Crypto?
Shortest JJG post ever: Wordy-man ATL! That’s it: Bitcoin is dead. Selling all my coins now...
I already said uncle... didn't I?
I was not competing with you now. I feared for the value of my bitcoins! There is a market theory called the “JJG indicator”. By comparison to most daytrading TA theories, it is mathematically proved and scientifically confirmed. It says that when JJG runs out of words, then Bitcoin is a STRONG SELL and should be shorted at high leverage.
No pressure.
#nohomo
You surely are more wordy than me, when you are around.
You just disappear for a month at a time or perhaps 6 months to a year at a time.
Not saying that I am worried about you, but if you were persistent, you would not ONLY be MOAR wordy than the wordiest amongst us (speaking of yours truly for sure) but you would also have a post count to go along with it, too.
#justsaying
At some point, real life takes over. I’m not supposed to be here at all now; I should probably tie up some loose ends here, catch up on a few threads, and then devote my attentions elsewhere. Call it a guilty pleasure.
Speaking of bitcoin prices, I have no real problema where we are at, currently, surely decent sized correction down to $47,555 (constituting about 27% correction from the top), and than maybe bouncing back to bounce around $50k-ish - and who is to say that the correction is over, exactly, but does not really seem to matter too much.
This is kind of like the stability that people should seem to want (and surely a way better place than the stability that you, nullius pullius, was calling for in around September-ish - if I am remembering my dates right?), but when we are here in this kind of seemingly stable place, a lot of peeps are actually moaning about it.
I do like it. For a long time, I had it set in my mind that $1 was worth “more or less somewhere around 10k sats”. Now, it’s around 2k sats; that’s not quite as convenient as a power of ten, but it nonetheless makes mental estimations easy. Bonus: My bitcoins buy more when I need to spend them, which I try to avoid.
Round numbers tend to form Schelling points; so I would not be surprised if we need to cool off and take a breather before sufficient demand pressure forms to push us up to the next point. That is my instinct, based on no market data and no “market research”. Take it for what it’s worth.
In the abstract, I am also of the general opinion that slower, steadier growth is better for Bitcoin. I know that you will say that “king daddy” doesn’t care what I want. I am simply hoping for sustainable growth with less volatility and fewer, smaller corrections. As more people—and moreover, more
rich people become to some degree economically dependent on Bitcoin, I don’t think it’s unrealistic to hope that we can break out of the old market cycles.
Anyway, unless there is some extreme black swan (death of the Internet,
Roosevelt-style seizure by a superpower government, etc.), I reasonably expect that Bitcoin
will get to $100k and $1m and beyond. It took awhile to reach a sustainable floor above $1k, and above $10k; what difference does it make if the market bounces around and solidifies for awhile at $50k?
At this juncture, Jay, I will say something that you will hate: If you want to make 100x fast (at high risk of losing everything),
go invest in altcoins! Because: Risk and reward. Whereas
Bitcoin is becoming a safe investment, at least relative to what it was a few years ago. If you want something that you can buy, put into cold storage, and then just not worry about in the long term, then you must be satisfied with a measly 2x or 5x gain here and there. It’s not the first time I’ve said this: Bitcoin is becoming a
relatively boring investment—and that’s a good thing!
It is because of that safety that I would now feel comfortable recommending significant Bitcoin investments to the types of people who probably couldn’t have handled it before. I myself almost wholly
ignored the worst of the big bear market of 2018: I just let my coins sit where they were, stopped watching the ticker, stopped reading the news—didn’t waste time with it, didn’t worry. That was with my life savings. But I realize that I am unusual. When Bitcoin reaches the point that ordinary, average types of people can be advised to put a chunk of their money into Bitcoin—not all, but a good chunk—and
just forget about it, then I think that the Bitcoin market will be maturing to the point that we can get that steady growth. And that forms a positive feedback loop, insofar as the steadier the market is, the more that we can bring “normies” into it.
I think rejoice in respects to the place where we happen to be - even if we might get some further drops.. up to 40% or 50% is not necessarily unusual, even though I am not sure about how high the odds would be beyond seeming to have a kind of potential trend is your friend kind of situation that some of us would prefer NOT to have, and surely seems like UPpity is going to continue at some point.. but just not always clear about how long such UPpity continuation is going to take to actually be noticed as continuing UPpity.
For my part, I am happy with $50k for now. I am bemused to see people talking about a “crash”. What crash? Do people even remember what the number was
only half a year ago? 
^^^ Consider that to be my curmudgeonly take on the JJG style of stacked smilies.I do hope not to see further huge drops. That could be a real crash. The $50k range (plus or minus, say, 10%) would be a good point to rest without too much panic, mindrusting, or bears coming out in force; and I hope to see a firm floor develop here, for jumping off to the next point.
Poll
