Topic: We're on the knifes edge (Read 3608 times)

I know...I'm not sure what country you are talking about (if any in particular), but my point is that at least, so far, the US government just wants to regulate it and get their cut.

Thanks for the info ... I am talking about why and how the government will stop Bitcoin.

US government already imposed tax regulations for bitcoin back in early 2014...

I hope you are right, and as history indicates governments eventually retreat you could be right, it would be wonderful because that means that at end of that process our governments will be more democratic and less totalitarian, but there are few issues with your optimism. The first one is that the current shape and demographics of Bitcoin doesn't really justify such optimism about a strong come back. Currently Bitcoin is dominated by Chinese and you shouldn't expect from the traditionally loyal East Asians citizens to stand up to totalitarian oppression. Try it, go ahead and criticize a fucking communist leader or the fucking undemocratic Chinese political system front of a Chinese and you will see the reaction: your audience will be offended how dare you are to criticise their communist dear leaders. Those Chinese Bitcoin supporters will never challenge the authority of government. They take advantage of the system, as usual use this western innovation but don't expect the Chinese will save Bitcoin. If it happens what you predict - and again, I hope it will eventually happen - then that will be driven from the west, but the issue is that Bitcoin in the west struggles to gain popularity, so it will be a long-long process. Also, the west is not in a lot better shape at all than Asian societies (terms of resistance to the government), but at least here we have some traditions of standing up for human rights and democracy which could be the base for the resistance about Bitcoin.
 

The truth is, Killing bitcoin would be the best thing ever hapened.

Because when governments killed bitcoin, it will come again; bigger/longer/uncut/stronger/faster/better.

Since there is no underlying major design flaw in Bitcoin nor such thing as software bug that cannot be fixed, the only thing can destroy Bitcoin is the government and I think they will destroy it once it is getting popular and start interrupting the tax collection, which will be soon, when the only source of money for government will be the tax revenue.

The governments that has taken the surveillance of citizens to extreme level already will simply not allow that a digital currency will be channelling untaxed money. Right now, with the few million $ per day volume Bitcoin is so insignificant in macro economic terms that it simply does not worth any work from the governments, but once it will be popular (which will be once the sovereign debt crisis unfold and the bond market collapse) then the governments will act.

No ... We are at the end ... Bitcoin is done

I don't doubt it at all that the market it still heavily manipulated...very easy for whales to do with all of the bitcoin xt fud and bitfinex issues. However, I do believe as the user base keeps growing and we approach the halving, etc etc etc, 4 more years of all this, another halving...we're gonna see the price pushed upwards significantly. Sure, I think we'll still see manipulation during all of this, but the price fluctuations will be at higher levels, so I wouldn't really worry about it.

I find it more probable that this is just a dead cat bounce , than it is solid buy support. I still think we're sooner to see ~170-180 price range than to bounce back to >250.
I could be wrong tho, but this seams to me like build up of fake support to fool the buyers, before releasing an another dump. Many will disagree , but i strongly believe the
market is still manipulated.

every one sees it in a different way. for one it may look like bitcoin is going to fall real hard, and for the other nothing has changed.

We never were bro.

Are we still on the knife's edge? If not, please let this thread die...

I think the trend started awhile back but recovered so its hard to tell.

I dont check the price like every day, but if I see it around same price each week its taking time to decline for the 200 mark.

Is this based on the bitcoin split and people murming about bitx and how users will force to use the new wallet?

Or more on the whole how the bitcoin halving..

I dont get how thats a crash, wouldnt the crash imply that the value is worth nothing pretty much $1 or zero value.

If its $200 it just means that people arent willing to sell off since we all holding it to percieve value.

When we crash below 200 and stay there, that will be downhill. Not a 20 dollar fluctuation. Smh.

I've seen your posts, they are beyond bearish.  I think we are back to a flatline, not downhill

There is buying going though, just a week ago we were down to the $210 range, now were back at $230.  There is buy support, just not enough to support going back to $250

No ... we are not on the edge of knife ............ there is not any hard buying anymore ....... we are in a Downhill ..........

history being a proof of the words I speak, there is no technical flaw which cannot be fixed. Either it could be a challenge and the people who were designated responsibility of the project could turn to total kids and debate, go against the very fundamentals and create a new application which is a direct competition to the program, disrupting its core ideology. yeah, btc xt users can even be tracked so good luck to everybody jumping from core, good luck with that.

Exactly, and even if we touch $150, it'll boomerang back up right away. Nothing to worry about. The only thing that could destroy BTC is if a technical flaw was discovered that couldn't be fixed.

yeah, for a while I was thinking double digits was possible, but I was unaware about the miner "break even" point being arund $180.  Makes me think we can bounce back down there, but then quickly bounce back up to this range of $220-$230

Not likely to go much lower. Very strong resistance at $200. You could hope for $150 at the VERY best.

