Good morning WO gang! I see that we continue to build up support above $10K. For the last 48 hours 3000 BTC were added to Coinbase bid book and more than 500 BTC to Bitstamp's. Meanwhile the sharp decrease of BTC's held on exchanges continues (over 15% in the last 6 months):




During a bull run nobody can predict what will be the top before the next pull back. In the Spring of 2017 we had 3x increase and in the Autumn of 2017 - 6x. Both periods were full of 'bad' news: PBOC FUD which casued several 40% crashes and moreover restructuring of the market, which was 95% in China's exchanges; Ver's BU fork attempt, bcash fork, nov. cancelled fork, various shitcoins pumping to the roof, etc. And all of that could not stop the bull run. I am even thinking that the bad news were actually a catalyst for this incredible bull run. More crashes, less weak hands holding the price down. And at the same time BTC's held on exchanges increased 2.5x.

tl;dr It is quite possible to see a bigger bull run than we expect, like 2017's Autumn 6x. So, my price tag for selling something this year will be between 40K and 60K. I know this sounds crazy, but it is better to be prepared than surprised selling too early, isn't it?

As a fellow gpu miner I confirm philipma1957's arguments. For example, this year I was able to buy 0.05 BTC per month with my salary savings. A month ago eth/btc price doubled and gas went to the roof. I turned on my home rigs (exactly 1Gh with the last gpu installed today) and with the whole salary used for electricity I got around 3 eth turned into ~0.1 BTC. The daily income for me varies between $15 and 95$, so it is hard to tell what will happen, but I expect this increase to hold in the following months. I guess most miners convert at least 30% into bitcoin. I am a bit too agressive and I converted 60% so far. I also don't have any trust in this eth 2.0 pos thingy, so I will convert all of it before it starts.

Edit. It is good while writing a post to see that the price has increased. Currently $10475. With this pace we will regain $11K in few days or even hours.

This year resembles 2016 in so many ways - the halving, the recovery after 85% crash, and last but not least - various shitcoin pumps. It is very hard in general for a n00b to avoid the traps of the fast profit seeking with these pumps. They have both positive and negative effect on the Bitcoin price. Positive - because part of the trading is with Bitcoin pairs and so more Bitcoins are locked in these markets. Also, after 99% of the "traders" register losses, they come to their senses and understand that the only real profit is longterm by investing and hodling Bitcoin. Negative - the remaining 1% (usually the creators of the scam exits) harvest tens and hundreds of millions profit. The profit which is in bitcoins they have little hesitation to sell and dump the price. This is probably what happened in the last days with sushi exit scam and other defi shitcoins listed on binance as well. Perhaps the bears thought they can take advantage of this situation and put a pressure on 10K, but all this is in vain. They just can't hold the price any longer to fill their bags with cheap coins. This is not only the end of their sub 10K throw the kitchen sink efforts - this is the continuation of a massive bull run which, with several short pullbacks, should take us above 100K in few years. But hey, may be the bears will succeed in bringing the price below $100K for several months. And proudcon and other funny trolls will come and inform us that Bitcoin is dead and it is coming down to $60K. Same old, same old.  

I just bought with $200.   It should have been $400 but I broke a tooth the other day while eating popcorn, so I had to pay the dentist $200. That's what the emergency fiat savings are for. Watcha gonna do ... With everything else - DCA to da moon!

9-10 pathetic bear attempts to go below 10K. Are there any extremely weak hands to try one more time?

It didn't happen for the last 12 years, so why will it happen at all? The creator of Bitcoin is anonymous and there is no individual or a group of people behind the blockchain and controlling the supply. On the other hand every other crypto project no matter what promisses, is backed up by one individual and his friends. Sooner or later he will leave the project or simply die, leaving his project to a sudden or slow death. Everything in defi is pump and dump tokens. It looks attractive to the n00bs for quick profit, but they don't realize that before cashing out their profits they will be gone, replaced by huge losses. One of the leading tokens in defi - Sushi is the last example. For few days it gained a lot, then it's creator cashed out, leaving in dust and ashes all n00bs lured by the pump. This was the fate of bcash and it's clones whose creators were delusional that they will flip Bitcoin. Ver, Wu, CW, the list is endless. If you want to make money, you need to learn how to hodl Bitcoin for an extended period - 5, 10 years and more if necessary. The basics are solid and the risk is even lower than investing in stocks or fiat, which will lose  their value due to inflation. The fast profit is for gamblers, with guaranteed loss in the end.

