Is the bitcoin going to burst anytime soon - page 3.

Silberman

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Quote from: Fundamentals Of on October 11, 2021, 09:04:54 PM

You don't ask how to become a good person from a notorious criminal. In the same way that you don't ask an opinion of the future of Bitcoin from a bank representative. What do you expect to hear if you ask a Pepsi sales representative of his opinion about the taste of Coca-cola? You get what I mean?

But if Bitcoin is to fall, I guess the entire crypto is to fall. It may come back of course but it will take time, or something else will take over.

Good examples, those which are on the banking industry do not really have the best opinion of bitcoin and I cannot blame them, if a new technology put at risk my financial future then it is likely I would not like the technology either, in fact this has happened many times through history, people earn their living in a certain way and then someone invents a technology that can make the same job in a more efficient way and then those people lose their jobs as a results of this new technology, so when we take that into account it is not really surprising to see why bankers hate bitcoin so much.

jaberwock

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Quote from: platinumsteel2016 on October 11, 2021, 03:39:46 PM

My wife was in a Chase bank today and overheard a chase bank rep stating to a customer, that the bitcoin is NOT going to last much longer.
Especially because the bitcoin continuing to grow in value. I guess that as a result of the increase and nothing backing and/or supporting it.
That as a result it can no longer continue to exist, if I am understanding this analysis...If somehow there could be a discontinuance of the bitcoin, how does this effect the other forms of cryptocurrencies???

Bitcoin is not something that "bursts" because it is always a thing that people love to use and that's what I believe will happen in the near future as well. We should not be focusing on something that would not be profitable for us. Considering bitcoin as something that may burst is something that will hurt our money and not profit us, there are many people who short bitcoin because they believe that the price will go down. I mean I understand that there are situations where bitcoin goes down but that is a rarer situation and you are not going to hit each of them on the nail and make a good profit, you will be wrong most of the time and end up losing money.

sujonali1819

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This is the common answer from a person who don't know much about bitcoin or don't invest in it, or a banker like that. They are saying this because they have to say otherwise their job will no last long. Because if they atleast convince people for some days then Banking System will atleast last little bit long. And also I am pretty sure that the banker who told it also invested in Bitcoin but can not say publicly lol.

rincoeng1986

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Quote from: Rajamuda on October 12, 2021, 09:30:14 PM

People who say like that or opinions that say that Bitcoin will be like that... those are certain parties or people who are still the opposite of Bitcoin, who have not fully recognized the advantages of Bitcoin and its role which is increasingly being attracted by more people over the advantages from its characteristics.
Don't pay too much attention to that statement, actually in fact.. Bitcoin has the potential to have a good role for humans and can improve financial conditions.

they are people who do not understand the flow of the bitcoin cycle and are among those who are afraid of losing their fiat money. so he assumed that this bitcoin would be destroyed and no longer exist against bitcoin. but consciously unconscious bitcoin will be the best asset in the future.

el kaka22

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Quote from: platinumsteel2016 on October 11, 2021, 03:39:46 PM

Especially because the bitcoin continuing to grow in value. I guess that as a result of the increase and nothing backing and/or supporting it. That as a result it can no longer continue to exist, if I am understanding this analysis...If somehow there could be a discontinuance of the bitcoin,

You sound like you are concerning about the whole idea of bitcoin and not just about the current on-going bull run (but your subject-line is).

Bitcoin is backed by our investments and its central authorities are you and me hence it will get continuous support from one or other person. Do not call bitcoin is not having any proper reserve and central-power but it has distributed reserve and distributed governing system. So, basically bitcoin is as stronger as any stock or bond to invest with. It means you never need to worry about "bursting out".

Quote from: platinumsteel2016 on October 11, 2021, 03:39:46 PM

how does this effect the other forms of cryptocurrencies???

If other cryptocurrencies are having their own potentials then it may keep growing otherwise will simply follow the paths of bitcoin; for example, litecoin is kind of that.

Oasisman

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Quote from: platinumsteel2016 on October 11, 2021, 03:39:46 PM

My wife was in a Chase bank today and overheard a chase bank rep stating to a customer, that the bitcoin is NOT going to last much longer.
Especially because the bitcoin continuing to grow in value. I guess that as a result of the increase and nothing backing and/or supporting it.
That as a result it can no longer continue to exist, if I am understanding this analysis...If somehow there could be a discontinuance of the bitcoin,
how does this effect the other forms of cryptocurrencies???

There will be no effect at all.
First, because that person isn't Elon Musk or any other big names in financial industry.
Second, he's just a bank representative and banks was one of the early Bitcoin haters.
Third, Bitcoin has become more and more trusted each and every year passed.
Fourth, Bitcoin might be far from it's peak.
Fifth, as long as the last piece of Bitcoin is mined, the price would always climb and that's very evident from the last 10 years.

Nevertheless, that statement coming from a bank rep means nothing at all.

Poker Player

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Quote from: proudhon on October 12, 2021, 11:54:30 AM

Quote

Is the bitcoin going to burst anytime soon

Yes! It already has burst. What we're seeing now are the random ups that are part of a stronger and more sustained downtrend. We will definitely be finishing the year with lower prices than now. Guaranteed, proven, confirmed.

