So you are part of the camp that thinks the (Bitcoin) world is collapsing because Bitcoin price is going down a little bit.
Well, perhaps you need to keep a little perspective and zoom out to a 'multiple years' overview..
Our '2017 bubble' and the 'red seas' of the last weeks are mere blips on a steady road upward. This is not over yet. Not by a long shot. So stay out of trouble, don't do stupid things and spend more time with your family this week instead of fretting about some price weakness.
Bitcoin shall prevail.
Truly, markets will have fear and the 8/1 consensus is seeming rocky (my last check) so it is understanding that many will sell. I'd recommend having some fiat lying around to buy around 7/30 as that might be a low price point.
It is my understanding that there is no fixed date of 1 August 2017 as single decision point, but that there are multiple decision points on different dates that each carry their own FUD surrounding them.
But it is all close to 1 August 2017 so unless there is more clarity before this date when the matter is going to be forced, it is wise to expect more price volatility towards this date.
This hardfork has a lot of people scared. I'm more curious. I do tend to prefer Ethereum, but it has its share of problems as well. Zcash and Monero look promising as well.
I suppose we just wait and see what happens. Who know, maybe there will be a panic and we'll get BTC for cheap for a little while.
totally agree... good post. we become very short sighted as investors... hold on and stay calm... upvoted and followed you. Please feel free to do the same.
Short sighted is right! The market place is flooded with day traders. It definitely keeps it interesting in there and makes it a lot more fast paced. But I target coins that I find will be great for me in the long haul, such as DGB, BAT and LUN. Anyway, cheers and if you want to read up on any of those go check out my blog. Most of those articles are a few weeks old or so, but good info none-the-less.
@seanengman
Fear driven markets are fun to play in when you have a level head. If you can keep your cool, you can stand to make some very valuable purchases for this fall when several of the newer blockchain techs are releasing their end-user program interfaces.
totally agree with your view on bitcoin...let the sheeps run and the smart people will accumulate!
Smart people should be acquiring that capital right now!
couldn't agree more!
Not just in BTC, but all of the great block chain tech out there.
Of course Bitcoin will return to new heights sooner or later, no worries here
agreed! If the Hardfork causes drop in price then I am all in !
I wouldn't say I'm all in, but I'm definitely going to be scooping up what I can.
Nice post and thoughts. It´s easy to feel that bitcoin is going to collapse what with all the talk and uncertainty regarding segwit, etc, but you´re right, let´s keep things in perspective and stay calm. It´s crypto and this is what happens in crypto, lots of FOMO and FUD. Being able to buy Bitcoin at sub 2,000 usd levels from panic sellers is fine with me.
Safe trading. :-)
Correct, its just something real traders and investors are aware of and use to our advantage. This just shakes out the rest :)
Agreed. As of right now, I still think my analysis showing that the market is still slightly bullish is valid. To convince me otherwise Bitcoin would have to actively trade below 2,300 USD.
Perhaps we'll do that by the end of the week. Or perhaps we'll jump to $2800 by the end of the week. We can't know that. But my point is that for now you should hold tight. Bitcoin is still on trend, which means the altcoins falling hard is just an overreaction to Bitcoin dipping a little.
Agreed. Thanks for sharing your views.
If BTC recovers there will be some nice profit to be had in Alts. A lot of them are down 20% + so perfect time to scoop up a 20% profit. I longed (spot) a few coins that will bounce back if BTC makes a few $ move to the upside ;-)
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STOPI definitely agree that the bubble is far from over, it is most likely just barely starting. That does not necessarily imply that BTC will come winning out of this in the long term. There are many issues in the near future that could reduce BTC to a museum piece. Newer tech is about to take over and even ETH is unlikely to be the final winner of the race.
The BTC/BTU hardfork is the most dangerous, but there are also dangers associated with the segwit softfork as far as I have understood. Also consider the psychological effect of the flippening, which is most certainly going to shift the cryptomarket in favour of ETH for a long time.
For a long term investment, like several years ahead, I consider BTC extremely high risk, but for getting in and out on the rebounds ahead now in the coming weeks I consider quite with a lower risk.
This is why investors tend to lose money to the medium term traders, because they believe in something too much and might not even have made themselves any clear ideas of when it's time to get out. A trader will coldly trade according to the technicals, maybe with some fundamentals involved and win by probability rather than by a slightly informed gambling like most investors do.
Thanks for sharing your thoughts. You say that you consider Bitcoin a risky proposition. Do you also see coins/applications with a less risky future?
I think in the long term it is impossible to know which coins are going to survive. My only long term investment is LKK, but even that would carry a lot of risk. But by knowing what to look for to identify tops, and temporarily trade out, one is as safe as one can be in my opinion. If one does not want to get into technical analysis, setting a conservative price target for selling out is an option.