I do not like the $600 candle, there is little volume.
Hot bed for manipulation at the moment. So many clueless day traders getting burnt I reckon.
Can you imagine being a Localbitcoins day trader in the current market -
‘Buy in the morning from an exchange’
‘Quick....list for sale on LBC for 5% above market value’
‘OH FUCKKKKK, the price has dumped $1,000’
Yep, the price went up too fast, killing any newbie HODL action, then on top of that, speculators now burnt also. Hard to get traction with newbies and adoption with this kinda stuff.
Maybe enough got burnt on this BTC runup that we got some HODL'ers out of this, but I doubt it. So unless other from 2017 newbies have bought in and have the sense to HODL now,
I think it just made the whole crypto scene look stupid and manipulated (which it probably is anyway) and just turned off a lot of folks who would have ridden the price up to 12k slowly.
I guess we need a sideways price to get some folk back. Again, Bitcoin price is still 2x the amount it was on 4/5/19 at $5050 USD. So there is hope. Bitcoin is an 'evil mistress'
Brad
Frequently, you are such a negative nancy, searing.
Experienced bitcoiners realize that volatility is a part of bitcoin, and chances for actual meaningful or long lasting "stability" is mostly a fantasy, and not part of bitcoin's underlying situation - which happens to be at some early stage of an exponential s-curve adoption.
Newbies can dollar cost average or buy and hold for the long term. They should also be capable to look at charts in order to recognize bitcoin for what it is - a volatile beast - without getting their hopes up higher than they need to be by investing an amount that does not cause them too much anxiety - and DCA should be able to help with that, too.
Well, you can't have the newbies slap'd down in mass on 40% corrections every time that bitcoin pumps. All it does is kick the ETF farther down the road and sets back adoption, IMHO.
You believe that honey badger bitcoin gives any ratt's asses about newbies and/or the extent to which whales attempt to manipulate it?
I doubt it. the market is going to do what they are going to do, and manipulators are going to manipulate as much as they are able to accomplish and attempt to shake as many coins as they are able to shake out of the trees, whether those are newbie trees or other dumb money... If they are able to shake, then manipulators are going to do it (or at least die trying).
So let's stop trying to be proscriptive about bitcoin.. It is what it is.
Big block nutjobs, bitcoin naysayers, alt coin pumpers, FUD spreaders and no coiners spout out these kinds of nonsensical attempts to assert their wishes upon bitcoin, such as bitcoin should be more stable, blah blah blah, rather than accepting bitcoin for what it is, which is volatile as fuck... and bitcoin is likely to continue to be volatile as fuck until it reaches such a large market cap that it becomes way too difficult to manipulate. Perhaps we need another 1000x of market cap growth, but even that might not be enough... so we should learn to accept bitcoin for what it is, and one of the most certain things about bitcoin is that it is going to continue to be volatile and to perform in directions that are sometimes beyond expectations in one direction or another.
Hardly negative to say that the FOMO is killing adoption as it pops up in such a manner.
Yeah... but it is negative to complain about something that you cannot change and even to focus on it as if there should be attempts to change it, when it is an intrinsic part of such an immature market that only has less than 1% adoption of the world's population.
I realize it is how Bitcoin 'rolls' but still, hard to see how Bitcoin is this erratic is ever going to get mainstream adoption. Just saying.
Mainstream is going to come when it is going to come. There is no need to either rush mainstream or to expect that bitcoin has to pander to attempting to getting mainstream. Again, that sounds like one of those dumbass bcasher talking points. Trying to make bitcoin into something before the market is even ready for it.
Also, it is one thing for 'experienced bitcoin's" to know this, we learned this at like $100 BTC, damn hard to learn this lesson like we did when the price of Bitcoin was low when the avenues are closing on accumulation. So you accumulate by buying, in this FOMO world of BTC, that is easier said than done!
IMHO
Now it is buying or not buy. This just complicates the new adoption of Bitcoin and/or any crypto for that manner.
