Bitcoin Thread

bromster

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Guys I'm not sure that there's much room to go down further, without falling significantly outside the Stack to Flow model.

I think this might be the double bottom. Will wait for a break and retest though.

We have very little previous support below 30k. and if we fall to 23- 20k, we'll likely be well outside the S2F band (haven't charted it yet though). And if we remain outside for too long, even smart money will panic.
 

saturnz

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My question is how do all the whales know what to do at the same time. Do they have a whatsapp group?

maybe thats what these whales do, but generally thats what golf is for, or any other activity thats considered "gentlemanly" amongst these breed of players
 

humbledryer

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maybe thats what these whales do, but generally thats what golf is for, or any other activity thats considered "gentlemanly" amongst these breed of players
Are OG bitcoiners considered part of this pod of whales - do they know what's going on or do they just hold a lot of coins?
 

saturnz

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Are OG bitcoiners considered part of this pod of whales - do they know what's going on or do they just hold a lot of coins?

bitcoin has only been around for 12 years, I don't think the OG label is appropriate at this stage
 

humbledryer

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maybe its my OG thinking, but in financial markets two generations of experience will be considered OG
Fair enough. I'm thinking about whales who accumulated a mountain of coins without having to spend hundreds of millions of dollars. As they were likely more into computers than finance
 

humbledryer

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George Netherby

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It makes sense for a founder and CEO of an exchange to be bullish but he doesn't set the price so the $200,000 price target is just his opinion whether he's right or not
Max Keiser and a few others have also make comment about 200k for the year. Going to be a wild ride if it happens.
 

Swa

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My narrative? Wake up. The narrative changed in 2017 with the BCH fork and the block size debate. Security trumped speed and cost. Everybody who is anybody in this space pushes BTC as a store of value AKA digital gold, and not as a fast payment system.

Yes I claimed that BTC's blockchain is the most secure. 100%. Not that it can't be improve upon. I asked you what blockchain was more secure and you had no answer. Regarding mining power, you still don't understand the importance of full nodes vs miners in securing the network.

I twist nothing. I had a few main points you disagreed with and have stuck to the topic. You have ignored every point where I showed that you don't know what you're talking about and did not answer my questions.

You still are no closer to disproving any of the main discussion points that you disagreed with. Go and read your response to my inital post. Starting with you using Ethereum as a better example to offer better security and that it is more decentralised. Not even Vitalik would suggest that. Then you said Nodes mean nothing and its all about who control the mining without you even knowing that most full nodes that authenticate transactions do not even mine. Out of your depth...
Whatever dude. You're continually shifting arguments and goalposts because you don't understand the concepts at play.

You do not understand that losing 35% mining power isn't a measure that the network is still functioning securely but rather an indictment that over a third of hashing power is concentrated in a small area and possibly with one or two individuals. That is not decentralised but continue seeing things in your own light.

You do not understand security in an absolute sense so you continually ask less secure against what. You are clearly the one out of your depth here but please continue on.
 

Swa

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Even if it goes down to $20k or whatever from here, we still had a $63k bitcoin which is an incredible rise in price from the last cycle. We've been having it really good.
Yup, if people didn't make the most of that $63k they only have themselves to blame when it goes down.

The age old story around TA is that because the majority of TA traders use fairly similar indicators they effectively create the results they are expecting. It doesn't mean the TA doesn't work, it just means because so many people rely on the the same average TA that it moves the market generally in the direction of the average TA used by the majority of traders.

So in a sense TA does work but it is also a product of self fulfilling prophecies yet still that does not mean it doesn't work, quite the opposite.

With that said in this crypto market the liquidity is still very thin, everything is over leveraged and it is a massive playground right now for relatively few whale traders so they can bend and break any reasonable TA whenever they feel like it unfortunately.
Yes and no. What also happens is that the more predictable things are the more people people try to stick within that predictability. So when something is trading between $100 and $110 people will generally buy at $101 and sell at $109. The new trend then becomes for it to trade between $101 and $109. Eventually the trend nears $105 and something has to break.

It still holds true that 90% of traders lose so if the majority follow a certain T/A they can't all continue to win.
 

Temujin

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Who's buying?
I'm short... scalping some longs, being cautious... with the way US inflation etc is going, I'm honestly expecting markets to bleed heavy soon(several weeks)... could see 30k again, or even a sub 20k if markets crash heavy, but thats the good news as a big selloff like that will fuel btc to break off from legacy markets, shooting it through to new ath. I'm still expecting 6 figures this year, just not yet
 

Swa

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I'm short... scalping some longs, being cautious... with the way US inflation etc is going, I'm honestly expecting markets to bleed heavy soon(several weeks)... could see 30k again, or even a sub 20k if markets crash heavy, but thats the good news as a big selloff like that will fuel btc to break off from legacy markets, shooting it through to new ath. I'm still expecting 6 figures this year, just not yet
How do you figure that?
 
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