The Bitcoin Thread

Status
Not open for further replies.
Noock said:
Interesting times... I'm still definitely bullish about btc long term despite the impending regulation.
However short term I'm starting to feel bearish... Btc keeps bouncing off the 3900 level, seems like it might break lower :/ anybody share this view?
Click to expand...

Agreed. Lots of panic selling at the moment. The US is only waking up now, expect it to drop further.
 
garp said:
Approaching all this rationally, I might be wrong but my take is that China is, somewhat sensibly, concerned about the hype around cryptos, particularly ICOs and wants to take measures to make sure people don't lose their life savings in crazy schemes. Reading between the lines, it seems that they are not necessarily opposed to cryptos, but want to increase regulation, and also apply the same regulations that have always applied to conventional order book exchanges to Bitcoin.

This is all being translated into "the-end-is-nigh" doom and gloom and FUD, which to my mind is going to present the biggest buying opportunity in Bitcoin and the credible ICOs for a long time. No doubt China will, in its authoritarian manner, shut down exchanges and crack down on ICOs and the prices will plummet. But if they eventually allow a regulatory framework where exchanges can operate legitimately, watch it skyrocket again. Also, people will eventually realise that governments can ban exchanges, but not the actual Bitcoin or other cryptos, and that there will still be trade through other direct or innovative channels (apps, lightning network, etc).

Logically, this kind of crackdown will eventually happen everywhere. I don't see how anyone thought they would allow a situation where multi-billion dollar exchanges operated in a regulatory vacuum. So there is probably a long downward price spiral going ahead for BTC/Alts/ICOs. But in the long term, it will persist as the genie is out of the bottle and there will be exchanges that operate with government acquiescence or even totally new mechanisms like decentralised distributed exchanges - e.g. http://www.coinffeine.com ("like BitTorrent for Bitcoins", lol).
Click to expand...

Without exchanges, cryptocurrency becomes even more niche or geeky, and that will take away a large chunk of the market. If exchanges are banned in China, and the ban spreads to other countries, then whether Bitcoin dies or not, the price will be depressed for a very long time to come.
 
Azg said:
Without exchanges, cryptocurrency becomes even more niche or geeky, and that will take away a large chunk of the market. If exchanges are banned in China, and the ban spreads to other countries, then whether Bitcoin dies or not, the price will be depressed for a very long time to come.
Click to expand...
I don't think it's fair to assume the rest of the world will act/respond the same way as China... China acts differently to the rest of the world often. Ie online censorship, fb ban etc etc.
China is not a democracy and therefore acts differently
 
garp said:
Approaching all this rationally, I might be wrong but my take is that China is, somewhat sensibly, concerned about the hype around cryptos, particularly ICOs and wants to take measures to make sure people don't lose their life savings in crazy schemes. Reading between the lines, it seems that they are not necessarily opposed to cryptos, but want to increase regulation, and also apply the same regulations that have always applied to conventional order book exchanges to Bitcoin.

This is all being translated into "the-end-is-nigh" doom and gloom and FUD, which to my mind is going to present the biggest buying opportunity in Bitcoin and the credible ICOs for a long time. No doubt China will, in its authoritarian manner, shut down exchanges and crack down on ICOs and the prices will plummet. But if they eventually allow a regulatory framework where exchanges can operate legitimately, watch it skyrocket again. Also, people will eventually realise that governments can ban exchanges, but not the actual Bitcoin or other cryptos, and that there will still be trade through other direct or innovative channels (apps, lightning network, etc).

Logically, this kind of crackdown will eventually happen everywhere. I don't see how anyone thought they would allow a situation where multi-billion dollar exchanges operated in a regulatory vacuum. So there is probably a long downward price spiral going ahead for BTC/Alts/ICOs. But in the long term, it will persist as the genie is out of the bottle and there will be exchanges that operate with government acquiescence or even totally new mechanisms like decentralised distributed exchanges - e.g. http://www.coinffeine.com ("like BitTorrent for Bitcoins", lol).
Click to expand...
No...no...no

An exchange is only needed to convert from one currency to another.

