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October 11, 2017, 04:57:44 AM |
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It's a whole different animal from normal commodities. Bitcoin is at it's best when the price is volatile. It's no good when it's relatively frozen in place. It goes up several hundred fast, then back down a few hundred, and then back up again... etc... But in the end it ends up gaining more than it loses over time when it's locked into a volatile cycle like this. I knew when it approached 5K again a decline would follow. But it will go back up again shortly, and this time it will pass the 5K barrier... until it approaches 6K and then inevitably some people will cash in their chips again. Why?... because they expect others will as well, and that the price will drop. This happens ever time it reaches milestones like this.
The solution would be for more people to hold regardless of what's going on. If this happened then the declines every time a new milestone is approached wouldn't happen, it'd just keep rising. I'm one to talk because I do the exact same thing, again because I know others will and want to maximize profits. But I'm considering practicing what I preach and just holding from now on. Not only that but investing every time I have extra money to do so, regardless of the current situation (What I called the 2'nd best option next to being able to get your money in & out at the right time). Because I have confidence in it's medium term future (at least) that it's value will increase as a whole through these volatile periods. And I wouldn't want to be a hypocrite, telling others to hold while I don't.
If you consider what is best for everyone as a whole, and for Bitcoin as a whole, it's actually the #1 best option. I for one am tired of seeing it dip back down every time it reaches a new milestone instead of continuing to rise. It would be in everyones best interest. It's our best hope of seeing it actually reach the 5 digits like we all want it to. Plus it would be easier on all of us, to not have to go through the hassle of constantly keeping watch on the price charts and buying or selling off our BTC every time we sense a change. I have better things I could be doing with my time, plus I'm lazy.
But again, to get back to my main jist, don't worry about it dipping back down after it approached 5K... after soaring yesterday on the back of several pieces of fantastic news. There was more today, concerning Japan as well as a former JP Morgan big wig again. Of course one man chimed in as well that Bitcoin would crash, but I've looked into this man before and he represents part of the constituents that want to see the price fall to a level where it's more affordable because they feel they've missed the boat. Do not believe anything this man says, it is FUD. And anyone that's followed my posts knows I'm objective, and will spread bad news myself if it is legitimate. And that I'll tell the truth whether it's what people want to hear or not. I was accussed of creating FUD when I first joined for warning of a downslide (that ended up happening).
It won't topple much further, and will spring back as soon as tomorrow. And after some up's & downs will finally eclipse the 5K mark, and soon. 6K will be the next milestone... but how bout we hold onto our stash collectively so that instead of another in character downslide at that point it leaves that new milestone in the dust and continues on it's way to the next K? We can do it if we work together and stop trying to do what we expect the Jones's to do every time we reach a point like that. Because the truth is that people like us have control. The vast majority of the BTC in circulation (so to speak) belong to people like you and I, not to Wall St.
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