Not sure where ftse came into it, which interestingly finished week's session at 5799, a price first traded 2nd february 1998, when bitcoin wasn't even a twinkle.
Merged Bitcoin - Part 3
- Thread starter Dr.Sid
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- bitcoin cryptocurrency
Post 27 8 at 11380 after the year high of 12473 on 14 8, subsequent high 12067 on 1 9, so the bear market started before my post.
Don't mention it.
psionl0
Skeptical about skeptics
Exactly! You tried to classify a steady price rise as a "bear market".
ftfy.
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Roger Ramjets
Philosopher
One thing you can be sure of with Bitcoin is that the price is never 'steady'. Short-term price variations are impossible to predict with any degree of certainty, due to the unpredictable behavior of bitcoiners who are driven by sentiment rather than fundamentals.
But that doesn't matter. The important thing is that we are coming up on 3 years since the last peak and still 50% down, and every day closer to seeing John McAfee eat his own dick on live TV!
Or perhaps not.
John McAfee No Longer Willing to Eat His Dick on TV
Not that stupid to believe what, John? That Bitcoin will reach $1 million? That you have any idea what you are talking about? But you expected them to swallow the ruse...
But hey, it might happen, right?
Well something extraordinary did happen, which should have immensely favored Bitcoin. But widespread adoption as a currency still eludes it, and it is still too volatile to be a reliable asset. What will it take to propel Bitcoin to the Moon?
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psionl0
Skeptical about skeptics
Scratched out the bit you made up.
So John McAfee knows about as much about trends in bitcoin prices as Samson. Big deal! There are heaps of people who think that they know what is going to happen next. Most of the ones on this thread have been humiliated once too often and don't post here any more.
False.
John Mcafee made a prediction that is 2 orders of magnitude unfulfilled.
I try to be very cautious in my accurate predictions.
psionl0
Skeptical about skeptics
When you make an accurate prediction I will judge how cautious you were.
psionl0
Skeptical about skeptics
Will that be as spectacular as bitcoin's no net price movement * over the last 3 weeks?
* It did have a small rally for a while before dropping down again.
Not sure how this lies in the great crypto hoax.
Industry executives surprised by the news
Leo Weese, the president at The Bitcoin Association of Hong Kong, said he was surprised by the fact that one person could affect an exchange’s entire cold storage multi-sig system. He wrote:
“That one person sits in China holding the keys to an entire offshore cryptocurrency exchange is probably the most surprising thing about this industry I learned this year. That customers don't demand transparency about key management comes in at a close second, though.”
https://cointelegraph.com/news/why-bitcoin-price-abruptly-dropped-3-in-30-minutes-on-okex-freeze
Industry executives surprised by the news
Leo Weese, the president at The Bitcoin Association of Hong Kong, said he was surprised by the fact that one person could affect an exchange’s entire cold storage multi-sig system. He wrote:
“That one person sits in China holding the keys to an entire offshore cryptocurrency exchange is probably the most surprising thing about this industry I learned this year. That customers don't demand transparency about key management comes in at a close second, though.”
https://cointelegraph.com/news/why-bitcoin-price-abruptly-dropped-3-in-30-minutes-on-okex-freeze
psionl0
Skeptical about skeptics
Meanwhile, the average price of bitcoin continues to rise in this crypto "bear market".
Just further evidence that everything you post about bitcoin is the exact opposite of the truth so your opening line means that bitcoin is as real as it gets.
ChrisBFRPKY
Illuminator
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I see several positives at the moment for a continued BTC rise (and all crypto in general). The US election is taking a long time to call and this has made many stock investors nervous.
Depending on the candidate elected the DOW can continue to rise slowly or drop very quickly. If a sell off occurs, and this seems likely at this moment, many will turn those holdings into precious metals and BTC/crypto further inflating the price. Again, depending on the candidate elected.
There will be some that may hold out for increased interest rates but my guess is many won't want the proceeds from their entire portfolio gathering dust for the amount of time needed for rates to climb to a decent level. This could turn even low risk investors in the direction of BTC/alts.
It's a betting game and many have already placed their bets (me too). It's both dangerous and risky but when has that stopped investors seeking a quick return?
Keep in mind that though the stage is set for large gains at the moment, that can change in one news conference leading to a BTC/crypto selloff so I'm keeping one eye on the news and one finger on the sell button.
FYI as a disclaimer I am not currently buying more BTC and have stopped daytrading it. I have my previous number of BTC back up from the 50% sell off at 20K. I am placing my bets on a few alt coins now.
Depending on the candidate elected the DOW can continue to rise slowly or drop very quickly. If a sell off occurs, and this seems likely at this moment, many will turn those holdings into precious metals and BTC/crypto further inflating the price. Again, depending on the candidate elected.
There will be some that may hold out for increased interest rates but my guess is many won't want the proceeds from their entire portfolio gathering dust for the amount of time needed for rates to climb to a decent level. This could turn even low risk investors in the direction of BTC/alts.
It's a betting game and many have already placed their bets (me too). It's both dangerous and risky but when has that stopped investors seeking a quick return?
Keep in mind that though the stage is set for large gains at the moment, that can change in one news conference leading to a BTC/crypto selloff so I'm keeping one eye on the news and one finger on the sell button.
FYI as a disclaimer I am not currently buying more BTC and have stopped daytrading it. I have my previous number of BTC back up from the 50% sell off at 20K. I am placing my bets on a few alt coins now.
psionl0
Skeptical about skeptics
My understanding is that with the GOP retention of the Senate, confidence in the stock market has increased since it means that even if Biden is elected, he can't do too much harm.
As usual, don't try to factor any of that into future bitcoin prices. Bitcoin follows its own path.
ChrisBFRPKY
Illuminator
- Joined
- Jun 14, 2012
- Messages
- 4,449
Looks like we're going to test that theory Monday.
Roger Ramjets
Philosopher
This is it, the kind of political destabilization that Bitcoin needs!
Coronavirus alone didn't do it, but Trump's downplaying it is finally starting to pay off as infections approach 200,000 per day and deaths 2,000 per day. It was a clever ploy by Trump to bolster the 'economy' (ie. speculative investments) but it needed a little more push to really get going. Then he played his ace - brazenly attempting to steal the presidency with bogus legal challenges and pressuring officials to throw the election. And it worked brilliantly! People are rapidly losing faith in our democratic system, and thoughts of a failed government, massive death tolls and civil war are rising rapidly.
Yes, Trump has finally found the combination that will turn the US into a ******** country, which is just what Bitcoin needs to go to the Moon!!!
But how long will it last? If Trump fails to subvert democracy and gets kicked out of the White House next January, Biden manages to calm the people down and sufficient vaccines are deployed to control the virus, will Bitcoin come crashing down again? Nobody knows the answers to these questions, but I suspect it will peak sometime in December or early January. Don't wait too long before selling!
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p0lka
Illuminator
consistently drops, then rises.
I can see the attraction.
I can see the attraction.
Dr.Sid
Philosopher
Actually if you look when the last big drop was and since when it just grows .. it was March 13th 2020. It quite as well might be coronavirus driven.
Roger Ramjets
Philosopher
Yes, but there were other factors at play too. And while it grew, this was expected even without coronavirus.
I believe it took the combination of a greater than expected coronavirus surge and destabilization of the political system to really make it take off. Trump is responsible for both of these disasters, and if we discover he has huge Bitcoin holdings we will know why. What better position could you be in to manipulate the market?