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The Bitcoin (BTC) thread
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JayJuanGee Offline
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Post: #8051
RE: The Bitcoin (BTC) thread
Here's a tweet thread from Pierre Rochard showing the amount of developer code review activity with a significant increase in 2014 - and also showing how many code proposals are being reviewed by top developers.

https://twitter.com/pierre_rochard/statu...8478057472

[Image: ?u=https%3A%2F%2Fi.imgur.com%2FvVtj9m6.j...bLYwnZSz9w]
06-10-2019 12:25 AM
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JayJuanGee Offline
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Post: #8052
RE: The Bitcoin (BTC) thread
Here's a neat little tweet thread that touches upon some bitcoin predecessors that created some foundational principles for bitcoin.

https://twitter.com/bitrawr/status/1135130717724250113

[Image: ?u=https%3A%2F%2Fi.imgur.com%2FfYKB8hv.p...wDs4w9I8QA]
06-11-2019 04:49 PM
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JayJuanGee Offline
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Post: #8053
RE: The Bitcoin (BTC) thread
Interesting that BAKKT seems to be toying around with us (perhaps like a cat playing with a mouse?), in terms of announcing that it is beginning "testing" on July 22 regarding the launching of a BTC futures platform.

https://www.coindesk.com/bakkt-reveals-b...-test-date

Edit:

Below is another complementary linked article that mentions that BAKKT is planning to have $100 million to insure the BTC custodial aspects.

https://www.theblockcrypto.com/tiny/bakk...g-assets/?
(This post was last modified: 06-13-2019 01:05 PM by JayJuanGee.)
06-13-2019 12:46 PM
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fiasco360 Offline
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Post: #8054
RE: The Bitcoin (BTC) thread
In 2017 it was all about infinite gains in the market but lacking a lot of support both institutionally and publicly.

Now there are multitudes of announcements, improvements and varied investments. If institutional advisers start to get boomers into BTC that will open up a huge market. If boomers don't - well by the time most of them pass the traditional investment plan for most people will involve a lot more crypto currencies.

JJG - what type of wallet are you rocking?
06-14-2019 01:59 AM
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JayJuanGee Offline
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Post: #8055
RE: The Bitcoin (BTC) thread
(06-14-2019 01:59 AM)fiasco360 Wrote:  In 2017 it was all about infinite gains in the market but lacking a lot of support both institutionally and publicly.

Now there are multitudes of announcements, improvements and varied investments. If institutional advisers start to get boomers into BTC that will open up a huge market. If boomers don't - well by the time most of them pass the traditional investment plan for most people will involve a lot more crypto currencies.

JJG - what type of wallet are you rocking?

I have experimented with a few kinds of wallets, and I have heard good things about wasabi and samurai, even though they don't have IOS variants. So far, my favorite actual used cold storage wallet is the trezor. Though Ledger is decent too, and blockchain is good for having something on your phone (suggested to keep small amounts, like you would keep in an actual wallet), even though blockchain seem to be a bit pissy about actually implementing segwit on their wallet.

I keep about 10% of my total BTC value on various exchanges, and maybe that is not so great of an idea, but gives me some assurance in terms of actually using the coin through trading and having some experiential senses of changes in liquidity and even personally experiencing changes in how regular people might attempt to get in and out of BTC.

Regarding your points about changes in our bitcoin ecosystem, I agree with your overall assertion that currently, there seems to be more financialization tools and options available within the BTC sphere, but I remain reluctant to grant too much credit to mainstream financialization adoption kinds of explanations regarding bitcoin's current price location, dynamics and likely short/long term future performance.

Of course, increased financialization seems to be kind of inevitable and just part of growth of any system that has decently solid fundamentals, and clearly bitcoin falls in the category of strong and solid fundamentals. Accordingly, increased financialization of bitcoin puts upwards price pressures on BTC, but honey badger bitcoin could give two shits about these kinds of mainstream endorsements.. they are inevitable, so who gives any shits about whether mainstream financials endorse or not (I am not proclaiming that you actually care about that).

