I'm scared. Hodl me.
it is going down to the $1xx's at least... probably at least a few months of stagnation, companies going out of business, people smashing their AntMiners with sledge hammers or burning them in bonfires to stay warm
Hahaa yeah I think that's a definite possibility. All I know is at some point this falling wedge will break up and hopefully I catch it near the reversal.
yup, but keep in mind that even after the break upward there will almost always be a retest of the bottom.
you can see that in the $30 to $2 correction, one month after the low, the price dumped to within a few cents of the low. so might as well be patient.
True, but this time it's different
Less insecurity about bitcoins future, more adoption, more tech, more companies, etc.
Maybe we will not go as low as 2011 (relatively)
yes true, but on the other hand, those companies have burdensome AML/KYC regulatory costs. and besides regulatory costs there are the normal corporate overhead costs that one does not have in a true peer-2-peer economy.
bitcoin was created to avoid traditional payment processor / payment network costs, and i think all these VCs are going to have to learn the hard way that you can't turn a fork into a spoon.
i actually have been hoping for this scenario to unfold so that the downward price action gets miners thinking about the developers behind the bitcoin code, and the fact the market is clearly dissatisfied with the level of service provided by the network (10 minute transaction times for example).
not sure if it will happen but this thing will not grow if it can't properly scale.
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