Too Many Gloom & Doomers!

[sjefdeklerk]

I guess I have come to accept that a bitcoin crash is not just going to come by itself without a trigger such as a failing major exchange or another government action.

That's my conclusion too. I did underestimate the power of the "bitcoin will ALWAYS go up" newbies. It was exactly the same in the dotcom crisis though, a lot of people saw it was overpriced but shorting man you'd get killed the next day already. The dotcom bubble did burst without a real trigger, though I remember some of the big IPO's pretty much failed at the top like "world online" in the Netherlands (where I'm from). But I think we indeed need a trigger this time. Then again, one of the other coins passing BTC in marketcap would probably mean the end of BTC too. We'll see, right not it doesn't look bearish at all so I doubt it will happen anytime soon but nobody knows ...

[xPPx]

They're just scared because they've invested too much or haven't studied the technology...

[ManaMan]

I guess I have come to accept that a bitcoin crash is not just going to come by itself without a trigger such as a failing major exchange or another government action.

That's my conclusion too. I did underestimate the power of the "bitcoin will ALWAYS go up" newbies. It was exactly the same in the dotcom crisis though, a lot of people saw it was overpriced but shorting man you'd get killed the next day already. The dotcom bubble did burst without a real trigger, though I remember some of the big IPO's pretty much failed at the top like "world online" in the Netherlands (where I'm from). But I think we indeed need a trigger this time. Then again, one of the other coins passing BTC in marketcap would probably mean the end of BTC too. We'll see, right not it doesn't look bearish at all so I doubt it will happen anytime soon but nobody knows ...

Point is that new people are seeing that price is surging and they are unfamiliar with any type of investment. Most of them are first time investors, this being said when you look how price can change relatively fast you are overwhelmed and think that it ain't true and as a result of that you start questioning yourself and experiencing fear. If it crushes it will crush because of people having FOMO aka fear of missing out, because they start grabbing and grabbing when price start to slips they then go on and sell in loss and after feel regret of doing this. This is the ordinary cycle of bitcoin only if you are in the game for long time like over 6months or so you can see the usual pattern and in my case you stop to question the price at all because what drives this market is human behavior, not their fancy ideas. You see that bitcoin comes and pumps next day it falls and it pumps again then go down then pump etc. it how this has always been.

[gabmen]

Its probably because of the pace bitcoin's rise made. Imagine the jump from less than 7k to hitting 20k just the latter part last year. Of course there's bound to be a bug correction. Perhaps these people just want another panic buy season so they can buy cheap themselves

[raven7886]

Fees have killed it and unless the developers deal the the mining monopoly then
the "Gloom & Doomers" are well founded and now could well be a good time
to place a stop-loss unless you like walking home instead of taking a taxi

Too many gambling addicts here if you ask me

You forget about something.The high fees/low confirmation time might be annoying and seem like a big problem,but they are intended to stop large price bubbles that grow very fast.This proves that Satoshi was a genius.The "mining monopoly" doesn`t matter that much.Miners can`t exist and can`t make money from btc,if there are no buyers and HODLers.

Yes. This is a point that is quite valid and I am sure it has really proven to have helped sanity and some health in the market, which possibly could have turned to a very huge bubble in no time.

Nevertheless, with the LN, I am sure the part of it being a currency where micro transactions can be easily done would make it really impressive and make bitcoin a top notch than we can imagine. However, anyone who is losing it right now just because of some price drop or some corrections, will only have themselves to blame later on.

[rickadone]

Fees have killed it and unless the developers deal the the mining monopoly then
the "Gloom & Doomers" are well founded and now could well be a good time
to place a stop-loss unless you like walking home instead of taking a taxi

Too many gambling addicts here if you ask me

Haha, welcome to the party.

A stop loss would have been appropriate two weeks ago. We've fallen 40% or so off the high...the loss has already passed you!

This isn't new for Bitcoin, we've seen 80% crashes before. Everyone in the media has been expecting "the bubble to pop" and it has now that the price has gone from nearly $20k to $12-13k. So, what's the surprise? Bitcoin will sit at this level while we all wait to see how the Lightning Network implementation pans out.

Of course and those who know this really do not bother about situations like this. It is just more like a situation that arrives once in a while to buy more and if you miss out on such a chance you may never even see it again. Nothing could have warranted the huge increase in value except a bubble with a lot of investors wanting to get rich quick soon, but really I am really looking forward to the effect LN is going to have on the market.

[The_Dark_Knight]

believe it or not all of this drama is because bitcoin stopped rising!
most people are expecting bitcoin to be rising constantly without even having a correction, let alone some bigger drop and some downtime even if it were at a stable price during an accumulation phase.

thanks for sharing this. at least you had some analysis behind what said... I liked the tutorial links too.

True the people complaining are probably people that got in to bitcoin in the last 6 months everyone else that is being in bitcoin longer than that has enough experience to understand that we are just in one of those moments where bitcoin will remain more or less static for some time, those that think we are going to reach new high prices every single day are delusional and we must not listen to them and their cries.

[naidray]

Fees have killed it and unless the developers deal the the mining monopoly then
the "Gloom & Doomers" are well founded and now could well be a good time
to place a stop-loss unless you like walking home instead of taking a taxi

Too many gambling addicts here if you ask me

The fees are really terrible and the long time you will have to wait to even get the transactions confirmed even with the huge fees is even becoming infuriating but I am sure that this is something that may pass soon on the introduction of the LN as long as nothing hinders it again and I really do not know why it is taking a long time though to get this implemented if so far seems like the best solution we have.

Honestly, it is really funny how some of the investors think and trust me mate, they will keep coming and as long as we keep seeing those who see bitcoin as an asset that would just keep rising without falling, we will keep having these fraction of people who will always panic and be ready to utter any rubbish that comes out of their mouth.