Topic: CAN ANYONE PLEASE SHED SOME LIGHT? WHAT'S WRONG WITH BTC? (Read 469 times)

In a nut shell... competition, country acceptance and power consumption.   

The main difference between this drop and the other drops we had before is that this time the world is watching.
The earlier drops years ago nearly nobody noticed. I did not notice. That makes me say that we have a new scenario, and we can not conclud form developements we have seen in the past to developements in the future.
When people say it will bounce back that is a hope which I share, but nothing more.

Because this has happened multiple times before.

Right now some great long term bull news is passing under the radar because in crypto bear markets all anyone cares about and the news that gets spread around the most is all the negative things. We've had several hacks recently including the largest in crypto history, you had the fizzle out of wall street bitcoin futures as people got all excited about it then it was kinda like yeah who cares its not a huge market when the futures markets actually started which was a kinda of buy the news sell the event situation, you had coinmarketcap excluding korean exchange prices from their tallies so one day it suddenly looked like crypto had dropped a bunch which caused a huge panic, you had fake news about korea banning crypto, you had people reacting negatively to the real news about korea highly regulating crypto, you had fake news about india banning crypto, real news about india wanting to highly regulate crypto, you had the bad news about bitcoin transaction fees skyrocketing in december and january and transactions taking forever, we just had a bunch of major credit card companies decide to no longer allow crypto purchases with their cards, we've had various people in the financial industry say awful things about crypto, and today's news that again made the market crash is China is completing their ban by blocking foreign exchanges so chinese citizens are completely shut out of the crypto trade, we also had news about some places like Steam not accepting bitcoin anymore.

Meanwhile quietly without making any effect on the market cuz right now people only care about the negative news, we've had a series of things showing the long term growth of crypto. Square started doing crypto buying and selling to select users and now they just opened it up instant crypto buys to everyone. Robinhood will start gradually opening up crypto investing to its users this month. Those are basically the first two competitors for coinbase. That's huge bullish long term news. LN is progressing and some people are even already using it on the bitcoin mainnet, though it probably won't really be ready for production until late this year I'd imagine. Blockchain.info, coinbase, and bitcoin core wallet are all working on implementing segwit and by summer segwit should be used for most bitcoin transactions, thus greatly alleviating the transaction problem for the short term. Coinbase also said it is working on batching their transactions which will also greatly allevaite scaling issues for the whole bitcoin network. Everyonce in a while you hear about new stores starting to accept bitcoin. Occasional good news about other Bitcoin upgrades making progress. Korea just said while they are strictly regulating crypto, within those regulations (to make sure things are done legally) they want crypto to flourish in their country. China with todays total ban will have less ability than ever to negatively affect crypto once this news passes in the next 24 hours.

Plus we're also back to where bitcoin was before the last boom in november and december. We could be right around the bottom of the market now. Might still be a few months of ups and downs as things as the trend reverses, but I'd say if you take a view for the whole of 2018 then by the second half of the year we'll probably be well past this bear market.

@ STT

Don't forget now that futures have been permitted, many expect that tomorrows dissensions will effect how exchanges operate.

Read more here.

https://coingape.com/why-february-6th-is-significant-for-cryptocurrency-market/

"
The Senate banking committee meeting with the chief of US SEC and CFTC where they will appear as witnesses will talk about their roles to oversight cryptocurrencies that will highlight:

Cryptocurrency News 6th Feb:
On February 6, the Senate Banking Committee will be held and broadcasted live online
SEC’s chief Jay Clayton and CFTC’s chief J. Christopher Giancarlo will testify in the hearing
After India, South Korea, and China, it’s US’s time to be clear about cryptos
Agenda: “Virtual Currencies: The Oversight Role of SEC and CFTC”
On coming Tuesday i.e February 6, 2018, the Senate Committee on Banking, Housing, and Urban Affairs are going to have a meeting to discuss the regulations over cryptocurrencies. The heads of the Commodity Futures Trading Commission (CFTC) and U.S. Securities and Exchange Commission (SEC) will testify on the cryptocurrencies during this hearing.

Earlier this month, it has been reported that the CFTC chief J. Christopher Giancarlo and the SEC chief Jay Clayton will appear as witnesses. They are basically going to talk about the oversight roles by both of these Commissions on cryptocurrencies.

The hearing is entitled “Virtual Currencies: The Oversight Role of the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission.” This step came at a time when both the agencies are having heightened activity around cryptocurrencies.

There has been a number of lawsuits filed by SEC against allegedly fraudulent ICOs. CFTC is also scrutinizing the activities of Bitfinex and Tether among other cryptocurrency exchanges.

The US Senate Committee will be meeting both SEC and CFTC to discuss the regulations. This will give a regulatory opening to the larger financial institutions to invest in the cryptos. Or it will simply curb them. Whatever may be the effect but these regulations are surely going to come.

Feb 6th: More Regulations or Green Light for Cryptocurrency Investors in USA?
Some believe these regulations to be positive as control could help in decreasing the volatility while others think these regulations will block the innovation of crypto industry and would rather support creating own virtual currencies.

