Topic: Why you should buy bitcoins NOW (well, now should have bought back THEN) (Read 4070 times)

Correction is certainly not something that we should be beware or afraid of

It is a genuine crash that we should worry us. With Bitcoin prices so high it actually becomes a little frightening. Some cryptowhale which has dozens of thousands of bitcoins may finally be tempted to part with his stash And that would likely cause a dramatic price crash since at such prices the market is necessarily thin, i.e. a relatively small amount of money injected into the market could cause severe volatility

When Bitcoin hit $1,300 there was some predicting $1,700 and it looks like we are on our way.  Beware that there may be a correction at that time. 

I also made some decent profits

I myself went on a buying spree when Bitcoin went down below the 1,000 dollars per coin mark, though I kept the bulk of my fiat capital to buy more in the range of 800-900 dollars (but the price stopped just a little over 900 dollars). Nevertheless, I still have coins to last me all the way up to 2,000 dollars per coin. I hope there will be a sort of correction for a few hundred dollars on the way there, so I could buy back some of the coins I sold earlier

You are right. The price is $1600 now. I have moved some altcoins into bitcoin and have made some profits.

I think price will be even higher in coming days so we can take that extra risk of buying bitcoins even at the present price and even if price goes down then you always have an choice to hold them till price bounce backs again.

it is pretty simple if people use their own brain!
but when they start coming online, reading what others say and start reading the FUD then things become pretty complicated pretty fast.

The price is increasing every day. It is stupid to wait. You either believe in bitcoin or you don't. If you believe you buy. Yes it is that simple.

Yes, you are right, with the prices rising as it now it's indeed better to wait and see,
but if we are have the courage maybe we can buy now and hold it for the next high price.

That's the whole point

Though it may be hard to grasp at first, but miners do perfectly understand that. Massive off-chain transactions won't start all at once, they will grow gradually. But with their growth, the number of on-chain transactions will start to decline. And this is the crux of the matter here. Right now miners can bid up the transaction fees since there is tight competition between senders, but if there are less senders (i.e. less on-chain transactions), there will be less competition between them, and miners will have to include all transactions regardless of the fee size. Theoretically, mining pools could collude and start something like a strike, i.e. not include any transactions and mine empty blocks (or include only premium transactions leaving blocks half-empty), but this will first show their monopoly, then reveal how rogue they are in reality, and finally make it evident to anyone how flawed the current system is as of now. Ultimately, with block rewards hitting the floor, today's miners will have to wind up with all their now useless asics, and this will open doors to demonopolized mining available to anyone for a tiny or no profit at all. There are over 30 thousand Bitcoin full nodes running today which will readily confirm transactions for free, just to keep the network ticking (this is what they are doing presently anyway)


No problem with that

Price is high now in compare to last few days so I don't think this would be the best time to buy bitcoins so I will keep my buying on hold at a moment and simply sit and watch the price movements for next couple of days and depending on that will decide whether to buy or sell my coins.

But is it not that mining will always be a Chinese monopoly anyway? They control most of the hashing power and they manufacture all the chips and the ASICS for mining. What good will the an offchain transaction layer do to demonopolize it? But it does give the users and the Bitcoin businesses, service providers and exchanges a form of leverage.

Do not get me wrong, I am for Segwit as a necessary way forward to "upgrade" the network. But I am also trying to learn everything without being biased. So I ask all these questions.

Did they shut your eyes wide?

Dynamic blocks (which is what BU proponents suggest) is a sham. This won't change a thing neither now nor in the end. The problem is not with block sizes in and of themselves, the problem is in miners as such. Whatever is the size of the block, it is still up to miners to decide which transactions to include and which to dispose of (or whether to include any at all). This is what the BU paid shills won't tell you. And dynamic blocks won't change anything in this regard. The only way to make miners do their job is to completely demonopolize mining. In this way, SegWit is an interim solution as well but it opens doors to massive off-chain scaling that is set to efficiently and effectively eradicate mining monopoly eventually

I am on thr same boat as you. But arguing with franky1 and jonald_fyookball have opened my eyes a little bit. There is a need for a slightly bigger blocksize but I do not agree the miners should have the power to decide.

My stance is pretty simple (as always)

I'm obviously against miners' monopoly as any ordinary Bitcoin user should be. The only way to get rid of miners (as we know them today) is to enable off-chain transactions (at least, that's what I'm inclined to think myself). Unsurprisingly, this is exactly the way that Bitcoin should go if it intends to start universally accepted as a means of payment. Apart from that, instant off-chain transactions would allow to create decentralized exchanges over the blockchain with fiat gateways at regular exchanges. This is what Bitcoin Core offers. What Bitcoin Unlimited offers I don't know beyond dynamic block sizes, but even that seems to be only a pretext to keep things as they are (i.e. to preserve the mining monopoly)

Speaking of Bitcoin Core and Bitcoin Unlimited, I am curious which implementation are you supporting and why. I have been arguing for the cause of Core but honestly I am still undecided. Listening to both sides objectively has made me a little bit confused.

You are right, we are believe that the price of Bitcoin will be increased more than $1200 again. But if Bitcoin later had problems again like weeks ago, it will be difficult to achieve a price of $1200/BTC. Now, I just hope the price will be down briefly at rate under $1000 then we can buy more, hold and sell it when the price go to $1200 above.

I don't know, doesn't seem too likely in the short term.  The uncertainty about scaling will result in surges for altcoins and potentially drops for Bitcoin for a while (until the problems are solved).

right. i have noticed too that lately that bitcoins' price is experiencing so much volatility.. i think few weeks from now the price might be gone to 1300+ usd.. so while its cheap, this is the good time to buy more bitcoins.

Rather than missing the chance of buying low it's good to buy now and benefit the best profit in a short time as the price is surely reach $1200 or even more. Because everything with bitcoin is uncertain, maybe by the next minute price peaks up. It's for our own goodness to predict and buy at the best price.

before bitcoin prices reached a price of $ 1300, I think buying bitcoin is currently quite good. Well, I guess it is the reason why you should buy a bitcoin now. because I believe, and I know people have been predicting that the price of bitcoin will actually rise above the price of $ 1,200 in the near future.