Bitcoin is headed to crazy highs and so are some altcoins.
I just looked at a USD/CNY max timeline chart... USD/CNY was 1:8 at one point. Trump may strengthen the dollar by auditing the FED, getting back to sound monetary policy and bringing jobs here. Slowing the tide or at least redirecting the flow of printed USD by telling the FED we the people are now watching them. Bitcoin will have pullbacks but If we assume it moves like a fractal... We just made a new high... a 3 year high... So this should now be the bottom of a much bigger U shaped chart yet to be drawn. Short term ups and downs aside I am a crypto perma-bull and I trade to increase my coin more than I do USD... I think most of us fit in to that category.... That is why we hate to see BTC drop 400$ in a few hours. But it happens when you are up this high. Bitcoin early adopters, exchanges and rich guys with short positions can all push the price. The very fact China is so heavily invested in Bitcoin that Yuan moves effect it strongly, more than anything is a good sign....
Not financial advice
Thanks for resteeming, hope you enjoy your day.
The problem with Bitcoin lies in people trying to push the price. The people doing the pushing will be the first to dump it. Leaving the poor fools who bought the "ever higher" argument, and this time it's different" promise wondering what hit them.
Do not misunderstand, Bitcoin is a foundation for a new way to implement money. But the people who are pushing Bitcoin as an investment are missing the point. Bitcoin can be substituted by other cryptocurrency projects, and will be, as people become more sophisticated in the handling of cryptocurrency. Hyping Bitcoin as a way to wealth undermines its utility as a medium of exchange.
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ColdMonkey mines Gridcoin through generating BOINC computations for science...
volatility is great for trading, I welcome pull backs, specially fast ones like yesterday and today
Yes, volatility is great in trading, where you can Call as well as Put. However, if you are the owner of a Bitcoin and the value falls, then you have lost your money.
you only loose your money if you sell the bitcoin, hold it and wait, and only sell when it's at the top, when bitcoin goes to the top is when I like to take some profit
That is the argument people use when they buy houses too. The price is bound to go up. No, when the market drops, the money is lost to those who were hyping it as a sure thing.
Lmao what... If you bought Bitcoin at the previous all time high and held it you'd be in good shape now so Craig is exactly right
The argument that all you need do is wait for an opportunity to sell at a higher price implies that everyone everywhere is always going to make money matter what. It also presumes that prices will always rise. Fine, if you have got infinite time, and no better use for your money. Although Bitcoin as some history in that matter, it is unlikely to remain dominant, something will come along and wipe it out. True, Bitcoin is in a unique position at the moment, but it is easily substituted, and cannot continue to increase in value indefinitely.
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ColdMonkey mines Gridcoin through generating voluntary BOINC computations for science...
I think the 100% opposite of what you think about bitcoin, balance is beautiful
Bitcoin only gets more scarce over time, and I am not presuming, I just know what BItcoin has done so far is within what I and Craig said about holding.
I think Bitcoin as an investment is more than hype and gives more reason to use it as a medium of exchange
In the end it all comes down to judgment.
lol