Bitcoin bullrun and correction period

[Fatunad]

Correction already happened, it happened twice. Now we are in the bull part of the discussion and I am not sure how high we can go. This time around I believe we are not going to stop at $20k but I also have no idea how high it can go neither, it looks like we are going to be doing fine but I am not sure if we are going to be $30k, or $40k? Maybe more or maybe stay at $22k and drop after that, who knows?

This is why I think it is going to be something very risky and even though we will be breaking all time high price which suppose to be something great for many people since we are as high as we have ever been, it would also be very dangerous because a lot of people will lose money, there will be a ton of people who buy at the top and lose after the price crashes eventually.

I would rather stop thinking for any higher price now, higher than $20k, until bitcoin breaks the current ATH.

Though the market is bullish, but it's a tough situation that bitcoin still fail to break that barriers until now, I know nothing is impossible with bitcoin as it could always surprise us but I believe if not this time, we have to wait for a bit of time and eventually it will again soar.

Normal for people to say up things when they do saw that we are nearing ATh where these kind of words or sentiments will really come out on someones mouth.
It cant be avoided not only just for the sake of profit or investing matters but also with the excitement yet we've been waiting for this time.
We are the same on which i dont really expecting much after we do break the previous ATH and would see new time high.As usual, there would be
sell off or profit taking which would really make up some pullbacks in price so we shouldnt really make ourselves too excited.

[bbc.reporter]

That argument is similar to what Kraken exchange explained during 2017 and it is correct. I also fought for that argument. However, it was also during the times when 1 USDT was backed by $1.00. After relieving themselves of audits and attestations, it is hard to reject that iFinex, Tether are printing USDT with only the loans from exchanges as the backing.

If Tether can't make good on their fiat withdrawal obligations, USDT will unpeg from the dollar. Until that happens, it's useless to speculate like this.

As far as we know Tether never printed any unbacked USDT. Crypto Capital got taken down by police while they were holding Bitfinex's money, then Tether loaned money to Bitfinex to plug the resulting hole. They couldn't just burn USDT to account for the losses because most of the supply wasn't held by Tether, it was held by USDT holders. That doesn't suggest they are printing USDT without backing now.

If you're willing to research the subject, there is a massive market in China, and to a lesser extent Russia, for USDT to avoid capital controls and for cross border remittance. This has created extremely robust liquidity in the OTC Bitcoin and USDT markets in China, which tends to be self-reinforcing. That's why Huobi has the 2nd biggest BTC holdings of any exchange in the world, even though we barely pay attention to them in the west. The Chinese market is massive.

However, look at the graph, who is redeeming? There is only printing and issuing. Do you really think all the $18 billion in tether is backed by dollars?

I reckon before they relieved themselves from their auditors, tether was backed by 100% dollars. However, after removing the statement that all USDT is backed by USD and removed audits, it cannot be trusted. They are operating like a bank without regulation.

If you also are willing to research the subject, where are the audits?

[exstasie]

If Tether can't make good on their fiat withdrawal obligations, USDT will unpeg from the dollar. Until that happens, it's useless to speculate like this.

As far as we know Tether never printed any unbacked USDT. Crypto Capital got taken down by police while they were holding Bitfinex's money, then Tether loaned money to Bitfinex to plug the resulting hole. They couldn't just burn USDT to account for the losses because most of the supply wasn't held by Tether, it was held by USDT holders. That doesn't suggest they are printing USDT without backing now.

If you're willing to research the subject, there is a massive market in China, and to a lesser extent Russia, for USDT to avoid capital controls and for cross border remittance. This has created extremely robust liquidity in the OTC Bitcoin and USDT markets in China, which tends to be self-reinforcing. That's why Huobi has the 2nd biggest BTC holdings of any exchange in the world, even though we barely pay attention to them in the west. The Chinese market is massive.

However, look at the graph, who is redeeming? There is only printing and issuing. Do you really think all the $18 billion in tether is backed by dollars?

