For the last couple of weeks I have a strange feeling (if I can call it so) that we are already past the point of complete despair, and the new growth is just around the corner. It is not related to the recent Bitcoin price hike, just in case, though someone might have been feeling what I feel and decided to buy in massively. I've been watching Dogecoin closely, and it started growing some time ago (before the recent Bitcoin surge). To me, it is a telltale sign of the market sentiment change. It looks like the market is changing winds and shifting sands right now. I was strictly pessimistic since the beginning of the year but now I don't feel like that anymore.
Am I the only one who has such a feeling?
Currently, the price is floating around $8k. The resistance is still there. The pump was indeed very powerful and did wonders to change the market sentiment after that huge 20% jump in price at the start of the pump. I think that after we consolidate at $7.5k, we may actually go up to $9k+ in the short term. I wouldn't say that the market sentiment has completely swung in favor of the bulls yet. We're still in a bear market, and there is very little prospect of hitting a new all time high this year. Overall, I just don't see that much momentum to push prices up right now,even though this pump has happened. However, I do see prices start to slowly make its way up at the end of the year, near November-December when the markets are historically very bullish. |
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Do you guys believe that bitcoin will fluctuate less due to bad news?
Just like Facebook can pass government regulations, as well as telegram did today, I belive Bitcoin and descentralized technology won't be affected by such attempts and people will realize that. Therefore, leading to less sudden drops.
I hope I was able to explain my point.
What do you guys predict?
I completely agree. The one thing that makes bitcoin so powerful is that it's different to all the rest of the payment processors. There is absolutely no central point of attack. Looking at what happened with Liberty Reserve, when the government tries to shut down a legitimate payment processor that was just not in their control, they were able to do so because of the fact that all the databases and servers are stored in one central location. Bitcoin is different. Right now, the regulatory pressures on bitcoin is mounting. But the maximum the government can do effectively to be honest is regulate the bitcoin exchanges. As more people realize this, panic dumps due to regulations will become smaller as smaller. |
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In the beginning, BTC could be used to exchange of low value of virtual items, such as buying web sites or game points, virtual items, etc., afterwards, some people in order to get these virtual items, items may be in online auction own reality for BTC, others want to buy the real goods, but no BTC at hand, and then use real money to exchange BTC, as a result, BTC begin to flow, and have a "value".
In other words, bitcoin is inherently valuable as a means of payment; If it loses its function as a means of payment, it becomes worthless.
The value of money: it exists because of payment.
A lot of people ask why bitcoin has any value. The reason is the same as why gold has value. Bitcoin is able to act as a payment system, worldwide. On top of that, it is decentralized, and there is no concern of bitcoin losing value because of monetary policies. People want to use bitcoin as a currency, because of the fact that bitcoin is decentralized, and is the first crypto with the greatest amount of trust. That's where BTC's value comes from. I don't think that what you said was necessarily true, but it's the reason why merchants accepting BTC directly is good for the stability of BTC. Once more merchants start accepting bitcoin as is, without any sort of system where the bitcoin is converted to USD before he receives the funds, the merchants goods are essentially going to be backing the BTC's value. And when more and more merchants do this, the value of BTC will naturally stabilize. But so far, we see that btc is still quite volatile due to speculators. |
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Robert Shiller, professor of economics at Yale University and co-founder of the Case-Shiller Index, expressed his idea about cryptocurrency. "I'm interested in bitcoin as a sort of bubble. It doesn't mean that it will disappear, that it'll burst forever. It may be with us for a while," said Shiller. "To me, it's interesting as another example of faddish human behavior. It's glamorous," he added. The bitcoin craze reminds him of tulip mania in the 17th century, the event which is considered one of the first recorded speculative bubbles where a buying frenzy and lofty expectations replace rational justifications for an item's value. The price of bitcoin grew so fast. The cryptocurrency hurtled above $1,000 in early 2017 after trading at less than a $1 at the beginning of the decade. It even hit an all-time high north of $20,000 in mid-December. (recommend FuninUSA for updated data about cryptocurrency) A lot of people have benefited from the cryptocurrency investment. But Shiller would still like to see it as a psychology experiment. “It is more psychological than something that could be explained by the computer science department,” He said. Bitcoin held above $8,000 on Friday morning after topping that level a day earlier. The two-day rally comes after a weak start to April likely tied to tax-related selling. Prices dipped below $7,000 earlier this month. Will the bitcoin disappear? What's the true value of bitcoin? What essence in bitcoin are we paying for?  He's literally grasping at one event, of the 2017 bull market. Obviously, after such huge surges in price, a bear market was bound to kick in and prices could not have been sustainable at such high levels. The crypto bull market was definitely fueled by fomo buying, as with any investment, even stocks. But bitcoin itself is not a "psychological experiment". Its value comes from the fact that it is decentralized, and that nobody can manipulate with the supply, unlike fiat currencies. I just simply don't see how a comparison of tulips to bitcoin is fair, when bitcoin is a practical currency that has already benefited a lot of people because of its convenience of sending money, and also as a store of value. Bitcoin is a serious investment, you'd be proven wrong if you think otherwise with time. |
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There is honestly no finite range of people that bitcoin benefits. In one way or another, bitcoin will benefit anyone that chooses to use it. Since currencies are used by everyone, and bitcoin is essentially a better version of our existing fiat currency system, I think it's clear that everyone, globally can solve people's problems.