The individual currencies' respective blockchains are completely autonomous. If they ban all exchanges across the world (lol), it will have zero material effect on the status quo. The only thing that would be different is I'll now have to advertise on gumtree if I want to trade my Monero for your Ripple.
 
Azg said:
Without exchanges, cryptocurrency becomes even more niche or geeky, and that will take away a large chunk of the market. If exchanges are banned in China, and the ban spreads to other countries, then whether Bitcoin dies or not, the price will be depressed for a very long time to come.
Click to expand...

Yes, there's a good chance the price will be depressed for some time. This will make for a great opportunity to accumulate, because I disagree with the second part of your opinion, i.e. that it will revert to greater niche or geek status.

There are currently over 10000 projects just on Github related to Bitcoin and cryptos. An explosion of user friendly, killer apps and innovative platforms and solutions is coming soon. There is way too much intellectual capital invested in this, and it has way too much potential to ever die. History shows that any technology that provides a path of lower resistance with fewer middle men/tiers always wins out, big time, and cryptos cut out swathes of intermediate layers when it comes to commerce and contracts.
 
YingYang said:
No...no...no

An exchange is only needed to convert from one currency to another.

The individual currencies' respective blockchains are completely autonomous. If they ban all exchanges across the world (lol), it will have zero material effect on the status quo. The only thing that would be different is I'll now have to advertise on gumtree if I want to trade my Monero for your Ripple.
Click to expand...


Yeah, I don't think you actually read my whole comment.
 
garp said:
History shows that any technology that provides a path of lower resistance with fewer middle men/tiers always wins out, big time, and cryptos cut out swathes of intermediate layers when it comes to commerce and contracts.
Click to expand...

This and the capability for micro transactions in future when the network issues are completely resolved.
Up to now registration subscription or ad revenue was the only way for many online sites, content creators and cloud tools to make money.
I would gladly pay a few cents or whatever to access, say and article, video, online PDF conversion tool etc. etc. if I could have a "Hot Wallet" with some Satoshi's linked and no registration or ads.

I don't think many people realize how this is going to change the landscape if it ever takes off.
 
KingBel said:
Not gonna wait to see if it drops lower. Buying some more btc now
Click to expand...

I don't know, hey. It's got a long way down to go, and it's broken down through the $4k resistance. But who knows? Guessing bottoms or tops on Bitcoin never seems to go according to plan. If it were me, I'd sit fast for a while until it looks like the current downtrend stabilises, but it's just about the most volatile thing you could put your money into right now, so like I said, who knows?
 
Any reason for the sudden drop? Seems like it's dropped 17% this month.

And of course I would go and buy BTC when it was at an all time high. :crylaugh:
 
Don't panic - BTC has been through a LOT worse than this. Just chill and see this as a great BUY opportunity.
 
Awesum said:
I bought it directly from the Ledger Wallet website. It includes shipping.
Will see how much the customs is when it gets here.
It's only going to ship on 27 June, till then Jaxx will suffice.
Click to expand...

How much did you end up paying for customs? I'm looking to import one too.
 
balrog said:
Don't panic - BTC has been through a LOT worse than this. Just chill and see this as a great BUY opportunity.
Click to expand...
It's a good buy opportunity at the moment, but personally I'm waiting to see if it drops lower before buying. Or wait for confirmation that it's returned to uptrend. Personally I don't think now is a good time to buy, but I've been wrong many times.
 
Noock said:
It's a good buy opportunity at the moment, but personally I'm waiting to see if it drops lower before buying. Or wait for confirmation that it's returned to uptrend. Personally I don't think now is a good time to buy, but I've been wrong many times.
Click to expand...

I'm staying out until there's official confirmation from China.
 
Yeah I think here comes the drop... I sold earlier, like 50% of my holdings. Will buy back in at the bottom.

Where is the next support level around 3000?
 
Status
Not open for further replies.
Back
Top
Sign up to the MyBroadband newsletter
X