Recently India’s Finance Minister Arun Jaitley cleared the air around the crypto. Jaitley announced that bitcoin among other cryptocurrencies are not a legal tender and measures will be taken only after the report of experts group on the same.

South Korea has already made its stance clear on it by legalizing the trade in cryptocurrencies but only form real name accounts. Whereas in an attempt to kill the crypto market completely, China is blocking all the websites, domestic as well as the foreign platforms to cryptocurrency trading and ICOs.

In the US, the rules regarding cryptocurrencies are quite vague and this meeting is expected to bring out some clarity. Moreover, the governments around the world have made their stance on crypto clear. Now, it’s time that US provide clarity for investors.

The effect of this meeting on the market depends on the clarity it brings. It could either turn out to be very bearish or bullish. Without any clear set of guidelines, institutional investors couldn’t do anything. Hence, a clarity can also give a green signal to the bigger investors to get involved.

What do you think the February 6th hearing will bring forward? Would it be in favour of crypto market or will tighten the noose further? Let us know your thoughts in our comment section below!

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss."

India also bans their population from free use of gold, especially across borders.   Every country has a self interest in seeing their population do not have access to use of money which is not issued and centrally controlled by the party in political control of the country.   

These are not new factors or any failure in bitcoin itself.   The biggest effect right now is the retreat of speculators who had no interest in usage of bitcoin.    The largest ongoing effect internal to the protocol is the sensible handling of transactions at a fee that is cheaper then credit card use, at present bitcoin is not allowing people to use it without excess cost which discourages any growth.

Without growth we cannot expect price to rise.   Look out for greater segwit and lightning network and for fees to drop.

Your best bet is to analyse the "Historic" charts for the past few days to see how BCH is the "NEW" tool to help blead alt coins like dash / eth / zec / and others trading valuation vs BTC.

We have to also look at the ASIC mining hardware that is being introduced in the new two months and how it will effect the difficulty and operating costs.

If you use history is an indicator emotion & day trading is not a good mix.

It's ok to be scared about this deep dropped of bitcoin price mate, i think the majority of all bitcoin users are also scared on what's happening to its market value. But it's actually a normal scenario, bitcoin price is really has a high volatility that makes it so predictable. But this unique characteristic of bitcoin is one of the most important factor that attracts so many investors to invest with it, because of the possibility of making a huge profit from it. But it takes so much risk, that can be hard for those small time holders to take the risk because of lacking of capital.

With all this miss information going around it is best to be weary of anything people say at this time.

There is special interest groups that are both attempting to push their agenda.

BCH to alt trading pairs have been for the last few days devaluing ETH and attempting to justify some speculative charts going around.

What you have been seeing is nothing new. This time of year since the introduction of "alt" coins people have been using those trading pairs to pump / dump.

We have exchanges that are not audited and verify the amount of BTC they hold and may be doing fractional reserve trading in 5x leverage.

We have new from December floating around as if its news about Tether potentially being a fractional reserve.

We have India's finance minister saying they are cracking down on how cryto is to be used being used illegally. While at the same time saying they are looking on how they can use it responsibly.

We have facebook and other social media outlets cracking down on "scam" ICO offerings much like penny stocks have been used to defraud  people of their life savings.

WE have a big evening on Feb 6th that may prevent such shady trading translations that are occurring on exchanges, such as insider trading, collusion and out-rite fraud.

ALL THIS,

Gives fuel to over zealous market makers - "Market Takers" to pump and dump their own agenda.

In an unregulated bear market with the shorting potential, try not to for get that there is money to be made especially if you can "steer" or "manipulate" the market in the direction you wish using what ever tools you can.

In other words FUD.

Yes, they are. We are going down to $2500, perhaps to $1000. Some bears are saying we can be back to three digits.

The institutions are mauling it to the ground. Some users, to feel more confortable, are saying it will bounce back in some days, but it will not. I myself have hope it will recover before march and reach a ATH right there.

But I admit, its more hope than a rational understanding, because one fact is very clear here: big money have entered the market. Its not tether, because Ifinex probably already recovered whatever they had used to pump the price (its 2.3 billion against a 100 billion drop). Its not the chinese new year either, because crashes in other years were milder and shorter than this one.

Its simply... death. Thats what big finance did to gold and silver, and they are doing to cryptos right not. They are shaking it very hard, so that when they open the Nasdaq futures, they are in control of it. If you read the news, they are not sure yet if they will open futures in Nasdaq. I guess they will only open if they have dominance of the market.

The situation is scary, we can be close to zero in a matter of weeks, but the fundamentals are still there. Question is, should we sell now to buy back lower? Or are we close to the bottom? When it was 10k, people said it was the bottom. Then theres the user support at 8k. Now we are going to miner support at 5k, and after that, what will be?

Yes I got balls thanks.. lol

Been in this for far too long to sell all I have, but I'm being totally honest that I'm shit scared. Are you not in the slightest?

Have been there and spent enough btc in the past years to be happy, but I wanna have the big bucks.. the big toys.. You know "living the dream" etc

I have read some speculations that bitcoin price will possibly go down until $3000, because most investors sell bitcoin and put it in bitcoin cash, I don't know if that is true, if that is true maybe bitcoin cash will increase its price, I think ETH is also a good investment today.

you know what believe me its unpredictable now all the analysis are failed no one can predict about btc right now there is always a hope that's all i can say..

