Bitcoin / Cryptocurrency Discussion (And Predictions)

[MrYoshi]

Just spoke to a friend who made 30k on bitcoin in the past few months. I'm hoping for a dip under 8k, but I'm going to invest hard in the other top coins before they skyrocket. I think over Christmas there's going to be another huge boom.

 

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[DVU]

Does not apply - order boks are slim to non-existant. There are not large institutional traders playing both sides of the book. If one fund that hasn't bought desides to buy it goes up, a lot. If James Draper, Roger Ver, Winklvoss(sp) twins, etc decides to sell it crashes, alot. Will institutions get in? Buy, Will big holders sell..sell. Traditional TA is a waste of time

I just made a speculation based on the previous trends.

But yes, I do agree that the TA used in other "fields" doesn't really apply to crypto.

 

[farmer79]

To me it is a runaway panic buying market. I hate to be negative, as a matter of fact I feel like a flat earth peasant. But I truly believe that BitCoin will go to 0. I don't know when or how high it will go before that, and I certainly don't have the courage to short it, but it feels like a bubble in every way to me. There are signs, people quitting unrelated jobs to trade bitcoin, small tweaks to justify10-20 times price increases, a believe that a pullback will be small and contained, and ( in my mind anyways) a complete divorcing from intrinsic value. We had friends in ostriches and laugh all you want (again I feel slightly stupid for posting this) but I could replace the word Bitcoin for ostrich in this thread and it would have sounded exactly like them in the early 90's.

The great technician Tom Demark says markets don't top in bubbles etc.because mass selling or profitaking, they top because all the buyers have bought and there is no one left to buy. I really think that day is coming for Bitcoin.

 

[James Fake]

November 28, 2017:

I'm watching very closely as Bitcoin & Litecoin nears the $10,000 line (US dollars Coinbase/Gdax).. @$9989

Something I'm noticing that sticks out to me: It looks to bounce of $10,000 but I don't expect any dip more than a $100 or $200 to occur and it will climb back up in a matter of minutes right back to the $10,000 line. IF it does break this line; it's going to be lights out, straight rocket up to $10.5k or more..

Many (including myself before now) thought there would be a fairly decent sized retrace after $10,000. I'm not so sure just yet.. In the past; when Bitcoin has reached ATH (all time highs), it's usually rocketed past. (it doesn't just hit $10,100 and sits).

If indeed, it goes like this; I think there will be some retrace occur only after Bitcoin rockets past and then goes sideways. However; with the mass amount of media attention from the world - as it runs sideways; I wouldn't take off my seat belt quite yet (but also have your finger on the ejection button as well).

 

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[Coalission]

To me it is a runaway panic buying market. I hate to be negative, as a matter of fact I feel like a flat earth peasant. But I truly believe that BitCoin will go to 0.

We may get a sizable pullback, and you'll feel like a genius temporarily, but there's not a chance in hell Bitcoin ever goes to zero. It simply isn't happening, I can say that unequivocally, and anyone who knows what Bitcoin is will say that same thing. That ship has sailed, maybe you think Bitcoin will be replaced with something else, and that's possible, but cryptocurrencies in general are here to stay. You can't "un-invent" them, like Andreas Antonopoulous says. Genie's out of the bottle. This current bull run may fizzle until the next one comes around, and on the next one there will be someone else saying the same thing. Bitcoin has "died" like a million times already:

BitcoinObituaries.com | Bitcoin Declared Dead 140+ Times and Counting

So, That's the End of Bitcoin Then

"So, That's The End Of Bitcoin Then" while it was $15.15 per BTC. No Forbes, it wasn't the end.

For something to hit $0, you have to have people willing to sell it for $0, and that simply isn't going to happen. It's like saying Gold will go to $0. Not a goldbug on Earth will dump their bullion at $0.01 an oz., just won't happen. A more accurate prediction:

 

[James Fake]

We had friends in ostriches and laugh all you want (again I feel slightly stupid for posting this) but I could replace the word Bitcoin for ostrich in this thread and it would have sounded exactly like them in the early 90's.

Hey @farmer79 - thanks for your input, as a pro-Bitcoin/cryptocurrency person.. I enjoy reading and seeing both sides of the argument (those that are far too much one sided is handicapped imo).

My one thing to you would be this: Replace using the word "Aliens" instead. Ostriches aren't a new tech or method of doing things that we don't understand. No one understands Bitcoin, nobody. Nobody understands Aliens, nobody.

