transaction. I think even in western countries people aren't ready for this. It simply doesn't make sense to ditch fiat that you can spend instantly without any fees locally, for something that requires you to include a steep (especially for Indian standards) fee with every transaction. If you do your daily shopping here and there, you'll easily be paying +$1 in fees added up. Tell me, for local use, how interesting is Bitcoin as currency tool really compared to fiat?

Real estate is definitely not the safest option as even this market is being subject to some level of volatility. Fluctuations of a few percent might not look like a lot, but if you have like a million $$ worth of properties, and a few years later you'll see that the value dropped with like 4-5%, then it's not something you can wave off like it's nothing. It hurts. Especially when the market circumstances change dramatically to the negative side where buyers will be hard to find. And if you find *potentially* interested buyers, then you'll either need to lower the price on top of the value that dropped alread, or they'll walk out. It's a though market.


What legit investment option isn't better than leaving your money in your savings account for a poor 0.3% annual interest rate? Especially when you take inflation and the yearly wealth tax that you have to pay. People with plenty of money that purely save money without any side investments are in a big losing position. But hey, it's their decision after all.

I guess I misunderstood you post, I get the point you were referring to now. And yes, I indeed see what I want to see. For me the most important aspect is the moment I enter and leave the market. That's why I came up with the example of how Gold has increased dramatically in value till where we stand today. That's the only thing that counts for me, but I of course should have digged a bit further, even when it's not in my own interest. It doesn't hurt to have a wider view.