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RE: Bitcoin (BTC) Morning Update: CORRECTIONS are HEALTHY!!
If this happens, many will panic sell. Might pull out of BTC before others drop the price too much. Idk yet. I will follow closely for an update from you and look at the charts continuously to track the changes. Let’s see where this goes. This drop could be bad for all cryptos
I agree that many will panic sell if there is no sign of a turn around. However, I think that the more damning thing will be the 270,000+ back-logged transactions on the bitcoin chain, that Ether and Steemit were able to complete 1 million transactions in a 24 hour period, and a general uneasiness about crypto's following the allegations of insider trading with coinbase's support sales/trades of bitcoin cash.
Which coins do you believe someone should jump to in a situation like this?
fiat.
May I ask why you are promoting fiat currency on a cryptocurrency platform and how, in your opinion, is fiat currency better than cryptocurrency?
it's called selling your bitcoins and then buying back in after the correction.
this is why social media is so pointless.
That is not what fiat currency is. You are simply describing the age old adage "Buy Low, Sell High"
;))
Steem ;)
I think that cryptocurrency markets are going to be more fluid in its adoption and abandoning of individual coins than traditional currency simply because of their nature. This, imo, is a good thing as it will force coins to continually evolve to provide better services, at a lower rate with quicker transaction times.
Edit: Fixed incorrect terminology.
Yeah. Bitcoin wont be around in the long term or at least it will lose its spot at the top
The question is do the forks of Bitcoin suffer from the same technological limitations at Bitcoin itself or did they redo the blockchain completely. If it is the former then all the forked Alts will go the way Bitcoin does. If it is the latter then the only reason to fork Bitcoin is for the name recognition and the inclusion of Bitcoin is not necessarily indicative of the veracity of the alt coin.
I "panic" sold at a good rate, about what I had gotten in last, yesterday when there was a brief raise... that was lucky. Panic can be a healthy reaction, so to speak. At this time, the only coins that're ricing seem to be Ripple, Lisk, Dogecoin and a few lesser known ones I'd never buy anyway. Now's the time to buy. Surprisingly, Litecoin almost didn't react, and seems to be recovering first...
Just remember that prices often fluctuate wildly right before a major move, selling because of those jumps is what makes many miss the massive profits, has happened to me several times in the past :(
Me as well. I just had a hunch that this time, it would be really bad... I don't mean to make it a habit. Damn, BTC used to be so reliable.
Btw, everything is rising again... it might take till next week/New Year till the hodlers make good on this completely unnecessary fear-and-loathing scenario.
Lol your hunch was right! :)