I don't think they're printing anything out of thin air, no. I've honestly never seen anything to suggest that. None of the FUD or statistical analysis has been convincing. I'm also a very big believer in markets. As long as the dollar peg remains, it's useless to speculate about inability to pay their obligations.

I also expect that Coinbase's fiat holdings are exponentially larger than they were a couple years ago, same as Tether. Do I think that means Coinbase is "printing" USD or USDC? No.

Whether it's smart to have large exposure to Tether's counterparty risk is another matter entirely. I would be cautious with that. I do think regulators are watching them closely and are possibly waiting to pounce on their bank accounts.

If you also are willing to research the subject, where are the audits?

Tether made it clear a couple years ago that none of the professional auditing firms will go anywhere near them.

[justdimin]

^I understand that Tether seems to be a great company that does whatever they promise so far and that is understandable and this is why many people believe there is nothing wrong with investing into USDT since there is no problems so far that means there won't be any neither.

However Tether is just a company, it is filled with people, it is literally the reason why bitcoin was created so we would not need these people. What happens if their building blows up? I know that sounds like a joke to you but in reality I do not want that risk, there is no building to crash in bitcoin or ethereum or many decentralized coins right? Why risk my money with one that has owners who could die at any moment? Hence I prefer to use stuff like DAI instead of tether.

[Bergluft]

^I understand that Tether seems to be a great company that does whatever they promise so far and that is understandable and this is why many people believe there is nothing wrong with investing into USDT since there is no problems so far that means there won't be any neither.

However Tether is just a company, it is filled with people, it is literally the reason why bitcoin was created so we would not need these people. What happens if their building blows up? I know that sounds like a joke to you but in reality I do not want that risk, there is no building to crash in bitcoin or ethereum or many decentralized coins right? Why risk my money with one that has owners who could die at any moment? Hence I prefer to use stuff like DAI instead of tether.

What is the difference with DAI?

[atjiat]

^I understand that Tether seems to be a great company that does whatever they promise so far and that is understandable and this is why many people believe there is nothing wrong with investing into USDT since there is no problems so far that means there won't be any neither.

However Tether is just a company, it is filled with people, it is literally the reason why bitcoin was created so we would not need these people. What happens if their building blows up? I know that sounds like a joke to you but in reality I do not want that risk, there is no building to crash in bitcoin or ethereum or many decentralized coins right? Why risk my money with one that has owners who could die at any moment? Hence I prefer to use stuff like DAI instead of tether.

You should not be so categorical about Tether, because you can find a lot of other cryptocurrency projects, whose coins are in the wallets of cryptocurrency users, and their value directly depends on the activities of the teams. For at least the last 5 years, despite the too sharp ups and downs of the cryptocurrency market, USDT has helped every trader and all cryptocurrency users in general to minimize their losses in an unstable market.

[CODE200]

Correction already happened, it happened twice. Now we are in the bull part of the discussion and I am not sure how high we can go. This time around I believe we are not going to stop at $20k but I also have no idea how high it can go neither, it looks like we are going to be doing fine but I am not sure if we are going to be $30k, or $40k? Maybe more or maybe stay at $22k and drop after that, who knows?

This is why I think it is going to be something very risky and even though we will be breaking all time high price which suppose to be something great for many people since we are as high as we have ever been, it would also be very dangerous because a lot of people will lose money, there will be a ton of people who buy at the top and lose after the price crashes eventually.

I would rather stop thinking for any higher price now, higher than $20k, until bitcoin breaks the current ATH.

Though the market is bullish, but it's a tough situation that bitcoin still fail to break that barriers until now, I know nothing is impossible with bitcoin as it could always surprise us but I believe if not this time, we have to wait for a bit of time and eventually it will again soar.

