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It shouldn't really make any difference for your average user, at least on a day to day basis. It just means that things should be more efficient and the system should be less likely to overload in the event of a usage spike.
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I feel that many currencies will follow the same path as Australia. There is a lot of misreporting and FUD around regulation of cryptocurrencies. Governments are primarily concerned with just a few things and as long as they are satisfied these can be controlled there is really little further need for regulation. These are that cryptocurrencies are not being used to launder money or finance terrorism or avoid taxes or being used for any corrupt purposes. And secondly that users are being protected and their funds are safe. Almost all of these can be countered by putting stricter regulations in place on exchanges. For legitimate cryptocurrency users there will be very little change, other than perhaps a little more paper work and verification. While this will deter many less legitimate users, it will give confidence to many more legitimate investors who will far outweigh those illegitimate ones.
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I believe ETH may never return to its ATH, even if the marketcap recovers to previous highs. In the time it takes for that to happen there are many competitors of ETH who are developing superior blockchains, once these are finished ETH is going to struggle to hold them off. ETH rent is a monumentally stupid idea and perhaps a last grasp attempt to milk some money from something that's destined to crash.
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I have witnessed during the last years that the markets return to ATH's, but now I am somehow sceptical even though I am still holding my bags. I have lost so much that there is no point in cashing out now. I did not follow the "take profits" rule. I ask myself more and more frequently if we ever will see previous levels, maybe this was the very top in January and we are not going to see anything like that ever again. https://trends.google.com/trends/explore?q=BitcoinIt would be nice if these trends actually gave something in terms of numbers of people. It's just a range, it's no surprise that in December there was a huge frenzy of people searching for bitcoin but all we actually know is that it was about 4 times as many people as are currently searching. This in likelihood is still probably a really small percentage of the world and in a few years time the 100 of December could be 10 or less. |
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It's quite clear we are in a bearish period but I think half the issue is that everyone has a strong expectation one way or the other. It's either that we will be back to the ATH in a month or that we will go down to $2000. It's entirely possible we remain in the region of 7-9k for some months and that really wouldn't be the worst of things.
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Another forecast that does not matter. It seems to me that people still have not realized that the forecasts on the cryptocurrency market do not work. It's amazing to me that someone believes them. For example, I am sure that bitcoin is now at the lowest level. Now we are at the foot of the mountain which very soon will show the price chart.
And what is your forecast based on? Some people like to use graphs to reach their conclusions and others like to go off of intuition. The reality of it is that no one knows with absolute certainty what is going to happen with the price in the future. We might go below 6k in the next month or we might be back above 10k. |
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Is it me or are last couple of weeks repeating? BTC dips to lower than low, people buy in and also new money comes in....BTC rises again, until (mostly whales) grab their chance to take a bit of profit again.
Are we not running the risk that at one point most people have tried the game and failed so no new money is coming in anymore?
Or is this still peanuts in the grand scheme of things (like 0,001% actually investing in crypto, so the big masses still have to come aboard)?
It's possible that such a scenario could arise. Small investments are crucial and if whales keep taking advantage of their inexperience to profit we will be left in a scenario where no new money enters the market because everyone who does is losing. There's a fine line between whales doing what they do and then them crushing the market. A very small percentage of people have invested in crypto but I feel very few actually will. If it's used then this will improve but from a purely investment point of view the numbers won't ever increase dramatically. |
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Bears are controlling the market right now. The price still seems good because if bears try to bring down the price below $5k levels, the major fud will take place and the whole market can get rekt. They play with the market but never on the cost of ruining the market. Right now everyone is involved in shorting and longing bitcoins and thus bitcoin is hovering between $7k-$9k. Bulls aren't at all in the scenario at present since, Bitcoin is repeatedly coming back from $9k support. The dollar inflow has reduced significantly after December's rage and thus, market is suffering.
Why would the real bears not care to push the price beyond recovery? If they truly are bearish then they would have short positions and the most profitable scenario is the price tending towards zero. The guys who don't want the price to fall beyond recovery are the whales who push the price down to try and accumulate cheap coins before the next bull run. |
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Agreed that the age of a post shouldn't matter if the topic is still relevant, which I think in this case it is very relevant. There are 100's of fresh topics daily that are pure garbage, like; "Is Bitcoin Cabbage?" That's probably not a real topic, but it very well could be.
Getting back to the topic at hand, I do think that the circulating supply should be used when establishing a Market Cap as that is truly what matters. If somehow some of those estimated 2 million Bitcoins assumed lost were suddenly dumped on the market, the price would crash like nothing we have seen so far. Just look at all the hype and blame for the Mt Gox bankruptcy trustee dumping a few of the 200,000 coins onto the market, so image the impact of 10x that.
Another negative to the whole basic "marktetcap is based on the total supply" argument is that every time the market does go up or down, headlines scream "Bitcoin Loses 10 Billion in One Day" due to a $500 price decline, when in actuality the relatively small number of coins traded make the impact far less than that. Most coins are locked up in one form or another, whether that be they are lost, or just being held in storage for the long game, and the few that are traded day-to-day probably only represent a very small percentage of the total supply.
