Lose all your capital fast, with MatTheCat and his TA 101A!

[Ibian]

Maybe it's the halving and miners pumping to maintain income?

In the short term, Bitcoin gonna make a bunch of people richer, but with the majority of those who take a bite of the apple, ending up poorer, just cos this is the way zero sum games like financial asset trading must be.
 

How can this be a zero sum game, when there is only a limited number of bitcoins on one side and an endless amount of fiat on the other ?

Cos the aim of the game isn't to be holding a big pile of BTC, but to extract as much fiat from the market as possible.

Smart money takes their positions. The market pumps, Smart Money exits and stops supporting the market. The market inevitably crashes. Smart Money extracted from the market 4-5 times more fiat than Smart Money orignally invested. That money had to come from somewhere...thus, the majority always lose. Hence, zero sum game.

Not fiat. And not btc either, you fucking moron. Purchasing power, in whatever form works best.

[MatTheCat]

Not fiat. And not btc either, you fucking moron. Purchasing power, in whatever form works best.

I can't wait to taunt you when Bitcoin flops over well short of your delirious targets and starts tanking like a bitch, and like every other Alt that ever existed (You really should study Alt charts. They all pretty much behave the same way, as Bitcoin has, and as Bitcoin is currently behaving)

Then you will fucking learn all about 'Purchasing Power' in whatever form works best.

[Ibian]

Not fiat. And not btc either, you fucking moron. Purchasing power, in whatever form works best.

I can't wait to taunt you when Bitcoin flops over well short of your delirious targets and starts tanking like a bitch, and like every other Alt that ever existed (You really should study Alt charts. They all pretty much behave the same way, as Bitcoin has, and as Bitcoin is currently behaving)

Then you will fucking learn all about 'Purchasing Power' in whatever form works best.

Your problem is that you prefer dragging others down over building yourself up. There is no helping that.

[r0ach]

Mat, you gonna buy now or wait to FOMO buy at $1400?

Bitcoin has now completed a giant, two year long cup and handle.  For any TA illiterate, that means likelihood of skyrocketing soon = high:

[Gillette]

Bear have been fucked once again!

[RyNinDaCleM]

Mat, you gonna buy now or wait to FOMO buy at $1400?

Bitcoin has now completed a giant, two year long cup and handle.  For any TA illiterate, that means likelihood of skyrocketing soon = high:

Wait... There is no handle... So now you want 4 months of meandering sideways with a slight downward bias to form the handle?
It is convenient how you cut the rest of the chart off to make your point seem more probable... $685 wasn't a significant high of that sort, though. Now, if we get the same setup at 1200, then I would agree that c&h is a good possibility.

[adamstgBit]

Mat, you gonna buy now or wait to FOMO buy at $1400?

Bitcoin has now completed a giant, two year long cup and handle.  For any TA illiterate, that means likelihood of skyrocketing soon = high:

Wait... There is no handle... So now you want 4 months of meandering sideways with a slight downward bias to form the handle?
It is convenient how you cut the rest of the chart off to make your point seem more probable... $685 wasn't a significant high of that sort, though. Now, if we get the same setup at 1200, then I would agree that c&h is a good possibility.

1200 wasn't really all that significant, IMO it was just nuttyness, to me the key number is 800$
top of the cup should be in low 800's and handle should bottom in the 700's
one more good leg up within the next few weeks and we have ourselves a solid a c&h

[r0ach]

It is convenient how you cut the rest of the chart off to make your point seem more probable...

Hey dipshit, nice bear spam for months while also having the word "bearish" in your sig.  During that time period the price is up 50%.  Maybe you're related to Mat.

[MatTheCat]

Mat, you gonna buy now or wait to FOMO buy at $1400?

I am not going to FOMO buy at all. Not ever (again).