Nobody really knows what they're talking about when it comes to the speculation on the price and it's always wishful thinking and people are incredibly biased. Sure, bitcoin has always bounced back previously but there can and likely always will be that one time when it doesn't. Bitcoin probably has many years of ups and downs and the value will probably be worth much more and much less than what it is today at some point, but nobody can guarantee you it will ever get back to anywhere near the all time high or even surpass it. If you believe in bitcoin and can see the potential then just keep holding but if you're worried or sceptical about its future then don't put all your eggs in one basket and only risk what you can afford to lose, but always remember that nothing at all is ever guaranteed.

As most of the people say, nothing is wrong BTC now. This phase it is going through now has been a repeated pattern a couple of years back. And if you could Google and searched its chart in 2014 until now you can tell that it has some what a pattern every first month of the year. And I think when BTC reached $20k last year, it was overpriced and needed to correct the price plus the news that is circling around which also could affect the market.

What is wrong with BTC? Well quite a bit at the moment.

Governments are cracking down on it. Scaling is a nightmare. Transactions take way too long. Fees are ridiculously high. It has also become centralized.

Bitcoin has become everything bad that it has tried to fix. The chances for it to succeed are very slim, but the risk reward is worth it. So I still think it is wise to aquire Bitcoin.

I should also mention that if the market movers manipulate it to inflate it to a much higher price you can sell some of your coins at that time and buy more when it drops lower. Always keep some off the table so you can ensure profit in case things go south.

I invest in Bitcoin and love the vision, but let's be honest right now. Bitcoin is struggling like crazy. Its main value is that people believe it to be decentralized when actually it isn't. Bitcoin is centralized.

Bitcoin is at risk to a better coin/money philosophy. It is also at risk because of government intervention. People say the government can't control it, which is true to an extent, but they can make it difficult to use simply, essentially ruining its overall usage to most everyday people that aren't computer geniuses.

Nothing is wrong with bitcoin except for high fees and network spammed from time to time.

All of you newbies are coming to this forum and talk about price and you are all forgetting what bitcoin is, maybe you don't know what bitcoin is because whoever introduced you to it didn't do it correctly and all you have been doing is this:

Price, price, down, up, china, sell, sell, sell, KFC, buy, buy, buy, South Korea, sell, sell, sell, India, sell, sell ,sell, Oh fake news, buy, buy, buy, merit, merit, buy, buy, sell, merit, bounty, bounty, sell, sell.  

Ok, I posted a story here before and friends.. Here's for u TS. (Pardon I use pokemon as example)

A lot of pikachus lived near a village.

Pikachu is worth around $2 to few dollars.

One day a merchant came to the village to buy these pikachus!

He announced that he will buy it @ $100 each.

The villagers thought that this man is mad.

They thought how can somebody buy wild pokemon at $100 each?

Still, some people caught some and gave it to this merchant and he gave $100 for each pikachu.

This news spread like wildfire and people caught pikachus and sold it to the merchant.

After a few days, the merchant announced that he will buy pikachu @ 200 each.

The lazy villagers also ran around to catch the remaining pikachu!
They sold the remaining @ 200 each.

Then the merchant announced that he will buy pikachus @ 500 each!

The villagers start to lose sleep! ... They caught six or seven pikachu, which was all that was left and got 500 each.

The villagers were waiting anxiously for the next announcement.

Then the merchant announced that he is going home for a week. And when he returns, he will buy pikachu @ 1000 each!

He asked his employee to take care of the pikachus he bought. He was alone taking care of all the pikachus in pokeballs.

The merchant went home.

The villagers were very sad as there were no more pikachu left for them to sell it at $1000 each.☹

Then the employee told them that he will sell some @ 700 each secretly.

This news spread like fire. Since the merchant buys pikachu @ 1000 each, there is a 300 profit for each pikachu.

The next day, villagers made a queue near the employee.

The employee sold all the pikachus at 700 each. The rich bought pikachus in big lots. The poor borrowed money from money lenders and also bought pikachus!

The villagers took care of their pikachus & waited for the merchant to return.

But nobody came! Then they ran to the employee.

But he has already left too !

The villagers then realised that they have bought the useless wild pikachu @ 700 each and unable to sell them!


It will make a lot of people bankrupt and a few people filthy rich in this pikachu business.

That' how it will work.

There is nothing wrong entirely with BTC, it's just the FUDs that are spreading in mainstream media to cause panic selling. As an investor in cryptoverse, you should have your own threshold on how much loss you can take and how much profit you want to achieve/gain and do not let your emotions affect your strategy. If you don't need the money yet, just let it stay on your offline wallet for long term and if you have funds, this is a good time to buy more BTC at a lower price.

Can I think you need someone else's encouragement? Because you always think that the views of others do not meet, not enough? Then sell off bitcoin you hold because you think bitcoin will end, you do not believe, you just want to know what others think, everyone has a different opinion, but you do not seem to approve of it.