Do you believe in bitcoin?

This is a discussion on Do you believe in bitcoin? within the Cryptocurrencies forums, part of the Markets category; Greetings Do you believe in bitcoin? I have thoughts about bitcoin and I would like to invest in the crypto ...

View Poll Results: What do you think about Bitcoin future in 2 years
will grow to 60000 7 36.84%
will grow to 40000 3 15.79%
will grow to 20000 3 15.79%
will fall to 5000 0 0%
will fall to 1000 6 31.58%
Voters: 19. You may not vote on this poll

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Old Dec 28, 2017, 12:39pm   #1
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Do you believe in bitcoin?

Greetings

Do you believe in bitcoin?
I have thoughts about bitcoin and I would like to invest in the crypto currency. I would like to share my thoughts with you.
I'm interested in your opinion ... Do you believe in bitcoin 20000, maybe 40000 or 60,000. Are you ready to buy bitcoin at this price? Or do you believe in the drop of bitcoin to low values of 1000, 5000?
After all, the most important principle of trading is buy low sell high, and sooner or later the time of the fall will come, which will allow us to buy bitcoin at a low price.
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Last edited by Flash8; Dec 29, 2017 at 12:57am.
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Old Dec 28, 2017, 1:45pm   #2
 
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Originally Posted by Flash8 View Post
Greetings

Do you believe in bitcoin?
I have thoughts about bitcoin and I would like to invest in the crypto currency. I would like to share my thoughts with you.
I'm interested in your opinion ... Do you believe in bitcoin 20000, maybe 40000 or 60,000. Are you ready to buy bitcoin at this price? Or do you believe in the drop of bitcoin to low values of 1000, 5000?
After all, the most important principle of trading is buy high sell low, and sooner or later the time of the fall will come, which will allow us to buy bitcoin at a low price.
Actually , its the other way around :-)
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Old Dec 28, 2017, 2:03pm   #3
 
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I'll say it'll be below $1000 in two years because demand can be met by other crypto-currencies that do exactly the same thing, price will be driven down by competition. I don't think there is anything unique about Bitcoin and it's not a store of value like Gold. It'll be a victim of it's own success...
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Old Dec 28, 2017, 3:44pm   #4
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Actually , its the other way around :-)
Haha yeah. This is a funny typo. I have been trading about 6 years and I didnt expect so silly typo from myself
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Old Dec 28, 2017, 3:51pm   #5
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Flash8 started this thread Take a look at the chart btc/usd. My analysis of this situation:

According to my analysis, the price will probably test the level of Fibonacci 23.6 that may lead to the formation of wave correction along the correction at this level.
If level 23.6 is passed, the level of 17166 will probably be a single obstacle to reaching the top.
If the forecast for growing is not justified, then we will see the level 50 test again.

Take a look at the chart:
Attached Thumbnails
btc.jpg  
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Old Dec 28, 2017, 4:06pm   #6
 
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Originally Posted by Flash8 View Post
Take a look at the chart btc/usd. My analysis of this situation:

According to my analysis, the price will probably test the level of Fibonacci 23.6 that may lead to the formation of wave correction along the correction at this level.
If level 23.6 is passed, the level of 17166 will probably be a single obstacle to reaching the top.
If the forecast for growing is not justified, then we will see the level 50 test again.

Take a look at the chart:
Using your Fibs a 100% retracement would equal around 2900, this was clearly significant for you, why?
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Old Dec 28, 2017, 4:25pm   #7
 
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Haha yeah. This is a funny typo. I have been trading about 6 years and I didnt expect so silly typo from myself
LOL, I personally believe you are right in the bitcoin case tough :-)
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Old Dec 28, 2017, 5:03pm   #8
 
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Originally Posted by Flash8 View Post
Haha yeah. This is a funny typo. I have been trading about 6 years and I didnt expect so silly typo from myself
Quote:
After all, the most important principle of trading is buy high sell low
I reckon you got it right the first time for about 99% of players out there. They wana buy for whatever reason, price comes down to 50 but they wait for confirmation at 60 before they buy 'high'. Then they put a stop in at 40 in case the price goes down there to sell 'low'. Its Top Tarding!

Ive orders out down through 4-8k (Bitcoin/GBP) atm, risking 1/4 of what ive already made if it goes to zero. Ie, Im aiming to help out the buy high sell low crew.

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.
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Old Dec 28, 2017, 8:41pm   #9
 
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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, 12:53am   #10
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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, 12:59am   #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, 1:02am   #12
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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, 1:09am   #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, 8:28am   #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, 12:12pm   #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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