Losing faith in BTC...

[BitPlace]

No I don't lose faith in bitcoin. The bitcoin price is going down now but I did not take it as a disadvantage, but instead I take it as an advantage to buy more bitcoin because it becomes more affordable for me to invest in it. When the price of bitcoin increase again I will have a bigger chance of getting more profit because I will buy bitcoin now that the price is down.

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[worthy1]

Imagine there were only 10 people in the entire bitcoin community. And they bought and sold bitcoin at higher and higher prices.

They certainly could. One person could pay $10 for a bitcoin. Another could pay $10 for half a bitcoin. Another could pay $10 for 1/100 of a bitcoin.

Now, let's say they cashed out. Where does the money come from?

The only money in bitcoin is the actual cash people are putting in the game. The only way one person can make money is if someone else can lose money. And at the same time, the miners are taking money out of the game and the exchanges are taking money out of the game.

Bitcoin is a zero sum game. I don't care if you call it a pyramid scheme, ponzi scheme or anything else.

The one thing you need to understand is that if you are going to make money, someone is going to lose money. If you spend $3000 on bitcoins, someone else just got your $3000 minus transaction fees (and exchange fees). You then have a hope someone else in the game will buy your bitcoins for actual money in the future. That is all you have.

Just realize that is the game you are playing.

And then understand that you aren't at the bottom of the pyramid. You don't have coins you bought for $1 or less. And there are a lot of people who do. So, they will make money. Who will they make money from?

Well said!

People are happy to brush things off as just a 'pump and dump' yet BTC has major pumps for no reasons and then when it drops they will just call it a 'correction'. It can move just as manipulated as alts.

I admire peoples commitment to BTC but you are playing a dangerous game to. Times change and there is no reason the crypto world wont either. Yes BTC has had drops in the past from events (although the crypto world is not meant to be effected from events) but I wouldn't be complacent in thinking it will always survive them. These events can turn people off BTC, newcomers and recent investors. Constant volatility can kill it and any coin if it keeps happening. No one knows what will happen in the crypto world and that's the scary part that no one should be confident over.

[moneyalchemist]

BTC > Jihancoin/Vercoin

[Spendulus]

Who else is losing faith in BTC? I use to believe that BTC would change the world. What I just witnessed last night with BCH attempting to take over just shook my entire belief in BTC and crypto currency in general......

A tempest in a teapot.

It will amount to nothing.

[burnedbyfees]

Thing is though, I love bitcoin and my alts, I'm in no way spreading fud here, but I think what Roger Ver and mates are doing with this coordinated attack on Bitcoin risks bringing down the whole thing. I don't mean Bitcoin, I mean cryptocurrencies.

Outsiders know Bitcoin only, they see it doing well and they think about getting in, replace it with Bitcoin Cash and say goodbye to crypto growth as a whole, who would trust it? "What's this Bitcoin Cash thingy? What happened to Bitcoin?"

Same with traders. Mostly I trade alts to get more BTC, it's the coin you use to measure all others and something you know will hold value, take that away and trading will become unstable to the point of it being blind gambling.

It would also show that a tiny group of people can control the whole thing through underhanded manipulation, so it's no better than fiat. Not decentralized or new at all, just a different delivery system for the little guy getting fucked again.

By this Bitcoin cash pumping to satisfy the greed of a few, we risk everything. Cryptocurrencies could become a joke and the people who said it was all tulipmania would be right. You watch, if it happens I'll remind people of this post when it all comes crashing down, though it will be little consolation because I'll be broke.

[sn08btc2140]

 :)My fear My Signs and that you're doing everything fast
come if the BTC Boat is sinking and getting everything done in a hurry
are hurt I hope all the community of cryptographers when they see that
the BCH capitalization has reached a 2-position stop for a moment to reason
and to evaluate the pros and cons of such a rapid and massive passage

[Wonder_woman]

As of today as we can see bitcoin is still expensive and if tgere is still downfall that is common to the market pattern of bitcoin. There is no need to worry because it will return into it and will be more expensive soon.

[BitHodler]

I have seen similar threads pop up at the time Bitcoin was tanking and other coins were gaining value. In some cases I can understand that people have doubts, but all these doubts can be cleared by properly understanding Bitcoin.

If you also understand how this market reacts to coordinated altcoin pumps and spam attacks on Bitcoin's network, it would be clear to you that everything happening right now is just a short term occurrence.

If you can't handle the market in current state, then just take a break from everything related to crypto. People are known for doing things in these circumstances that they will later regret.

