Love how almost all of these always end on 'either A or B will likely happen next' and they always just happen to be the two options of either side. All this shows is there was some resistance around 8400 because it was hit a few days ago and then again earlier today. Any idiot with eyes can figure that out by looking at a graph.
Welp, that would really be the case. At the end of the day, it's just up or down in the crypto markets, even in the traditional stock markets and bond markets. Right now we've certainly went past the $8500 resistance and are now approaching very closely to $9000, with the current price sitting @ $8850 at the time of this writing. If we managed to break $9000 sooner, I'll expect that we'd be targeting higher highs and retraces here and there. It could already mean a bull reversal is happening but again, it's always between A or B in the cryptomarkets. |
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$4000 is like owning an Antminer S9 with some cash on the side, or 4 1080ti and a mining motherboard, together with the processor and mining rack. Most of the time, laziness attracts bad luck, and you clearly haven't done any research before tossing them four grand. Cloud mining, though a nice idea, clearly isn't viable for consumers and the only ones gaining something from it are the operators and owners. Idk why many people still fall for these glitzy advertisements of theirs. Tbh ponzi schemes are better than cloud mining, because on the former these dudes will keep on paying as long as someone joins whereas the latter? They'd give you bits of your investments that I think you won't even see ever again. A pricey lesson and next time, stay away from cloud mining sites.
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Why would they shut down such if the farms would be abiding by the rules? Also, if you are running a mining farm in your household, why not upgrade your service type into a business one so as to remove all the red flags and suspicions against your operations? If in case there would be a shortage in power (which rarely happens), they could just simply cut off your supply or impose special rates on you or something similar along that line. Besides, if they go on crackdown mode against bitcoin farmers, it would be a loss of revenue for the electric companies, and if there isn't anything stated in the law that it's illegal to mine cryptocurrencies, it will never happen. I`m sure that, in the future,we will have mining farms that will produce their own electricity and they will be independent from the electricity network.Solar panels and wind turbines will become cheaper and easier to install.The mining farms will have to load batteries with the energy produced by the sun and wind,because of the inconsistency(there`s no wind and sun 24/7  ),but the cost of the batteries will be lower, as well. I`ve never seen the police in my country to discover weed farms by tracking the electricity consumption. For a massive mining farm, you'll need tons of solar panels to achieve a 24/7 mining operation. Imagine the needed capital for that to happen, though it still is viable in the long run I must say. Mining farms in China often use wind power and hydroelectric power to generate electricity and run their miners. If power providers won't be cooperative with you, it's best to move places and take your business somewhere else. |
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No one expected the rise due to the slump we've been in the past couple weeks. Also, there were no signs that a push would happen and everyone expected that the seemingly lifeless nature of the price would still continue for weeks. It really is surprising, considering that everyone thought that the formation of a bearish pennant just a week ago would send us under $6k but lo and behold, we steep rise happened and everyone has their jaws wide-opened. All signals and analyses that I came across tackled about the price leaving $6k downwards but the opposite happened. It really is suprising.
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As a former member of a pump and dump group, this is what really happens:
First, the owners and the head echelons of the pump and dump group would spot a certain coin that has some fair volume with low fluctuations. They'd accumulate these coins until they have a sizable bag.
Next, they will inform the members of the group to buy but don't disturb the waters since that will give the hint that something's up. Once everyone already have their share, they will shill the coin on twitter or telegram, and that is what would now be the "signal" everybody is referring to.
The group would then fake volumes, buying and selling to themselves until they create some artificial interaction which caused the price to rise. The baited people outside the group would buy thinking that this is a quick buck without them knowing that everybody in the group are just waiting to dump on their faces.
The FOMO would kick in while the group are slowly exiting the show. Afterwards, a single sell order would crash the market heavily which ended the run. Everyone in the group would be in profit while the owners have gained more than that since these unknowing members paid for their membership plus the profit they took on the pump.
It really isn't advisable to listen to such or attempt to join these groups. The owners would prolly just dump on you before you can visualize what's happening.
