Is Bitcoin the Next Big Thing?

[dee]

I just got some more xrp. Its a big correction that was overdue.

 

[bonusmedia]

Wonder if we'll see a 'bull trap'?

I've seen some quite desperate posts today about how this is just end of year profit-taking.
Problem is it doesn't really matter how or why it started, once people see a fire they rush for the exits - the same herd mentality that caused the spike.

Just eyeballing that 1y chart, if it followed 'the anatomy of a bubble' above, it would fall to something like $3-4K and then recover to $5-6K

 

[Edwin]

Don't forget that there's very very low liquidity compared to the stock market, and virtually no barriers to freefall drops (there are no "circuit breakers" such as get switched on when stocks drop a certain % to prevent trades for an hour, a few hours, or the rest of the day).

So IF people start panicking then it could just keep going lower and lower, especially if some of the huge positions held by the 1,000 "whales" start to be liquidated. And small investors have never historically had strong stomachs, so a lot of the newcomers who piled into BTC in the last few days and weeks may be reversing back out as fast as they can.

Or we could see it back to 20,000 next week. Who knows. But right now it's dropping about 1% every 3-4 minutes.

 

[TinkyWinky]

Heading towards 50% lower then peak... that's a huge drop in anyone's language... bound to be some buying back in that will steady it at some point... but picking that point could be tricky... glad I haven't invested!!

 

[Edwin]

Up 6% in 3 minutes. But digging into things a bit on Twitter, it's possible that's because Coinbase couldn't keep up with transactions. Or it could be "real". Either way, the swings make a yo-yo look rock steady.

 

[ian]

This drop isn't a surprise, a correction was coming, thankfully I'm up a significant amount but never nice to see that drop. I'm very much of the mindset of buy whilst others sell, but I've allocated all I can to this for now. This correction might help weed out some of the projects with no real world use, and yes, I include Bitcoin in that; good opportunity for real tokens like Litecoin, Dash, Ripple, EOS, Stellar etc to take market share.

 

[jbworldwide]

see now I look at all of this and could have got into Ripple earlier which would have yielded a 20% increase. This must be being driven by the pump by those that have sold out of Bitcoin and are looking for the next thing to pump. Gonna be interesting for the other currencies for a while.

 

[jbworldwide]

I've just had a look at the market caps and all are -15%+ over the past 24hours.

Is Christmas having an effect?

Anyway, now is a good time to start thinking about when to enter the market. I still think Ripple is a more solid option of all the gambles in the market.

 

[accelerator]

Is Christmas having an effect?

I doubt it's Christmas, more the fact that Bitcoin started to be talked about on mainstream media more, went parabolic, and some of the whales are deciding it's time to cash out. I think buying Bitcoin is currently such a wild ride because big percentages are still held by a select number of people, hence their actions can cause yo-yoing in in the price.

 

[RobM]

Whales such as North Korea perhaps?....a country gets lots of bitcoins with a virus, artificially inflates the price globally, then dumps. That wouldn't surprise me. We have been told the first part is true, I receive enough spam and there's enough media attention for part two, if part 3 happens N. Korea has lots of nice foreign currency at the same time as kicking investors in the teeth - a double whammy for them. Of course this might not (probably isn't) the case. Imagine if you sold your house for bitcoins a few days ago though - you just lost a third of your money.

 

[jbworldwide]

Wonder if we'll see a 'bull trap'?

It might be happening now... Ripple has gone to $1.10

 

[ausername]

Each time this happens a new group of people are scared away from bitcoin for life.

This is why people say that its a ponzi which will collapse when they run out of new mug punters.

And you've got the founder of one of the most famous and most successful cryptocurrencies exiting at the very top, and loads of people in denial about what just what's he has just done including one on here

Apparently sold to be transparent and avoid a conflict of interest, but not transparent enough to ever tell anybody how many coins he owned. Some are speculative at around 1 million.... so $320m (ish).

 

[RobM]

1 million coins is about $14 BILLION not million. Will be interesting when they are 'worth' more than money available to cash them in

 

[ausername]

Litecoin founder sold his Litecoin, at around $320 a piece, not bitcoin.

If he had 1 million as believed then x 320 = $320m.

 

[scottmccloud]

Great piece from Ron Insana and some very wise words.

"Nothing goes up forever. Trees don't grow to the sky, as they say on Wall Street. And the last person into a speculative frenzy never gets out before it's too late."

https://www.cnbc.com/2017/12/22/the...tcoin-never-gets-out-before-its-too-late.html

 

[Murray]

Hey guys I have 0.0056993 bitcoin left in a wallet

Sounds tiny, but with the price being so high it's about £60

It's too low of an amount to sell on LocalBitcoin though

Any idea what I can do with it? thanks

 

[ausername]

Hey guys I have 0.0056993 bitcoin left in a wallet

Sounds tiny, but with the price being so high it's about £60

It's too low of an amount to sell on LocalBitcoin though

Any idea what I can do with it? thanks

Why don't you just keep it and forget about it for 10 years, on the off chance that bitcoin is worth $1 million in the future? McAfee and the Winklevoss twins seem to think that it will.

They are probably wrong, but hey.... one built the worlds most famous virus software the others pretty much founded facebook.... so got to be worth a punt for £60?

 

[scottmccloud]

Hey guys I have 0.0056993 bitcoin left in a wallet

Sounds tiny, but with the price being so high it's about £60

It's too low of an amount to sell on LocalBitcoin though

Any idea what I can do with it? thanks

For £60, I'd leave it where it is, who knows what might happen? Like @ausername says, got to be worth a punt.

On a similar theme, some interesting insights in this article about how today's mountains could turn out to be mere mole-hills, as well as a good overview of some of the other cryptocurrencies that may be worth investing in.

https://hackernoon.com/mastering-shitcoins-the-poor-mans-guide-to-getting-crypto-rich-2e469b762ba9

 

[Murray]

Id rather have the £60 now

Is there easy way of using it to buy something? if not, then it's not the greatest currency

I was looking at how to buy a giftcard for amazon.co.uk with bitcoin but that doesn't seem easy

 

[Murray]

I've used Giftoff.co.uk numerous times to buy Amazon gift cards with bitcoin. The fees for sending Bitcoin payments are quite high at the moment though due to network congestion.

Oh yeah I was looking at them, but when I tried to pay it gave a QR code instead of a wallet address that I think you have to have bitpay to use? I only have an old multibit wallet