Bears thought 3rd time's a charm:



Meanwhile, bitcoin reserves held in all exchanges continues to decrease rapidly. Even after the $12K hits, the trend sharpened. Since March we have 15% decrease. With this pace in 3 years theoretically there will be close to 0 bitcoins on the exchanges. Just imagine what will happen with the price then   Prhoudhon troll can try to find proofs now how the price over 10K is not sustainable lol

Actually, I think the rusty pipe idea is good especially for trolls. Just give it without comment. They will be puzzled what is the meaning, but WO gang knows

Exhibit A:

I think the fear is for the shorters now. They come here with the hope to share some of their own fear in their utmost stupidity that some people will be afraid to buy now. This will destroy their plans, hence so many of them appeared like a rain worms after a rain here. I know that nobody here is afraid to buy at dips. I am no exception. I bought yesterday with half of my savings, and leaving the rest for 2 weeks, in case some unexpected expense arises. Guess what! I've sent today the money and I am also preparing some extra income for the next week to be used for Bitcoin. Let's punish the manipulators, dear fellow bulls! I don't care really about the price but when someone is trying to manipulate the market, I can sense it and the statistics prove it. Open season for bear hunting starting in 3....2.....1!

Why the trolls think that anyone in this thread is afraid for his fiat equivalent of his Bitcoin stash? We are not 100x leverage margin long traders, you know, right? As I noted above, any bigger dip/crash is only helping by removing the weak hands (mostly leverage shorters) and thus weakening the main resistance. It gives more time for accumulation as well. If the demand is bigger than the supply (which is obviously the case looking at the stats on glassnode, cryptoquant, etc.), then each attempt of the bears will fail leaving them with heavy losses. Sooner or later the price will follow the demand/supply trend.

Regarding proudhon, he is a cunning long term hodler and perma bull, who decided to make fun of those pathetic trolls who don't know how to troll properly. His posts are like our usual 'oh, no, bitcoin ded again' memes which we use to mock the daily traders visiting our thread. Someone posted a link to his confessions a couple of months ago.  

Good morning, WO gang. I see we've plunged even more to a local bottom of $9980 during the night. This will make exactly 20% drop from the AYH $12473. I doubt that this will hold the bull run for long. The curious thing is that Bitcoin balance on exchanges continues to decrease and there is no more inflows than usual. This hints for a possible bear trap. One of the reasons that in 2017 we had such an incredible bull run is that bulls were regularly letting the bears to trap themselves with 40% crashes from the last AYH (which was in most cases ATH also). I can recall for at least 7 back then! And each time the price quickly recovered 20% in a matter of minutes which was a pain in the ass for the bears. After that usually for 1 week (up to 1 month on 2 occasions) the price recovered completely and the bull run continued. If that is the case, I would expect 12K resistance to fall and then nothing less than the first attempt at setting a new ATH in 2 months. Let's see if the bears will be so stupid to put more pressure on the price. They have absolutely no support outside their single entity for now. I can't see a way out of this trap for the bears, which is good!  

Bears think they are in control.   This is ridiculous. They weren't in conrol even after March 12th crash, why now? Let's see how long the bulls will wait to return their positions. The classic 2017 year style 1 week, or 2020 year style 3 days? Anyway, 11% drop from the local top the other day is by no means significant. Move along, nothing to see here.  

Yep, I have mixed rigs with rx cards, 390's and even older cards. It is possible as long the VRAM is at least 4 GB until Jan 2021. Then 6 and 8 GB cards only will be able to mine. As I said above, the profit in the last month is the highest I've ever had so far. I am talking about 3$ daily profit from a card and rising.