So when you replace the word Bitcoin with "Aliens". You will see that anything anybody says (no matter what side you are on).. at the end of the day; it's all speculation. Historical data doesn't apply to things that has never existed within our realms of understanding yet. Just like any "laws of physics" would easily be broken if we could ever get inside (or on the other side) of a blackhole...

Anyways; so if you go back through this thread (including your post and anything you argue against Bitcoin with) and say Aliens instead, I think you may find that your own argument points will begin to seem a bit silly.. just as silly as you see someone saying pro-Bitcoin points.

I think it's a greater risk playing it conservative & comfortable during this new era of tech upon us. I think (no matter the side) we can all agree that crypto-currency is here to stay and will only grow bigger whether thats Bitcoin or something else. Sure, something might happen, some will get burned, but the smart ones will only shift/adjust/hedge/diversify/pivot like any other good business person and continue making enormous strides. Whether Bitcoin is the MVP (minimum viable product) right now or not; just remember the majority of wealth in America is contained in tech companies that (most) started & grew after the dot com "bubble". (I argue it was a 'correction' not a "bubble" but whatever lol)

(With all that said; I think this thread: What People Won't Tell You About Crytpo Currency is aimed more towards discussion of whether you think Bitcoin will implode or not. This thread is more so on the daily/weekly/big developments of trading within folks already brain-washed with Bitcoin dreams lol.. )

 

[DVU]

Something I wanted to share and get some info on.

Here is how I see it.

I agree with everyone else that crypto is here to stay. And, that it can and probably is going to go much higher.

Reason being for that statement is that, yes a lot of people are now FOMO(fear of missing out)-ing but I think that the vast majority of people still have absolutely no clue what crypto is nor have ANY plans to buy it. Now there is the argument that we have reached the "high" and that it won't go any further(although there probably will be a correction, I believe it will pass 10k easily.)

I am fairly confident that in a couple of years all the big stores like amazon will accept bitcoin and some other crypto and then I think everyone will know what it is and what it does(someone posted something about this, 3 stages of new inovations, 1st no one know what it is, 2nd some people understand it and are getting on board and 3rd everyone knows what it is and its mainstream) and I think only then when we get to the 3rd stage will be the "end" of this rollercoster. We are probably in the middle 2nd one right now.

Id love to hear the thoughts of more experienced investors here about this.

 

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[Envision]

What altcoins are people invested in? Dont want to derail the thread but what are your thoughts on NEO, XRP, and SIA

And right about now is when I am kicking my 14 year old self for wondering wtf a bitcoin was when it was $.25 and telling myself I didnt need any because I wasnt going to buy drugs on silk road...

 

[DVU]

What altcoins are people invested in? Dont want to derail the thread but what are your thoughts on NEO, XRP, and SIA

And right about now is when I am kicking my 14 year old self for wondering wtf a bitcoin was when it was $.25 and telling myself I didnt need any because I wasnt going to buy drugs on silk road...

This should help: Cryptocurrency Market Capitalizations | CoinMarketCap

 

[Envision]

This should help: Cryptocurrency Market Capitalizations | CoinMarketCap

How? lol

 

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[DVU]

How? lol

Its a list of altcoins and how they are doing in the market. Your question was what other altcoins are people invested in. You have a full list there.

I don't know how this doesn't help your question but whatever.

 

[MJ DeMarco]

Well that didn't take long....

BTC > $10,000

 

[Ivan sntr]

I see cryptocurrencies having a similar impact on people life as cars..

other cryptocurrencies like might be the ones we use in the everyday,
bitcoin is gonna take the place as store of value, newGold ...

 

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[Interesting Life]

Tons of everyday average laymen are jumping on the bandwagon. That's usually a bad sign as it was with the recent housing bubble and the dotcom stock market crash.

 

[lewj24]

I see cryptocurrencies having a similar impact on people life as cars..

This is what I don't understand. This is why I'm very skeptical about bitcoin. All of you bitcoin fan boys say crazy statements like this one.

How can you compare this to cars? The car changed the whole game. From smelly horses that needed to be trained and cared for to a more comfortable convenient faster way to transport multiple people. Revolutionary.

And then we have bitcoin. Digital money. Which we already have. And from what I've seen and from the crazy price volitility people arent using bitcoin to buy things. Then people tell you it's limited like gold making it valuable. But it's not limited. Now there's bitcoin cash and bitcoin gold and lite coin and ether and who knows how many more..