Normal for people to say up things when they do saw that we are nearing ATh where these kind of words or sentiments will really come out on someones mouth.
It cant be avoided not only just for the sake of profit or investing matters but also with the excitement yet we've been waiting for this time.
We are the same on which i dont really expecting much after we do break the previous ATH and would see new time high.As usual, there would be
sell off or profit taking which would really make up some pullbacks in price so we shouldnt really make ourselves too excited.

It is just hard to think that it's market value will be twice as its ATH. Indeed the market price have grown many times eversince it was introduced in this industry but that's because of its development regarding popularity and trust from the masses to engage into it. For sure there's a limit on its market value, and given that it is still under the category of currency, meaning the supply will circulate to the market and how will it be done if the price will continuously increase, creating a tendency for the users to just hold amounts in their wallet.

[error08]

Bitcoin has been so bullish from last couple of week and this is exactly how 2017 bullrun started and as we discuss this Bitcoin has already crossed $17k, so are we ready for bullrun and a possible correction period post Bullrun?

Last time we were not ready for correction period as a result many sold bitcoin lesser price our of panic which creates more negative impact, will it be different and mature response from users this time if similar thing repeats? Kindly share your opinions.

We have something to look back on what went wrong, so we know what's going to get wrong, I don't expect Bitcoin to dip or crash, we are better now, the situation is very different, the world is now looking on the development of Bitcoin and majority of the holders are now thinking long term, not unlike in the past everybody just want to take profit.

it won't be so much different if institutional-investors aiming to sell at the peak as well, instead of holding Bitcoin for the long term.
in fact, it always is the common move from every investor, sell at the peak and buy back at the bottom, such a good strategy to accumulate bitcoin as well.
We know that it's inevitable yet we don't know at what point it will start to crumble or how much the major correction will be, is it 30%, 50%, or 70%? The history may be repeated.

[Smitty Werben Man Jensen]

the correction period in Bitcoin is usually when the price has reached an all time high and it has become bearish,
but now it is still in the recovery period zone, or maybe a bullish, bearish period is still not visible because there is a lot of good news in cryptocurrencies, especially bitcoin, so don't expect a correction period is coming.

[justdimin]

^^Difference between DAI and USDT is the fact that there is no building that could crash, there is no person to be jailed, there is no centralized entity that can ruin it. I also do not like the coins that have big project teams over them constantly doing something, never been fan of ICO for example.

This is why last time I made a big size investment it was before the ICO period, maybe you youngsters may not remember but coins came out of nowhere back in the day, one day it didn't exist and another day they published their wallets (and we rushed to mine it ) and that was it, no pre-sale, no funding period, no erc20 no bep20 it was all hard work and after that the team wasn't involved as much. Nowadays we are going back to that, we are getting to point where defi makes that possible with less teams again.

[Fredomago]

Bitcoin has been so bullish from last couple of week and this is exactly how 2017 bullrun started and as we discuss this Bitcoin has already crossed $17k, so are we ready for bullrun and a possible correction period post Bullrun?

Last time we were not ready for correction period as a result many sold bitcoin lesser price our of panic which creates more negative impact, will it be different and mature response from users this time if similar thing repeats? Kindly share your opinions.

We have something to look back on what went wrong, so we know what's going to get wrong, I don't expect Bitcoin to dip or crash, we are better now, the situation is very different, the world is now looking on the development of Bitcoin and majority of the holders are now thinking long term, not unlike in the past everybody just want to take profit.

it won't be so much different if institutional-investors aiming to sell at the peak as well, instead of holding Bitcoin for the long term.
in fact, it always is the common move from every investor, sell at the peak and buy back at the bottom, such a good strategy to accumulate bitcoin as well.
We know that it's inevitable yet we don't know at what point it will start to crumble or how much the major correction will be, is it 30%, 50%, or 70%? The history may be repeated.

The influenced may still the same, once this institutional investors start to sell their holdings fud's will start to show up and weak holders will follow, it's been this ay ever since. Panic sellers are being drive by this early holders who bag holds their assets and create movements that they are well aware.

