Topic: My Two Cents (Read 418 times)
BTC has some flaws which made the crash possible. y
as with everything those with experience and practice will be better at something than others. You don't need a huge amount of money to have fun and profit, yes trading whole coins is risky but there's other coins that are cheaper and can be used to practice before you buy at 50 and sell at 100 in any large amount.
Opinions?
I am a long term user of Bitcoins and have been reading posts on these forums for over a year now and thought I would share my opinion on what's going to be happening to the price for the foreseeable future:
So far (ignoring the ddos attacks and MtGox issues), the main reason the price has fluctuated is because huge investors have came in over the past couple of months. This caused the price to rise greatly and when people saw this they HAD to invest so this was then a snowball effect as the prise rose exponentially.
Then the rich folk decided to sell when the price was high and this drove the price down. Newbies see their money disappearing and sell as quickly as possible, causing the price to plummet.
Now that the price is low, the rich people can now buy up again and repeat the cycle. Essentially Bitcoin is the elite's plaything now. The only ones getting burned are the people buying at stupidly high prices and the newbies who panic sell because they invested more than they could afford to lose.
I see this happening over and over again because there's nothing in place to stop it.
So far (ignoring the ddos attacks and MtGox issues), the main reason the price has fluctuated is because huge investors have came in over the past couple of months. This caused the price to rise greatly and when people saw this they HAD to invest so this was then a snowball effect as the prise rose exponentially.
Then the rich folk decided to sell when the price was high and this drove the price down. Newbies see their money disappearing and sell as quickly as possible, causing the price to plummet.
Now that the price is low, the rich people can now buy up again and repeat the cycle. Essentially Bitcoin is the elite's plaything now. The only ones getting burned are the people buying at stupidly high prices and the newbies who panic sell because they invested more than they could afford to lose.
I see this happening over and over again because there's nothing in place to stop it.
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