Bitcoin Thread

[JerryMungo]

Was zero resistance in 2017 we flew straight through it in 12 minutes.

2017 was full of FOMO. Most of those who threw money at the $10k mark lost it soon after. I doubt we'll see the same FOMO levels this time around. Not to mention that mining is no longer driving things like it was.

 

[Thor]

2017 was full of FOMO. Most of those who threw money at the $10k mark lost it soon after. I doubt we'll see the same FOMO levels this time around. Not to mention that mining is no longer driving things like it was.

Nothing changed. This is still 100% FOMO. There is zero reason for BTC to go up right now. Nothing changed, the same core issues still exist BTC drak still at the helm same in fighting in fact its worse now.

No protocol upgrades.

This is 100% fomo, I caution anyone who have not been here prior to 2012, you're going to get hurt.

 

[JerryMungo]

Nothing changed. This is still 100% FOMO. There is zero reason for BTC to go up right now. Nothing changed, the same core issues still exist BTC drak still at the helm same in fighting in fact its worse now.

No protocol upgrades.

This is 100% fomo, I caution anyone who have not been here prior to 2012, you're going to get hurt.

Oh, it's FOMO all right, but things have changed dramatically. How many mining rigs have been sold in the past 12 months?
Also, this time around there are some big names that pretended to not be interested in 2017 throwing money at it.
JP Morgan Chase, Facebook come to mind.

https://www.bloomberg.com/news/arti...tance-of-bitcoin-futures-has-been-understated

https://www.theblockcrypto.com/2019...sserts-its-doing-nothing-with-actual-bitcoin/

https://www.france24.com/en/20190617-facebook-unveil-new-cryptocurrency

 

[BitcoinZAR]

Doesnt matter if its FOMO, think long term, the price is still a steal at $20k 5 years from now.
The halving is coming and people are definitely going to start front running and buying up before then if they have not started already.

 

[Thor]

Also, this time around there are some big names that pretended to not be interested in 2017 throwing money at it.
JP Morgan Chase, Facebook come to mind.

JP Morgan Chase was one of the biggest buyers of BTC in 2017, don't believe what the CEO lied about on TV.

 

[John Tempus]

There's a limit of R5m or R10m on EFT transactions. Not sure exactly how much it is or why.

I think he meant overall limit not per transaction. I think the per transaction limit might be there according to different bank limits and yes some banks if not all of them refuse to process incoming transaction over a certain limit, they simply send it back to sender.

Luno have no max limit ie. over Rxxxx they refuse to process more withdrawals.

The per transaction limit I have never hit but then again I dont do millions at a time. The most I have ever withdrawn in one go is R500k.

 

[Swa]

I think he meant overall limit not per transaction. I think the per transaction limit might be there according to different bank limits and yes some banks if not all of them refuse to process incoming transaction over a certain limit, they simply send it back to sender.

Luno have no max limit ie. over Rxxxx they refuse to process more withdrawals.

The per transaction limit I have never hit but then again I dont do millions at a time. The most I have ever withdrawn in one go is R500k.

Correct, but I think it's the bank per transaction limit they may be referring to when they state "Limits may apply"

 

[Swa]

Nothing changed. This is still 100% FOMO. There is zero reason for BTC to go up right now. Nothing changed, the same core issues still exist BTC drak still at the helm same in fighting in fact its worse now.

No protocol upgrades.

This is 100% fomo, I caution anyone who have not been here prior to 2012, you're going to get hurt.

I agree with this. Still plenty of the same issues exist including high fees. General adoption isn't really increasing much.

 

[BitcoinZAR]

Bitcoin is designed to go up in price over time....if you understand that, you can make money long term. Dollar cost averaging is a great way to do things while not risking large amounts at a time.

Supply and demand are a thing. The supply that is made available each day is cut in half every 4 years approximately.
What happens when there is less of something normally, the price goes up right? Cut the new supply in half every 4 years, over and over and over, and the price goes up.
Even if there is zero increase in demand, and the demand that we have right now, which has created the price we have now, stays the same...if you cut the supply in half, but keep the same demand, the price should basically double. Have you tried doubling a number many times....things escalate quickly.
The thing is that the demand is not staying the same, its growing all the time.
There is always growing demand from new people wanting and using bitcoin, as well as existing users wanting more bitcoin. There are more businesses building on, using, and therefore needing bitcoin, and the list is growing daily.
If there was zero demand for bitcoin, the price would be zero.

