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Author Topic: [2018-02-05] ‘It doesn't die and it comes back stronger’  (Read 70 times)
Betwrong
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February 06, 2018, 03:36:52 PM
 #1

Here's an interesting article from the BUSINESS INSIDER.

Since they are asking for a paid subscription for reading I'll just put the whole article here sans insignificant ending. Enjoy! )

‘It doesn't die and it comes back stronger’: Bitcoin believers are digging in amid the crypto bloodbath

by Becky Peterson

With bitcoin trading below $7,000 on Monday, 64% below its all time high, many investors have been left wondering whether this is true cryptocurrency carnage, or if bitcoin has the ability to bounce back.

Some have taken to Twitter and Reddit to exchange stories of lost potential, and what it means to see thousands of dollars in investments evaporate in a matter of days.

But bitcoin, which increased 1,800% in value over the course of 2017, is known for its volatility.

Despite consumer fears, professionals in the cryptocurrency market have much more long-term views when it comes to bitcoin's ability to rebound. Holding, or "HODLING" as its known by aficionados, requires patience and resolve. And despite bitcoin's relatively short history, many of these believers are taking comfort in the fact that bitcoin has never failed to bounce back from a hard dip, so far.

Anthony Pompliano, a former product manager at Facebook, is managing partner at Full Tilt Capital, a North Carolina-based early stage investment firm that is putting all of its next $25 million fund into cryptocurrency startups.

Pompliano said that while his firm focuses on investments such as cryptocurrency infrastructure and technology instead of the more volatile digital coins, he sees bitcoin's crash as a natural part of the market cycle. He stands by his prediction that bitcoin will reach $50,000 in 2018.

"I don't know if it's for four hours, or a day, or forever. I don't know if anyone can call that," Pompliano said.

"If you ask most institutional investors, one of the most valuable aspects of bitcoin is that every time something has occurred that should kill it, it doesn't die and it comes back stronger," Pompliano added. "I think that element of bitcoin is incredibly powerful and highly underrated."

Pompliano said that part of the volatility stems from the same cyclical market forces that sent the Dow Jones Industrial Average tumbling 1,700 points in two days. But, he said, bitcoin is traded globally and can swing dramatically upon news that another company or country has decided to support it, or ban it. This means that cycles, both good and bad, happen a lot faster in the world of crypto.

"I would say historically, it has proven to be very difficult for individual retail investors to time markets. So what I have told people close to me is, if you want to buy an asset, buy it, hold it and don't look at it," Pompliano said. "Don't try to day trade highly volatile assets like crypto."

Robin O’Connell, the chief revenue officer at the currency exchange Uphold, was less bullish in his assessment of bitcoin's price, but he said that he doesn't see cryptocurrencies going away any time soon.

"Anyone you talk to who says they know whether this is the bottom is giving you their best guess. Who knows," O'Connell said. "If you as an individual believe that crypto is here to stay — and obviously at Uphold we believe that — then [you believe] at some point this is going to correct itself."

While critics of bitcoin often complain that there is nothing to back up its value, O'Connell disagreed. He said that the problems it solves, such as international money transfers and blockchain-based smart contracts, justify the use of cryptocurrencies and prove their value.

"Those things are to me the underlying fundamentals of whether this thing is successful or not — not how many people are betting that the price is going to go up," O'Connell said.

Source: http://www.businessinsider.com/bitcoin-prices-fall-but-institutional-investors-hold-steady-2018-2


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February 06, 2018, 03:58:43 PM
 #2

That was what I was thinking as well. BUT I have been very skeptical for the past week because of what is happening. I see POLITICAL SABOTAGE in all aspects. You see, ever since Bitcoin was beginning to build its momentum the past year, some naysayers would always come up with false news trying to influence Bitcoin's strong investors. I sense that big fishes are here again to control small time investors that happen to hold the majority of Bitcoin's stock. They sabotage the price of Bitcoin by buying and selling their shares which are expectedly BIG in value so small time investors will be shaken. You see, what is happening now is because of them. Since they do not succeed in propagating false news, they join the bandwagon and try to destroy its reputation by being an insider in the guise of being investors.
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February 07, 2018, 01:21:23 AM
 #3

Political sabotage is taking place without a doubt.

Banks are Governments are doing their best at trying to destroy Bitcoin.

But Bitcoin is your financial freedom, and so far it has survived all attacks.

Banks and Governments are on that attack phase, in a few years they will join the Bitcoin revolution since they will have no other choice.

My recommendation to everyone is to hold "HODL"  bitcoin will reach new all time highs this year for sure.

Everyday I hear on the news FUD and attacks from Banks.

Bitcoin will not die, buy and hold, do not listen to fud, get a hardware wallet, and learn on how to use decentralized exchanges, ultimately we will win.


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February 07, 2018, 07:01:01 AM
 #4

We have seen in the past that price crashes have been followed by long periods of despair. Bitcoin does tend to come back stronger, but it does take time. After the crash of 2013, it took more than 3 years for the price to start recovering. If it takes longer after the crash of 2018, most of the new converts who have invested recently will do a double think on holding.


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February 07, 2018, 07:30:10 PM
 #5

I'm actually quite surprised to see bitcoin bouncing back so strongly under so much fundamental pressure.
$7K was low but come on, the first time we passed $7K was only half a year ago!

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February 07, 2018, 11:05:39 PM
 #6

I'm actually quite surprised to see bitcoin bouncing back so strongly under so much fundamental pressure.

How so? As soon as we entered sub $8k levels the market was somewhat oversold, and especially so with how the market dipped below $6k at the ultimate bottom. Currently we seem to be doing well around the $8k level, where the volumes have picked up as well. For now we shouldn't expect anything from the market aside from ping pong movements between $7000-$9000 on average. Current levels are a solid long term buy, and with how the market won't likely shoot up anytime soon, it allows people to accumulate small chunks of coins over a longer period of time. It reminds me of how I was accumulating coins at the time the market didn't want to break through the $300 level -- while people were complaining about the stagnant market, I was happy taking advantage of the offered opportunity.
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February 08, 2018, 10:52:53 AM
 #7

I'm actually quite surprised to see bitcoin bouncing back so strongly under so much fundamental pressure.

How so? As soon as we entered sub $8k levels the market was somewhat oversold, and especially so with how the market dipped below $6k at the ultimate bottom. Currently we seem to be doing well around the $8k level, where the volumes have picked up as well. For now we shouldn't expect anything from the market aside from ping pong movements between $7000-$9000 on average. Current levels are a solid long term buy, and with how the market won't likely shoot up anytime soon, it allows people to accumulate small chunks of coins over a longer period of time. It reminds me of how I was accumulating coins at the time the market didn't want to break through the $300 level -- while people were complaining about the stagnant market, I was happy taking advantage of the offered opportunity.

That's what some of us fail to comprehend: the longer Bitcoin stays below $10k the better. Indeed it's a good opportunity to collect more coins with the same efforts. I personally was hoping this situation will last at least 4-5 months, because I don't have spare money to buy coins at once even if I know that this is more or less the bottom. So I need a longer period of low price to earn as much coins as I can and to hold them until the price goes up significantly. We'll see, but it looks like Bitcoin will recover earlier than we expected, especially with all those positive news like in the OP.

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February 08, 2018, 12:20:39 PM
 #8

Just goes to show how Bitcoin is really truly something. For people to have so much concern over it despite that vast array of opportunities it provides or it can give, the complexity of the structure of Bitcoin has made people concerned rather than embrace the idea of its flexibility and efficiency. Education, open mindedness, and adaptation is really what we need to spread awareness about Bitcoin.
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