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Too early to call it, but it's never wrong to buy some whenever you feel confident about the price. The price is dancing around $8000-$8500 right now, with the latter being the resistance level that we can't leave just yet. It seems that $6000 really was the bottom of the bearish period and traders right now are ready to take on for a ride. The First time the market hit $ 345bn was December 4th, BTC price was $11600,BTC dominance was 60%. Today, same market cap BTC is at $ 8200,BTC dom 40%. Adoption of Blockchain is growing. It's more about Blockchain and way less about BTC.Its Alt season!!
It's always the season of BTC and alts only follow BTC's trend. While I agree that more companies and institutions best interests are geared towards developing a blockchain, they are also trying to capitalize at the cheap price of bitcoin to gain something on the side. Alts are always there for profit taking but I don't see it dominating the cryptomarket even for a short while. ICOs might be a reason for it but in the mean time, all eyes are directed towards BTC. |
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Short term prediction is that the price will consolidate first at $8500, with support levels lined up @ $8000 and $7800, and the final support boss @ $7000. Tax day is over, and the Americans are now free to buy up cryptoassets as much as they want and the overall negative market sentiment has somehow been alleviated. There are no signs of bearish presence available right now but that doesn't mean that they don't have any cards that they are playing with, so still tread carefully.
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Yet another generalized statement. It's either Morgan Stanley doesn't know how to do math or he doesn't know that mining operation costs vary greatly from country to country. If mining bitcoin is only profitable @ $8600, how come we haven't lost any substantial hashing power when the price is @ $6000? Miners would have left if they are losing that big and yet they don't. It's great that these annoying 'experts' don't know how the scene really works.
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Governments are already trying to find a way to tax out your hard-earned crypto gains and they're just trying to translate it perfectly so that no one will find loopholes and flaws in the system. The point that your friend raised is valid, however bitcoin and cryptocurrencies are still in its infancy, and most people around the world don't seem to find any practical uses for it yet seeing that it does the same as fiat and credit cards though without any intermediaries/owners etc. We are far from being a cashless society; tax dollars would still be collected by the government normally without any hitch. Assuming that we went full digital and crypto in the coming years, I'm sure by then, the governments have also developed a crypto of their own for the people to use.
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I am fairly new to the crypto world. During my short time, I have contemplated how crypto will go down over the next few years.
Slowly, over time more regulations will be adopted worldwide. This is not because regulators are scared that people are getting scammed, but because they will start limiting this world from us small fish so the banks and "qualified" investors can tke over. All the large banks will then push their own crypto, and we will be left with nothing.
KYC and AML, IMO, are regulations that don't intend to 'restrict' people from trading, no matter how small their capitals are. It is rather a way to legitimize any trades done to prevent money laundering and nefarious activities. Regulations will clearly come along the way and it's also one of the many reasons why people will gain confidence in investing crypto. Your statements may or may not come true, but in the mean time the regulations are set towards legitimization of transactions done between cryptocurrencies and fiat. In my opinion, it is in our best interest to gain enough profit so we will have the funds to become qualified investors, and be able to re-enter the markets through the banks exchanges.
What does everyone else think? Do you think the big fish will continue allowing us to do trading long term, or are our days numbered?
Why would the big fishes disallow their meals on entering their territory? If anything, they'd be inviting us over the markets and then get our money while we think we're outsmarting them. Cutting the small fishes off on entering the sea will not make them any richer but would make things harder for them since they'd only fight with other big fishes in the sea. They need the bait fishes to take profit from, so they'll try and try to get us swimming inside their trap. |
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The $6k double bottom IMO has somewhat helped the traders fuel up and stock in as many bitcoins as they can in the mean time. After a series of bearish stints, starting from the Gox trustee crashing the market hard up to the tax day, right now it seems that the bulls are in power again (I hope). We clearly are poking the $8500 resistance level right now but still there are no signs of possible breakout from the said level, though there aren't any hints of any bearish movement in the market as well so we might be good.
