What's happening to Bitcoin?

[sjefdeklerk]

Well you guys have bitcoin history in your favour. It always made new highs so chances are that it will now too. However I do know these 3 things:

1) block chain is here to stay
2) The coins that ultimately will have value as payment system will survive
3) Bitcoin itself surely isn't such a coin.

Also read this wonderful article from Artechnica: https://arstechnica.com/tech-policy/2017/12/bitcoin-fees-rising-high/

Anyway, this does not imply that we won't make new highs in bitcoin. We might even hit 100k or more, who knows. But the point WILL come that bitcoin itself is game over and the people who say 'always buy the dip' will be the bag holders (it was the same in the dotcom hype and I was one of the bag holders back then, surely wont happen again).

Hence my advise is to diversify your coin portfolio. Good luck everybody, be safe.

[joshy23]

I believe there are 2 main options, futures trading and this post from another Bitcoin guru Emil Oldenburg.



But, this price fall will allow thousands of people to earn another millions $.

I personally believe in BTC, but also suggest to take a look at BCH, price rocketed for 42% during last 24h.

BTC will still be a good investment for long term, we will see more and more spike form year after year I personally don't have any idea
about bch as I only hold btc knowing that it will bring me good fortune after those years of holdings.

[pratapadityasi]

Sell or Hold it's depending on your decision . Just figure out which is the good decision for you in that moment.

[chicobr]

Do not too worry. It is just a market correction. Bitcoin never falls down too long. In my prediction, it will come back after the Christmas holiday.

[qiwoman2]

I have no clue what will happen but obviously some people are making a killing now out of Bitcoin cash including Jihan Wu and Chris Verge who are trying to make even more millions and billions through bitcoin cash, as if they didn't make enough from Bitcoin already. If Bitcoin does crash, I wonder what will happen to the rest of the crypto currencies that are all pegged to Bitcoin, same way the dollar has all other currencies pegged to it in the Fiat world, food for thought I guess.

[Kemarit]

Bitcoin is taking a huge plunge!
Are you guys selling to be safe, or still hodl in the hope it will go up again?

Since you are a newbie, I will give you some slack. Because it looks like you are in a panic seeing the price having a fallback. You need to understand that bitcoin price can't go parabolic, lots of markets are, including bitcoin. There are a lot of reasons what the price goes down, maybe investors are cashing out to get some profits. Its normal behavior. And what you are seeing its just a healthy price correction. But as far as selling, its not a good time to sell it when the price is going down, its better to hold and please don't panic. Actually, its also a perfect opportunity to buy back bitcoins again as low prices. And believe me, there are tons of people waiting in line just to have bitcoins. And it also proven that it will recover, no doubt, and can even go further and reach all-time-high again. So to answer you, I'm not selling, and I don't panic when I see the price having a pullback, and its normal. Look at the current price, it has rebounded at $17,+++ now.

[Harlot]

Since you are a newbie I will assume that you are also new to the world of Bitcoin and cryptocurrencies. I think what you have witnessed is first of many corrections you will ever see from Bitcoin. But all I can say to you is don't worry it is normal for Bitcoin to have these kinds of plunge as many people are selling it for them to profit with Bitcoin. Instead of worrying you must take advantage of it and buy and accumulate Bitcoin at a cheaper price.

[Yzhel]

Bitcoin is taking a huge plunge!
Are you guys selling to be safe, or still hodl in the hope it will go up again?

Since you are a newbie, I will give you some slack. Because it looks like you are in a panic seeing the price having a fallback. You need to understand that bitcoin price can't go parabolic, lots of markets are, including bitcoin. There are a lot of reasons what the price goes down, maybe investors are cashing out to get some profits. Its normal behavior. And what you are seeing its just a healthy price correction. But as far as selling, its not a good time to sell it when the price is going down, its better to hold and please don't panic. Actually, its also a perfect opportunity to buy back bitcoins again as low prices. And believe me, there are tons of people waiting in line just to have bitcoins. And it also proven that it will recover, no doubt, and can even go further and reach all-time-high again. So to answer you, I'm not selling, and I don't panic when I see the price having a pullback, and its normal. Look at the current price, it has rebounded at $17,+++ now.

If he is in a panic mode  go sell what you have, next time that you are going to invest again make sure that you are ready enough, try to start investing with a little amount first so that you will not panic that you will lose all of your money, it is not a good decision to sell always what you have when the price goes down.

[sjefdeklerk]

Instead of worrying you must take advantage of it and buy and accumulate Bitcoin at a cheaper price.

Buying each time as it goes down ensures two things: you will make money as long as it goes up + you will end broke because you were the bag holder when it finally did crash.

[Oilacris]

Bitcoin is taking a huge plunge!
Are you guys selling to be safe, or still hodl in the hope it will go up again?

Its not actually a huge plunge if you do see the price movement for this year on bitcoin i would say we are still on high ranges. Price corrections do really happen which isnt really surprising thing. if you do recently see the news regarding BCH and its plans then it is one of the reason why we do see price decrease as of now but well no matter what happen bitcoin do really recover.

[sjefdeklerk]

no matter what happen bitcoin do really recover.

