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RE: Bitcoin (BTC) Evening Update: A Directional Resolution is Needed
For what, Bitcoin ?
Well... I don't know anyone who cares about transaction fees for Bitcoin - when I hold Bitcoin, I hold it at an exchange, I never use it for transactions. If I would hold it for longer, I'd transfer it to a wallet but I haven't seen the need for that these last weeks, I went between alts and fiat and Bitcoin, and whenever I sent funds elsewhere, I used ETH. I honestly dont know anyone who uses Btcoin for transactions, so why would their price be such a decisive factor. Bitcoin is for investment only these days.
It was a joke!
But there is no way I would hold btc on an exchange. Mt gox and several others should demonstrate that’s an easy way to lose the lot. Especially given the crash! Let’s see who survives!!
Well, bitshares should be safe.
No, you sounded so serious ;))
I mostly use Bitcoin to buy other coins at the exchanges... I had some in my wallet till mid December, but sending them really is inconvenient... lets face it, Bitcoin at this time isn't the asset of choice. What it mostly does is bring down the rest with it... well you have to have SOMETHING at an exchange, can't be helped.
Safest is of course not to trade - maybe thats the reason hodlers ar hodlers...
I agree btc is not easily usable at present. But as an asset it’s fine. And all crypto markets are heavily correlated because investment is based on speculation. People are not buying based on the merits of the individual coin. They buy because they think it will go up! So when btc drops people (rightly) believe their coin will also drop. This will continue until people invest in coins based on their individual merits!
True, but this approach is overall rather intellectual and human decisions are (that's the problem) being made emotionally to a large degree. FUD and FOMO work so well because we're domesticated herd animals, children fascinated by the fact that all rivers are running in the same direction...