Attention !!! There are thoughts that the price will go more down. See with yourself if maybe it will be better to wait a little more because maybe you will arrive a better price.

+1 on the stress test. Really curious to see how that works out.

Wel we are near 230 since you posted this so we know that at least the price hasn't broken that all time uptrend. Anything is possible tho, I would wait after the "stress test" of september is over and see what happens with the price.

Knifes edge can be viewed as this trendline I reckon.



If price gets below there (currently about $190) then who knows where it will stop falling. More likely in my opinion price will stay above

Damn, so me having 2.4 btc in my wallet lol.

Cause I dont care either way cause that amount was all earned, and risk free pretty much.

Id rephrase the worry about price part, to should focus on making real profit in fiat form to buy more if they please lol.

From my side, I've bought in at the low prices and dumped it all into Hashnest buying S5 hashing power while the market was cheap.

I did the same thing earlier today. Bought a crap-ton of S4 hashing power at 0.00072. I sold it 4-hours later at 0.00078. People are panicking. Buy in low, sell for higher - it works on any platform.

One of the best remarks about the amount of bitcoins one should have I have read!

Guess I still have some collecting to do then

So the $200 mark finally looks like a price bottom has been reached?

I imagine most of the panic sellers are out now, and the whales can resume getting their cheap coins.  Seems like the quick bounce back always happens after a quick price decline.

I also think the whales will not let price go under the january bottom.  This will create a huge double bottom reversal on the long term chart.  With a second bottom in like that we can run hard up.

Completely agree.

US has bought 12k BTC in the past 90 minutes. Wonder if this little rally to 223/4 was just from a few large buys or bunch of little people speculating.

chances are high that the $200 will get tested again within a few days, but too much people are waiting to buy around that level. i think the support is strong enough to not let it fall below $200.

I mean if anything, you can buy smaller increments and reduce the risk that way?

But, im taking my shots with after or during the xt changes with people react after they see it. And if they see a huge difference, and its a bad one prepare for another drop.

Its better to get a feel for people when they use xt then guessing the future that everythings going to be great.

I believe this is a local bottom, that could be tested again today or tomorrow, if it holds then what could follow
are two small legs up, to about 240$ and to 265$ possibly, after which a larger correction could begin.
At least that's my most probable scenario, I bought non leveraged around 210$ (didn't expect to drop below),
and plan to sell soon and later short the top of the second leg up with max leverage.

I agree with that, the price won't drop too much below $200. It will stabilize at $200 in the upcoming days and then will slowly get back to the $250 level. The best thing to do now is to buy up some coins and sale them at a later point where the price is stabilized.

Couldn't agree more.

https://bitcoinwisdom.com/markets/bitstamp/btcusd , 2 or 4h

I think we will go up to 230-235 and then fall back in the 202-205 area. Then a W formation and a breakout above 235.

I sold off what I had today just before the spike in the last hour. Don't regret it yet, I feel a crash is more likely right now. If this doesn't happen in the next few weeks, I'll keep these figures in mind so I don't get left behind before a major rally.

IMO don't try to catch a falling knife, especially as the XT vs Core drama is not over.

That said, a buy from 125 down to 50 is a very good buy because there will be almost certainly a bounce at least to 150. Especially if the drama is over (which of course will make it almost impossible to fall below 100$ and probably will send us above 240s).

If the drama is over, above 235 is a certain buy.

With or without drama, all in above 285.

Just don't be greedy to trade the 160-235 chop. Wait patiently for better opportunity.

Good choice is a short between 228-232 with a stop at 234.

Good point. Never thought of it that way.

If you are worried about buying you have too much. If you are worried the price will go up before you can buy you have too little. If you don't care either way you have just the right amount. Someone should make a sticky with these recurring topics.

Someone said this earlier I think...between lost coins, whales holding, and Satoshis holding it probably won't go below $150, or somewhere around there. Once the price dips below 200, if it does, buying will pick up.

I don't think big players want the price to get too low. Just my 2 cents. Sorry I don't have more of a rationale  .

I for one am really uneasy about the price right now, I feel like its a good buy opportunity, the best buy opportunity in a while actually, but at the same time I'm not sure there is enough buy support to even hold $200.  I wonder if we break $200, it could be another long fall from there.  Or, if some strong buying happens, we could be in for a run up.  I feel like we're right on the edge and could go wither way.

So why would now be a good buy, and what reasons (actual reasons, not just "because were going to the moon") are there for the price to stabilize and continue upward?