Of course, actual BTC price dynamics are affected by hard factors, such as momentum and supply, too (yeah of course financialization also puts pressures on BTC's hard supply), and throughout 2017, BTC had already been passed the halvening that had occurred in mid-2016, in which, around that time, a lot of FUD spreaders were attempting to suggest that BTC miners were going to be disincentivized by the dynamics caused by then halvening of the reward (which did not happen, and did not even seem that plausible in 2016 when it was being proclaimed) - and we find similar phoney baloney FUD spreading attempts to explain BTC halvening dynamics in current times.

Financial/trading "experts" can argue until they are blue in the face that known dynamics, such as bitcoin's halvening are already "priced in," but the fact of the matter remains that so much downward BTC price manipulation continues to be attempted through financial pressures and FUD spreading causing the actual shrinkage of the increased supply through BTC's halvening to end up having a greater effect than it otherwise should have had... In other words, continued attempts to manipulate BTC's price down, causes it to explode upward at some point.

Of course, there could be a front running of the halvening effect in order to cause BTC's price to rise on or before the next upcoming BTC halvening in May 2020, but I have my doubts about any kinds of successful BTC price front-running efforts happening, at this time....

Accordingly, even though I hate to look at past BTC price performance patterns in order to predict likely future bitcoin price performance direction(s), there seems to be little to no way around the making of such comparisons... as long as BTC's price performance seem to continue to resemble such past performance patterns - and in that regard, it seems to me that BTC price pressures are going to continue upwards in the next 1.5 to 2 years, approximately, and likely to end in another crescendo of explosive upwards BTC price movement that at some point becomes unsustainable and again ending in another crash. Of course, we are likely to also experience decently large corrections in the coming years, too, that likely scare the pants off of some of the BTC HODLers and cause some HODLers to cash out sooner than they otherwise would have cashed out.

Overall, what I am trying to say here is that 2017, and especially the last few months of 2017, represents a hard BTC price dynamics of post BTC halvening that becomes difficult to reverse and ends up crescendoing, and since currently we have not even reached our next May 2020 halvening, we are still not even near any kind of similar comparison point in terms of hard price pressures on BTC's supply to contribute to the kinds of upwards BTC price pressures and likely price crescendoing that is likely to play out in the next approximately 18 to 24 months..
06-14-2019 12:17 PM
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redbeard Offline
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Post: #8056
RE: The Bitcoin (BTC) thread
Blockstream Green is spectacular on iOS. I’ve also used Wasabi to mix coins and have no complaints, it’s an easy experience.

Both offer custom fee selection, which means you can save a handful of sats if you’re patient with your transactions.

Side rant: one of the reasons fees can get high is because wallets default to priority fee level. Sure, this ensures you get in a block fast, but is it necessary? In many cases no, you can wait a few hours for your transaction to confirm. That’s why you use custom fees.
06-14-2019 02:18 PM
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JayJuanGee Offline
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Post: #8057
RE: The Bitcoin (BTC) thread
(06-14-2019 02:18 PM)redbeard Wrote:  Blockstream Green is spectacular on iOS. I’ve also used Wasabi to mix coins and have no complaints, it’s an easy experience.

Both offer custom fee selection, which means you can save a handful of sats if you’re patient with your transactions.

Side rant: one of the reasons fees can get high is because wallets default to priority fee level. Sure, this ensures you get in a block fast, but is it necessary? In many cases no, you can wait a few hours for your transaction to confirm. That’s why you use custom fees.

Good reminders regarding utilizing the custom fees options in wallets (to the extent that wallets have those custom fees options).

I have already gotten into the habit of lowballing the fees for almost any transaction that I am sending to myself or to someone who knows and trusts me in real life and is not in a hurry to irreversibly confirm the transaction has gone through.

I understand that the first few times that any guy sends transactions he might feel a bit uncomfortable to customize fees, so in that regard, it does not hurt to send fees by regular mode and get used to how the sending/receiving works and fees vary based on times of the day (and can sometimes seem a bit random when regular fees are high/low).