Please help me understand how this is valuable?

 

[Kingmaker]

This is what I don't understand. This is why I'm very skeptical about bitcoin. All of you bitcoin fan boys say crazy statements like this one.

How can you compare this to cars? The car changed the whole game. From smelly horses that needed to be trained and cared for to a more comfortable convenient faster way to transport multiple people. Revolutionary.

And then we have bitcoin. Digital money. Which we already have. And from what I've seen and from the crazy price volitility people arent using bitcoin to buy things. Then people tell you it's limited like gold making it valuable. But it's not limited. Now there's bitcoin cash and bitcoin gold and lite coin and ether and who knows how many more..

Please help me understand how this is valuable?

You can send money to any human being on planet Earth for less than a penny, and they will receive it instantly.

Compare the above to how you would send money now, and consider the implications.

 

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[Ivan sntr]

"And then we have bitcoin. Digital money. Which we already have. And from what I've seen and from the crazy price volitility people arent using bitcoin to buy things. Then people tell you it's limited like gold making it valuable. But it's not limited. Now there's bitcoin cash and bitcoin gold and lite coin and ether and who knows how many more..

Please help me understand how this is valuable?"


Ok 21million btc about 4million coins are lost , 1 million owns nakamoto, 16million left in a world of 7,5billion people...

Not limited, is Not a good argument for me..

For most other crypto currencies you need to buy btc first
Instant decentralized payments,... have a look at how our economy works,

you read the article and tell me what is the bigger bubble...bitcoin or the economy we are living in, 2008 was just the start

http://www.visualcapitalist.com/worlds-money-markets-one-visualization-2017/

 

[Musashi]

Tons of everyday average laymen are jumping on the bandwagon. That's usually a bad sign as it was with the recent housing bubble and the dotcom stock market crash.

Isn't that the ultimate goal of every cryptocurrency? Mainstream adaption. The more pople use it, the bigger the value...

 

[James Fake]

November 28, 2017 Personal Diary Thoughts:

Very memorable day in the crypto world. Hitting $10,000 has a much bigger psychological impact than we realize. Hitting $10k means that throwing out predictions in five figures aren't a joke anymore. $10,000 means this is the final year for any nay-sayers to get on board; or the gap will be so out of reach soon hence why you see major financial institutes making moves now (not just "moves" but they have it #1 priority to get up & going, you never see these kind of ultra-conservative people rush so dang hard on launching stuff - that should tell you something!). They are some of the smartest people on the planet when it comes to money & following it.

This $10,000 is the first "serious" signal that the growing gap is spreading apart fast.. which forces those who are paralyzed by the fear of not understanding Crypto - to finally take time & open mind to understanding and conquering the fear... or continue to watch Facebook peers & less-skilled less-fastlane-mental co-workers glee about as a spectator.

$10,000 also means the nay-sayers get louder... but more people stop listening to them over the years because the mid/late majority develop an audible blind similar to ignoring the guy on the street with a loud-speaker screaming Jesus Is Coming To End The World tomorrow.

It's not my job to "teach" you or "convince" you to believe in crypto. My job is to be an advocate for technology that can help make the world a better place. My job is to share & fuel mental energy into this space & others like me!

$10,000 means crypto as a currency is here to stay. No matter what form or name...

$10,000 also means I fed my mom, my daughter and her mom with several $22/lb crab legs at Hot & Juicy.. and it didn't even put a dent into the profit I made off trading swings just today. (caution: day-trading crypto is not recommended & only use 30% of total portfolio to do it!)

Long-live crypto technology & crypto used as currency..

 

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[James Fake]

November 29, 2017 Update:

My Predictions:
After going "sideways" looking to settle on $10.4k'ish price range after the $10k rally.. it's broken out again. All signs point to much left in very strong bull.

BTC: Very possible will break $11k tonight or tomm morning. Not just break it; but run right past it like it did with $10k. (currently $10,880 USD Gdax)
1) This $11k wall is weaker than the $10k wall.
2) Massive media attention during the day across the world. Unless you are the crypto or financial world; strong chance when $10k was broken, it was late evening. Also; seeing it stay with strong support at $10k plus will give good signals to media companies that this is strong, ever-green worthy news.
3) There is literally nothing there after the $11k wall. If it breaks through; it's lights out straight up clear path rally again.. possibly to $11.3k or more.
4) The bit of TA I do use & consider; all signals are full on bull'ish to continue previous trend: up.