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Check again. We just hit the $8500 resistance earlier this day and it's still showing signs that it's not losing steam or whatsoever. The previous bull run might be planned, but serious amounts of new money flowed in due to people wanting to take a piece of the pie and also the FOMO mindset kicked in, especially when it hit $10000. Everyone thought it was sustainable still, especially those who aren't familiar with the markets, but ever since it hit $19k, no one was willing to buy bitcoin except those who are clueless on what they're doing until bam! Everything crashed. As for the regulations, I seriously don't think this will do more harm to bitcoin than good, seeing that it helps the market grow and mature.
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In what aspect of banking are you relating bitcoin to? Bitcoin will not replace the key roles of a bank, specially in stimulating the economy since you cannot create bitcoins out of thin air. But if in the sense of storing your hard-earned money, bitcoin is a serious contender since many people would opt in taking the chance of getting some profits while idling their money compared to the 0.25%-1% interest rate the banks are offering for a deposit. Currently, we're still far from getting some solid number of people wanting to ditch the banks and go full bitcoin, but once people get educated, most of them will consider this option since it offers good rates.
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https://www.bloomberg.com/news/articles/2018-04-18/bitcoin-miners-facing-a-shakeout-as-profitability-becomes-harderEven with the price back above $8,000, many of the so-called miners that perform the complex calculations to generate the digital currency are at risk of turning unprofitable. If prices drop below that threshold again for an extended period, there will likely be a swifter consolidation to industrial-scale mining. That could knock out the last guy-in-a-dorm-room operations and leave holders of the currency vulnerable to the dictates of the big miners.
“It’s totally different this year than last year,” Silicon Valley venture capitalist Bill Tai said in an interview. “The bitcoin mining industry was this mysterious dark cottage industry, and it’s about to grow up and about to have elements of institutional scalability at all levels."
Smaller miners will drop out, and only five to 10 of the largest will survive and be profitable, said Tai, who serves as chairman of Hut 8 Mining Corp., the capital financing arm in North America for Amsterdam-based Bitfury Group Ltd., one of the biggest makers of crypto-mining equipment. When the price of Bitcoin approached $19,000 last year, Bitfury had to turn some customers away as $1.9 billion of orders streamed in, he said.
More concentration could also hold a lot of sway over Bitcoin’s price. Miners hold between 20 percent and 30 percent of all Bitcoins, according to Lucas Nuzzi, a senior analyst at Digital Asset Research. Bitfury alone has mined more than 1 million Bitcoins, Tai said. The company has already sold coins to defray operating expenses. If miners are forced to sell more, that could depress Bitcoin’s price. There is nothing new said here. And yes, I'll say oppositely, this year isn't that different from last year. On 600$ people still mine and now, when we have 10 higher price, there is no worries. I think miners just want to make huge profit and that's all. I could agree that Bitfury (not alone, with bitmain) is good and shit for bitcoin community at the same time. Back when the prices are only 3 digits, the difficulty is low and profitability for big farms are high. Also, these manufacturers adjust their prices depending on the price of 1 bitcoin as well, so you can take that in to account. Right now, the only ones who will survive are the miners with huge farms that could take any price beating and still remain operational, while the smaller fishes in the ocean may be forced to turn off their miners for good--that is if the difficulty remained rising while the price remains flat. How is mining profitability calculated?
I remember John McAffee saying that it costed him $1,000 to mine a bitcoin and that was last year when price was about 3-4k.
I thought mining costs could drop if some miners ceased to mine.
Depends highly on where you live since you need to consider power costs + your overall hashrate together with the difficulty and price/bitcoin. Difficulty might drop yet mining may still remain unprofitable if the price goes on a heavy crash or remains flat for a long time and the miner cannot keep up with the mining costs for long. |
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Rules are simple: 20% I keep, 80% stays in the bankroll, and as much as possible, I don't take my profits immediately whenever I don't need to but instead use it on other things or just let them sit on stand-by in case the price dips and I can buy immediately. Most of the time, people are eager to take their profits and use them in buying nonsense stuff that leads to being broke and losing all their hard-earned money. It feels good to reward yourself with something nice, yes, but thinking for rewards short-term loses you the chance to gain even higher in the long run.