By the way, if you play around with transacting in bitcoin enough, you will likely realize circumstances in which spending a bit extra on priority fees is justifiable and those would be situations in which one of the parties is not going to complete the transaction until s/he receives at least one confirmation. I do this myself in circumstances that I am sending bitcoins to someone who I don't know too well or am NOT sure if I can trust them to "do the right thing," so in those circumstances, if I am receiving the bitcoins, I will wait for one confirmation before I give the cash, and if I am sending bitcoin, I will request the cash before I send the bitcoin.

Another thing that guys can do with wallets that have customize fees features, is that they look at the fees from time to time and to verify the different fee amounts depending on how they would send the BTC to look at the difference between priority, regular, economy, low ball, custom or whatever other options that wallets might provide. So, in that regard, they can go through the process of setting up a transaction as if they were going to send it, and the wallet will estimate the fee amount in regards to the settings that the guy inputs. So, each time a guy goes through this process he will be able to perform a kind of research and measurement regarding how fees change and even how fees might change significantly in the matter of just a few hours.
06-14-2019 03:13 PM
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redbeard Offline
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Post: #8058
RE: The Bitcoin (BTC) thread
Exactly.

Another thing since we’re talking about fees, you have to remember that the wallets are giving an estimate based on current acitivity. Since it’s exactly that, an *estimate*, your transaction could confirm on either side of the distribution curve.

For example you could choose low fees, but then activity drops and you get pushed through after an hour. The opposite is also true!
06-14-2019 03:56 PM
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JayJuanGee Offline
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Post: #8059
RE: The Bitcoin (BTC) thread
Here's a nice little research article that recently came out by Grayscale..

Of course, they are quite bullish with the idea to hedge investments with bitcoin.

As you may recognize, also they are one of the largest of holders of bitcoin, and recently had spent a considerable amount of time engaged in a "drop gold" campaign.


https://grayscale.co/wp-content/uploads/...e-2019.pdf
06-15-2019 02:24 PM
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JackinMelbourne Away
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Post: #8060
RE: The Bitcoin (BTC) thread
(06-11-2019 04:49 PM)JayJuanGee Wrote:  Here's a neat little tweet thread that touches upon some bitcoin predecessors that created some foundational principles for bitcoin.

https://twitter.com/bitrawr/status/1135130717724250113

[Image: ?u=https%3A%2F%2Fi.imgur.com%2FfYKB8hv.p...wDs4w9I8QA]

Is hashcash, bitgold and bitmoney still around?

The idea that these predecessors came and went is the #1 thing that worries me about BTC itself and whether it is possible it'll be dropped and replaced when TPTB decide it's time to harvest the holders and restart the cycle again in a different guise...

It seems unlikely in the sort term, but entirely possible if you factor in what we've seen play out in the past.
06-15-2019 09:22 PM
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JayJuanGee Offline
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Post: #8061
RE: The Bitcoin (BTC) thread
(06-15-2019 09:22 PM)JackinMelbourne Wrote:  
(06-11-2019 04:49 PM)JayJuanGee Wrote:  Here's a neat little tweet thread that touches upon some bitcoin predecessors that created some foundational principles for bitcoin.

https://twitter.com/bitrawr/status/1135130717724250113

[Image: ?u=https%3A%2F%2Fi.imgur.com%2FfYKB8hv.p...wDs4w9I8QA]

Is hashcash, bitgold and bitmoney still around?

The idea that these predecessors came and went is the #1 thing that worries me about BTC itself and whether it is possible it'll be dropped and replaced when TPTB decide it's time to harvest the holders and restart the cycle again in a different guise...

It seems unlikely in the sort term, but entirely possible if you factor in what we've seen play out in the past.


Why don't you research into the matter regarding how bitcoin is different from it's predecessors and how bitcoin built upon its predecessors to cause a paradigm change that had never been experienced previously?

It is quite likely that most paradigm shifting inventions are built upon the efforts and work of the past, but they differentiate themselves from the work of the past by solving a problem that had not previously been within the realm of consciousness to solve.