I expect you to provide me with your paper guarantees, so I can use them to wipe my ass.

To the OP: the bank guy is not your friend. He instead of seeing in you a person a mathematical operation that consists of getting the most profit out of your accounts. The banker-client relationship changed a long time ago. In the internet age, inform yourself and don't listen to the bank guy.

pooya87

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Quote from: STT on October 14, 2021, 12:47:42 AM

Its called the wall of worry I think where an asset rises despite the great fears of some

You can't use that analogy here. First of all "wall of worry" is about a "WALL" of worry not just some newbies worrying. And secondly it has to be reasonable worry. For example it was reasonable to expect Amazon stocks to tank because the company was losing billions per week due to COVID19. But it is not reasonable to worry about bitcoin just because someone repeated an old FUD and used keywords such as "China" and "ban". What we have in bitcoin market is the unreasonable worry by a very small percentage of the market usually known as "weak hands".

STT

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If its any comfort they didnt expect bitcoin to last a decade ago or five years or a few years ago. Its called the wall of worry I think where an asset rises despite the great fears of some and of course there is ongoing risks but markets dont do what particular people want. Market momentum has a mind of its own that isnt bound to control by any one view. If China big as it is cant knock back BTC then not much can and they feared that resilience.

From what I can see BTC is adjusting normally as it often does, it can pullback for sure but this is regular price action compared to how its behaved in the past also. I'm not seeing any great danger or instability occurring that would give some forewarning of greater troubles. I dont think this asset is for widows and orphans funds, its highly speculative still but that was always true in being a positive and negative.

Quote

Guaranteed, proven, confirmed.

Wrong place to be for anyone who needed guaranteed returns, maybe thats all this bank clerk was trying to stress in the best way.

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Quote from: platinumsteel2016 on October 11, 2021, 03:39:46 PM

My wife was in a Chase bank today and overheard a chase bank rep stating to a customer, that the bitcoin is NOT going to last much longer.
Especially because the bitcoin continuing to grow in value. I guess that as a result of the increase and nothing backing and/or supporting it.
That as a result it can no longer continue to exist, if I am understanding this analysis...If somehow there could be a discontinuance of the bitcoin,
how does this effect the other forms of cryptocurrencies???

We'll actually don't know yet until it comes. Everything is surprising you know...
We have some analysis before that Bitcoin will just die but despite all those negative things, we even survive from it and we are already more than a decade of its existence. This means that it remains unpredictable, it might burst or not, but for now, it wasn't on my mind, I'm still optimistic for the future of Bitcoin. And this continuous adoption that we see brings such huge change.

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Quote from: platinumsteel2016 on October 11, 2021, 03:39:46 PM

My wife was in a Chase bank today and overheard a chase bank rep stating to a customer, that the bitcoin is NOT going to last much longer.
Especially because the bitcoin continuing to grow in value. I guess that as a result of the increase and nothing backing and/or supporting it.
That as a result it can no longer continue to exist, if I am understanding this analysis...If somehow there could be a discontinuance of the bitcoin,
how does this effect the other forms of cryptocurrencies???

Bitcoin is always been the tend maker and i dont really believe that in these years there would be some bubble burst? COnsidering the current condition of adoption then i could say that this is entirely different compared into
those earlier years here on crypto.We arent still on the same level just like on what before thats why im bit confident that we wouldnt really see any crashes but well everything could be possible to happen thats why
we shouldnt really be that confident or anticipate much but somehow we could do all sorts of movements and actions which would really be giving us out on some advantage.

Marykeller

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Quote from: platinumsteel2016 on October 11, 2021, 03:39:46 PM

My wife was in a Chase bank today and overheard a chase bank rep stating to a customer, that the bitcoin is NOT going to last much longer.
Especially because the bitcoin continuing to grow in value. I guess that as a result of the increase and nothing backing and/or supporting it.
That as a result it can no longer continue to exist, if I am understanding this analysis...If somehow there could be a discontinuance of the bitcoin,
how does this effect the other forms of cryptocurrencies???

Is the chase bank representative not aware that Bitcoin has stayed more than 10years?
Right from the onset, the banking industry is never in support of cryptocurrency. They are finding every means to spread fallacy against Bitcoin ever since her creation. But still, yet, they are unable to achieve that. This is what the bankers always do ''discouraging individuals that want to divert their assets to crypto not to". This time around(the banking sector) it's too late for them to be able to convince people of where not to invest their money into cos the awareness of Bitcoin has spread all over the globe.
Bankers now understand that if they keep, keeping mute about Bitcoin, Bitcoin will replace the banking sector in the future for saving up people's assets. So they are now much scared of digital currency than ever

LUCKMCFLY

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At the moment BTC is at a critical point, I think that the BTC bulls should be studying how the market can behave if it is feasible or not to make the bullish turn, there is some uncertainty, because the BTC has lost more than one 6.6%, which is not so bad, but it should not drop below $ 50k, in fact if a liquidity pool is established at $ 53k it could take a bullish jump, this according to this article:

Bitcoin Must Hold Critical Support to Hit New Highs

Quote

Bitcoin has gone down nearly 6.6% in the past few days.
Now, the $54,700 support level must hold to avoid further losses.
The emergence of a buy signal on the four-hour chart could help BTC rebound.

