Is it just me or is the Bitcoin price nothing more than a puppet

[chillitabit]

Not sure what others think but I am getting pretty sick of how the Bitcoin price just goes up and down 5 to 10 per cent with absolutely no external factors driving this. I know its been said before but this is just manipulation of the highest degree. So we all sit around and wait for few Whales to dump and all stupidly buy in so they get the money and lo and behold when it goes down 800 bucks they buy back in and we all follow like sheep to lose again. Seriously Bitcoin has to either start behaving like a store of value or have some practical application as a currency.

this is the nature of crypto and speculation. Given that anyone can invest in these currencies, uneducated people make emotional decisions, therefore it's easier to make them do what big players want them to

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[Kingofbitcoin12345]

A typical investors who doesn’t know what they’ve investing in.. If someone research first then he/she should have known that this is a normal movement.. We have experience the worst and now are we tired because we don’t play the same game others did.. Whales are one of the reason but most of the blame is on the new investors themselves being too emotionally vulnerable in small bitcoin decreases and panic..

[jakagintiri]

This event itself occurred in 2013 when bitcoin ecosystems have not been as big as now. But the same thing does not mean it can not happen at this time because it is very susceptible to manipulation, tend to be easy to buy and eventually lose, better hold up until the right time.

[p i e c e]

Not sure what others think but I am getting pretty sick of how the Bitcoin price just goes up and down 5 to 10 per cent with absolutely no external factors driving this. I know its been said before but this is just manipulation of the highest degree. So we all sit around and wait for few Whales to dump and all stupidly buy in so they get the money and lo and behold when it goes down 800 bucks they buy back in and we all follow like sheep to lose again. Seriously Bitcoin has to either start behaving like a store of value or have some practical application as a currency.

See it's not only about you or me, right now everybody is worried about the market conditions.
But trust me, smart people know how to perfectly make use of this manipulative market conditions.
It's the time to buy the coins now and hold the ones you already have.
In such a situation, instead of getting anxious, act smart and make thoughtful moves.

I know for sure that the smartest investors and traders use this time for doing good things. they simply go on buying cryptocurrency as they know about its soon rise.

[Lieldoryn]

This event itself occurred in 2013 when bitcoin ecosystems have not been as big as now. But the same thing does not mean it can not happen at this time because it is very susceptible to manipulation, tend to be easy to buy and eventually lose, better hold up until the right time.

It seems to me that the best times to buy coins will be gone. $ 8,000 is the bottom. Now the fall has stopped but investors fear that it will resume. This means that the demand will be low but the offer of the sale will also be reduced. In such a situation, there will be a short period of stabilization. Then will begin a sharp rise in prices.

[aardvark15]

Not sure what others think but I am getting pretty sick of how the Bitcoin price just goes up and down 5 to 10 per cent with absolutely no external factors driving this. I know its been said before but this is just manipulation of the highest degree. So we all sit around and wait for few Whales to dump and all stupidly buy in so they get the money and lo and behold when it goes down 800 bucks they buy back in and we all follow like sheep to lose again. Seriously Bitcoin has to either start behaving like a store of value or have some practical application as a currency.

There is definitely some manipulation that happens with whales. They are probably waiting on the sidelines for the right moment and when one whale starts buying, the rest will follow and we will see a bull run.

I know this happens, but there are some other factors that contribute such as the sell off of MtGox coins and any other good or bad news that comes out any given day will affect people’s emotions to act either by buying or selling.

[Fortified]

Not sure what others think but I am getting pretty sick of how the Bitcoin price just goes up and down 5 to 10 per cent with absolutely no external factors driving this. I know its been said before but this is just manipulation of the highest degree. So we all sit around and wait for few Whales to dump and all stupidly buy in so they get the money and lo and behold when it goes down 800 bucks they buy back in and we all follow like sheep to lose again. Seriously Bitcoin has to either start behaving like a store of value or have some practical application as a currency.

Just take it easy mate, this is just a correction. Although I respect your opinion but I'm optimistic that this is just temporary. Sometimes you need to accept that not all is on your side in favor of what you want. You need to deal the reality that this is all business.

[russelluk]

I will be sticking with Bitcoin but I really wish I could see more evidence of Bitcoin or for that matter any other Crypto actually being used as planned. I don't want to use exchanges and I don't want to have to go via Visa to use Bitcoin in a transaction. When are we going to see it where I can just keep my crypto and use it to spend and receive without using fiat. Surely we must be getting to this one day where we can pay wages and receive payment in Bitcoin and never have to go back to fiat for at least a portion of the transactions.

[dothebeats]

Isn't this happening in the stock markets as well? Traders waiting for other traders to pull off some kind of trigger and then everyone just reacts accordingly creating a chain reaction. Both markets can be manipulated but only bitcoin is being called out for that behavior since it's a fairly new asset which isn't heavily regulated yet. Huge market movements can't be attributed all the time to whales or the likes; do know that other traders are also trading against other traders so the minnows contribute as well.

[wuvdoll]

I take your point. My main concern with Bitcoin right now is that if you watch the price action it follow neat little jumps and drops that are almost square like.

Some of the square like jumps and drops are either the bear flags or the bull flags as the case may be but one thing about this whole market right now is that it is not really different from the normal stocks or Forex sometimes. Some already have an upper hand in the market as whales and whether we like it or not, they are going to always play their game however they like.

Still, this is one thing we can never rule out until we really find our way to the mainstream and bitcoin get to be used really as a currency with high level of mass adoption. Then, I want to see who want to control it as a puppet when that time comes.

[imapessimist]

I agree with your point.  It needs to be useful and accepted generally as a currency for paying for things we buy.  Or it needs to be a very reliable store for savings.  And it's not either one of those things at the present time.