How low do you think it will go, and why is it "worse"? Do you believe that BTC economy can be quenched merely by taking price lower? There was a growing BTC economy in 2012 at the average price of $10 if you don't remember... Now instead of 10000s, we have about 1 million owners of BTC and everything is much more solid.
"Worse" for the BTC/USD exchange rate -- I don't think price is really any threat to the future of the protocol, or the BTC economy, or anything like that. I have no idea how low (or high) it will go. It's just that when I look at the weekly chart, it almost looks as if the run to 680s was a bubble cycle in and of itself, and on this time frame, downside momentum is only increasing. It's just a bit scary to look at. I'm weary to take any position on the organic growth of users, as I find the data we have very inconclusive. |
|
|
|
Wow - so every response so far is in agreement didnt have that much of an impact. And that the bubbles that started in 2013 were absolutely not related.
Hmmm. So 1/2 the new bitcoins available on the open market and the effect is always priced in early and does not create supply issues backend.
If everyone knows there will be a future squeeze on supply, you don't think that gets priced in early? It inevitably results in diminished supply (obviously), but the % of mined coins brought to market is so miniscule as it is already. You think it would just cut that in half? I don't think so. Lots of hoarded coins waiting to fill the gaps. Well if the consensus is there is no effect, then what does that tell us? The bottom line is I dont subscribe to the notion that most of the people trading/buying/selling bitcoin have the slightest clue about what "priced in" even looks like. Quite the opposite. I think most of these people do not. Such is the reason I wanted to get opinions. I don't think the consensus is there is no effect, rather that how and over what period are completely unknown. Regarding "priced in", perhaps you are right. But I also don't think anyone could point to a chart and say, "the halving caused the price to begin rising here." |
|
|
|
Okcoin was caught in the past faking volume, that was news on all major sites on bitcoin.
I doubt they would do it again after that world embarrassment.
Was it ever actually proven? IIRC, it was just someone making some allegations, but it did look sort of dicey I think. But I don't think there was ever anything very conclusive about. Traders on Okcoin seem to say that the lack of book liquidity gets filled in by their algorithmic trading system (apparently Chinese traders are heavily bot-oriented). |
|
|
|
ah dang TA says sell all now b4 it crashes 1/2 a percent.  Wait for a retest of $530. If it does that, then back to $600+ we go. If no retest, then a few weeks plumbing the depths of $400 is in store... this sounds pretty reasonable, but i dont think it will dip past 440-450 Hard to say. The weekly chart is really, really scary looking. I hope momentum turns around. For the short term, it looks to me like we had a failed upside breakout, so down is likely coming. I'm looking at $470-480 short term, but longer term, it could get much worse. |
|
|
|
Wow - so every response so far is in agreement didnt have that much of an impact. And that the bubbles that started in 2013 were absolutely not related.
Hmmm. So 1/2 the new bitcoins available on the open market and the effect is always priced in early and does not create supply issues backend.
If everyone knows there will be a future squeeze on supply, you don't think that gets priced in early? It inevitably results in diminished supply (obviously), but the % of mined coins brought to market is so miniscule as it is already. You think it would just cut that in half? I don't think so. Lots of hoarded coins waiting to fill the gaps. |
|
|
|
|
So that was a failed breakout followed by a dump back to the 3075 support. There is really nothing bullish about that at all. I'm still in fiat for now, waiting for this thing to turn. It's pretty ugly.
|
|
|
|
|
Damn, looks like we broke my 1hr timeframe uptrend. This is whipsawing around like all hell. Wonder where it will go.... Seems like up from here = 530s retest (and good chance of fail), down from here = retest 480-470....
|
|
|
|
18 m of longs say no.
Should also check the interest rate also. The low rate indicate it is worth the risk to long btc using leverage. It just mitigates the risk. Usually, profitable swaps have ever-higher interest rates as price continues to move in that direction. My thinking is more so that interest rates fell so much that it made more sense to try to catch cheap coins and trade the bounces than to make peanuts lending. |
|
|
|
I think btcchina is the only one that actually fakes volume. They removed fees so they could fake volume and make it seem like the exchange is more popular, to attract people, because their business is failing pretty hard. Just look at the volume distribution - it looks nearly uniform the entire day, even when china is asleep. Pretty ironic that its the only one to fake volume when it accused others of doing so, or at least Bobby Lee implied that, if I remember correctly.
