Time to be realistic about Bitcoin
Updated
Good Morning??
Not if you're holding Bitcoin.
Bitcoin is in territory it hasn't seen in more than a year, in all of 2018, and a lot of people are losing a lot of money today, again.
Calling Bitcoin the flagship Crypto may not really be the proper thing anymore, as that implies that the whole market behaves this way , implies that if Bitcoin is going down , so will the rest.
I have tried to plot a possible trajectory on a 4 hour chart, but suspect that as I write this it will no longer be valid as it is in literal free fall. I have washed my hands of it.
Writers have been touting opportunities to buy in at a lower price. Why? So as to lose more money?? Even if you do account for price movement, you are paying exchange fee's in all likelihood over and over gain as you reposition yourself to a safer part of the titanic. The band might still be playing, but the stern is no safer than the bow.
While other crypto's saw losses last night , for many , including XRP , they are hardly historic. For Bitcoin it is.
Do you work?? Have a fixed amount of money?? Fixed income?? Tired of Bitcoin yet??
I'm angry , mainly at myself , for buying snake oil - for trading snake oil in narrow , ever descending channels and wasting money.
I have said it before and I will say it now, that I believe the bitcoin game is rigged.
But now we have a new set of problems. Mining Bitcoin was already a money shedding process at 6.5k, certainly at 5.5k , we seem to be around 5k now, who is going to mine for that?? Halving will happen. Who's going to mine that?? Why??
Where is Mike Novogratz?? Where are the others that have fed you blatant speculation about historic highs by the end of the year?? Probably on a beach , sipping mojitos , wearing a hat and trying to be non - descript. I stopped buying into that long ago , but I thought Bitcoin would rebound eventually. Maybe it will , but to where?? A new, lower high?? Let's break out the marching band for that one. Again, who is going to mine that? No mining - no commerce.
I believed Bitcoin was the future of money. I still believe in digital currency being the future of money, but in the end I believe history will take note of an argument over the BCH fork , childish behavior by Craig Wright , and possibly illegal if not malicious behavior by sharkpool. What Bitcoin really needed was a hash war now.
Do you think Banks will approve an ETF for bitcoin with such things going on? Nobody can take their computers and physically destroy gold , palladium etc. ; if people attempted that with stocks they would go to prison , but in the crypto world of Bitcoin and it's derivatives this goes unchecked. Apparently sharkpool does not realize that the currencies they plan to take down involve diverting hash power FROM bitcoin , attacking cryptos coupled WITH bitcoin , and Craig Wright is one of those people whom if embarrassed seems to be willing to burn it all down.
What in the world??
If THIS is NECESSARY for Bitcoin to grow , then I'm a leprechaun.
Institutions will flee from this sinking ship. Price manipulation will become the subject of investigations and prosecution will ensue if this is corporate manipulation. Regulators have been coming out of the woodwork.
No wonder India wants it banned.
My advice, convert to ripple , you will lose less money than if you sell it for u.s.d.. Ripple is down , but I think we all know by now that it behaves differently, and is becoming favored.
Caveat emptor.
**If you feel like hurting yourself, got too far in, please call suicide prevention at 1-800-273-8255**
Not if you're holding Bitcoin.
Bitcoin is in territory it hasn't seen in more than a year, in all of 2018, and a lot of people are losing a lot of money today, again.
Calling Bitcoin the flagship Crypto may not really be the proper thing anymore, as that implies that the whole market behaves this way , implies that if Bitcoin is going down , so will the rest.
I have tried to plot a possible trajectory on a 4 hour chart, but suspect that as I write this it will no longer be valid as it is in literal free fall. I have washed my hands of it.
Writers have been touting opportunities to buy in at a lower price. Why? So as to lose more money?? Even if you do account for price movement, you are paying exchange fee's in all likelihood over and over gain as you reposition yourself to a safer part of the titanic. The band might still be playing, but the stern is no safer than the bow.
While other crypto's saw losses last night , for many , including XRP , they are hardly historic. For Bitcoin it is.
Do you work?? Have a fixed amount of money?? Fixed income?? Tired of Bitcoin yet??
I'm angry , mainly at myself , for buying snake oil - for trading snake oil in narrow , ever descending channels and wasting money.