There will always be traders who front run the price, causing the boom and bust cycles. The highs will go higher, and the lows go higher too....its volatile in an upward trajectory. If you think long term, buying bitcoin regularly (Dollar Cost Averaging) is a no-brainer way to make amazing returns. If you are trying to buy tops and bottoms and in it for a quick buck, you are probably going to lose your money.

PS: Very biased, pro bitcoin opinion here

 

[SaiyanZ]

Seems like they are trying to build a triangle pattern. If it does the first bit and spends some time in the red area close to $9400 then it's going to break up. Target around $9900. This has high chance of being quick wick up and then down. Lots of sellers close to $10k.

 

[Thor]

Seems like they are trying to build a triangle pattern. If it does the first bit and spends some time in the red area close to $9400 then it's going to break up. Target around $9900. This has high chance of being quick wick up and then down. Lots of sellers close to $10k.

Being a bit of a triangle expert myself () I agree with the above.

 

[Superman-7]

Bitcoin is designed to go up in price over time....if you understand that, you can make money long term. Dollar cost averaging is a great way to do things while not risking large amounts at a time.

Supply and demand are a thing. The supply that is made available each day is cut in half every 4 years approximately.
What happens when there is less of something normally, the price goes up right? Cut the new supply in half every 4 years, over and over and over, and the price goes up.
Even if there is zero increase in demand, and the demand that we have right now, which has created the price we have now, stays the same...if you cut the supply in half, but keep the same demand, the price should basically double. Have you tried doubling a number many times....things escalate quickly.
The thing is that the demand is not staying the same, its growing all the time.
There is always growing demand from new people wanting and using bitcoin, as well as existing users wanting more bitcoin. There are more businesses building on, using, and therefore needing bitcoin, and the list is growing daily.
If there was zero demand for bitcoin, the price would be zero.

There will always be traders who front run the price, causing the boom and bust cycles. The highs will go higher, and the lows go higher too....its volatile in an upward trajectory. If you think long term, buying bitcoin regularly (Dollar Cost Averaging) is a no-brainer way to make amazing returns. If you are trying to buy tops and bottoms and in it for a quick buck, you are probably going to lose your money.

PS: Very biased, pro bitcoin opinion here

Definitely very biased.

Bitcoin has very little going for it in terms of actual demand fueled by some utility. The demand for bitcoin is mostly a case of "I want it because other people want it". A bit like Paris Hilton being famous for being famous. Lets also not shy away from the fact that a few whales more or less control the market. Nothing has changed since 2017 - bitcoin is still all FOMO.

 

[Salmank]

Seems like they are trying to build a triangle pattern. If it does the first bit and spends some time in the red area close to $9400 then it's going to break up. Target around $9900. This has high chance of being quick wick up and then down. Lots of sellers close to $10k.

Its struggling to stay above $9300.
So I guess a little down from here?

 

[SaiyanZ]

Its struggling to stay above $9300.
So I guess a little down from here?

Depends whether the base of the triangle breaks. Can collapse if that happens like before. It went up very quickly so selloff can happen in one candle.

It's holding for now:

 

[SaiyanZ]

It broke! Should keep dumping now and stay below $9100.

 

[Swa]

Bitcoin is designed to go up in price over time....if you understand that, you can make money long term. Dollar cost averaging is a great way to do things while not risking large amounts at a time.

Supply and demand are a thing. The supply that is made available each day is cut in half every 4 years approximately.
What happens when there is less of something normally, the price goes up right? Cut the new supply in half every 4 years, over and over and over, and the price goes up.
Even if there is zero increase in demand, and the demand that we have right now, which has created the price we have now, stays the same...if you cut the supply in half, but keep the same demand, the price should basically double. Have you tried doubling a number many times....things escalate quickly.
The thing is that the demand is not staying the same, its growing all the time.
There is always growing demand from new people wanting and using bitcoin, as well as existing users wanting more bitcoin. There are more businesses building on, using, and therefore needing bitcoin, and the list is growing daily.
If there was zero demand for bitcoin, the price would be zero.

There will always be traders who front run the price, causing the boom and bust cycles. The highs will go higher, and the lows go higher too....its volatile in an upward trajectory. If you think long term, buying bitcoin regularly (Dollar Cost Averaging) is a no-brainer way to make amazing returns. If you are trying to buy tops and bottoms and in it for a quick buck, you are probably going to lose your money.

PS: Very biased, pro bitcoin opinion here

Wrong way to look at it. First part is only valid if it has real world value. Currently there is practically none.

