I am definitely thinking this is the time to load up on crypto. August 1 will solidify the BTC blockchain and everyone will regain their confidence.
"Technical s" and "fundamentals" talking about cryto? Come on now BuggedOut, we should all know by now these do not apply here AT ALL. Get in ride the wave and be one of the first to get out. Rinse ,repeat. This is a gravy train that has so much to offer if people are smart, being that most people are not smart that gives us here an edge. Much like yourself BuggedOut i will be posting some plays im making or intending to make in a couple of weeks time . I do like cryptos for making money like penny stocks. The downside for me is just when i "think" i am getting a firm grasp of the whole deal something happens to make me realize i am not even close . It will not just be about the tech for people like me (who are just looking to make money) it will also be about cool names and numbers just like the people picking horses in the pub. I see this whole arena as a misunderstood casino for many and i hope to cash in . I do not have , nor do i need an opinion on blockchain in order to make or lose some good money in this exciting market. Is there anywhere else you can buy in for $0.0003 a unit and sell a few months later for $3.00? I have never seen one
broken the $2000 usd mark, will buggedout pick the bottom? hoping to see more pictures with lines drawn on graphs.
Technicals won't mean jack sh*t this time next weekend once SegWit2x starts signalling. It is ALL fundamentals then. If SegWit2x gets 90% signalling support by July 22 I'd expect a strong rally. Regardless of technicals. This weekend is all about the FUD. If it's not the capitulation low then it's close IMHO.
As an aside, I am surprised to see the extent of FUD this last 2 weeks. SegWit2x looked like a solution to the hard fork fears weeks ago, but people are still freaking out about the prospects of a it happening. I think it proves to me that most investing in the technology really don't understand it. Sure we have seen a bit of brinkmanship going on, and a LOT of destabilising misinformation, but I'll be gobsmacked if sanity does not prevail here.
The market going down has little to do with whats happening with bitcoin imo. If it was, bitcoins market cap would have declined instead of increase. The main reasons cryptos went up fast is now the reasons its going down. Rubbish ICO's, leverage trading and FOMO. Regarding SegWit2x are you saying it doesn't involve a hard fork? To my understanding it happens in 2 stages, first Segwit gets implemented then months later they signal a hard fork to 2MB block size. If you want to increase the blocksize you have to hard fork, there is no way around it. Though if everyone is organised and agrees it's not a big issue. The issue with increase blocksize is you rapidly increase the blockchain growth rate, which further discourage people to run full nodes. (2MB equals to about 100GB per year) Soon you will need to be running some form of RAID with something like Btrfs or ZFS with data checksum to verify data integrity. Last thing you want to do is redownload and verify 100s of GB and later TB of data everytime a HDD dies.
My scenario is that SegWit2x signals on July 21 and gets up before UASF BIP 148 on August 1. With everyone agreeing on SegWit there is no chain split -> FUD dispels and market rallies. The block size increase involves a hard fork down the road, but not necessarily a chain split if UASF BIP 148 is weak. My scenario is a kick of the can for 3+ months and a short term increase in capacity due to SegWit (and market relief rally similar to LTC earlier this year). Bitcoin Core and the Miners will probably face off again over the hard fork in November, or later, but 3 months is a long time away and plenty of time for a return to mania in the meantime. I can do a risk assessment on the block size increase when the time comes. As for the alt-coin decimation I do think it's related. We did have mania and an overshoot, but the BIP148 and ETH issues popped the mania and turned sentiment negative. It is the negative sentiment that is now unwinding the alts. It needed to happen, but I do think the Bitcoin issues have been the main catalyst for sentiment turning.
I assumed BIP 148 was old news as SegWit2x support is far ahead now. So you're correct that there is no reason to fear a hard fork (chain split) anytime in the next few months. And i 100% agree that this down turn needed to happen in order to flush out all the rubbish altcoins, as it was destroying credibility in the crypto space. It was all becoming a joke. I wish people believed in it more instead of acting like junkies looking for a quick flip.
I should have clarified for others reading. A hard fork and a chain split are NOT the same thing. One can cause the other, but it is actually the prospect of a chain split that has everyone freaking out. A hard fork without chain split is nothing to fear.
Of course it's related. Look at Coinmarketcap, look at the front page, look at the 7 day price graph. With a few variances, they're all basically identical to Bitcoin. Confidence being lost in Bitcoin, means confidence being lost in the entire crypto market.
Can you explain to me if you had say litecoin why would you care what happens in bitcoin. Also can you explain to me why bitcoin total market share is increasing if people have an issue with it? Help me understand. Let me put it this way. If you had US dollars, why would you care what the Yen does? And if you had an issue with the yen why would you hold more in the yen?
The alts have higher volatility. They behave a bit like being leveraged against Bitcoin. So on good news Bitcoin goes +10% or on bad news -10%....but the alts go +50% or -50%. So just because Bitcoin is going -10% and alts going -30%, relatively speaking, that's to be expected. They are all in the same "investment sector" but bitcoin is the market leader, so news that affects the market leader of that sector will affect sentiment across the entire sector. It happens all the time in regular financial markets. How many times have you seen a bank (for example) release a bad profit result and then see selling across all the other banks shares too?
Yes to some degree, but nothing as much as what we are seeing here. also please explain why if bitcoin is the main issue then why is it's market Share increasing? Also like we talked about, bitcoin is not facing any issue atm.
From the looks of it, people trust bitcoin but not the exchange and altcoins. So people are moving bitcoin off the exchange and into private wallets. So looks like the main issue is people have no trust in altcoins and with good reason. Bitcoin under $2000 is its true price atm and we are just moving back to fundamentals. And I think without saying 95% of altcoins are worth $0
What i find funny about bitcoin is the argument used by its promoters and investors when it is pointed that it is a pyramid scheme. Instead of proving it has value in real world applications and the it is relied upon in a market that is secure in existence and relatively permanent, the key components of a good market. They instead point to the profitability of it as justification for their investment. This in my opinion is the key indicator of a pyramid scheme that will collapse one day leaving the last investors out of pocket and others extremely rich. History may not repeat itself but i have heard this rhyme before. And do i wish I had bought $10000 in at $1 and sold at $3k. Damn right i do. But i wont buy in @$3k and be left with a $20 usb stick when it all falls down. Will you?
We don't all have this view, though I'm afraid most do. I for one would rather the price not go up and I can use it in more places. Though I've been criticised for using bitcoin to buy goods and services in the real world. I do hope people change the way they view cryptos or else you might be proven correct in the end. I really hope this doesn't happen, as I see real value in this system.
I'm not here to convince you of anything, or even answer your doubts. If that is what you think then I advise you to stay away. Come back in 10 years maybe and reminisce - even gloat if you like I have never justified my investment with a profit argument. Bitcoin (and others) to me are a means of exchange that sits outside the entangled and over-leveraged financial system. It is actually a risk diversification and it allows me to transact wealth securely a magnitude of times faster than the current financial system, and fairly cheaply, without using a middle-man. The fact that not many merchants accept payment this way is kind of irrelevant. They'll come around in time. People don't understand that the decentralised nature of crypto technology empowers communities to self manage their own assets and organisations in a democratised way. You will hear more about Decentralised Autonomous Organisations (and businesses) in time. But clearly early adoption is not for everyone, so I point you elsewhere. Please don't spread your own FUD (Fear Uncertainty Doubt) here as there are people genuinely interested in studying and learning about the technology.