And you say that because you've never even been part of a real crash. Every bitcoin investor out there has made tons of money buying the dips and thinks he knows how to trade. Fact of the matter is you don't, not until you've actually been through a crash and knew how to survive.

Again, I'm not saying BTC is going to crash now, it might very well recover, nobody knows. But people who claim that 'bitcoin will always recover' really do have a very dangerous mindset. Trading is not only looking to the upside, but also to the downside, implementing your own risk management strategies and know when to take money off the table. In fact, whenever taking an entry, it's even more important to know when you're going to take your loss than when to take profit.

[DrGuns4Hands]

I will hold on to my bitcoin because i myself know that it is only a temporary crash and will come back up again. It happens all the time when bitcoin price is drastically increasing, so they're crashing the price for like only $1k or etc.

[pugman]

Bitcoin is taking a huge plunge!
Are you guys selling to be safe, or still hodl in the hope it will go up again?

The swing was very much expected,for the bitcoin futures listings are over now. And the bullish run by the BCH whales also played quite a role there. A lot of people want the prices to crash honestly just because of  the fact that they want to buy more,including me..
Here's a suggestion people,you can cash out your bitcoin for Christmas and go for a vacation ,right..

[spyderbilt]

Bitcoin is taking a huge plunge!
Are you guys selling to be safe, or still hodl in the hope it will go up again?

The swing was very much expected,for the bitcoin futures listings are over now. And the bullish run by the BCH whales also played quite a role there. A lot of people want the prices to crash honestly just because of  the fact that they want to buy more,including me..
Here's a suggestion people,you can cash out your bitcoin for Christmas and go for a vacation ,right..

I think indeed the role of BCH will be able to control the growth of BTC prices are getting higher. because many high-end traders want to have a large amount of BTC and buy cheaply. I think holding a coin is the best choice because do not get exposed to panic sell

[sjefdeklerk]

I think holding a coin is the best choice because do not get exposed to panic sell

And what if the day comes that it's not just a panic sell ? You'll lose it all. A much better way of trading is applying risk control, know when to take profit and know when to take your losses. That's what every professional out there does, otherwise he doesn't survive long term. Just sitting there doing nothing when it goes down ... well it has worked for years in bitcoin and has brought great fortune to many. And it might work today again, who knows. But some day it won't work anymore and many people will just sit there in disbelief, watching their accounts being wiped out. Believe me, I've been through all that in the dotcom hype myself.

[Dart18]

Bitcoin is taking a huge plunge!
Are you guys selling to be safe, or still hodl in the hope it will go up again?

Nope its going back in an instant.
I am not selling any. This could be a good time to add more for the next year.
There might be a big pump that will happen when hard forks are so near. Bitcoin users will come back selling all their altcoins for bitcoin to get the free coin from that fork. That is my speculation. For now, this is just some people selling their coins that is why it goes down.

[IsaacBitcoiner]

Bitcoin is taking a huge plunge!
Are you guys selling to be safe, or still hodl in the hope it will go up again?

It is passing through a correction right now. You guys can't expect Bitcoin to go up forever. It may be a good idea to take some profit, if you have not done so yet, but I wouldn't sell everything. If you are a long term holder, there is no need for panic.

[sjefdeklerk]

It is passing through a correction right now. You guys can't expect Bitcoin to go up forever.

This is very true. No asset goes in a straight line up, not even in the most bullish rallies. There will always be corrections. But fact of the matter is NOBODY knows the future. If I've learned anything in the past 20 years full time trading it's that nothing is impossible. Which means you need to protect yourself by cutting losses when something moves against you beyond some limits you've set for yourself.

Anyway this is it, I just wanted to share some experience here but I'm pretty sure nobody is going to listen anyway haha. I know this because I was EXACTLY like you guys 20 years ago. Started out trading a 15k eur account as a student and had it up to 100k in notime, planning to buy me a Porsche, just wanted 25k more ... And that was before my whole account got wiped out, even beyond my initial 15k eur.

Anyway good luck people, be safe.

[batang_bitcoin]

Are you guys selling to be safe, or still hodl in the hope it will go up again?

There's nothing to do for those people that will just hold bitcoin for long term purposes and that's what I'm doing right now. I don't have any plan of selling today but I need to keep it and just hold, don't have to panic because after this correction that's happening to bitcoin it will surge again. Remember on what happen early last month, there's the same scenario that BCH is pumping and bitcoin is falling but afterwards the price of bitcoin comeback and it increased.

[cavaBcoin]

Well 2 things happened today:
1) Coinbase started offering BCH
2) Emil Oldenburg, one of the starters of bitcoin.com sold all his bitcoins and told everyone that the bitcoin has no value as payment system because it's extremely slow and has become unusable. He switched to BCH.

It might recover who knows. But fact of the matter is that this guy is right and bitcoin itself has no future as a payment system. Once people start to see this, it will go to 0. So be careful, my advise would be to spread to some alt coins.

This is a bad news for bitcoin but i believe the price of bitcoin will soon recover, before there was many time bitcoin was dip and everybody thought it will go to 0 but after bitcoin price was increase strong. I think these time we can also buy more Bitcoin when bitcoin price is low. But if you afraid you can also convert to Bitcoin Cash because bitcoin cash was listed on coinbase then the price of bitcoin cash will grow up fast even it can reach to the price of bitcoin now