These gas fees are a blessing to us the miners. So, I don't mind at all that this gas frenzy continues for months. I even enjoy mining to HW address and then spending 5$ for each transaction to the exchange.  It is tens and hunreds times less than the daily profit Defi and tether, good job congesting eth blockchain!   The profits in the last month are miltiplied by 50 and now are higher even compared to 2017. I sold for BTC more than the half on the way up to 0.04 and I will continue to do so unless there is a crash below 0.025BTC.  I will never stake, any interest is hundreds times less than the profit from mining. The day eth turns into POS, it is dead for me and for many other miners with relatively small farms. For us eth was a mediator to start with 1 gpu and go into Bitcoin world and become a hodler.  This attracted millions around the world and they provided a secure blockchain with currently over 200Th/s. It's fork etc is constatly getting 51% attacks because of the low hasrate 3Th/s. I really doubt that the few rich eth hodlers will be enough with their POS stakes to sustain this level of security. Eth will become a coin for the rich and the hackers who will take advantage sooner or later from the smart contracts like DAO in 2016. Anyway, I wish a good luck to eth, it's been quite an exciting journey!

Thank you, some unknown clown at kraken for giving me 6-7% more coins for what I could have bought yesterday. The sum is not big, only $500 purchase, but still it happens quite a lot to buy from some panicked n00b at dips. In 2 weeks another $500 will follow that path, I guess in a similar scenario.

I don't envy those daily losers tricked to buy high and sell low. Usually the term "profit taking"  is applied, but it is misleading in many cases. I mean, if Bitcoin regularly hits price A after trading for a long time 2-3% below it, then selling >7% below it is by no means "profit taking".  If it is once or twice, it is just the usual weak hands. But this happens almost every other day in the last years. These are complete morons, whose nerveous sythem is a wreckage and give away their coins with a heavy total loss. Like those addicted gamblers, who take loans from mafia with the hope of a big stroke at the casino. It never happens and as a result they lose everything. New word suggestion: "traisers" #nopityforbears

US(hit)D crashing everywhere   Poor mindrust, not only sold at 4K but decided to go from Eur into US(hit)D, which crashed against Eur 15% since then.

In my view the main reason is that Defi scam (as many call it DAO 2). It locked nearly 40K bitcoins on eth blockchain, which is crowded nowadays with huge fees. Thanks to it, with my home farm I am able to buy Bitcoins at half of the current price in the last month (i.e. more than 2x of what I used to buy with my salary). I used the rigs only for heating purposes in the last 2 years so I didn't sell them as most miners did. Thanks God I didn't! Hopefully, this will continue in the next  months. And in 2 weeks I will be able to buy more Bitcoins with another saved $1000. Getting much closer to my stash target  

Of course, there are more factors: weak hands were rekkt, institutions are buying like crazy e.g. bakkt set a new daily record of 12K bitcoins the other day, etc. My expectations are that we will charge an attack of the ATH in the coming months, may be weeks. I agree with LFC about the $150K, but I expect it one year later - in 2022. Of course, anything can happen in Bitcoinlandia.  

It is more than a job for me. It is like getting happily married. There might be days when she is in a bad mood, but you never think about a divorce because of that. You may try to cheat on her by selling with the hope of buying lower, but she will catch you and you will lose her   The only way is to live together til death (i.e. moon) do us apart. Call it as you will - moon, fuck you status, etc., each has different ideas for that.

I have a gut feeling that sometime in the near future I will see at least briefly prices > $300K. But how many deep and long sideways and crashes I'll have to endure for that, I don't know. What I know is that I have plenty of time to DCA, i.e. convert all saved fiat shitcoins into Bitcoins. There are theoretically 3 main types of predictions.

1st - Bitcoin keeps the exponential 2x increase by a year.
2nd - Bitcoin loses the exponential increase, but enters a quadratic increase.
3rd - Bitcoin loses the quadratic increase and enters linear increase.

I don't give much chances for longer decrease and staying at the current levels for say 10 years (<0.1%). In the worst case 3, we have two example years - 2017 and 2019, which we may consider from linear point of view. 2017 added nearly 19K to the initial price 700. 2019 added 10k to the initial price 3K. So, in the worst bullish linear scenario 3, we will have an average increase by 10K-20K each year. Therefore, in 10 years we will have prices >100K. Hence 300K doesn't look so impossible to me. And if the super duper hyper epic exponential growth ~30x from 2017 is repeated, then even in one year we may reach 300K starting from 10K.

A note to myself: Please try not to cheat by selling much in the $30K area, while you may sell above $300K a few months/years later.

What is an ETF and why Bitcoin needs that, whatever that is  ? But seriously, aren't they exactly the same guys who even in March's crash claimed the halving was priced in? We know their thinking - they always expect some unrealistic low price to fill their bags. Instead, they are left behind bitter nocoiners.