There are loads of different trading vehicles out there, many which offer far better returns than Bitcoin. Some mining stocks have quadrupled this year....missed that boat, but currently a lot of oil related and seismic stocks are right down in the shitter, but this will change as the oil price reestablishes itself at a viable price level.....as for potential crypto trading gains, ETH is a highly liquid market, offering much greater price swings than BTC does. There is no need to be FOMO buying fk all, ever.....especially not a crypto, whose markets are akin to penny stocks (i.e. 85% whale manipulation).

I missed the most recent pump up from $580, cos I bottled it quite frankly...I was sitting in the hotseat as the pump got underway, MAs on multiple timeframes were pointing up, and putting in bullish structure, watching various technical break out's occur, but I had it in my head, that a 38.2% retrace was inevitable, and that I was going to buy in around $540. But this never happened, thus I missed the trade, and I would never have guessed that they were going to pump Bitcoin so hard and direct. I shoulda FOMO bought, but I didn't, and I amn't going to do so now. I well may end up buying at $700+, but if I do so, it won't be FOMO buying, it will be trade from a solid setup.

Sure u can get 'lucky' FOMO buying and I have done in the past, but it only takes one bit of bad luck to get totally wiped out.

[r0ach]

There are loads of different trading vehicles out there, many which offer far better returns than Bitcoin. Some mining stocks have quadrupled this year....

So MatTheCat is planning to enter the stock market on the verge of the biggest stock collapse in world history.  Two thumbs up.

[MatTheCat]

So MatTheCat is planning to enter the stock market on the verge of the biggest stock collapse in world history.  Two thumbs up.

...and how do you think that Bitcoin is going to fare, during the 'biggest stock market collapse' in world history?

If the nominal value of bits of paper that represent shares in actual companies that produce wealth are all set to evaporate, what do you think is going to happen to the value of digital tokens, backed by  the square root of fk all?

"argghhh....our hedge fund is cratering.....quick, charge into Bitcoin!!"    

lol  

Since 2015, Bitcoin has traded in harmony with US equities. On Friday, US equities put in bearish market strcuture. Bitcoin hung around in Limbo. Wall St closed. It was the weekend, no more institutional trading until Monday am...Bitcoin pumps like a motherfucker, almost like it has never pumped before. Monday AM New York Time, US equities crater further, Bitcoin puts in a top and since then has been consolidating at best, or putting in bear market structure at worst.

I am not brazen enough to say that because equities are tanking (or rather look like they are going to tank), that Bitcoin will also tank, even in the face of the Halving event, but if the totally observable relationship of the past 12 months holds, then correct alongside equities Bitcoin surely will......and in a post halving environment, in the midst of the biggest market shit storm the world has ever seen, Bitcoin will get fucking slaughtered. Bitcoin will be amongst the very first things that get dumped by any high risk/ high gain hedge funds holding them, because Bitcoin is one of the riskiest assets u can possibly hold....it aint gonna do well in a 'risk off' market environment.

I suggest you sit with ur fingers crossed that the markets stay up, as opposed to sitting with ur fingers crossed that they tank.

[RyNinDaCleM]

It is convenient how you cut the rest of the chart off to make your point seem more probable...

Hey dipshit, nice bear spam for months while also having the word "bearish" in your sig.  During that time period the price is up 50%.  Maybe you're related to Mat.

I still make more money than you   

[r0ach]

So MatTheCat is planning to enter the stock market on the verge of the biggest stock collapse in world history.  Two thumbs up.

...and how do you think that Bitcoin is going to fare, during the 'biggest stock market collapse' in world history?

If the nominal value of bits of paper that represent shares in actual companies that produce wealth are all set to evaporate, what do you think is going to happen to the value of digital tokens, backed by  the square root of fk all?

"argghhh....our hedge fund is cratering.....quick, charge into Bitcoin!!"    

lol  

I've explained it a million times.  In a scenario of liquidity crunch, all money just flees to USD cash, but this time is different (as was 2008 if they had not received a bail out).  The smart move would be going to cash, but when you have cascading deflationary collapse of debt-based fiat instruments, the banks become insolvent and you get Cyprused with a haircut or permanent bank holiday.  Therefore, going cash is not a good move and things like Bitcoin and metals are really the only things that make sense.  