It's not the supply that's cut in half every 4 years. That would imply that half of the bitcoin available disappears every 4 years. Realistically halving events and mining can no longer have a real impact as 84% has already been mined so the value has been mostly set and can only be influenced by demand which isn't showing any uptake.

 

[John Tempus]

Bitcoin is designed to go up in price over time....if you understand that, you can make money long term. Dollar cost averaging is a great way to do things while not risking large amounts at a time.

Supply and demand are a thing. The supply that is made available each day is cut in half every 4 years approximately.
What happens when there is less of something normally, the price goes up right? Cut the new supply in half every 4 years, over and over and over, and the price goes up.
Even if there is zero increase in demand, and the demand that we have right now, which has created the price we have now, stays the same...if you cut the supply in half, but keep the same demand, the price should basically double. Have you tried doubling a number many times....things escalate quickly.
The thing is that the demand is not staying the same, its growing all the time.
There is always growing demand from new people wanting and using bitcoin, as well as existing users wanting more bitcoin. There are more businesses building on, using, and therefore needing bitcoin, and the list is growing daily.
If there was zero demand for bitcoin, the price would be zero.

There will always be traders who front run the price, causing the boom and bust cycles. The highs will go higher, and the lows go higher too....its volatile in an upward trajectory. If you think long term, buying bitcoin regularly (Dollar Cost Averaging) is a no-brainer way to make amazing returns. If you are trying to buy tops and bottoms and in it for a quick buck, you are probably going to lose your money.

PS: Very biased, pro bitcoin opinion here

Its great to be PRO something but without being realistic it just looks pretty uninformed.

Not sure how much you believe what you wrote but to start your comment with "Bitcoin is designed to go up over time" is really not well informed. No asset at all can be designed with some sort of guarantee that it will go up over time. The reality is that at any point in time any asset , crypto or non crypto could hit a permanent roadblock in price and just stay there in limbo indefinitely.

There is no assurance anyone could make designing anything that would guarantee that asset to go up infinitely over time.

That is quite simply impossible and the only people who make such promises is ponzi schemes and similar businesses and we all know how that turns out.

 

[Superman-7]

Its great to be PRO something but without being realistic it just looks pretty uninformed.

Not sure how much you believe what you wrote but to start your comment with "Bitcoin is designed to go up over time" is really not well informed. No asset at all can be designed with some sort of guarantee that it will go up over time. The reality is that at any point in time any asset , crypto or non crypto could hit a permanent roadblock in price and just stay there in limbo indefinitely.

There is no assurance anyone could make designing anything that would guarantee that asset to go up infinitely over time.

That is quite simply impossible and the only people who make such promises is ponzi schemes and similar businesses and we all know how that turns out.

It's astonishing how many people - many of them seemingly intelligent - are jeering bitcoin on and almost "promising" the bitcoin price will rise to $100,000+ heights. Which it might, but only because I think bitcoin has a weird sort of Stockholm syndrome effect on its victims.

It truly is shocking to see how little talk there is of all the drawbacks of bitcoin compared to a growing number of other cryptos. Bitcoin at this point is a means for the whales to transfer money from the uninformed latecomers to their own pockets.

 

[SaiyanZ]

Just looking at it from a traders perspective, the market is easily manipulated at lower prices. eg. how it went up 50% from $6k to $9k without much effort.

If it goes up too much, like $100k+ it will become much more difficult to manipulate as you would need to risk way more USD to move the market unless you are already holding most of the Bitcoin. So I think it is in market makers best interest to keep prices low and trade it in a range.

 

[John Tempus]

Just looking at it from a traders perspective, the market is easily manipulated at lower prices. eg. how it went up 50% from $6k to $9k without much effort.

If it goes up too much, like $100k+ it will become much more difficult to manipulate as you would need to risk way more USD to move the market unless you are already holding most of the Bitcoin. So I think it is in market makers best interest to keep prices low and trade it in a range.

Right, my only interest in crypto whether it goes up or down I couldn't care as long as I find the right entry/exits to scalp profit in $ that I use to live.

As long as crypto exist and I can make $ gains in this form I am happy and for that purpose I enjoy crypto. It is by far a much better and somewhat easier way to make a trading profit without having millions or billions of $ compared to other traditional trading markets.

I think the number 1 thing that crypto put in the hands of the world is to allow amateurs or not so well bankrolled individuals dabble in trading and still have a very good chance of making a killing compared to dabbling in traditional trading markets.

So if there is nothing else good about crypto (and of course there is) then I would rank the number 1 great thing about crypto is educating many more people about trading markets and making it more interesting/exciting than the traditional boring trading markets.