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Frankly, yes there is, only if you were the first to join especially when the team is busy giving out lots of tokens for a discounted price. You can also take advantage on their bounty programs which gives you even more tokens than what you initially have by joining the sale. But always remember that even if you have a handful of tokens at your disposal, if the coin is not marketed well enough and no hype was built around it, there is a high possibility that once the coin goes live in exchanges, you won't make a profit. What's worse is that you may have to sell at a loss. Only choose ICOs that are well-marketed and backed up by some of the prominent devs around and I think you're golden.
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IMO you still can use these indicators and TA instruments since most traders also use them as their basis on the next movement of the coins or to draw out their next move. Various data from different exchanges are well interpreted by TA descriptions and jargon, since it would be so hard to not do it the way it is. However, any data you have gathered through TA may or may not turn out true in the case of crypto as it has a high tendency of shutting down sensible analyses that were made even by the most experienced traders in the field of stock markets and forex.
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Website to follow McAfee's $1,000,000 model First reaction was.....yuck...porn!!!! Now seriously, it's a parabolic curve. And it's a rather steep one. The growth in the last month will be from around 875k to 1 million, more than 125k usd per coin in 30 days. And, will it stop at that point? Because in the next 3 months it's going to reach 1.5 millions, and by next year 5.8 millions and by next 34 millions. This is what McAfee and his followers failed to realize: bitcoin isn't going to grow exponentially in just a span of 3 years. It simply just can't. The stock markets and the bond markets need to crash altogether for the investors to flock at cryptocurrencies, which I think isn't going to happen just yet. Also, the growth of 0.48...% a day is somewhat attainable, though the price can roll back a week's worth of gains in just a single hour if a selloff happened, so there's that. McAfee used to be a solid source of knowledge and investment tips in the crypto world, but from the way he used his popularity, I just can't take the man's words anymore. $1M is attainable, but in ~3 years? I don't think so. |
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It seems to me that the Americans do not have such a significant value on the price of bitcoin to stimulate the bullish trend. The price of bitcoin will rise but this will happen for other reasons. It makes no sense to look for explanations of bitcoin behavior. We can only record his behavior. It is impossible to predict.
The mere fact that the drops to $6k and the current rise perfectly aligned to the tax day already speaks volumes, though still isn't a sufficient explanation as to why the market reacted the way it did. We can infer that the traders from other countries also traded accordingly with the event, knowing that there would be a huge selloff weeks prior to the tax day and that trading against it would be no good. Since the selling pressure had already subsided, I guess we are in for a series of bounces and retraces, but the bullish sentiment would remain at the top. Give it a week or two and a better line could be drawn as to where would this market is headed next. |
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The answer is that it often is not, at least for most people, most of the time. Eventually it will be the best payment system, but it needs to develop further, gain more adoption, and get over the scaling obstacles. Even so, Bitcoin is already the best payment system for certain use-cases, such as sending money across borders, or receiving money from someone you don't trust (which helps further in cross-border transactions).
Being trustless is nice, but how would I go about buying an online item if I can't trust that it won't arrive broken and that I can never get my money back? So then there will always have to be employees from whatever website to be able to handle claims and escrow reliably...which means if they go against you, you don't really have an option to go to a bank to get your money back (not that a bank is even helpful with that either). It's simple, like what you do with online shopping, you don't blindly buy an item to an online store that hasn't got any reviews. It's nice that you have money-back protection and all that stuff when you use your credit cards in buying an item but the amount of fees you'll be paying is somewhat crazy + the late fees you might incur if you don't get to pay your bills on time. Personally, I think that the straightforward nature of bitcoin alleviates the need for intermediaries; you only need legitimate merchants on the other end of the spectrum and bitcoin can act as a currency flawlessly. Unfortunately though, legit merchants are rare since they are scared of bitcoin's volatility and whatnot. |
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