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Author Topic: [2018-06-11]Bitcoin's Price Is Below $7K And (Some) Hodlers Aren't So Happy  (Read 116 times)
Portal_Network
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June 12, 2018, 03:17:01 AM
 #1

The price of bitcoin hit a two-month low over the weekend – and social media is alight with speculation about it.

While pundits don't quite agree on the circumstances behind the plunge (with some blaming reports of a widening manipulation crackdown, the hack of South Korean crypto exchange Coinrail or just some pre-week selling), what's clear is that the price move has acted as a kind of social thunderbolt for the community, spurring commentary from all sides.

Investor Alistair Milne ran a Twitter poll on Sunday soliciting input on what people thought sparked the dip – in perhaps a sign of the times, half of the roughly 3,700 respondents blamed "aliens" with 9 percent and 12 percent blaming the Coinrail hack and the CFTC subpoenas, respectively.

See more: https://www.coindesk.com/why-bitcoins-price-7k-social-media-some-arent-happy/
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June 12, 2018, 04:36:37 AM
 #2

The price of bitcoin hit a two-month low over the weekend – and social media is alight with speculation about it.

While pundits don't quite agree on the circumstances behind the plunge (with some blaming reports of a widening manipulation crackdown, the hack of South Korean crypto exchange Coinrail or just some pre-week selling), what's clear is that the price move has acted as a kind of social thunderbolt for the community, spurring commentary from all sides.

Investor Alistair Milne ran a Twitter poll on Sunday soliciting input on what people thought sparked the dip – in perhaps a sign of the times, half of the roughly 3,700 respondents blamed "aliens" with 9 percent and 12 percent blaming the Coinrail hack and the CFTC subpoenas, respectively.

See more: https://www.coindesk.com/why-bitcoins-price-7k-social-media-some-arent-happy/

According to CoinDesk's bitcoin price index, Bitcoin fell more than 10 percent over the weekend to a low of $6,647.33 on Sunday. Bitcoin is down about 50 percent this year and more than 60 percent off its all-time high hit on December 17 last year. Since then, bitcoin hasn't consistently hit a technical level people expect of.

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June 12, 2018, 08:53:30 AM
 #3

Just goes to show there's still plenty of trolling going on in these sort of polls (referring to blame on aliens), if anything, those are probably the true holders just enjoying the ride, knowing full well this dip is all part and parcel of the long view.

Pundits as usual grasp at any and all straws to explain prices, still failing to understand that short term price movements have never needee rationale.

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June 12, 2018, 12:25:08 PM
 #4

The Bitcoin market is very small and the slightest dump can trigger a panic wave that will send the speculators into turmoil. Last Friday, someone noticed that a individual dumped a few thousand coins on an Asian exchange and this might have been one of those "trigger" events that send the market into a panic mode.

We have seen this prior to the auction of the Silkroad coins and also when a exchange report that they were hacked.  Roll Eyes This will blow over soon and I will make a profit of $1000 per coin on the correction phase.  Grin

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June 12, 2018, 12:32:38 PM
 #5

I think the ones who are nervous are actually newbies, especially the ones who bought somewhere near the ATH and now expect Bitcoin to recover to those levels asap. Hodlers who are in this game for at least a few years are very familiar with volatility, ups and downs, manipulation and panic, and I think most of them don't panic anymore, although I've seen some people who claim to be into Bitcoin for 5+ years and still go crazy every time there's a dip.

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June 12, 2018, 02:08:55 PM
Merited by hatshepsut93 (2), BitHodler (1), Samarkand (1)
 #6

Today's "hodlers" don't deserve to be called hodlers.

If you believe in Bitcoin's fundamentals you will hold through regardless of the price. It's people's fault to enter during a bull run, not Bitcoin's. If you don't understand what you are investing in, then don't invest. Everyone who's complaining has entered the market at +$10,000 levels in the hope that it will go x2 or x3 within a few months. That has nothing to do with investing anymore; it's called gambling.

When you buy 1BTC, you buy 1BTC, and not a bag full of cash with a hole in it where value is dripping out. The price won't ever change that you have 1BTC in your wallet. It's time for people to get rid of their fiat bias.

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June 12, 2018, 05:20:29 PM
 #7

All investments are relative it's easy to forget that the base rally was 1000 dollars and we have dropped down from there to the current price level.

It's more of a major concern for someone who bought at the top and has seen it falling since they have been holding it.
However from a long term perspective a strong return and the back-end investment into blockchain is developing the next rally. 

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June 12, 2018, 06:16:19 PM
Merited by freedomno1 (1)
 #8

All investments are relative it's easy to forget that the base rally was 1000 dollars and we have dropped down from there to the current price level.

It's more of a major concern for someone who bought at the top and has seen it falling since they have been holding it.

