Losing faith in BTC...

[rainbow169]

I share some of OP's thoughts about the BCH pump, it's clearly coordinated, especially when you go to Twitter and all the tweets from people you usually read and trust. However, we will just have to face this, this sort of diverge is bound to happen some time, it's probably best that this happened earlier than later. In a week or two, people will talk about bitcoin again.

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[maokoto]

Yes, it is something that make me think a bit too... but yet BTC is much higher than it was 3 months before. I think we should judge in a longer time span.

[Thaalbi]

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. It feels pretty obvious to me that BTC is the best thing ever and BCH is built upon greed, but I'm not entirely confident that either will win in the end anymore.

The huge boost in BCH overnight makes me wonder if anything in the crypto world is legit. Seems like everything is based upon greed. All the figure heads that are suppose to support BTC started being like "oh yeah, BCH is the new bitcoin now guys". John Mccafee (yup, the guy who said he'd eat his own dick on TV if BTC doesn't make it to $500,000 by 2020) is all like BCH is the solution blah blah blah. I figured okay, people are getting paid off to say stuff like this, he's a miner after all so he's looking for money. But then I started reading the core developer's tweets. They either don't talk about BCH, but even some of them were talking about BCH taking over.

I get that pump and dumps are going to happen, but when developers are switching to BCH this means either two things. One, BCH will become the new BTC. Two, developers are greedy and care about making money than BTC.

Another part of me wonders whether this was a pump and dump or not. Perhaps BCH really is better now.


Decentralization, limited supply, medium of exchange, store of value. These words are thrown around a lot when describing BTC, but it just seems to me that people really care only about money. When the developers are like this, that is means for worry. This means people will make changes to BTC strictly for hype to make money, even if it actually hurts the security of the coin.

The only figure head in the crypto world that I feel is trustworthy is the creator of LTC. My reasons are this:
this tomporary btc is king in 2018 valor 10000$
1) He hasn't pumped the crap out of Litecoin with false propaganda
2) He was awkward on TV when talking about Litecoin
3) Intuitively seems more genuine

Last night has left me depressed all day today. I'm very bothered by this. I feel like if I go with BCH I lose. If I go with BTC I lose. I feel like BTC is the good guy and BCH is the evil guy. However, BCH might win in the end. I see possible +EV with BCH though. So last night I caved guys. I caved. I feel sad but I did. I bought BCH which I thought I would never do (I didn't sell most of my BTC, It is like a hedge I suppose). Just seems like the +EV thing to do. Couldn't figure out if it was a pump/dump or a takeover so went with my limited knowledge.

If BCH makes it to $3,000ish I will dump some of my BCH for BTC again.

I'm distraught guys and not in a good way either. I kind of feel like I might be getting played, but I might be making the right decision.

[elliottflz65]

I think there's a lot of people who are currently uncertain about Bitcoin due to the recent news about the fork being cancelled and it being attacked by several different alt coins and technologies. I think it will come out stronger personally.

[Preclus]

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?

[SyGambler]

personally the recent BTC problems are really annoying me , as a person who lives in a 3rd world country yes bitcoin is a good store of value for people in my country and other some countries , but come on the fees are now over 8$ and people here can't afford that

I still hear store of value BS , but people here don't even get 100$ a month so if they want to "store their value " they have to spend like 5-10% of their salary just on fees

at the end I still believe that nothing can replace bitcoin , but the transactions are really a serious problem with such fees

[btcwish1]

It's not the 'price going down' of btc that makes people nervous,  It's the huge increase of BCH at the same time is the one that makes BTC holder nervous and shaken!

The situation makes people wonder , the whole crypto world is not any different than the FIAT currency world.  The group of elite is controlling the whole industry. Whenever they want, they can pump and increase the price of any crypto and make some other currency go down!!  It's all same bullS** at the end of the day?

This ceases the whole purpose creating cryptocurrency...

[sunsilk]

Mostly that those people that are losing faith in bitcoin are the new comers. Those young ones that aren't aware that this has been happening before.

They didn't know what they are entering and just riding the hype before with bitcoin and now that it was attacked they can't take it any longer.

Well this is why all of investments are risky, there's no permanent gain if you are looking into it for a short time. We'll pass this day later on keep the faith and just HODL.

[Zicadis]

No need to panic, such are a common phenomenon that happens in the world of cryptocurrencies and one fact I know for sure is  Bitcoin cash will never be bitcoin! BCH is an altcoin, period!