If people around this market start to realize the real potentials of this investment currency, not just for quick benefits but for long
term success. The chance that it will continue to rise be more stronger, looking forward that this time it won't repeat that same thing and will be more progressives.

[Botnake]

Correction already happened, it happened twice. Now we are in the bull part of the discussion and I am not sure how high we can go. This time around I believe we are not going to stop at $20k but I also have no idea how high it can go neither, it looks like we are going to be doing fine but I am not sure if we are going to be $30k, or $40k? Maybe more or maybe stay at $22k and drop after that, who knows?

This is why I think it is going to be something very risky and even though we will be breaking all time high price which suppose to be something great for many people since we are as high as we have ever been, it would also be very dangerous because a lot of people will lose money, there will be a ton of people who buy at the top and lose after the price crashes eventually.

I would rather stop thinking for any higher price now, higher than $20k, until bitcoin breaks the current ATH.

Though the market is bullish, but it's a tough situation that bitcoin still fail to break that barriers until now, I know nothing is impossible with bitcoin as it could always surprise us but I believe if not this time, we have to wait for a bit of time and eventually it will again soar.

Normal for people to say up things when they do saw that we are nearing ATh where these kind of words or sentiments will really come out on someones mouth.
It cant be avoided not only just for the sake of profit or investing matters but also with the excitement yet we've been waiting for this time.
We are the same on which i dont really expecting much after we do break the previous ATH and would see new time high.As usual, there would be
sell off or profit taking which would really make up some pullbacks in price so we shouldnt really make ourselves too excited.

That's the result of the hype, FOMO will come but it the hype is a short lived one, it will stop, and these people will again regret why they buy at the moment. Hopefully only few people would lose compared to the last bull run if indeed a dump will come, we have seen this scenario many times s we will probably make a better decision now unlike those people who are just active in investing when the market is bullish.

[STT]

Its correcting now past the weekly average which is more severe as a selloff considering it was recently at a high.



The recent attempt to rise from weekly to the 2 day average did not suceed and now its selling has passed the weekly average.  18k is a good area for it to hold over a longer term though, if the 4hr bar closes above 18500 and confirms that price then BTC remains very bullish.   The sell is a fair call if markets closing for thanksgiving has any effect.

[bbc.reporter]

If Tether can't make good on their fiat withdrawal obligations, USDT will unpeg from the dollar. Until that happens, it's useless to speculate like this.

As far as we know Tether never printed any unbacked USDT. Crypto Capital got taken down by police while they were holding Bitfinex's money, then Tether loaned money to Bitfinex to plug the resulting hole. They couldn't just burn USDT to account for the losses because most of the supply wasn't held by Tether, it was held by USDT holders. That doesn't suggest they are printing USDT without backing now.

If you're willing to research the subject, there is a massive market in China, and to a lesser extent Russia, for USDT to avoid capital controls and for cross border remittance. This has created extremely robust liquidity in the OTC Bitcoin and USDT markets in China, which tends to be self-reinforcing. That's why Huobi has the 2nd biggest BTC holdings of any exchange in the world, even though we barely pay attention to them in the west. The Chinese market is massive.

However, look at the graph, who is redeeming? There is only printing and issuing. Do you really think all the $18 billion in tether is backed by dollars?

I don't think they're printing anything out of thin air, no. I've honestly never seen anything to suggest that. None of the FUD or statistical analysis has been convincing. I'm also a very big believer in markets. As long as the dollar peg remains, it's useless to speculate about inability to pay their obligations.

I also expect that Coinbase's fiat holdings are exponentially larger than they were a couple years ago, same as Tether. Do I think that means Coinbase is "printing" USD or USDC? No.

Whether it's smart to have large exposure to Tether's counterparty risk is another matter entirely. I would be cautious with that. I do think regulators are watching them closely and are possibly waiting to pounce on their bank accounts.

If you also are willing to research the subject, where are the audits?

Tether made it clear a couple years ago that none of the professional auditing firms will go anywhere near them.

