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If bitcoin is not a safe haven it would have disappeared long ago
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Bitcoin has both scarcity and value. Millions of people chasing 21million, bitcoin breaking the barrier and great bottle neck inherent in traditional way of transferring money. As more and more people try to have a pie of bitcoin with time the price is set to hit the moon. This will happen, whether it is manipulated, hyped, overvalued etc
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Bitcoin is going through a circle. With time it will become more of a means for payment. Still most will still be in one form of investment or the other. But come to look at it. We have more fiat currencies locked up as investment than what we have in circulation
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I am really motivated by the responses I have read here, from the words of wisdom after the moment I narrated my sweet and bitter experience about bitcoin here.
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Since I signed on, no complain at all. Binance has been one of the most stable and secure exchanges
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Bitcoin can still go down below $6000. From some quarters, it might go as low as $3000 to $4000. This will signal the long awaited bull run
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Two security researchers at Duo Security who were studying Twitter automation patterns, stumbled upon a vast network of Twitter bot accounts promoting crypto fraud. The sophisticated network was accidentally discovered while the researchers were looking into how to create a methodology for accurately identifying Twitter bot. https://btcmanager.com/security-researchers-discover-sophisticated-twitter-crypto-botnet/I see free Ethereum give away most time I am on twitter even from prominent figures. I kept wondering why people could fall for such scam. Are these people dumb? Hope I am speaking the mind of a lot here |
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It's unfortunate but that kind of stuff happens with all investments, not just cryptocurrency. I learned the hard way that the best thing is usually to hold and go long with investments. One day it's worth $3000 one day it might be worth $500...but usually if you hold on long enough it'll go much much higher.
I have seen it from bitcoin historical graph. The bigger the dip the bigger the bull run. But you will need a lot of discipline to hold. |
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What was the purpose of your crypto investment at the very beginning? I can imagine that you first wanted to use crypto as a store of value, like most of us do. But then greed took over in December, which is not necessary a bad thing. However, you should not have traded your valuable coins to some random altcoins to reduce your loss. Also if the answer to the first question was a store of value then you did not succeed your experiment, because you did not keep it for a long time. Next time, decide what you want to accomplish with your investment and stick to the plan. The decisions you make during a recession are often the wrong ones. Keep this in mind.
I agree with you. That was why I said I am wiser now |
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Bitcoin is not threatening or dominating over any crypto currency. It is simply us, who do not favour any other coins over it, because the market has not produced a coin that is better than BTC. Therefore it is still the leading in the market and is not the dominating one.
Your statement is a paradox. What's the difference between dominating and leading. They are thesame especially when there is a race of which will be the first |
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Bitter experience was not surprising. I began to be interested in crypto currency at the most favorable moment. After I bought bitcoin, the market grew significantly  So what happened? Did you withdraw all your investment? |
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I started my cryptocurrency journey around July 2017. I bought some altcoins; verge; dodge, Xrp Siacoin on Bittrex and left some on bitcoin. It was a roller coaster for me around November to December 2017, particularly with verge, my crypo investment of just about $120 grew to a little bit over $3,000. I never new on time until I opened my bittrex. It was wao!
I took out some money since I was in need about $1000. With the euphoria of bitcoin suppasing $20,000, so I watched until my investment shrinked from about $2000 to $1500, then $1000, I decided to take out some little more until I had about $800 left.
That amount have shrinked further to about $450. The worst came when I took a third of the amount to buy Mithril coin when the news came that it won a vote to be listed on binance, and suddenly it was disqualified, and the price have falling like packs of cards, more than 50% right now.
Its a question of if I had known, I would have withdrawn the $3000 the moment I saw it on my bittrex account. Who can tell the future?
But I am wiser now.
Does anyone have similar experience
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Banks and other financial institutions pay very close attention to cryptocurrency, yet the vast majority of them are reluctant to take the plunge. A few of Switzerland’s top private banking institutions, however, are eager to facilitate cryptocurrency transactions.
Two of the banks are;
Falcon Private BankBanks e a Change
Maerki Baumann private bank
Customers can now send their digital asset to the bank.
What's the implication?
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There is shortage of bitcoin already. That is why you can get a fraction for a dollar. But I tell you this is just the beginning. At some point you will want 1 bitcoin for a million dollar, and it will be difficult to get except you raise your stake
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I would say it's because the powers that be (governments and bankers) want cheap Bitcoin to fill their coffers before the run begins and they start rolling it out to the masses. This is the big shake out.
You just nailed the point. Unfortunately, the weak hands will fall into the trap. As bitcoin is falling, this is the time to buy. You don't need to be in the bull market to do that |
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Yes I agree. But some one will need to take the initiative
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After creating the BISON crypto-trading app, the second-largest stock exchange in Germany continues to embrace cryptocurrency with its most recent initiative.
Boerse Stuttgart is creating an ICO platform, a trading venue and custody for cryptocurrencies and related services.
The BISON app due for launch this autumn will facilitate market access and allow free and secure trading of cryptocurrencies, making it the first app in the world to be backed by a traditional stock exchange. The app will support trading in Bitcoin, Ethereum, Ripple, and Litecoin to begin with.
After the launch the group then plans to extend its activities to the primary and secondary markets. The ICO platform will serve to issue digital tokens in cases like corporate financing or to represent rights and assets as well as launching new ICO projects with what the group describes as “standardised and transparent processes.”
The custody services will include differentiated safety concepts for digital assets and will already be available with the launch of the BISON trading app. The group states that the custody service will later be available for use along the entire value chain as well as the app itself. The news of a major German exchange becoming more involved in crypto coincides with the owner of the New York Stock Exchange launching their own Bitcoin market.
The race is on for who will be the first to "legitimize" cryptocurrency trading and bring it to institutional investors who are getting ready to pounce on the market. It appears the Germans will be the first. If you have a contrary opinion let us know
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I think bitcoin ETF and the new kid warming up ICE the owner of New York Stock Exchange will be a game changer. But I don't see that happening soon, until this happens, we shall remain in the bear market
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There is an important field in coinmarketcap "bitcoin dominance" most people really look at it. Last year when bitcoin was rising to its peak,,its dominance was over 50%. The implication? Bitcoin was gaining value against most altcoins except some few.
During that period lots of altcoins value went down to almost zero, even some top 20 altcoin lost ground. Some are languishing in the lower half of coinmarketcap.
But as time went on in early 2018 the tide changed a bit, Bitcoin dominance went to as low as 36%. Bitcoin dominance have started growing again.
From all indication, it could hit above 50%, even 60%. This time around a lot more altcoins will loose most of their values to near zero, once Bitcoin ETF is approved bringing an explosive influx of institutional investors who will focus more on Bitcoin and avoid a larger part of altcoins even some in the top 10.
You have two choices to make;
1. Hold more of Bitcoin right now, and a few altcoins that have values that institutional investors can not ignore. It's a Herculean task to find these few coins, because even coins in the top ten will not be spared.
2. Hold Bitcoin alone until the coast become clear in a later date. There is this FOMO of seeing some coins going up and jumping into it. If you don't know how to play the game, don't get in.
This is my opinion. What do you think guys?
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