Where's FOMO at? Tom Lee

[exstasie]

The facebook news seems pretty positive for the crypto atmosphere. Basically its 2017 again and people keep texting me asking about BTC and how they can buy the Facebook coin.

Even though Bitcoin is little connected to Libra, its still a positive leap forward for cryptocurrencies in general. Since if "Facebook" a huge company actually gets behind it, then it means its a huge deal.

I've always thought Bitcoin's bubble cycles were great for adoption. Greed is a great motivator. Once all the new blood realizes Libra isn't actually an investment and won't gain value, their attention will turn to Bitcoin. I agree, Bitcoin will benefit from Libra's proximity to "cryptocurrency" even if they are polar opposites.

[el kaka22]

In my opinion, not having enough of FOMO is not a problem, we need just a bit of increase constantly instead of people like Tom Lee.

If we just let Tom Lee decide on a price for once, which the price will be decided by the market afterwards he would let it be a million dollars each and than the market would collapse into incredibly prices going down more than 99% which is why we should not listen to people like Tom Lee at all.

We should listen to common sense and try to make the price go up by only a little by little and if that works than we can totally not have to go down. Would people want to sell and take out profit?

Well, yeah but if we go slowly up than people would do that slowly as well and not at once, if we go up to 20k tomorrow there will be a lot of people where as if it takes 5 months people who will sell for a profit will sell on different times as well.

[Whaleagent]

The facebook news seems pretty positive for the crypto atmosphere. Basically its 2017 again and people keep texting me asking about BTC and how they can buy the Facebook coin.

Even though Bitcoin is little connected to Libra, its still a positive leap forward for cryptocurrencies in general. Since if "Facebook" a huge company actually gets behind it, then it means its a huge deal.

I've always thought Bitcoin's bubble cycles were great for adoption. Greed is a great motivator. Once all the new blood realizes Libra isn't actually an investment and won't gain value, their attention will turn to Bitcoin. I agree, Bitcoin will benefit from Libra's proximity to "cryptocurrency" even if they are polar opposites.

Either way they will give Bitcoin a TON of attention. Since it is a cryptocurrency and a lot of people still don't know about them, they will search for the term and will learn about bitcoin thanks to facebook. Considering how huge Facebook is, crypto will certainly become more known to your average joe.

[carlfebz2]

Well, yeah but if we go slowly up than people would do that slowly as well and not at once, if we go up to 20k tomorrow there will be a lot of people where as if it takes 5 months people who will sell for a profit will sell on different times as well.

Common thing to be done for people on seeing profits into their folios and they would really sell for profit.I don't really get the point why people do really listen up to these kind of people where talking things which doesn't really have any sense at all.

[Distinctin]

Well, yeah but if we go slowly up than people would do that slowly as well and not at once, if we go up to 20k tomorrow there will be a lot of people where as if it takes 5 months people who will sell for a profit will sell on different times as well.

Common thing to be done for people on seeing profits into their folios and they would really sell for profit.I don't really get the point why people do really listen up to these kind of people where talking things which doesn't really have any sense at all.

Not everyone, take it from me, the last bull run despite seeing a good profit in my portfolio, I got greedy and I never sold and I really promise I would not do the same mistake again. Remember that this market is filled with stupid investors as well, or the weak hands, they could also get greedy first before they learn, when the FOMO starts, we will see them taking action to buy or some still holding and no business to sell.

[exstasie]

I've always thought Bitcoin's bubble cycles were great for adoption. Greed is a great motivator. Once all the new blood realizes Libra isn't actually an investment and won't gain value, their attention will turn to Bitcoin. I agree, Bitcoin will benefit from Libra's proximity to "cryptocurrency" even if they are polar opposites.

Either way they will give Bitcoin a TON of attention. Since it is a cryptocurrency and a lot of people still don't know about them, they will search for the term and will learn about bitcoin thanks to facebook. Considering how huge Facebook is, crypto will certainly become more known to your average joe.