In other words, you admit that you have no clue about whether any of the predecessors still exist, but at the same time, you presume that they were shut down and they were part of a pattern.

You can do better than that in your non-substantiated and speculative FUD spreading, no?

Obviously, you are hesitant about bitcoin, and likely you cannot appreciate its recent price rises either, correct? I find it quite interesting that bitcoin has experienced well over a 100% price appreciation in the past 10 weeks when it broke above $4,200 on April 1 - never to go back down to revisit that price arena (at least so far), yet there are still going to be some folks who strive only to be scared of bitcoin.. so in that regard, there are going to be some guys who are planning and investing in bitcoin (and becoming quite rich and empowered in various manners long the way), and other guys who hesitate to either create an investment plan or attempt to carry out a reasonable BTC investment plan that involves accumulation of BTC - rather than sitting on the sidelines or spouting out nonsubstantiated negative speculations.

In other words, it is quite likely that bitcoin is going to experience decently great investment returns in the coming years, and even if you believe that it might be too late or that bitcoin has already had its price appreciation for the year, you are likely going to miss out... with you ongoing and seemingly willful refusal to recognize various ways that bitcoin retains considerable upside in price potential (and otherwise with various empowering use cases, too).
06-15-2019 10:01 PM
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Post: #8062
RE: The Bitcoin (BTC) thread
Blasted through 9k, then took out 9300 like it was tissue paper.

Few sellers left...nobody is stupid enough to part with their coins now. Nobody.

Melt-up towards 10k.

Then the shit hits the fan Monday morning.
(This post was last modified: 06-16-2019 01:02 AM by MrLemon.)
06-16-2019 12:55 AM
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JayJuanGee Offline
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Post: #8063
RE: The Bitcoin (BTC) thread
(06-16-2019 12:55 AM)MrLemon Wrote:  blasted through 9k

melt-up towards 10k

Then the shit hits the fan

Pretty much correct... Seems that $10k is going to be the next resistance testing ground... let's see how long it takes to get there and if we get stuck in the mid-$9k's first? Lots of shorts still getting r3ckt, so it seems.
06-16-2019 01:01 AM
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JayJuanGee Offline
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Post: #8064
RE: The Bitcoin (BTC) thread
Here's a link to some good bitcoin resources.. .

https://dergigi.com/bitcoin/resources/
06-16-2019 01:09 AM
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jeffreyjerpp Offline
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Post: #8065
RE: The Bitcoin (BTC) thread
(06-16-2019 12:55 AM)MrLemon Wrote:  Blasted through 9k, then took out 9300 like it was tissue paper.

Few sellers left...nobody is stupid enough to part with their coins now. Nobody.

Melt-up towards 10k.

Then the shit hits the fan Monday morning.

In a good or a bad way?

There has been amazing, super persistent pressure upwards for months now.

It feels like something big is brewing....like we might wake up one day and see the price inexplicably quadrupled overnight and no one knows why...
06-16-2019 01:19 AM
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Post: #8066
RE: The Bitcoin (BTC) thread
Breached 9100 so 10k is probably happening. If 10k is breached 20k becomes possible before EOY.
06-16-2019 02:38 AM
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redbeard Offline
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Post: #8067
RE: The Bitcoin (BTC) thread
(06-16-2019 02:38 AM)[email protected] Wrote:  Breached 9100 so 10k is probably happening. If 10k is breached 20k becomes possible before EOY.

I hate to engage in unruly short-term bullishness but burner is right. 7500 being bought up like crazy showed that the bears have given up (that, or Bitfinex is really buying it up).

If $10k is breached on a weekly closing basis then $20k is on the table, but be prepared to sell the day BAKKT launches. We know how things worked out December 2017.
06-16-2019 06:20 AM
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MrLemon Offline
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Post: #8068
RE: The Bitcoin (BTC) thread
(06-16-2019 01:19 AM)jeffreyjerpp Wrote:  
(06-16-2019 12:55 AM)MrLemon Wrote:  Blasted through 9k, then took out 9300 like it was tissue paper.