If you're just an average Joe, by using bitcoin you are eliminating the long term fiat depreciation that eats away your savings. Bitcoin's supply is limited and its demand is just going to go up. If you're a business, bitcoin can facilitate global transactions way more efficiently and cheaper than the fiat banking system.
The opportunities are endless and people just need to learn about and adopt BTC for them the potential to be realized. But that takes time.
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I can confirm LoyceV's concerns. I tried to exchange 5 BTC to ETH, and there was no check box for potential AML/KYC whatsoever. Again, you only implemented this alert system a while ago, so what are you going to do with the people who exchanged funds with you guys and did not receive that warning? Are you going to refund them?
Also, are the KYC procedures only carried out on transactions above a certain threshold, or do they just apply randomly?
If you guys have any sort of system to determine which transactions are required to give KYC, you should definitely publish the limits until one is required to get verified. That is only fair to the customer, especially if his goal is to exchange with anonymity in the first place.
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Thomas Glucksman, a head of APAC business development at cryptocurrency exchange Gatecoin said that bitcoin could hit 50k$ at the end of 2018. Likewise, Mick Sherman, co-founder and CEO of Hercules Tech said that cryptocurrencies will grow big this year. Those statements are overwhelming, it may sounds bullish but somehow there has truth in it. http://business.inquirer.net/246286/bitcoin-hit-50000-end-2018I don't doubt the fact that bitcoin will continue its general trajectory of going up for the next few decades, because of factors like increasing adoption and inflation of fiat currencies, while bitcoin's supply stays the same. But it's definitely still bearish this year. Despite the pump that we saw late last week, it's simply not enough to reverse the bearish trend. IMO, prices will most likely stay put or even continue to decrease throughout the year. The ceiling for price growth is quite low for the year. I think it's most likely around $12k, where the resistance was the strongest and at which level the bear market was kickstarted. I don't expect any all time highs to be broken, let alone bitcoin going to $50k. So take that article with a grain of salt, I guess. But again, that's not saying bitcoin doesn't have a future in the long term. It definitely does, and it's a huge future. |
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Can anyone please tell me if they are legit or not?Thanks a lot in advance  Based on the reviews that I see, opinions are quite divided. Some say that it's completely legit and is safe to use, others say that it's a scam. There's one guy who had issues and said that they're legit, but are extremely understaffed: https://litecointalk.io/t/asicminermarket-com-complete-lack-of-contact-with-customer/2819/3I don't think there is any point in buying from them, when there are that many negative reviews. The website itself screams scam to me as well, since it is extremely poorly designed. Personally, I would definitely try to avoid this site. Even if they offer good deals, I don't think it's worth taking the risk with them. You're sending an irreversible transaction to them with crypto, once they receive it, you have no control over anything. They're not even located in the US, I don't think, and they're saying free shipping on all products, which is suspicious. |
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I feel like even though the price of Bitcoin has been on the down fall I feel like Bitcoin is so close to becoming the worlds leading currency. I can see it, however I feel like it takes some kind of major event for it to get over the hump. I know this sounds messed up, but I feel like another financial crisis would help out bitcoin make that leap and make people trust the currency more. Another thing is retailers and their acceptance of bitcoins. If Amazon, Walmart, Target etc. started to accept Bitcoin as a valid currency, the currency would become more stable and attractive to consumers. What do you guys think?