Too bad, it seems to be garnering a lot of unwanted attention from regulators too. US Representative Maxine Waters made a troubling statement yesterday in response to Facebook's announcement about Libra:

With the announcement that it plans to create a cryptocurrency, Facebook is continuing its unchecked expansion and extending its reach into the lives of its users. The cryptocurrency market currently lacks a clear regulatory framework to provide strong protections for investors, consumers, and the economy. Regulators should see this as a wake-up call to get serious about the privacy and national security concerns, cybersecurity risks, and trading risks that are posed by cryptocurrencies.

That sounds directed broadly at "cryptocurrencies" and not just Libra. This might fast track regulations that continue to clamp down on the entire crypto market.

[Kemarit]

I've always thought Bitcoin's bubble cycles were great for adoption. Greed is a great motivator. Once all the new blood realizes Libra isn't actually an investment and won't gain value, their attention will turn to Bitcoin. I agree, Bitcoin will benefit from Libra's proximity to "cryptocurrency" even if they are polar opposites.

Either way they will give Bitcoin a TON of attention. Since it is a cryptocurrency and a lot of people still don't know about them, they will search for the term and will learn about bitcoin thanks to facebook. Considering how huge Facebook is, crypto will certainly become more known to your average joe.

Too bad, it seems to be garnering a lot of unwanted attention from regulators too. US Representative Maxine Waters made a troubling statement yesterday in response to Facebook's announcement about Libra:

With the announcement that it plans to create a cryptocurrency, Facebook is continuing its unchecked expansion and extending its reach into the lives of its users. The cryptocurrency market currently lacks a clear regulatory framework to provide strong protections for investors, consumers, and the economy. Regulators should see this as a wake-up call to get serious about the privacy and national security concerns, cybersecurity risks, and trading risks that are posed by cryptocurrencies.

That sounds directed broadly at "cryptocurrencies" and not just Libra. This might fast track regulations that continue to clamp down on the entire crypto market.

Right, this might be just another excuses for US congress or regulators to have their intentions to put a hastily framework and put a hammer on everything related to crypto in the US. Regulators have been suing companies and individuals and I'm sure they're talking behind how they can swoop everything with the help of US legislature. So let's see what regulatory framework this will come up after a July hearing with Libra's creators, but I'm sure if will not be very positive and it could really affect the general market.

[Whaleagent]

I've always thought Bitcoin's bubble cycles were great for adoption. Greed is a great motivator. Once all the new blood realizes Libra isn't actually an investment and won't gain value, their attention will turn to Bitcoin. I agree, Bitcoin will benefit from Libra's proximity to "cryptocurrency" even if they are polar opposites.

Either way they will give Bitcoin a TON of attention. Since it is a cryptocurrency and a lot of people still don't know about them, they will search for the term and will learn about bitcoin thanks to facebook. Considering how huge Facebook is, crypto will certainly become more known to your average joe.

Too bad, it seems to be garnering a lot of unwanted attention from regulators too. US Representative Maxine Waters made a troubling statement yesterday in response to Facebook's announcement about Libra:

With the announcement that it plans to create a cryptocurrency, Facebook is continuing its unchecked expansion and extending its reach into the lives of its users. The cryptocurrency market currently lacks a clear regulatory framework to provide strong protections for investors, consumers, and the economy. Regulators should see this as a wake-up call to get serious about the privacy and national security concerns, cybersecurity risks, and trading risks that are posed by cryptocurrencies.

That sounds directed broadly at "cryptocurrencies" and not just Libra. This might fast track regulations that continue to clamp down on the entire crypto market.

USA is already regulating cryptos though and it's clear that most projects don't want anything to do with the US, most ICO's do not allow US citizens to participate, Binance and Bittrex are blocking them too.

[BitHodler]

I don't really get the point why people do really listen up to these kind of people where talking things which doesn't really have any sense at all.

It's because the mass doesn't know how to seperate poor and biased journalism from ubiased quality journalism. Most news outlets target the mass and adjust their content so it's easy to understand and look trustworthy.

People above what we would refer to as the average joe category are doing their own research, where they are much closer to the source (and thus the truth) than all these copy and paste news outlets will ever be.

