Do you believe in bitcoin?

This is a discussion on Do you believe in bitcoin? within the Cryptocurrencies forums, part of the Markets category; Originally Posted by darktone Was wondering if you could include an 'Ive no idea where Bitcoin will be in 2 ...

View Poll Results: What do you think about Bitcoin future in 2 years
will grow to 60000 6 33.33%
will grow to 40000 3 16.67%
will grow to 20000 3 16.67%
will fall to 5000 0 0%
will fall to 1000 6 33.33%
Voters: 18. You may not vote on this poll

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Old Dec 28, 2017, 9:41pm   #9
 
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Originally Posted by darktone View Post
Was wondering if you could include an 'Ive no idea where Bitcoin will be in 2 years!' option into the vote, cos thats what id tick.
In 2 years time the conversation would be something like....

Hey, who remembers that digital coin thingymajig a few years ago that destroyed loads of peoples lives ? was it called Coin-Bit or something ? People with no idea of risk management kept buying it right up to 20 feckin K dollars, then more experienced tarders jumped on the bandwagon in fear of missing out...Yeah..Didn't it drop to zero in a few days then was never heard of again ???
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Old Dec 29, 2017, 1:53am   #10
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Originally Posted by cbrads View Post
Using your Fibs a 100% retracement would equal around 2900, this was clearly significant for you, why?
Yes, this is the point for the three waves of a bullish trend. Of course, you can take as a basis the level of 1000 as an important psychological level and then the Fibonacci levels will differ as in the picture. Yellow is from level 1000, red is the original one. On the picture, the wave motion growth is also depicted.
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Old Dec 29, 2017, 1:59am   #11
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Yes, this is the point for the three waves of a bullish trend. Of course, you can take as a basis the level of 1000 as an important psychological level and then the Fibonacci levels will differ as in the picture. Yellow is from level 1000, red is the original one. On the picture, the wave motion growth is also depicted.
How would you trade your analysis though?
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Old Dec 29, 2017, 2:02am   #12
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Originally Posted by mike. View Post
In 2 years time the conversation would be something like....

Hey, who remembers that digital coin thingymajig a few years ago that destroyed loads of peoples lives ? was it called Coin-Bit or something ? People with no idea of risk management kept buying it right up to 20 feckin K dollars, then more experienced tarders jumped on the bandwagon in fear of missing out...Yeah..Didn't it drop to zero in a few days then was never heard of again ???
Thank you for your opinion. If you are right, you will say, "I warned you"
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Old Dec 29, 2017, 2:09am   #13
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How would you trade your analysis though?
Now I am inclined to believe that there will be a fluctuation of correction (A - B - C form) between levels 0 and 23.6. That is, growth in the short term, but not above the level of 0.
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Old Dec 29, 2017, 9:28am   #14
 
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Originally Posted by mike. View Post
In 2 years time the conversation would be something like....

Hey, who remembers that digital coin thingymajig a few years ago that destroyed loads of peoples lives ? was it called Coin-Bit or something ? People with no idea of risk management kept buying it right up to 20 feckin K dollars, then more experienced tarders jumped on the bandwagon in fear of missing out...Yeah..Didn't it drop to zero in a few days then was never heard of again ???
Yeah, just after 96% of WSJ economists say Bitcoin is a firm buy @ $19500, target $100K

http://www.forexlive.com/news/!/96-o...le-00-20191218
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Old Dec 29, 2017, 1:12pm   #15
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The title of the thread is: 'Do you believe in Bitcoin?' I think it's a good question in as much as if the answer is 'yes' - then it may make sense to buy and hold - even at today's prices.

For me, the issue I have with it is the same as everyone else which is that in its current form it can't ever be used as a 'normal' currency for three good reasons.
1. The transaction costs are way too high.
2. The transaction times at around 7 per second make it impossible to scale up.
3. The 'proof of work' model is unsustainable as there simply isn't enough computing power / electricity to maintain it.
If the tech geeks can overcome these three key issues, then Bitcoin may have a future. To be fair, my understanding is that the 'proof of stake' model overcomes the third issue and has been adopted by other cryptos - although not by Bitcoin as of yet.

Historically, the people who've bought into it are mostly individuals who believe in it for ideological reasons - followed more recently by speculators. What one wants to see is mainstream investment - and that's started this month with its listing on the CME. The tipping point will be if central banks and governments buy into it. If that happens, then the seemingly outrageous price predictions suddenly don't look quite so outrageous. And the reason they might buy it is not just for all its known plus points but, critically, as a hedge for poor performance by their own fiat currency. (Check out the YouTube vid' below.) Imagine if all the G7 economies take that view, then those of us who don't buy it today at circa $15k will be kicking ourselves.

The overall trend is very much in Bitcoin's favour and, as the main player in a new market that already boasts a staggering market capitalization, I seriously doubt it's going to collapse to zero. Cryptos are here to stay IMO; as to whether Bitcoin is still the leader of the pack in one, five or ten years from now is anyone's guess. If it can solve the major problems listed above and get major institutional support, then I'll definitely be inclined to believe in it and think that it could go to the moon.
Tim.

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Last edited by timsk; Dec 29, 2017 at 1:23pm. Reason: Typo
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Old Dec 29, 2017, 4:10pm   #16
 
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Originally Posted by darktone View Post
Yeah, just after 96% of WSJ economists say Bitcoin is a firm buy @ $19500, target $100K

http://www.forexlive.com/news/!/96-o...le-00-20191218
Same to you my friend...

I have no quarrel with those who have bought it/buying it/profited from it or mine it...hats of to them, I see it as nothing more than a high stakes gamble, Its not for me.... I witnessed the pain of some members on here after the swiss franc cap was lifted, life changing losses. It opens your eyes.

Last edited by mike.; Dec 29, 2017 at 10:50pm.
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