Bitcoin is still very far away from being the world's leading currency. It's not close at all, but it will become close if given enough time. Fiat currencies are still dominating here. As high as the hyped up rallies of 2017 went, there was simply not enough actual usage of bitcoin to say that it was anywhere near being the world's leading currency. And that will not happen, unless adoption increased on a massive scale. You're right, there needs to be way more than just a bull market for bitcoin to take that leap from being viewed as a speculative asset, to a legitimate global currency. And it's not going to be done overnight. Retailers accepting bitcoin would indeed help stabilize the price and help push adoption, although these events will not happen overnight. Public awareness and adoption of BTC will increase slowly and gradually. |
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I spent almost 4000 US dollars on genesis mining Monero contract (5000 H/s). Since Dec 2017 when my contract began, I received a total of only 1.2 XMR. They have missed 52 days of payouts! You can find so many complaints on twitter and other social media. Thinking of what I can do to protect myself and other people. Any suggestions to my situation? Be aware! Do not fall into scam, folks! Discussion on filing law suit and other measures in reddit: https://www.reddit.com/r/GenesisMining/comments/8bwl8b/its_probably_time_to_start_organising_a_lawyer_to/Sometimes this makes you really wonder if they have liquidity problems and aren't able to pay out customer profits as a result. Seems very plausible to me, otherwise they wouldn't have so many cases of people not receiving their payouts for weeks or even months on end. That's completely unacceptable. Genesis Mining is a no go for me for sure. It has never been of interest to me because of the fact that their affiliate marketing scheme essentially means that people are encouraged to give biased reviews about how profitable their investments are. In reality, you'll be lucky to even break even in a crypto bull market. On top of that, you need to deal with payout issues, when you don't have a high chance of getting your initial investment back in the first place. Definitely avoid. I don't think you have a choice, really. You just have to be patient until they finally respond to you. |
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All I can say is that these figures are very misleading.
I think the figures in this chart is most likely the amount of cash and coins in circulation. Even the M1 monetary supply which includes the most liquid forms of currency assets in the USA is over $3.6 trillion in the US. The figure for just bills and coins in USD however, is much lower, at $1.2 trillion.
Also, bitcoin currently is used as a speculative asset, while fiat is still the dominant currency used in commerce.
I agree that bitcoin is definitely progressing as a currency to really have an impact on the global scale, but BTC is definitely not that high up on the scales yet. Which is why i think BTC has a lot of untapped potential, as well.
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Great catch.
BitIlluminati didn't even make an attempt at making themselves look legit. Their entire site is literally copy pasted from Hoqu.
And that's not even to mention their obviously fraudulent business model. They claim that they are a lending platform, just like Bitconnect, and look what happened to Bitconnect already. They are clearly a ponzi scheme, who are also using someone else's site design entirely, most likely without their consent.
Just beware that all of these lending platforms are nothing more than scams trying to take your money. There's no secret "trading bot" that's generating profits, here.
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McAfee claims that he has made some mathematical models to estimate the price of Bitcoin by $1,000,000 before December 31, 2020. On this interesting website, you can follow his model/bet and see if we are on track: https://fnordprefekt.de/If we are above the red line, or touching it, we are in good shape to reach the $1,000,000 prediction, if we go below, it would mean we are oversold, and therefore a good time to buy the dip. So far we are right on track after the big dip. As good as a $1 million bitcoin price may sound, it's just not going to happen. He's assuming that bitcoin is going to exponentially grow in price for 3 years straight. That's absurd to ask. If given more time, and by more time, I mean at least 10-20 years, and adoption rate increases drastically, only then will we have a realistic shot at $1 million. Ask even any bitcoin bulls. They'll say that parabolic growth like this is ultimately impossible. Don't forget that McAfee is known for his $100k+ crypto tweets, he's doing all this to increase publicity. |
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I think that we are currently in the early adoption phase, for bitcoin.
Even though it may seem like that bitcoin's time has already come and went, that is very far from the truth. The pumps of last year is by no means the end of bitcoin's era. It's only the start. People are interested, but as you said, only around 1-2% of all people most likely (unable to accurately measure this figure) actually have any bitcoin at all. That's a huge potential upside, since 90+% of the world hasn't even gotten their hands of BTC yet.