[dave111223]

People who bet too much on BCH will have a hard return on earth, you can quote this

[dave111223]

Not only the BCH will not replace the BTC, but once the BTC will beat it in few days, it will have no more obstacle to reach 10k and all of those people who sold low will have only their eyes to cry

[Indrawan77]

It is funny to see  people losing their faith because of the small incidents, coin pumping is a common things, the whale will choose coin to pump and dump and this time they choose bch, crypto currencies is decentralised world so everything will be up and down, it is stupid to dump bitcoin  for alt coins, bitcoin already rising so fast so it's normal to have a drop price and corrections

[berluscoin]

Cryptocurrencies represent one of the biggest innovation of these years, but at the moment, unfortunately, they are also one of the biggest scam in the history.
I wonder how many people made millions (and billions) by manipulating the market. I'm not talking about bitcoin cash only, I'm talking about cryptocurrency world in general.
It's such a shame.

[steveouttrim]

Diversify from BTC. Invest in the expansion of the whole sector, by support ICOs.

ETH seems very stable in comparison. Almost like they are trying to deliberately downplay it.

BitCoin has the brand value, but it seems unlikely that it can last forever. So far it has shown remarkable resilience, but when it drops it drops hard - and everyone starts to say "the end is nigh!"

Be greedy when others are fearful and fearful when others are greedy.

[exstasie]

People need to stop reacting to individual events.  If these activities continue for several weeks then I may begin to worry, but right now this is a small blip in the history of bitcoin.

I tend to agree, but it depends on a few factors. One interesting aspect to this debacle is that Bitmain has a fairly strong hold over the mining hardware market. And they're now only accepting BCH for payment. This slows down any process by which retail miners (even at the industrial scale) could use their hash power to tip the scales towards BTC. They need to liquidate and buy BCH (propping up the BCH price) to accumulate new hardware.

In the end, though, the supply of available BTC to dump held by Roger Ver and Jihan Wu is limited. This isn't sustainable.

[burnedbyfees]

People who bet too much on BCH will have a hard return on earth, you can quote this

Thankfully, I agree.

If the manipulators pulled it off though the whole thing would be fucked, but I'm glad to see the rise of BCC has not got any grassroots support at all, and is about as popular as herpes.

If it was going to succeed it would have happened by now, with Roger's millions behind it, mining pools and sabotage and it's BTFO by the market, who clearly wants Bitcoin.

[no0dlepunk]

I feel you, OP... McAfee's switch to BCH shook my faith very very hard. I have 3 bitcoins on hand and 3 bitcoin cash on the other. This sick event will definitely make me a little bit richer in fiat if I would sell today, however, I bought bitcoins not because of anything else but my belief in Satoshi's vision. This Roger Bullshit Ver will definitely give some of our money to the government very soon... He'll pay taxes either full or half of it.

I cannot speak up and tell you guys to never lose hope in BTC because I already did. But I will hold until the last value of it... I WOULD NOT LET MY GREED CONTROL MY VISION. MY VISION IS TO SPEND AND RECEIVE PAYMENTS WITHOUT GIVING A SINGLE DIME TO THE GOVERNMENT... and I don't think BCH will be like that. If few people could manipulate, then the government could.

[honeyb0y]

Yes Bitcoin's price can be manipulated by some whales right now, it is because as of now it is just a game of who has most of the coins. But once the time comes that Bitcoin is used as a currency, businesses accepting bitcoin as a mode of payment then those whales can't do anything about the price anymore, they can't manipulate it.

That is what they want to happen they want people to loose faith in BTC and convert to an alt coin then once the price is low they will buy BTC again. Don't get fooled guys.

[squatter]

It is funny to see  people losing their faith because of the small incidents, coin pumping is a common things, the whale will choose coin to pump and dump and this time they choose bch, crypto currencies is decentralised world so everything will be up and down, it is stupid to dump bitcoin  for alt coins, bitcoin already rising so fast so it's normal to have a drop price and corrections

You have to admit, though.... it's pretty weird for the #2 coin to trade like a pump-and-dump. This isn't like the days of Cryptsy. It took an incredible amount of money to pump Bitcoin Cash to those levels. I'm honestly still in awe, and I wonder if it can continue.

After seeing the value of Bitcoin Cash drop in half in ~ 30 minutes last night, I figured it was over. Rising too quickly like that usually means no recovery for a very long time. But I'll admit that it's scary to watch this sort of manipulation. And it doesn't bode well for the approval of ETF's either, IMO.

[creeps]

Not only the BCH will not replace the BTC, but once the BTC will beat it in few days, it will have no more obstacle to reach 10k and all of those people who sold low will have only their eyes to cry

That’s right, well i know bitcoin will overcome all those obstacles road to $10k watch out for this because any moment from now it will hit that top and beat all those people who think btc is dying. This is just the beginning of great coming years.

[Nobtcoin]

This is not the first time that the price of Bitcoin has fallen,soon after the price of bitcoin is restored. but let's not ignore that the boom in the bitcoin price in the last period was due to fork,which is the main reason.and this fork is postponed for an unknown time.