Most people that bought in during December's peak have zero interest in thinking at what levels the rally started. The only price that matters for them is the price which they bought at during the rally, and that is obviously working against them. If the market is in favor of these people and the bottoms turns out to be as strong as they have been in the last years, we won't be going down much more. These levels should be used by those who bought in during the rally to lower their initial buying price. It should be seen as a perfect opportunity instead of a negative event as a lot people think it is....
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June 12, 2018, 06:18:45 PM
Merited by BitHodler (1)
 #9

While I have sympathy for people who've lost their paper wealth, it's painfully obvious this was going to happen. It has every other time and there was nothing special about this one.

Buy high, sell low by all means. Or you could draw on the mass of history now available and stay put.

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June 12, 2018, 07:13:18 PM
 #10

The media is always against the cryptocurrency and they get happy when the price collapses. Investors really have the right to be upset because not only has the price been dropping lately, but also it continued to drop. I am always trying to be positive.

But with this fall, I started to disbelieve in bitcoin. Although it is unpredictable, I hope it will manage to recover and make these investors' patience pay off. So let us keep believing in bitcoin and its potentials.

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June 12, 2018, 07:29:39 PM
 #11

The price of bitcoin hit a two-month low over the weekend – and social media is alight with speculation about it.

While pundits don't quite agree on the circumstances behind the plunge (with some blaming reports of a widening manipulation crackdown, the hack of South Korean crypto exchange Coinrail or just some pre-week selling), what's clear is that the price move has acted as a kind of social thunderbolt for the community, spurring commentary from all sides.

Investor Alistair Milne ran a Twitter poll on Sunday soliciting input on what people thought sparked the dip – in perhaps a sign of the times, half of the roughly 3,700 respondents blamed "aliens" with 9 percent and 12 percent blaming the Coinrail hack and the CFTC subpoenas, respectively.

See more: https://www.coindesk.com/why-bitcoins-price-7k-social-media-some-arent-happy/

According to CoinDesk's bitcoin price index, Bitcoin fell more than 10 percent over the weekend to a low of $6,647.33 on Sunday. Bitcoin is down about 50 percent this year and more than 60 percent off its all-time high hit on December 17 last year. Since then, bitcoin hasn't consistently hit a technical level people expect of.
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June 12, 2018, 09:51:45 PM
 #12

While I have sympathy for people who've lost their paper wealth, it's painfully obvious this was going to happen. It has every other time and there was nothing special about this one. 
That directly explains why long term hodlers have massively started with liquidating a certain part of their extremely overpriced coins. These hodlers are slowly accumulating while the price keeps touching lower lows.

Result is that they increase their holdings and become more wealthy when the next bull run kicks in, where they then simply repeat everything. I can only have respect for everyone doing this.

Noobies buy your coins for $18,000 and sell them back to you for $7000. If that isn't enough incentive to hodl to the next bull run then I don't know what is. The average person doesn't stand a chance in this market.

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June 13, 2018, 03:22:09 AM
 #13

I'll be jumping on the cliff if they are. But on the serious note, these people  who felt this way are still immature on the market because it is very normal for pro or seasoned traders. They have seen it and we will still always see that bitcoin will have a some major crash.

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June 13, 2018, 04:20:50 PM
 #14

I'll be jumping on the cliff if they are. But on the serious note, these people  who felt this way are still immature on the market because it is very normal for pro or seasoned traders. They have seen it and we will still always see that bitcoin will have a some major crash.

I hope that they are wrong and they can think with clarity about bitcoin. I am sure that although bitcoin price is now at under $7000, the price will be back to the higher price and will reach more than just $7000. but I realize that there are many people will doing like this if they don't believe with bitcoin and they don't make any preparation if the market is crash like today. but for people which can prepare, I am sure that they can stay calm to see the crash and they will buy another bitcoin.

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June 13, 2018, 08:44:09 PM
 #15

While I have sympathy for people who've lost their paper wealth, it's painfully obvious this was going to happen. It has every other time and there was nothing special about this one. 
That directly explains why long term hodlers have massively started with liquidating a certain part of their extremely overpriced coins. These hodlers are slowly accumulating while the price keeps touching lower lows.

Result is that they increase their holdings and become more wealthy when the next bull run kicks in, where they then simply repeat everything. I can only have respect for everyone doing this.

Noobies buy your coins for $18,000 and sell them back to you for $7000. If that isn't enough incentive to hodl to the next bull run then I don't know what is. The average person doesn't stand a chance in this market.
That's because the average person doesn't understand it and our nature tells us to be scared, to protect our money, run and hide, take minimum profit and get out. There are 2 types of people that are able to hold. Type one went in early with small money, but the value of BTC went up so fast that his investment suddenly got worth 100 times more in just 2 or 3 years, so he took some profit and is holding the rest with confidence. Even if the price goes down to 10k USD, he'll still have a lot of money. And he will in the end make a lot of money, because BTC is eventually going to attack ATH again. The second type are people who were always wealthy. They put 1% of their money in cryptocurrencies and won't feel a thing if that investment loses 50% of its value.
Who loses on the market? Poor people who invested all their savings to get one or 2 BTC because they heard that some people bought lambos.

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