And when they do, that's when mass adoption will actually happen. And rising prices will be a side effect. Just like the internet, there will be doubters now, but they will be quickly brushed off once blockchain/BTC actually becomes mainstream.
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Thanks for the clear explanations of each term.
I hear a lot of people who are bearish on bitcoin say that bitcoin is a pyramid scheme/ponzi scheme. I don't think that they have done an research, and are just blatantly spitting out bullshit from their mouth. A ponzi scheme will only work, if there is a central figure that has control over your money that you invest.
BTC first of all, is not an investment. It's a currency, that can be regarded as an investment. Secondly, BTC is decentralized. So the accusations of BTC being a ponzi is completely baseless. BTC isn't a bubble right now, but was in a bubble imo last year.
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worldwide regulatory bodies are looking to set legal guide rules to regulate crypto markets which will limit ICO. Do you think that this will increase the size of crypto markets since it will increase trust, or would it decrease the size of crypto since the number of ICO will go down Interesting question to ponder, for sure. I think however there is no real correct answer to this. It depends on what type of regulation that we're talking about, here. If it's a flat out ban of crypto, then for sure, the volumes are going to go down, no doubt. If it's some kind of regulation on exchanges/ICO that requires licensing and registration, then I actually see potentially increased volumes due to institutional investors being more confident in investing. But just because volumes are increased, doesn't mean that the regulations have done any good to the average bitcoin user. Volume also isn't a very good measurement of how regulations affect the usability of BTC, either. |
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The current rally can go to $9k+, before a correction hits hard.
I personally think that we have not finished consolidating yet, there is still some room for us to move downwards before finally consolidation at the real bottom. $6.6k may be the bottom currently, but that support can still be easily broken.
It's probably going to be bumpy for sure, and the bulls are still far away from us at the moment. I don't think that we're going to go as far down as $2.5k, as that is just a huge buying opportunity for most long term holders, although anything is possible.
If bitcoin does get dumped past the $6k support, then it's definitely time to accumulate and fill up your bags.
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As we see the bitcoin value is gradually decreasing again on this moment which is from 8k the price fluctuate back to $7900 , now we need strong explaination about this which is if it's a normal correction of price or it will decrease gradually again back to the bottom. ?
Not really. We actually went up again today from $8k from yesterday to $8.9k now. What happened yesterday was just a small correction, it happens all the time when bitcoin is continually going in the upward direction. I think that this could be attributed to Tom Lee's prediction of bitcoin rising on Tax Day. So I do expect some pretty strong rallies up until at the very least, Wednesday. Price can go up to $9.5k in my opinion during this rally, before dropping back. After this rally is over, prices most likely will gradually go back to the bottom, but you never know how long the rally is going to last for. |
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"Bitcoin hype is gone and everyone should avoid it"?
Come on, that doesn't make any sense.
Yes, we're in the "boring phase". Aka a bear market. Isn't that normal, however, throughout history, with basically every single investment? There is no expectation for bitcoin to perform every year like it did in 2017, and that's a reason to avoid bitcoin?
Come on now. In fact, I'd say this "boring phase" is the best investment opportunity you'll see in a while, because prices are cheap. While people who believe in articles like this will avoid the boring phase and buy in when the hype is at its fullest, the smart thing to do is to buy now, and unload when the hype is at its peak.
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As we hope it to rise, always looking any rise like a saver but instead they seem like to a trap. Just look at one month ago what happened from any graphic, from 7200 to 9200 it was a wild process it just rised too fast then everybody believed it is real and jumped, left with a bag in lap ,it came back to 6ks. So calculate well it s the same guy again moving, it will rise then another rise then a big fall. if it rises too steep that means it not natural, if its not natural grace yourself  If people expect this to be the start of a recovery for bitcoin and phase into a bull market, this is obviously not the starting point. This rise is definitely legit and it's very good for short term traders to profit from. In fact I do think that we're probably going to go higher with this rally, most likely to $9k+ before any real pullbacks. That doesn't mean this is going to result in bitcoin all of a sudden skyrocketing, and setting a new all time high again. A small pump like this isn't enough to set the trend to bullish, from a full blown bear market. I think that once this pump is over, we'll be back with a bearish market, and we'll recover during Q3-Q4 instead of now. |
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