Bitcoin market was in a speculative bubble, and it's still workin with a bubble logic, although we're post-peak. I'm bearish because in my perception there's no long term demand around; the heavy bidding comes from people who sold high or the very stupid people whose brain still works in the bubble mode.
Eventually, the enthusiasm will die out and the bids will just be sold through. There are many people under water (in possession of BTC worth less than they invested in them). They're going to sell into the downtrend to cut their losses and perhaps try to catch the bottom and buy back in, maybe a bit more carefully this time.
Topic: What exactly is the bear case? (sincere question) - page 2. (Read 2277 times)
3600 bitcoins are mined everyday. Unless bitcoin continues to grow, the price will drop just from the new coins mined.
It all depends on the perception of the miners. If the majority think the bitcoin price is going to go up, they'll likely hold on to a good chunk of their mined coins. If they don't, they'll sell. So technically the amount of coins being mined isn't as relevant as the amount of mined coins being sold, which is a harder number to figure out.
The Bear case is simple. The value of bitcoin went up waaaay too fast. It has no real support at the mid range levels. There are not months of buyers supporting each level. What goes straight up (without support) can easily come crashing down.
You also have people holding substantial amounts of bitcoins that paid next to nothing for them. They are sitting on a windfall and will want to cash out some of their chips while the price is still high. They can always pick some more up again when the price is lower.
Finally, there is not any real method of shorting the bitcoin at the moment; this caused an unrealistic spike in the price to be even more unrealistic.
The CAVEAT is news. News can bring in new buyers and cause a spike.
You also have people holding substantial amounts of bitcoins that paid next to nothing for them. They are sitting on a windfall and will want to cash out some of their chips while the price is still high. They can always pick some more up again when the price is lower.
Finally, there is not any real method of shorting the bitcoin at the moment; this caused an unrealistic spike in the price to be even more unrealistic.
The CAVEAT is news. News can bring in new buyers and cause a spike.
what does bitcoin have going for it?
answer: hype.
i know cryptocurrencies are the future, but until the mainstream accepts it, btc could well go down to who the hell knows. i hope not back to single digit levels.
the good news is this is just the beginning. there are other cryptos people can speculate on and make money off as the technology keeps improving, evolving and slowly being used and accepted by the mainstream.
my bet is on ripple.
edit: even then, if cryptos are widely accepted, its value would still go up and down like the usd, eur, gbp, etc..
answer: hype.
i know cryptocurrencies are the future, but until the mainstream accepts it, btc could well go down to who the hell knows. i hope not back to single digit levels.
the good news is this is just the beginning. there are other cryptos people can speculate on and make money off as the technology keeps improving, evolving and slowly being used and accepted by the mainstream.
my bet is on ripple.
edit: even then, if cryptos are widely accepted, its value would still go up and down like the usd, eur, gbp, etc..
Ripple is a scam. It is controlled by a single corporation that kept the vast majority of the coins for itself.
Did you know the market cap for Ripple is actually higher than bitcoin. That's how ridiculous ripple is. Most people will never use trust it and thus never use it. I know I never will.
its not a scam in my view. the ripple network could be something big. as for xrp, yes you could say it's a scam just like i can argue the usd is a scam.
but in my pov, these (crypocurrency trading) are like a giant casino, just like how i see the stock market as one big giant casino. its gambling in a way. but there are methods and ways to get an edge and profit.
its all about money and making a profit.
what does bitcoin have going for it?
answer: hype.
i know cryptocurrencies are the future, but until the mainstream accepts it, btc could well go down to who the hell knows. i hope not back to single digit levels.
the good news is this is just the beginning. there are other cryptos people can speculate on and make money off as the technology keeps improving, evolving and slowly being used and accepted by the mainstream.
my bet is on ripple.
edit: even then, if cryptos are widely accepted, its value would still go up and down like the usd, eur, gbp, etc..
answer: hype.
i know cryptocurrencies are the future, but until the mainstream accepts it, btc could well go down to who the hell knows. i hope not back to single digit levels.
the good news is this is just the beginning. there are other cryptos people can speculate on and make money off as the technology keeps improving, evolving and slowly being used and accepted by the mainstream.
my bet is on ripple.
edit: even then, if cryptos are widely accepted, its value would still go up and down like the usd, eur, gbp, etc..
Ripple is a scam. It is controlled by a single corporation that kept the vast majority of the coins for itself.
Did you know the market cap for Ripple is actually higher than bitcoin. That's how ridiculous ripple is. Most people will never use trust it and thus never use it. I know I never will.
what does bitcoin have going for it?
answer: hype.
i know cryptocurrencies are the future, but until the mainstream accepts it, btc could well go down to who the hell knows. i hope not back to single digit levels.
the good news is this is just the beginning. there are other cryptos people can speculate on and make money off as the technology keeps improving, evolving and slowly being used and accepted by the mainstream.
my bet is on ripple.
edit: even then, if cryptos are widely accepted, its value would still go up and down like the usd, eur, gbp, etc..
answer: hype.
i know cryptocurrencies are the future, but until the mainstream accepts it, btc could well go down to who the hell knows. i hope not back to single digit levels.
the good news is this is just the beginning. there are other cryptos people can speculate on and make money off as the technology keeps improving, evolving and slowly being used and accepted by the mainstream.
my bet is on ripple.
edit: even then, if cryptos are widely accepted, its value would still go up and down like the usd, eur, gbp, etc..
3600 bitcoins are mined everyday. Unless bitcoin continues to grow, the price will drop just from the new coins mined.
Oh, there's nothing uncertain about the market. We're enjoying the fiat summer.
I feel that the huge numbers of rave reports that we had seen earlier on Bitcoins doesn't seem to be continuing, maybe the general public is not that focused on Bitcoins due to the lack of new news?
MtGox, our major exchange, will be back to normal soon, this was a major cause of decline. Seeing as it's been approved to be a licensed MSB by FinCEN, it will give them and the community much needed validity whilst removing prevalent market uncertainty.
What else?
What else?
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