New to Bitcoin, here's your FAQ: Who should I trust and whom not?

Dunamisx

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Quote from: Dunamisx on November 18, 2022, 10:58:43 AM

The price will rise but may not get to the $68k and you can also do your own research.

I feel $68k is the huge number to predict. With the current bitcoin price and according to CoinPedia experts the bitcoin price prediction for 2023 would be between $34K - $43K.

Mate you need to check your quote pattern very well in other not to give another person's quote for the other, back to bitcoin price discussion which i presumed to be on speculation board initial, I understand that the all time high for bitcoin is the $68k and what we are saying now is that there's no high tenderness to this high not until we are close to 2024 which will usher us into the halving as expected but before then, we will continue to have high volatile trend in bitcoin price and come 2023 may be abit tougher as well because the $68k ATH may not be revisited within the Q1 to Q3 or next year.

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Before attempting to say something , I want to say you don't ask questions and answers you are giving are not like you are a newbie and don't say you have been reading and following because you don't look any bit confused Grin

As for your prediction question for next year 2023, I expect that the effect of Luna crash and FTZ scam will cause alot of pull out and the December festive season may cause more fall in price but towards the end of last quarter of 2023, recovery can start to happen.

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Quote from: Plaguedeath on November 18, 2022, 02:37:49 AM

There's no relation between Terra Luna and Bitcoin, it's off topic.

There is, though. Terra's LFG fund purchased a good amount of bitcoin to hopefully be a backstop if it's the case that UST crashes below the peg; and it did, and LFG was forced to liquidate all their BTC — causing a cascading drop.

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Quote from: BIT-BENDER on November 19, 2022, 02:58:29 PM

But what you should know is that Tera Luna doesn't influence Bitcoin and let's say it does it won't be very substantial. It's actually the other way round, for example Bitcoin is dominant and it's situation determine the outcome of the crypto-currency market.

It kinda feel substantial as you see the price really pulled down the market including bitcoin too. There are some whom actually panic sell during that time and even think that the market will actually downsized and it did happened. Now with the FTX failure, everyone are also in grave phase and wondering when could be the recovery of all market.

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Quote from: BIT-BENDER on November 19, 2022, 02:58:29 PM

But what you should know is that Tera Luna doesn't influence Bitcoin and let's say it does it won't be very substantial. It's actually the other way round, for example Bitcoin is dominant and it's situation determine the outcome of the crypto-currency market.

I don't think so. There was a significant fall of Bitcoin when Terra issue created and so does when recent FTX issue was. Such major chaos in crypto market definitely influence bitcoin price as it creates fear in the overall market. In a normal market, without any such chaos from alt, altcoin follows the bitcoin generally.

BIT-BENDER

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Quote from: Pam beasely on November 18, 2022, 01:44:40 AM

Welcome to Bitcoin, CryptoFolks! Here's your FAQ as a beginner:

Q: Is Bitcoin dying after FTX fall?
A: The Bitcoin price has continued to shrink in 2022 since Terra Luna initiated a significant crypto crash in Q1 and now FTX saga. Bitcoin will most likely have value and regain. The only thing that can make Bitcoin valueless is if all governments ban it or render it illegal. However, this consensus is almost impossible to reach.

You may not understand how this works and I can see that, I think you should relax and learn, all your post here are actually not correct including this, firstly yes Tera Luna had a very bad period and definitely caught many investors and still many other investors got into it and also got caught in all of that.

But what you should know is that Tera Luna doesn't influence Bitcoin and let's say it does it won't be very substantial. It's actually the other way round, for example Bitcoin is dominant and it's situation determine the outcome of the crypto-currency market.

Dunamisx

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Quote from: UserU on November 18, 2022, 11:06:21 AM

Quote from: Dunamisx on November 18, 2022, 10:58:43 AM

The price will rise but may not get to the $68k and you can also do your own research.

I wonder how are those crypto analysts so confident forecasting prices over $100,000 by year X.

Don't be surprised that some even go to the extent of predicting $250k before the end of 2024 and that's what they can only come up with, but the reality with the market price with bitcoin is what we all sees it to be individually regardless of what others may call it, we all know that this year will keep rotating within $30k and below while early next year may bring a new change of zone to something close to $68k and will still fall down with high volatility till we are approaching the 2024 halving, the media news can also influence a dump or pump in price of bitcoin but to a little extent.