[kotajikikox]

i always believe bitcoin continue to become famous around the world so far bitcoin not totally dump ithink its part of cycle being currency always hoping bitcoin help to the community give good life in the future.

[Shenzou]

It's not the 'price going down' of btc that makes people nervous,  It's the huge increase of BCH at the same time is the one that makes BTC holder nervous and shaken!

The situation makes people wonder , the whole crypto world is not any different than the FIAT currency world.  The group of elite is controlling the whole industry. Whenever they want, they can pump and increase the price of any crypto and make some other currency go down!!  It's all same bullS** at the end of the day?

This ceases the whole purpose creating cryptocurrency...

I mean we have faced and gone through too much to just give up now, all the poeple who have used bitcoin for quite some time know that whatever happens the bitcoin will always come back again, and lets face it we have invested in this cryptocurrency world, and these currencies are unstable and could have dramatic increase or decrease at any time, and they are hard to predict so people might be switching to btc cash but it is alos unpredictibale and it could go down at any time, all we can do know is just wait and see what the next few days will bring.

[hakuna]

BTC in the past month had quite a run. I would lose faith when I will see it again at 1000. Now it is experiencing a simple correction.
I would relax and avoid listening to scared comments on the Web.

[colombuszka]

BTC in the past month had quite a run. I would lose faith when I will see it again at 1000. Now it is experiencing a simple correction.
I would relax and avoid listening to scared comments on the Web.

If BTC would go below 1000$ again:

You would lose faith, clever investors would get a great opportunity.  Don't be pressed about price guys, everything will get back to normal, time is the key!

[coindetective]

Well OP, do you usually give up on stuff as soon as a few rough days emerge?

You ll dump BTC for Bitcoin Cash and then what? You ll put your money into a few greedy miners and huge farms and they re going to take good care of you and your money. What do you think why do they try to create problems for BTC? So that sheep who invest into BTC and are still new to the system would get panicked and buy Bitcoin Cash at a premium price so they could DUMP it on them.

Today was a perfect example of that? Bitcoin Cash was pumped to 0.5 BTC and then dumped to 0.2 BTC. Where are the people who bought Bitcoin Cash at 0.4 or 0.5? Ha? Are you not entertained now?

[yaking]

I hope everything will turn normal aswell 

[SMB-2525]

One other possibility to consider is that there are new players entering crypto from Wall Street.
Their goal will be to shake the BTC out of "weak hands"  for as little outlay as possible, then run it up.

My question is was the top at $8,000 and now they are rotating into BCH? Or will the top be much higher.  I suspect much higher.

I suspect that the BCH price will hold because so many coin were sold early on - presumably into strong hands.

Today I used some of my BCH to buy a miner from Bitmain. Since they only sell for BCH right now, the price was 25% of what it was last month. If Bitmain does not cancel the order, then they are certainly committed to the current BCH price level and higher.

Otherwise, I am sitting on my handful of BTC and BCH. I think the future is good for both.

[loragean03]

I think you are just in panic situation, when you are in panic you cant decide whether it is right or not,  panic makes you uncomfortable  so to release that felling you decided to buy bch even it is not right for you, we are all in business to make money so if you think it is right to do, go on. But think it twice because our bitcoin has a big name in this world so more and more fake news and propaganda are shown all over the net,  so the existance of those fakes news and propaganda are make us more panic to choose which is better one.  For me i will always have faith in bitcoin and still holding on for the next 2-3 years.

[JoeMue]

Let's face the truth: bitcoin is growing - that's what we were all hoping for. But Bitcoin can no longer handle the amount of transactions. Segwit changed NOTHING. If the blocksize will not be increased, bitcoin is going to die slowly and other coins will take over. Kick the developers asses as hard as you can and force them to increase the block size. NOW!

[szpalata]

for sure bitcoin price will backa again to the 7000 dollars and even the price decreease its all experiencing the price du,ping and thats normal. if you compared the price before and today its totally different and the price is very high even the price decrease. dont worry!

That's how we all have come to know of bitcoin. It always certainly recovers and gains its previous value after each huge dip. The value might be decreasing but at any rate i bet it will certainly rise back up again if you can exercise a little patience.

[Maestro75]

No one should expect a smooth ride in business all the time. It confuses me how people talk down on btc whenever it makes a correction. Corrections are part of the instruments that give a coin its genuine status. For me, only the weak minded are losing faith in btc. I believe BTC will surely get on bullish.