I think (and am hoping, as its a chance to add to my position) that we are overdue for a correction. This has less to do with BTC, than the natural functions of the markets, which are driven by greed and fear. The charts are over extended and I expect to see profit taking which will put us back under 30k again. When something moves this strong, and this hard, betting against it is no easy task. The key in all of it, is remembering why you're holding, and not to speculate. Short-term gyrations shouldn't shake you out of your long-term profits. Wait, Im trying to "buy", what am I saying: BTC is scam, sell now! Hurry, before its too late... ;p

BITCOIN MAY BE A BUBBLE. Being the beginning of a new year, and BTC having hit new highs, the number one fear keeping people on the sidelines is that they feel they've missed it, and the further up it goes, the more 'proof' this is that the price is setting up to implode. There is certainly a reasonable logic to these assumptions. And no one can deny that we have never seen something (let alone an 'asset class', as its now being referred to) go up this fast, this far, and be sustainable.

People naturally fear what it is that they don't understand. And for good reason, this is our finely tuned survival instinct at work, which has been fine tuned over the millenia. After all, if you're wrong about the tigers intentions, a second chance is less than  likely. The problem comes from, how little people know or understand about what it is that they have slowly, but eventually, come to trust:FIAT currency. FIAT by definition, means 'by decree', or essentially "hear ye, hear ye", an  arbitrary, formal announcement by the powers that be, the King or otherwise. It took a long time for the people to come to trust the central powers and to accept their "money", in place of what they had always known to have value: gold and silver. The USD was backed or 'pegged' to gold, which is where it derived its worth from, until 1971, when President Richard Nixon took us off of the gold standard, without the permission of Congress. It was than that we became a truly fiat currency.

The central banks have long abused their powers, through overspending, inflating away their deficits, to finance wars they couldn't afford, or to repay creditors, in 'diluted' currency. Globally, this has lead to the 'race to debase' nations currencies, to make them more attractive (affordable) places in which to invest.

While BTC may well be moving parabolically, which yes, can understandably be alarming, at least we can see its price.  What we can't see is the Trillions of dollars created out of thin air by central banks, who now have a monopoly over the currency supply, and are accountable to no one except themselves.

The powers that be are also understandably worried, about losing their power to control the money supply. Nathan Rothchild said "Give me control of a Nations Money supply, and I care not who makes it's laws".  This is to say, that he who controls the printing press, runs the show. Its time we take back what they have abused for so long, power.


BSchlick