These are some good points. Circulating supply is just all of the coins that could possibly be sold at any time, as there is no way of knowing for certain if coins are actually lost or irretrievable then they should be included in to circulating supply. I think that the market price is already somewhat reflective of the fact many of these coins are lost as it's a fairly common exception for example that Satoshi's wallets will never be touched. |
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I don't think that the market is particularly dominated by bears or bulls right now, it seems to be that neither of them really have that much ammunition, there's low selling volume and low buying volume and that's why the price is relatively stable. It will be interesting to see how things unfold in the coming days and weeks, a stable period would probably be good to allow people to take stock and to dispel a lot of fear around the market.
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My first instinct was the same as dothebeats, probably people just wanting to send them money for one reason or another, either they're happy with what they're doing or they just want to be connected in some way. You can never really delve too deep in to the motives of people on the internet.
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As of now, many sites offering you for example an airdrop of tokens, but not all of them is safe, some of it was prone to phishing attack, in which your account is in grave danger. May i ask, how can i easily detect , that the site i use to visit is a phishing site?
Always go to sites directly and never click through to them. Never enter your personal information and especially your private keys on a site you don't trust. Always check the URL and look for a lock symbol. |
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Telegram is so much better than the others. It's user friendly and can be used both on PC and on mobile. Discord seems to be a complete mess and there seem to be a lot more scams going on in discord chats. I like the projects that use the combination of an announcement channel in telegram and a group for discussion.
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Too soon to say anything about a bull run/trap. It could just be usual market movements and some people deciding to buy the dip. i believe this rise even though it is small, is because of the G20 thing and the fact that everything went well over there. but i wouldn't get excited about it unless it leads to a bigger rise. otherwise this is just a small recovery and we still need a bigger one to get back on track.
Yeah G20 might be one more reason for this rise, but let's hope this turns out something bigger. I'm tired to see BTC below 10k. It seems that the potential for bad news from the G20 was always looming over the price and probably kept the decline going for longer than it otherwise would have. There's unlikely to be a big rise, even churning out 3% growth per day is really great progress at this stage, a lot of people will be so scared to get in to bitcoin at this time and it needs a long period without a large fall more so than it needs a big increase. |
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Other than the fact I don't think your suggestion is true there are many reasons, it's a densely populated place. I'm fairly sure that most ICOs and developers etc come from Russia but I could be wrong in that assumption. I doubt there are any official statistics on this.
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The next few days will be telling. If the price can move towards 10k and above then we could be entering a recovery with a new bottom found which was higher than the previous 6k. If the price can't break 9k then I expect a dip to 6k or lower inside the next 2 weeks. If the price remains stable above 8k then that would signal a bull run is likely to come in the future.
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Supposedly he didn't dump the coins and the price crashed like it did. I buy in to this in a lot of ways, the price was inevitably going to fall when you look at the growth from December. It's easy to say that in hindsight at the time but because we are all so believing in bitcoin it's easy to be blinded by simple facts and one of those is that nothing can sustain such growth as bitcoin had in the end of 2017.
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I started thinking that this correction is more sever than I expected.
It's more severe than we ever thought because bitcoin reached $20,000 and this is the highest price that it went through so witnessing it to plummet is really giving us doubt. there is actually a very good point here. people often forget that the highest price was $20,000 and with current price you can say that bitcoin has lost 60% of its value and if you take the bottom which was reached a while back then you can see the dump was nearly -70% so yeah, we already had something like 2014 dump. the question is how much bigger should it become before the market makers decide that is enough? We must take note also of how much bitcoin has gained in the same span of time. People only care for it's price loss and disregarding the growth it was obtained on a short period of time. 2014 price crash also have different associated events why price crash happened. No it's definitely not like the 2014 dump for me. Really a big difference in many aspects and "trend". This is my point. We tend to think that the plummet has given bitcoin a big loss but we all just good with even $5,000 before right? Those who keeps on whining with the price fall doesn't really care about bitcoin. When the price goes up, they are quiet and comfortable that it won't go down forever and they never understand bitcoin is volatile. The market can shake any time it will when market movers decided to do an impact. If we were to follow anything similar to 2014 it would mean the price has a long way to slide. Following 2014 crash the price fell about 85%. That would mean a price of $3000 which still seems a way away now. I don't believe that crypto is able to sleep for 3 years like it did after the 2014 crash, there's too much attention and interest now that whatever happens this time around is going to be in a much shorter period. We'll either recover in the next year or be completely wiped out. |
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Image doesn't display properly so maybe try somewhere else. It's so difficult to say if we will follow the trend of 2014. We're in one of the worst bear periods since then, arguably the worst. I have a feeling that we won't enter such a long bear period and that things will be at a much quicker rate this time around. I don't see the logical reason as to why we would have such a strong bear market right now given that crypto is only continuing to grow in popularity and understanding. Let's come back in a years time and then we will know.
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It would seem that a lot of people are, the whales will be taking advantage of the FUD from Mt. Gox as well as the google news and the upcoming uncertainty over the G20 summit on the 18th. All of these are contributing to this bear market and it looks like the price will dip below 8k soon.
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