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FYI- Myself and almost all the hardcore bitcoiners I know feel the recent price drop was due to China, not Dimon. Dimon has been making these pronouncements fo
by rothbardrand 9y ago
FYI- Myself and almost all the hardcore bitcoiners I know feel the recent price drop was due to China, not Dimon. Dimon has been making these pronouncements for years, and things had already started to turn with the rumors coming out of china.
Even then the recent drop was basically just a big trading opportunity-- the rumors kept building and once an exchange said they were going to shut down, all the whales piled in at once... to kill the price and take profits and drive out the weak hands.
And then when the other exchanges were clearly going to shut down and all the shorts had been built up, these same whales piled in at once again to get coins at a lower price.
Thats why the move is so dramatic and so quick.
I don't think this was collusion. I don't think this was coordinated or communicated or even intentional-- it was just an obvious trade and so a bunch of people jumped on it.
One thing about BTC is that it is a free market, and that means you don't have market makers who act as stops on price movements (or trading hours, LOL!) and so things are very different there.
This is why the general advice is HODL. Just buy bitcoin using dollar cost averaging, don't risk too much and hold it. Timing the market is a PITA, and I'm convinced impossible on the micro. On the macro scale, though, HODL is the best strategy.
PS; here by HODL I mean "hold on for dear life". Don't get shaken out of your coins by roller coaster weeks like this one.
- 21 9y agoChina was the trigger. But it was not the reason. The reason was the incredible appreciation over the last year. A meaningful correction was imminent. I still don't think it is done. I would expect to see 1500 again before the next leg up. But you are right, trying to nail the bottom is not a good strategy.
- jstandard 9y agoOn what basis do you expect to see 1500?
- 21 9y agoPrevious Bitcoin spikes, my financial markets experience. Like I said, if you want in, get in. But if you are not particularly itching at the moment, waiting for a MAYBE 1500 is much better.
- kobeya 9y agoNVDA has had some incredible appreciation. It outperformed BTC in 2016. Should I short it then?
- akvadrako 9y agoNVDA was a great buy a year ago but the current price only seems fair in a very optimistic scenario. I wouldn't short it, but there isn't much hope it'll go higher.
- paulsutter 9y agoHodl isn't an acronym: https://bitcointalk.org/index.php?topic=375643.0 https://bitcointalk.org/index.php?topic=375643.0 132 pages of comments
- natch 9y agoI think the commenter knew that and was being cheeky with the acronym.
- rothbardrand 9y ago"Here by HODL I mean".... pretty much makes it explicit what I am meaning by the term... which has been used in different ways. You are linking to the origination of the meme, like I've somehow made an error by specifying the specific use I'm intending.... which only reveals you're less familiar with the term than me.
- y4mi 9y agoHe isnt complaining about your intended meaning. He is complaining about your spelling of the term. It shouldn't be in caps because it's an intentional misspelling, not a sentence reduced to each words first letter
- dgut 9y agoWhat do you mean by "hardcore bitoiner"? Just curious.
- senatorobama 9y agoHe uses the colloquialisms of a day-trader. I worry about his future.
- rothbardrand 9y agoI work in the industry and am pretty well connected to core. I've worked for and founded startups in this industry. The sibling comments insults are too typical for hacker news.
- sbenitoj 9y agoHe means he has coinmarketcap.com AND coincap.io opened in two different tabs at all times to ensure he never misses a price move.
- nosuchthing 9y agoPrevailing theory is that the price is manipulated by the bitcoin central bank, aka Bitfinex's Tether minting & counterfeiting scheme. https://www.reddit.com/r/btc/comments/7059hr/more_25_million_tethers_generated_today/ https://www.reddit.com/r/btc/comments/7059hr/more_25_million... https://www.reddit.com/r/btc/comments/6xpddt/as_20m_more_tether_are_issued_today_i_think_its/ https://www.reddit.com/r/btc/comments/6xpddt/as_20m_more_tet... https://twitter.com/Bitfinexed https://twitter.com/Bitfinexed
- rothbardrand 9y agoNot only are you linking to reddit, you're linking to the sub reddit with the least educated bitcoin users in it. That sub reddit is where people who don't understand enough about bitcoin to be able to discern that SegWit is, in fact, block size increase to up to 4MB, hang out.
- blusterXY 9y agoironic
- uncletammy 9y ago> Not only are you linking to reddit... Yep, we certainly live in strange times when the most useful source for information about certain financial markets is Reddit. That is truly the case though. Most of the active developers for every client as well as the largest stakeholders in the entire crypto ecosystem are on Reddit. >... you're linking to the sub reddit with the least educated bitcoin users in it Nope. They are linking to the sub where the least educated people's voices are still allowed to be heard. The other subreddit has been turned into the very thing Bitcoin was built to destroy. > ... SegWit is, in fact, block size increase to up to 4MB You're welcome to discuss this opinión over at https://reddit.com/r/btc https://reddit.com/r/btc EDIT: formatting
- CryptoPunk 9y agoThis isn't the "prevailing theory". This is FUD: https://www.reddit.com/r/ethtrader/comments/6yqk8i/the_truth_about_bitfinex_and_tether/ https://www.reddit.com/r/ethtrader/comments/6yqk8i/the_truth...