Really? But their volume is so low. And they used to have huge volume before Huobi and Okcoin became relevant (and before adding fees). I watched all their volume move over to those exchanges. I doubt they would be faking to any large extent. |
|
|
|
Hmmm, I kind of liked it with Chartbuddy having his own thread. Anyone else? Was it the OP or a moderator who shut down the troll observer (Chartbuddy observer) thread?  |
|
|
|
If the halvings were so straight-forward, it would be too predictable. Many are already speculating on this point. Summer-ish 2012 shenanigans must keep pirateat40 in mind. |
|
|
|
Today was the first day in a week where a big wall on OKCoin was bought in a few bites instead of causing downward pressure.
If this was not the bottom for now.. I'd be surprised.
I think there is too much TA talk of the importance of the 550/540$ breach. It takes only one big announcement to get this rocket going again.
Really? I feel like we are constantly getting really good news, and no rally ever to be found. Now Braintree looks to be a test bed for Paypal to start accepting bitcoin. Annnnnd bet you we're gonna drop....... |
|
|
|
I just sold whatever i had left. It's clear, Bitcoin is dead.
It failed. This year was make or brake. It broke. People lost interest. Everyone is getting out.
You have to be delusional to think the price will go up suddenly again.
Face it, this is the 5th or 6th year already. This is the time where it was supposed to happen and it simply failed.
People aren't gonna be suddenly interested again in 2 months again.
It's over. There is one way this will go and it isn't up.
Shhhh no tears. Whoa. ShroomsKit sold? Everything? I thought that guy was the type to bagHODL forever. If some more regulars go super bear around here, I'm gonna go all in, contrarian style. |
|
|
|
I am a new comer. I am here to learn about BTC. Specially BTC mining. I hope everyone will help me. I have heard that altcoin mining is much more profitable than BTC mining. So what should i do? Go for altcoin mining or start with BTC mining?
Why so interested in mining? Speculating on mining difficulty, IMO, is much more difficult and uncertain than speculating on price. And if you are not backed by big money, you could potentially be left behind VERY quickly if difficulty takes off again. Altcoin mining can be very profitable, but you will often ending up mining worthless coins, then get saved when one of them gets pumped. Eventually. Make sure to take profit! |
|
|
|
cry and sell now
or
lose everything and sucide later
Your posts continue to get more and more ridiculous Take it as a good sign. You know, historically, when that suicide hotline pops up on Reddit, the reversal is close.... if you're holding bags, just close your eyes. It'll all be over soon.  |
|
|
|
The Golden gate and The D have accepted bitcoins As of this year, just as was at the D last week, the hotel and their restaurants accept BTC. The BAR and the games do not take BTC but they do have a RoboCoin ATM on site so it is not a huge issue.
I'll pass.  Let me know when the Palazzo or Bellagio is accepting. Then I will rain bitcoins all over them! Never even heard of these places. I go to Vegas in style only.  |
|
|
|
Of course this isn't the end, there have been many more serious crashes over the past few years. The real question is what Bitcoin gets the regular Joe beyond a simple credit card, Google Wallet, Paypal, etc. Bitcoin is definitely Libertarian geek orgasm territory, and that's great, but it will take much more than that to be anything but a curiosity. Most people like the comfort of knowing that, within reason, if they are the victim of fraudulent credit card transactions or banking withdrawals, they will be fully reimbursed. With Bitcoin, at this point, you'd better have damn good personal security protocols in place or else you'll be flat broke. The primary thing Bitcoin has going for it is that its future is only limited by the creativity of developers (and unfortunately, the whims of regulators). If developers can turn Bitcoin (or whatever crypto reins supreme) into something everyone must have, speculators will be handsomely rewarded. Me, I'm skeptical. If it's something the powers that be cannot control, the technology will be marginalized and made irrelevant. In the meantime, it will remain a great way to pile up USD/gold/real estate/whatever as newbies enter the market.
Bitcoin is first and foremost an efficient and secure store of value and means to easily transfer that value. Everything else you mentioned is just trivial bells and whistles at best. Incorrect! Bitcoin is a securely shared ledger. That's it. You place value on those ledger entries. Yeah, I'd say it's very premature to call bitcoin a "secure store of value".... but certainly the protocol could be very valuable -- the question is, for the bitcoin network? Or for some other use? Time will tell.  |
|
|
|
|
WillyBTC
Posts: 214
BTC address:
1Pm6xwUE4QM1RcHTJGqaqHkmgun8ZVGH2J
Please sign me up! Thanks.
|
|
|
|
Username: WillyBTC I'm back for the daily. It's been a while. Thanks! |
|
|
|
|
Excuse my newbishness, but what does being a "top level NASDAQ exec" mean? Does he have power to influence the ETF approval? Seems pretty bullish, but I don't really know what to make of it.
|
|
|
|
|
Show Posts