ETH: Trending inversely with BTC, however; not much movement going up when BTC goes down or up.. it has very solid support & stability (stronger than previous situations). It's at a great price if you plan to go long. Further price drop very likely as ETH holders continue to drop after they realize BTC has a lot of gas left. If you can't wait at least 2-3 weeks holding Eth, don't get it. However; all signs point to ETH breaking $500 once BTC is done running.

LTC: Pick this or BTC, they both are doing the same thing. LTC has a bit more upside since it's room for growth is better over the next few months. However; for every $1 LTC rises, BTC rises $200 or more.. I personally suggest BTC.

Other Alts: Don't. It's not time to hedge against a "retrace" or "market correction" until CME futures + December forks are done. Then it'll be time to evaluate any correction that may come.

My Action Plan:
I am once again back all into BTC until it shows serious signs of sideways movement.. At this time; I'm all hands manually on, no stop-loss orders due to whales dumping then market gobbles it right back up instantly.

Have to wait and see if it breaks $11k as I think it will. If it does; it's the same exact scenario and game as today.
If not; this is where TA (technical analysis) signals will kick in more to about 70% on impacting further decision.

 

[MrYoshi]

I'll keep waiting for a correction as I just can't afford this price point yet haha.

 

[Yoda]

Trending inversely with BTC

How so..?

EDIT: I see since the time period you wrote that to now, it's gone up 10%, in-line with BTC.

 

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[James Fake]

How so..?

It has been since the 25th (when Bitcoin's rally to $10k started).... until just this past hour 4am'ish; finally broke away free.
Before this past hour; BTC up - ETH down. BTC down - ETH up.

 

[Jake]

I'll keep waiting for a correction as I just can't afford this price point yet haha.

A bitcoin isn't a share it's a arbitrary unit of measurement. It's divisble down to .00000001 aka 1 satoshi

I'm not saying to buy - just most people assume it's like purchasing a share...it's a huge marketing problem and it could gain more traction if we moved the decimal place down a few notches

 

[farmer79]

So how does it work in US right now for taxes. If you had bought a Bitcoin for say 5000 and now it is 10000. If you tried to buy something you are still converting to USD and paying taxes on increase in price right?
Won't this be a huge barrier to its use as a true currency? I mean at some point it will have to evolve from a speculative market and eventually it will have to be be a product used as a true currency. If individuals have to report every single transaction to the IRS as a capital gain or loss, based on conversion to USD won't that really slow down its use?

 

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[Yoda]

I'm pulling my position in ETH @$506.

I'll buy back in @$490.

EDIT: Executed.

 

[Zimbizee]

I was very close to buying in until i read some of the horror stories regarding not the buying BUT the selling of BTC.

I'm in the UK and some of the forums i have been on report problems getting their money back out from the crypto exchanges and in to cold hard cash. It's easy to buy but when you wish to sell they delay or stop you asking for more verification checks etc. Delays, transactions not going through for days, weeks, or not at all. Plus non responsive support from said exchanges and even some not knowing whether or not they will see their money ever again.

Also some banks are freezing or closing down accounts due to suspicious activity as they call it when any transaction are linked to BTC due to possible money laundering.

Are there easier ways to buy and sell BTC other than using one of these exchanges, being very new to this is quite a minefield to navigate and i do not wish to lose money here.

Cheers

 

[Jake]

Are there easier ways to buy and sell BTC other than using one of these exchanges

www.localbitcoins.com fast, easy, convenient but you will pay extra. You're dealing with people making a profit on the transaction.

My bank charges me $45 and a horrible exchange rate to send money from the U.S to Thailand so using local bitcoins cost me nearly the same but is 200x faster to receive money into my account

 

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[Almantas]

I have 0.0001% knowledge about the Bitcoin. However, when most critics are big banks and corporations, you know it must be doing something right – it is controlled and regulated by the community instead of governments.

 

[MJ DeMarco]

However, when most critics are big banks and corporations, you know it must be doing something right – it is controlled and regulated by the community instead of governments.

Yes, this is responsibly for moving my meter from skeptic to genuine curiosity. Yet even I'd admit, I'm a late-adopter and my late-adoption is a sign that we're at a bubble level. But then part of me understands the difference in this than say, an overinflated stock or a house. So here I sit smack dab in the middle, open to any outcome -- crash down or explosion up.