IMHO
Now it is buying or not buy. This just complicates the new adoption of Bitcoin and/or any crypto for that manner.
Maybe you are getting too obsessed about unit price? Who cares? People will get in when they get in, and they are not going to necessarily be disadvantaged by coming in later, even though they would have made more money to come in earlier
The gist of the matter is that earlier adopters, such as peeps already getting into bitcoin, are going to advantage more than later adopters, but that is just the way things work, and you cannot force later adopters to become early adopters because they have to decide for themselves when they are going to get in and if they are going to get in under the terms that are presented before them. Most of the people have no fucking clue what bitcoin is, even if they have heard the name. And, even people who know more about bitcoin are frequently scared little chicken shits and afraid to buy because they think the price is too high. Well, if they choose not to buy now, then they are likely going to have to buy later when the price is higher. It is their choice whether to attempt to learn about it or to take some risks in order to invest early.
Of course, early investors take more risk, but they get more rewards too..... Later investors will come when the risk becomes less, but they are not going to get as many rewards, either because by the time that the vast majority of peeps start to feel comfortable with bitcoin, then it is not going to be appreciating in the same kind of way that it is now, even though it tends to take several years for up/down cycles to play out in such a way that the HODLers are damned likely to profit immensely as long as they don't allow their selfies to get shaken out by the noise, manipulation, FUD and other extremes that cause considerable price movements.
But again, not a chance in hell for the next year IMHO, of any ETF on the horizon.
Who cares? If an ETF comes, then it comes, if it doesn't then it doesn't. Bitcoin is going to appreciate in price and development and even in stability whether an ETF comes or not.
Sure an ETF would likely cause BTC's price to appreciate a whole hell of a lot faster, but largely it does not matter because we are likely to be rich whether ETF or no ETF as long as we continue to HODL and not get shaken out of our coins.
IF we had reached 12k in a more stable less FOMO manner, I'd say we would have had a good shot.
You are complaining about something that cannot really be controlled, and seems to me to be a waste of energy to either be focusing on such matters or even hoping that bitcoin would evolve in a direction that it is not going to evolve... worse yet would be to try to work in a direction to force bitcoin to become more stable when bitcoin is good as it is and good as a creature of the free market.
Now not so much. Along with with the above, every time 'newbies' get the traction they are 'creamed' by the volatility, well again, as I stated, perhaps those who did not HODL on the last downturn, bought BTC on the FOMO ride up and learned enough to HODL now. I am a bit pessimistic that is a large number of returning folk to Bitcoin, however.
Well, you seem to be describing dumb money and weak hands, and you can hardly stop from having dummies and weak hands, they are part of any free and open market.
Furthermore bitcoin is one of the most open markets, so it is much easier to enter and much easier for dumb money and weak hands to enter. They will either learn or they may have to come back later after getting over their butt hurtness..... There are ways to figure out strategies, and we already know a lot of good strategies for newbies, and some will learn the strategies, and others will get burned... that is the way of the world.. I don't see any need to put in better protections, and surely I make my own attempts to educate all peeps about good strategies, whether they are smart or dumb and whether they are newbies or not, so the better information is available for anyone who attempt to spend some time to learn rather than listening to scammers and making dumb investment moves.
Yeah, perhaps you are right, but just saying this is a 'pattern' that has to change in some mannner someday or any larger scale adoption my not come to be, IMHO.
Brad
Brad
I am right that you are overly negative. Adoption is going to come, even if the earlier days tend to be brutal, and good or bad, we still seem to be experiencing very early days that will allow a lot of new entrants to profit enormously as long as they try to learn good strategies and don't try to rush and make too many dumb moves. Every newbie is going to make some mistakes along the way, but it is possible to learn along the way, too, and to just continue to HODL and accumulate and don't invest more than you can lose, and after several years, they are likely going to do quite well by exercising some persistence in their strategies and their continued attempts to learn along the way.