Good thing is that most people who are here for the right reasons quickly figure out how bad the journalism is in the crypto space. The rest will likely get rekt and exit for ever, so the space will clean itself if you give it enough time.

[STT]

10,000 would be an ironic top anyway.      The standard move of markets is to sell when you have reached the target not begin a new phase, its a classic area for people to take profits which then confirms that price as a ceiling.

However I dont take round numbers as half as significant as people rate them, this token is not measure in US dollars because its not an exclusively national currency.   Its not bound to the old Bretton woods system where USA is the worlds backer of currency and storer of gold, that system is being phased out clearly as we have seen so much advance from Asia economies over multiple decades.   The old system no longer meshes with a real world economy, its supported by politics not trade.   Why are we still bound up worrying about one single country, this is a regressive view for a progressive system

If you want a really bullish target then 10,300 would be opposite of end of a upwards channel, the bottom of which we hit on June 18th lows.    Even if very bullish, thats your top price for now then we likely have to digest from there.   I do expect as always there to be a cycle of selling then buying not just one thing

[pooya87]

with the way price is slowly rising instead of an excited jump towards $10k, it may not even be possible to see a drop or reversal after hitting that target. so the emphasis people are putting on $10k as the target where short term traders sell their coins may not come true as we may even see the actual FOMO kick in after breaking that resistance and the sheer amount of money jumping in can prevent price from coming down.

[freedomgo]

with the way price is slowly rising instead of an excited jump towards $10k, it may not even be possible to see a drop or reversal after hitting that target. so the emphasis people are putting on $10k as the target where short term traders sell their coins may not come true as we may even see the actual FOMO kick in after breaking that resistance and the sheer amount of money jumping in can prevent price from coming down.

This is really good, what's happening is a clear bullish movement and I $10,000 is close and it's just around the corner.
There might be some correction but I guess when $10,000 will be broken, we could go higher, maybe over $11,000 before the correction starts again.

[exstasie]

Too bad, it seems to be garnering a lot of unwanted attention from regulators too. US Representative Maxine Waters made a troubling statement yesterday in response to Facebook's announcement about Libra:

With the announcement that it plans to create a cryptocurrency, Facebook is continuing its unchecked expansion and extending its reach into the lives of its users. The cryptocurrency market currently lacks a clear regulatory framework to provide strong protections for investors, consumers, and the economy. Regulators should see this as a wake-up call to get serious about the privacy and national security concerns, cybersecurity risks, and trading risks that are posed by cryptocurrencies.

That sounds directed broadly at "cryptocurrencies" and not just Libra. This might fast track regulations that continue to clamp down on the entire crypto market.

USA is already regulating cryptos though and it's clear that most projects don't want anything to do with the US, most ICO's do not allow US citizens to participate, Binance and Bittrex are blocking them too.

That's just the SEC side of things. FINCEN, FINRA, the CFTC, and state financial regulators are going to up the ante as well. Even if the IEO and ICO markets are off limits for US investors, the overall US crypto market is still a huge market exchanges want to tap.

Apparently I was wrong in not taking this FATF stuff seriously.....all the G20 nations (and beyond) are going to be enforcing these super low financial reporting thresholds for crypto. Virtually every exchange will probably be mandating KYC or at least drastically lowering withdrawal limits soon, and not just for US users. This will apply to most countries.

[Whaleagent]

Too bad, it seems to be garnering a lot of unwanted attention from regulators too. US Representative Maxine Waters made a troubling statement yesterday in response to Facebook's announcement about Libra:

With the announcement that it plans to create a cryptocurrency, Facebook is continuing its unchecked expansion and extending its reach into the lives of its users. The cryptocurrency market currently lacks a clear regulatory framework to provide strong protections for investors, consumers, and the economy. Regulators should see this as a wake-up call to get serious about the privacy and national security concerns, cybersecurity risks, and trading risks that are posed by cryptocurrencies.

That sounds directed broadly at "cryptocurrencies" and not just Libra. This might fast track regulations that continue to clamp down on the entire crypto market.

USA is already regulating cryptos though and it's clear that most projects don't want anything to do with the US, most ICO's do not allow US citizens to participate, Binance and Bittrex are blocking them too.