I have said it before and I will say it now, that I believe the bitcoin game is rigged.
But now we have a new set of problems. Mining Bitcoin was already a money shedding process at 6.5k, certainly at 5.5k , we seem to be around 5k now, who is going to mine for that?? Halving will happen. Who's going to mine that?? Why??
Where is Mike Novogratz?? Where are the others that have fed you blatant speculation about historic highs by the end of the year?? Probably on a beach , sipping mojitos , wearing a hat and trying to be non - descript. I stopped buying into that long ago , but I thought Bitcoin would rebound eventually. Maybe it will , but to where?? A new, lower high?? Let's break out the marching band for that one. Again, who is going to mine that? No mining - no commerce.
I believed Bitcoin was the future of money. I still believe in digital currency being the future of money, but in the end I believe history will take note of an argument over the BCH fork , childish behavior by Craig Wright , and possibly illegal if not malicious behavior by sharkpool. What Bitcoin really needed was a hash war now.
Do you think Banks will approve an ETF for bitcoin with such things going on? Nobody can take their computers and physically destroy gold , palladium etc. ; if people attempted that with stocks they would go to prison , but in the crypto world of Bitcoin and it's derivatives this goes unchecked. Apparently sharkpool does not realize that the currencies they plan to take down involve diverting hash power FROM bitcoin , attacking cryptos coupled WITH bitcoin , and Craig Wright is one of those people whom if embarrassed seems to be willing to burn it all down.
What in the world??
If THIS is NECESSARY for Bitcoin to grow , then I'm a leprechaun.
Institutions will flee from this sinking ship. Price manipulation will become the subject of investigations and prosecution will ensue if this is corporate manipulation. Regulators have been coming out of the woodwork.
No wonder India wants it banned.
My advice, convert to ripple , you will lose less money than if you sell it for u.s.d.. Ripple is down , but I think we all know by now that it behaves differently, and is becoming favored.
Caveat emptor.
**If you feel like hurting yourself, got too far in, please call suicide prevention at 1-800-273-8255**
Note
This from "Fakhan" at Cryptodaily: "Bitcoin (BTC) finally seems to have completed a yearlong correction. We discussed in our previous analysis how most analysts and investors were wrong about calling the previous dip as the final wave of capitulation. That being said, the price of Bitcoin (BTC) did not fall significantly lower to complete what can now be termed as the final wave of capitulation. However, the weekly candle for BTC/USD did end up retesting the support to formally fill the gap down. If the circumstances were different we could have expected Bitcoin (BTC) to fall further. There would be no reason to call this the bottom. However, this time we have strong reasons to believe that this is the bottom and Bitcoin (BTC) is ready to climb up from here.It may take months or years to reach the new all time high for all we know, but as far as the bottom is concerned, this is it."
What is this based on and how many times would you liked to get fooled again?? Even he admits recovery, IF it ever happens, could take years.
Note
"The support" is something people trained to look at different commodities make up based on traditional weights and measures than do not and can not apply.Note
"The support" is something people trained to look at different commodities make up based on traditional weights and measures than do not and can not apply.Note
XRP is already bouncing back, while the Bitcoin bloodshed continues.Note
Bitcoin just dipped into the 4k territory, briefly. It is in a literal free fall. DON'T try to swing trade it.**I am not a licensed financial advisor and this , along with all of my writing , is based on my own close and careful observation of the cryptomarket for about 1 year, and learning what metrics apply with pricing and forecasting.**
Note
Bitcoin just dipped into the 4k territory, briefly. It is in a literal free fall. DON'T try to swing trade it.**I am not a licensed financial advisor and this , along with all of my writing , is based on my own close and careful observation of the cryptomarket for about 1 year, and learning what metrics apply with pricing and forecasting.**
Note
**Opinion**XRP to eventually become dominant crypto asset. It weathers crashes well, people are converting their BTC to XRP , and BTC is defying every positive currently out there. Eventually selling off and buying in lower only to see THAT price drop leads to the realization that you are simply accumulating more of a commodity that is becoming unviable to mine due to diminishing returns and mining at profound loss. Wait until it halves......
Bitcoin was the first crypto , and is unfortunately at this point designed to destroy itself. **opinion**
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