This might only be nothing, however where are the audits? Also, why are they not submitting the documents requested by the New York supreme court?

Your comparison of Tether and Coinbase does not prove that iFinex, Tether, Bitfinex do not print USDT that are presently only backed by loans.

Did Paolo Ardoino said that?

[peter0425]

Bitcoin has been so bullish from last couple of week and this is exactly how 2017 bullrun started and as we discuss this Bitcoin has already crossed $17k, so are we ready for bullrun and a possible correction period post Bullrun?

then after that $17,000 bitcoin climbed up to $19,300 but now as we speak?the Correction came and bring the Bitcoin to 17,000 again i don't know how dip is this but for me?hope that Ripple drops down to 40 cents again then i will surely add more.

Last time we were not ready for correction period as a result many sold bitcoin lesser price our of panic which creates more negative impact, will it be different and mature response from users this time if similar thing repeats? Kindly share your opinions.

Actually even how many times other bitcoiner experince the rise and fall yet they still act the same whenever the value downtrend ,maybe because they are only relying in short time profit so they cannot wait for another growing moment.

[LUCKMCFLY]

Bitcoin never breaks first, in every possible trend there is always a correction, it almost touches $ 20k, but it has reached limits that are areas of opportunity, some call it resistance, that have an emotional impact, this added to 70% Of the bitcoins bought by paypal mined, this has contributed to the trend, however, it is necessary to wait, as it is already December and we can expect a greater increase in demand.

[Botnake]

Bitcoin never breaks first, in every possible trend there is always a correction, it almost touches $ 20k, but it has reached limits that are areas of opportunity, some call it resistance, that have an emotional impact, this added to 70% Of the bitcoins bought by paypal mined, this has contributed to the trend, however, it is necessary to wait, as it is already December and we can expect a greater increase in demand.

Demand of bitcoin will increase more when there is a hype, when the hype is on then we can still expect a new ATH to be hit by next month, but for now, it seems that bitcoin has already dump and it will take another hype for it to rise again.

normal scenario, we have seen this in the past, bitcoin dump after a bullish market and we call it as a correction. it's happening now, hopefully this will not create some big panic from people who have invested during the recent pump.

[Bergluft]

Demand of bitcoin will increase more when there is a hype, when the hype is on then we can still expect a new ATH to be hit by next month, but for now, it seems that bitcoin has already dump and it will take another hype for it to rise again.

normal scenario, we have seen this in the past, bitcoin dump after a bullish market and we call it as a correction. it's happening now, hopefully this will not create some big panic from people who have invested during the recent pump.

Now we first will see some FUD, or rather already saw it with this hypocrite fuck Mnuchin. I guess it will dip some more to about 13-15 and hopefully stay there for some time. The more fuel the rocket has, the higher it can go.

[n0ne]

The market correction of bitcoin along with the entire cryptocurrency has begun. In a days time the market has faced a very big drop in the value. Right now everyone were with the expectation of market reaching its new ath value. Right now Whales will tend to make a big buy targeting to bump the price in a short and profit out of it.

[BTCappu]

The market correction of bitcoin along with the entire cryptocurrency has begun. In a days time the market has faced a very big drop in the value. Right now everyone were with the expectation of market reaching its new ath value. Right now Whales will tend to make a big buy targeting to bump the price in a short and profit out of it.

Begun? There is really nothing shows a massive dump coming any time soon. We just experiening some pull back. We never know the future, in the distant future there will be plenty of 50% drops and 200% increases and all that, it is impossible for bitcoin to never have a 50% drop or never have a 100% increase, those will happen "one day".

However looking at the near future, it looks like nothing will be done and nothing will really make it go down. If you ask me, we are staying stronger for a while more and break over $20k and try to beat as much higher as we can breaking all the resistance points along the way and build support points instead. After that maybe some things could change but this will take at least until 2021, so there doesn't seem to be anything we need to be worried about at all.