The Bitcoin Thread

[saturnz]

Lol you guys are funny. If BTC behaves the same way Forex does, this move down is a good Thing. Because it indicates a long up rally after the current bulls****t is done.

that's not how forex behaves

 

[Randux]

that's not how forex behaves

Ever heard of a correction? It goes opposite of the trend usually in a zig zag manor. But I could be wrong I'd like to hear your thoughts.

 

[saturnz]

Ever heard of a correction? It goes opposite of the trend usually in a zig zag manor. But I could be wrong I'd like to hear your thoughts.

what has a correction got to do with the trajectory of foreign exchange markets?

you said a move down is good because it means a long rally up, no it doesn't, it could simply mean a bear market depending on the fundamentals of the market

the rand and pound are excellent examples, both continue to weaken against the dollar over the long run, and any "correction" does not imply a reversal of this trend

 

[HunterNW]

I read somewhere BTC will atleast hit $50000 this year.

You all happy now ?

 

[*SynergyX*]

Lol you guys are funny. If BTC behaves the same way Forex does, this move down is a good Thing. Because it indicates a long up rally after the current bulls****t is done.

also forex is useful in the real world and not being sanctioned and banned all over the place.

the penny(bitcoin) is dropping as they say... and the price is going to what its actual worth is.

and thats definitly not $20k ... there is no reason what so ever for a rally and until there is one down we go...

 

[Arthur]

I just posted this on the family crypto chat group:

Thought: It might take 6-9 months or more for crypto to recover from the current slump. Why do I say that? Because I suspect that all the new entrants/cash that pumped up prices in December are now underwater and selling as fast as they can to staunch further loss. Once burnt, twice shy, so it'll be a while before they enter the market again and that'll keep prices low for a while. Of course individual cryptos might recover quite well, but this time buyers will be looking 6-12 months out, not looking for short-term gains. That'll bring some stability, but many fly-by-nights will fall by the wayside.

 

[TelkomUseless]

I just posted this on the family crypto chat group:

Agreed. Some people got burned... now people will be afraid.

 

[Randux]

what has a correction got to do with the trajectory of foreign exchange markets?

you said a move down is good because it means a long rally up, no it doesn't, it could simply mean a bear market depending on the fundamentals of the market

the rand and pound are excellent examples, both continue to weaken against the dollar over the long run, and any "correction" does not imply a reversal of this trend

The Rand and Pound continue to weaknen against the dollar because they are currently in a bearish cycle. Any strengthening of these two pairs is part of the correction. Look at the Rand right now it's strengthening against the dollar but long term the Rand will weaknen when the correction is complete.

 

[Sinbad]

The Rand and Pound continue to weaknen against their dollar because they are currently in a bearish cycle. Any strengthening of these two pairs is part of the correction. Look at the Rand right now it's strengthening against the dollar but long term the Rand will weaknen when the correction is complete.

It's hilarious that you equate a currency based in the real world, on real countries, with real physical value, to a construct that has zero intrinsic value. Carry on, though, it's entertaining.

 

[Unhappy438]

I just posted this on the family crypto chat group:

Hmmm, not sure those people make up much in terms of the overall market. Moves like this are almost certainly influenced by the whales by sum degree,

 

[saturnz]

It's hilarious that you equate a currency based in the real world, on real countries, with real physical value, to a construct that has zero intrinsic value. Carry on, though, it's entertaining.

its hilarious you think currency has real physical value

 

[Randux]

It's hilarious that you equate a currency based in the real world, on real countries, with real physical value, to a construct that has zero intrinsic value. Carry on, though, it's entertaining.

I get what you're saying. But BTC can still rally up if a fundamental reason is found, validating this correction.

 

[saturnz]

I get what you're saying. But BTC can still rally up if a fundamental reason is found, validating this correction.

that's the problem, there is no fundamental reason to be found, all currencies are losing value against gold for example

 

[Unhappy438]

its hilarious you think currency has real physical value

Yeah i thought that too, paper money is no more intrinsically valuable then any other made up currency. Its all about market value at the end of the day.

 

[rza]

its hilarious you think currency has real physical value

Unfortunately many people think so. How the value of fiat is derived is not different from how value for a crypto is derived. You would think with Zim dollar example people would have learned that lesson. Fiat works exactly the same way as crypto. Its all about sentiment.

 

[rza]

Argh I see I missed buying at R135k, the price is above R160k now.

 

[Randux]

that's the problem, there is no fundamental reason to be found, all currencies are losing value against gold for example

Until that fundamental reason is played I still say this move down is good for BTC.

 

[saturnz]

Until that fundamental reason is played I still say this move down is good for BTC.

that makes no sense but okay lets leave it at that

 

[Sinbad]

its hilarious you think currency has real physical value

I can buy a COTY Opel Monza 1.6 GSI special edition with currency

 

[Slootvreter]

I can buy a COTY Opel Monza 1.6 GSI special edition with currency

It's perceived value is very high.