Bitcoin has no counterparty risk.  The goal is to acquire whatever the most liquid asset is you can find with the least counterparty risk.  Bitcoin and metals both fit this equation.  Paper cash also does, but when you're dealing with things like institutional bank insolvency, most people prefer alternatives that aren't connected to that system at all because you can not only preserve your wealth, but profit at the same time.

[MatTheCat]

I've explained it a million times.  In a scenario of liquidity crunch, all money just flees to USD cash, but this time is different (as was 2008 if they had not received a bail out).  The smart move would be going to cash, but when you have cascading deflationary collapse of debt-based fiat instruments, the banks become insolvent and you get Cyprused with a haircut or permanent bank holiday.  Therefore, going cash is not a good move and things like Bitcoin and metals are really the only things that make sense.  

Bitcoin has no counterparty risk.  The goal is to acquire whatever the most liquid asset is you can find with the least counterparty risk.  Bitcoin and metals both fit this equation.  Paper cash also does, but when you're dealing with things like institutional bank insolvency, most people prefer alternatives that aren't connected to that system at all because you can not only preserve your wealth, but profit at the same time.

Precisely.

All capital flees to government backed wealth. The nominal value of everything, goes down against currency and bonds. Now, somewhat further down the line, the market is going to distrust the value of government backed digital or paper wealth, because in order to meet their ever increasing debt obligations, government needs to generate revenue in the form of taxes from economic activity, and a deflationary crash, is hardly the right environment to do that. In the end, the governments are going to have to choose between default or hyperinflation, at which point, commodities, i.e, real physical wealth, will explode in nominal terms.

What concerns me however, is the bit in between, when all wealth is fleeing to cash and treasury bonds.

What happens to the price of Bitcoin when that trend occurs, and will Bitcoin be capable to continuing to trade at a price, that makes mining it, thus maintaining the network, a viable operation?

I suggest that you keep ur greedy little fingers crossed that the markets do not meltdown, before you wisen the fuck up and start taking actual tangible profits from your Bitcoin stash....but I suspect you won't. You are that drunk on Bitcoin Kool-Aid, that you will go down with the ship for sure.

[r0ach]

Now, somewhat further down the line, the market is going to distrust the value of government backed digital or paper wealth

No, that happens immediately when the crash happens, not down the line.  Without a bail out, the "institutional" banks become insolvent and you get Cyprused with a haircut or bank holidays.  The alternative is to just bail out the banks every single time it happens, but then you get hyperinflation and Bitcoin + metals still win there anyway.  By holding cash in a bank, you're just gambling that the banks will be bailed out in an orderly process, but even if they are bailed out, that doesn't mean the one you have your money in isn't going to disappear or give you a haircut in the process.  There's no point dealing with the counterparty risk when there's alternatives.

I suggest that you keep ur greedy little fingers crossed that the markets do not meltdown

[adamstgBit]

what happens if a tiny % of that value fleeing to Cash finds its way into bitcoin?

[r0ach]

what happens if a tiny % of that value fleeing to Cash finds its way into bitcoin?

[r0ach]

[MatTheCat]

what happens if a tiny % of that value fleeing to Cash finds its way into bitcoin?

Then Bitcoin goes through the fucking roof.

.....but whether it does or not is the $64K question.

Whilst I could imagine scenarios where it might, I can imagine a hell of a lot more scenarios where Bitcoin would be the very last place that panicked investors would want to hold their wealth. I always imagined that capital flight from China (CNY fleeing ultimately into USD that is), might be the moment that Bitcoin burns it's brightest.....but I did read an article a short while ago detailing the different routes of capital flight from China, and Bitcoin barely features, and if it did, then the PBOC could just seal the hole with the snap of it's fingers.


Sorry chaps, but you are all placing a tremendous amount of faith in a very very hot potato.

[Ibian]

It is a hot potato. It is the hottest potato in the world, let me tell you, and it is also the best potato.