Source: https://cryptobriefing.com/bitcoin-must-hold-critical-support-to-hit-new-highs/?utm_source=main_feed&utm_medium=rss

I'm not very good at technical analysis, but what they say here regarding a good fundamental analysis has a lot of coherence and it is very likely that the scenario could be given.

KennyR

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There'll be difference of opinion between the cryptocurrency analysts, bankers, stock market advisors. It is our responsibility to do our research, and invest than getting suggestions. If you find it isn't right then just move on. Recently I heard an interview from a stock market advisor. He mentioned Bitcoin will burst in no time, so don't invest in it. For the same comments flew mentioning he doesn't want the common man to be rich.

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Quote from: platinumsteel2016 on October 11, 2021, 03:39:46 PM

My wife was in a Chase bank today and overheard a chase bank rep stating to a customer, that the bitcoin is NOT going to last much longer.
Especially because the bitcoin continuing to grow in value. I guess that as a result of the increase and nothing backing and/or supporting it.
That as a result it can no longer continue to exist, if I am understanding this analysis...If somehow there could be a discontinuance of the bitcoin,
how does this effect the other forms of cryptocurrencies???

I don't think so, on the contrary when many want Bitcoin the price will continue to soar because Bitcoin has a limited amount.
currently the popularity of bitcoin is very high because the price is very high and also several world figures introduced it to the public so that a lot of news reported it, so as far as I know today many people who support bitcoin even one country El Salvador has used Bitcoin.

palle11

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Quote from: proudhon on October 12, 2021, 11:54:30 AM

Quote

Is the bitcoin going to burst anytime soon

Yes! It already has burst. What we're seeing now are the random ups that are part of a stronger and more sustained downtrend. We will definitely be finishing the year with lower prices than now. Guaranteed, proven, confirmed.

Lol you may be saying what is possible but do you have prove for this or a chart and graph to make your analysis. Or you are just making a speculation from the threads of possible downward for bitcoin by the end of the year? Bitcoin last year 2020 wasn't expected to ride high but it happened on the contrary to the believe of many who speculated down and sold out. Grin

Rajamuda

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People who say like that or opinions that say that Bitcoin will be like that... those are certain parties or people who are still the opposite of Bitcoin, who have not fully recognized the advantages of Bitcoin and its role which is increasingly being attracted by more people over the advantages from its characteristics.
Don't pay too much attention to that statement, actually in fact.. Bitcoin has the potential to have a good role for humans and can improve financial conditions.

jossiel

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Quote from: platinumsteel2016 on October 11, 2021, 03:39:46 PM

My wife was in a Chase bank today and overheard a chase bank rep stating to a customer, that the bitcoin is NOT going to last much longer.
Especially because the bitcoin continuing to grow in value. I guess that as a result of the increase and nothing backing and/or supporting it.
That as a result it can no longer continue to exist, if I am understanding this analysis...If somehow there could be a discontinuance of the bitcoin,
how does this effect the other forms of cryptocurrencies???

It is not an analysis but it's a mere opinion of the banker. Why would you guys listen to someone who probably owns not any amount of bitcoin?

Listen to the people who have been holding it for years and have made a decent life through bitcoin. Bitcoin is here to stay so whether it burst or not, in the long run it will stay at the top and will show results that they'll regret missing of not buying it.

OgNasty

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As a curious watcher of the Bitcoin 4-year fractal, I know I'd feel a bit uneasy holding a ton of Bitcoin around Christmas time without having cashed some out in early December when historically the market has peaked and then seen crushing negative returns for the next year or two. I wouldn't be surprised to see a $200K Bitcoin in December of 2021, and then a $40K Bitcoin in early 2022 as the market capitulates after being spurred by profit taking. It is almost to be expected at this point. I'd recommend people tune out the daily manmade drama surrounding Bitcoin and focus on the math and the patterns.

Hippocrypto

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Quote from: platinumsteel2016 on October 11, 2021, 03:39:46 PM

My wife was in a Chase bank today and overheard a chase bank rep stating to a customer, that the bitcoin is NOT going to last much longer.
Especially because the bitcoin continuing to grow in value. I guess that as a result of the increase and nothing backing and/or supporting it.
That as a result it can no longer continue to exist, if I am understanding this analysis...If somehow there could be a discontinuance of the bitcoin,
how does this effect the other forms of cryptocurrencies???

Some random crypto coins paired on btc has been affected much of its current price, but not all of them cherished the best moment. There's still struggling and until now it wasn't doing well, and while bitcoin burst at nearly $60k this week altcoins market has been so silent specially those with huge market expectations. If it will be doing good until the end of this year, $100k is our best projected value.

Topic: Is the bitcoin going to burst anytime soon - page 3. (Read 520 times)