That's just the SEC side of things. FINCEN, FINRA, the CFTC, and state financial regulators are going to up the ante as well. Even if the IEO and ICO markets are off limits for US investors, the overall US crypto market is still a huge market exchanges want to tap.

Apparently I was wrong in not taking this FATF stuff seriously.....all the G20 nations (and beyond) are going to be enforcing these super low financial reporting thresholds for crypto. Virtually every exchange will probably be mandating KYC or at least drastically lowering withdrawal limits soon, and not just for US users. This will apply to most countries.

People will still be able to bypass regulations though, I believe what is left of 2019 and 2020 will be HUGE for privacy coins since a lot of people will be forced to switch to them most likely.

[bbc.reporter]

@Whaleagent. Agreed! Those people who are embracing regulations for the cryptospace do not know what is coming for them. I reckon they only want to be rich from holding.

[pooya87]

with the way price is slowly rising instead of an excited jump towards $10k, it may not even be possible to see a drop or reversal after hitting that target. so the emphasis people are putting on $10k as the target where short term traders sell their coins may not come true as we may even see the actual FOMO kick in after breaking that resistance and the sheer amount of money jumping in can prevent price from coming down.

This is really good, what's happening is a clear bullish movement and I $10,000 is close and it's just around the corner.
There might be some correction but I guess when $10,000 will be broken, we could go higher, maybe over $11,000 before the correction starts again.

it seems like this is exactly what happened. we saw a small FOMO as i predicted last week, which brought the price higher instead of letting it go back down after breaking the $10k resistance and the correction happened after going above $11k ($11250 to be exact) instead of after $10k.
the more interesting part is that the momentum is still there and if it remains this way we can see higher prices before June ends.

[adaseb]

I think FOMO might already be starting.

If you use Mozilla Firefox and you have the default page set to the Firefox splash page with the Top Sites, High lights, etc there is a section called "Recommended by Pocket" and they post random interesting news to read. I usually read the headlines and sometimes I read the articles, some are pretty interesting. This is pretty much like if you have an iPhone and you swipe left and you see the Date, Up Next, Siri App Suggestions and finally News. This would be listed under the News.

Today I open my Firefox and I see the first article being referenced to Bitcoin. Imagine how many millions of people open their browser everyday and see this.

For anyone interesting, here is the article:
https://getpocket.com/explore/item/bitcoin-is-a-delusion-that-could-conquer-the-world?utm_source=pocket-newtab

[Japinat]

with the way price is slowly rising instead of an excited jump towards $10k, it may not even be possible to see a drop or reversal after hitting that target. so the emphasis people are putting on $10k as the target where short term traders sell their coins may not come true as we may even see the actual FOMO kick in after breaking that resistance and the sheer amount of money jumping in can prevent price from coming down.

This is really good, what's happening is a clear bullish movement and I $10,000 is close and it's just around the corner.
There might be some correction but I guess when $10,000 will be broken, we could go higher, maybe over $11,000 before the correction starts again.

it seems like this is exactly what happened. we saw a small FOMO as i predicted last week, which brought the price higher instead of letting it go back down after breaking the $10k resistance and the correction happened after going above $11k ($11250 to be exact) instead of after $10k.
the more interesting part is that the momentum is still there and if it remains this way we can see higher prices before June ends.

Really good as it seems the correction has happen and bitcoin is now on a mission to achieve a new high.
Bitcoin did not dump below $10,000 and that's a good news for all of us, we might be seeing bitcoin reach $11,000 again and then $12,000.
When the market is so bullish, most of our bullish prediction will hit even if others think it's very unrealistic as it contradicts on their TA.

[Bitcoinwaist]

price needs to go up fast for fomo. previous ath of $1250 had to go 10x to get fomo in 2017. Many people are still underwater from the last bull market,if they held, so at minimum a new ath might spark it , but im thinking along the lines of at least $30-$40k+.

[bbc.reporter]

However, is the FOMO something to be excited about? The last time there was a FOMO, the dump followed. It always follows.