Very amusing.
What you fail to notice is the fact that BTC is in a slow descent, with no bottom in sight.
Let's talk through the scenario, BTC keeps dropping (down 49% since July 3rd) that's more than 10% a month.
In response to that what is happening?
People spending their BTC? NO!
People selling their BTC? YES!
People continuing to hoard BTC waiting for it to come back? YES!
People mining any great quantity of BTC on their own? NO!
People cloud mining making tiny BTC profits? YES!
These things above never change and if they don't then BTC will be $150 in 4 months, then it becomes cost prohibitive for anyone but the huge farms like KNC to mine.
By June BTC will be down in the double digits ($85ish) and no one will be interested in it any longer.
You heard it here.
Seems like you've lost your drive & hunger for Bitcoin....what you don't understand is Bitcoin isn't just about how much it's worth. It's a concept which at the moment is suceeding maybe not on a huge level but if someone told you about this new concept 6 years ago and said within this amount of time it would reach highs of $1000 you would of laughed.
All it takes at the moment is a whale to delve into Bitcoin and spend a huge amount which will raise the value and bring more attention from media which means more people will be interested in Bitcoin....or we have a major hack again or something similar of nature which would again bring media attention which would be seen by millions & again even though it's bad news many more people will of heard of Bitcoin and will search up on it.
You might be right it dropping down to double digits...but your not right on people not buying...a huge lot of people are buying Bitcoin. What I think is happening is a lot of people are using the payment processor bitpay which sells their Bitcoin for fiat as soon as they recieve it which decreases the value of Bitcoin. If people stop using bitpay & similar companies then we should see a rise again. Everyone thought bitpay was a great company but in actual facts it's damagining the Bitcoin value & community in general. There are a number of other major factors like more sell orders than buy order but thats obvious & talked about far more often than the point I brought up.
Pissedoff: I agree with some of your assessment, but NOT all of it.
Personally, I believe what is causing the price to go down is manipulation, and there are some that want to continue to push the prices of BTC down so that they can continue to accumulate and at some point (maybe 1 month from NOW or maybe 6 months or possibly longer), there will be attempts to manipulate in the opposite (upwards direction)... One large whale would be within his/her power to manipulate the price upwards into the $3k to $5k territory, b/c was the price starts to go upward, there will be other whales ready and willing to jump on board.
Really, bitpay and similar are good for bitcoin because they cause liquidation opportunities - which people need to have in order to have additional confidence in BTC when prices go to the next upward level. Surely, if people are NOW using bitpay and similar to liquidate and they are NOT replacing their coins, then surely, you are correct that those services are merely being used to sell coins... but really, I doubt that those services of bitpay and similar are what really is causing downward price pressures... you can watch the market and see that the downward pressure comes from the purposeful and strategic attempts to dump large quantities of coins on exchanges, and while that conduct remains profitable, that exchange dumping conduct is going to continue.
Additionally, some of these dumpers are accumulating coins on the sly.. so that they will have plenty of coins when the time comes for the upward momentum.
You don't have to agree with any of it, you just have to keep watching and realize I was right then, and I am right now.
BTC=$80 by June
Its down $100 since the last time I told you, in 2 months it will be down another $100
You do NOT know what the fuck you are talking about, and you are just guessing. and you happened to have guessed somewhat correctly in the past regarding some kind of downward price pressures on bitcoin.. so what....
NOW, your goal is to come back and assert that you "told you so" to whoever the fuck will listen to you... and then attempt to assert that you have some kind of knowledge about the future through your continued guessing.
Yes I just keep "guessing" right every single time.
Bitcoin and the current state it is in, is Psychology 101.
If you have a job and you make 10 dollars a week you will spend a percentage of that to food, clothing, gas, car etc. Next week you make another 10 dollars you do the same thing all over again. If the next week you lose your job and you don't get 10 dollars then your spending tends to change, you hunker down and hold what you have.
Replace the word "job" with "bit coin miner"
Replace the word "dollar" with Bitcoin"
above
No one can afford to spend $500 on a miner to create $505 in Bitcoin in 9 months.
The great gold rush is over, every one held on for the next spike, but the next spike isn't coming because Bitcoin production is down a zillion percent and the cost to produce it is up a zillion percent.
Everyone is holding, no one is spending, the Bitcoin economy is circling the drain.
Prove me wrong and quote any event that you see taking place that could possibly turn it around.
I am at a loss.