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Quote from: Pam beasely on November 18, 2022, 01:44:40 AM

Q: Is Bitcoin dying after FTX fall?

This question comes from time to time

Everytime bitcoin goes down we see that fud.

Ftx drama has zero effect in the bitcoin network. It might even be good for users education, as data shows that more people are buying hardware wallets, I.e., withdrawing funds from exchanges

https://cointelegraph.com/news/trezor-reports-300-surge-in-sales-revenue-due-to-ftx-contagion

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Quote from: Dunamisx on November 18, 2022, 10:58:43 AM

The price will rise but may not get to the $68k and you can also do your own research.

I wonder how are those crypto analysts so confident forecasting prices over $100,000 by year X.

Dunamisx

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Quote from: Pam beasely on November 18, 2022, 01:44:40 AM

Q: Who should I trust?
A: Nobody.

You can trust two things when it comes to bitcoin, yourself and your bitcoin in your cold storages

Quote from: Pam beasely on November 18, 2022, 01:44:40 AM

Q: Should I sell Bitcoin when its downfall?
A: Never, Never do that.

It depends bit mostly people hold but you can still sell during dip provided that you've made some income from the last dip you made your buy.

Quote from: Pam beasely on November 18, 2022, 01:44:40 AM

Q: Is Bitcoin dying after FTX fall?
A: The Bitcoin price has continued to shrink in 2022 since Terra Luna initiated a significant crypto crash in Q1 and now FTX saga. Bitcoin will most likely have value and regain. The only thing that can make Bitcoin valueless is if all governments ban it or render it illegal. However, this consensus is almost impossible to reach.

Your response here does not gives the direct explanation to the required answer to the question, bitcoin is not dying after the FTX or any other crypto fall, bitcoin is decentralized while others are centralized.

Quote from: Pam beasely on November 18, 2022, 01:44:40 AM

Q: Is Bitcoin a good investment 2022??
A: Anyone investing in Bitcoin will hope for the best, but they should be prepared for big downturns, too.

There's risk in whatsoever thing we do in life but the risk taken must be a deserving one for what we took it on, bitcoin is the first recommendation that any new investor will be orovi with to begin a start.

Quote from: Pam beasely on November 18, 2022, 01:44:40 AM

My question to you Q: What is your price prediction for 2023?

The price will rise but may not get to the $68k and you can also do your own research.

Plaguedeath

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Quote from: Pam beasely on November 18, 2022, 01:44:40 AM

Q: Should I sell Bitcoin when its downfall?
A: Never, Never do that.

It depends on your reason to sold your Bitcoin, if you're sick or you need to pay your college fees, are you really want to hold Bitcoin and still sick or you quit your college? of course it's better to sold some of your coins to cover your cost.

Quote

Q: Is Bitcoin dying after FTX fall?
A: The Bitcoin price has continued to shrink in 2022 since Terra Luna initiated a significant crypto crash in Q1 and now FTX saga. Bitcoin will most likely have value and regain. The only thing that can make Bitcoin valueless is if all governments ban it or render it illegal. However, this consensus is almost impossible to reach.

There's no relation between Terra Luna and Bitcoin, it's off topic.
Even all governments ban Bitcoin, it doesn't stop someone to buy or sell Bitcoin. We have non custodial P2P marketplace and decentralized exchange e.g. BiSQ, so you can hide from government laws.

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My question to you Q: What is your price prediction for 2023?

No body knows, just like someone can't predict when Binance will collapse just like Mt.Gox and FTX.

Pam beasely

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Welcome to Bitcoin, CryptoFolks! Here's your FAQ as a beginner:

Q: Who should I trust?
A: Nobody.

Q: Should I sell Bitcoin when its downfall?
A: Never, Never do that.

Q: Is Bitcoin dying after FTX fall?
A: The Bitcoin price has continued to shrink in 2022 since Terra Luna initiated a significant crypto crash in Q1 and now FTX saga. Bitcoin will most likely have value and regain. The only thing that can make Bitcoin valueless is if all governments ban it or render it illegal. However, this consensus is almost impossible to reach.

Q: What have I gotten myself into?
A: Nobody knows.

Q: Is Bitcoin a good investment 2022??
A: Anyone investing in Bitcoin will hope for the best, but they should be prepared for big downturns, too.

My question to you Q: What is your price prediction for 2023?

Topic: New to Bitcoin, here's your FAQ: Who should I trust and whom not? (Read 206 times)