Few sellers left...nobody is stupid enough to part with their coins now. Nobody.

Melt-up towards 10k.

Then the shit hits the fan Monday morning.

In a good or a bad way?

There has been amazing, super persistent pressure upwards for months now.

It feels like something big is brewing....like we might wake up one day and see the price inexplicably quadrupled overnight and no one knows why...

Good way. Like you said. At this point I think it hovers at 9k till Mon/Tues, then makes the jump for 10K and has a fierce battle there. Wall Street starts to jump in with FOMO.
(This post was last modified: 06-16-2019 10:22 PM by MrLemon.)
06-16-2019 10:20 PM
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JayJuanGee Offline
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Post: #8069
RE: The Bitcoin (BTC) thread
(06-16-2019 02:38 AM)[email protected] Wrote:  Breached 9100 so 10k is probably happening. If 10k is breached 20k becomes possible before EOY.

There are a decent number of posters (such as the below-linked tweet) coming out of the woodwork on various social media to assert that our next BTC bullrun could be coming a lot sooner than otherwise expected.... a kind of front-running that leads to ATHs in this year and then more ATHs in 2020... not out of the realm of possibilities, even though currently seeming like a stretch of plausible.


https://twitter.com/galaxyBTC/status/114...3180997632

>>>>>>Year 2017 had a similar weekly candle set-up as the one today, which was followed by a 570% price increase over the next 147 days.

Another similar price increase puts BTC price at ≈$62K by the end of October 2019. <<<<<<<<
06-17-2019 11:02 AM
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JayJuanGee Offline
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Post: #8070
RE: The Bitcoin (BTC) thread
Here's a linked article from today discussing the "golden ratio multiplier" in Bitcoin, which is described in the article and asserted as being an important way to analyze bitcoin's price (and price direction).

https://medium.com/@positivecrypto/the-g...a3f4b3eeae
06-17-2019 11:30 AM
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Post: #8071
RE: The Bitcoin (BTC) thread
(06-17-2019 11:30 AM)JayJuanGee Wrote:  Here's a linked article from today discussing the "golden ratio multiplier" in Bitcoin, which is described in the article and asserted as being an important way to analyze bitcoin's price (and price direction).

https://medium.com/@positivecrypto/the-g...a3f4b3eeae

JJG - thanks for sharing. I will be the first to say that my understanding of Bitcoin, blockchain, and the cryptosphere is still elementary at best. Still, I have enough faith to continually invest into this technology, and reading the article you linked has me excited and hopeful for the potential upwards price movement long term.

Considering my background, my question is not a suggestion that the premise (Bitcoin's adherence to the Golden ratio) is flawed, but rather where does that leave Bitcoin in the end?

Following the logical movement so far, the next 350 DMA indication - that the price has hit its upper limit - is 3x the 350 DMA. This has decreased from 5, 8, 13, 21. If this pattern holds, the next 350 DMA from 3x will be 2x.

Great! I am salivating at the possibility of this type of movement. But what happens once the 350 DMA upper price limit is 1x, where the 350DMA upper limit = 350DMA. At this stage it would suggest that the price of bitcoin would be linked to the 350DMA (could this be the system operating efficiently?), or move to the final stage of 350 DMA x 0. Alternatively, would a different moving average be introduced that links to the golden ratio, or a reversal such that we move upwards from 1,2,3, and so on.

Sure, the analysis presented in the article is just one view, and probably a useful metric for identifying trends on a macro and micro scale. I do not see how the logic extends past 1x in the fibonacci sequence. Regardless, I still intend to purchase, hold, and sell BTC through high and low swings irregardless. This article has just peaked my curiosity...
06-17-2019 06:03 PM
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Post: #8072
RE: The Bitcoin (BTC) thread
(06-17-2019 06:03 PM)The White Wolf Wrote:  
(06-17-2019 11:30 AM)JayJuanGee Wrote:  Here's a linked article from today discussing the "golden ratio multiplier" in Bitcoin, which is described in the article and asserted as being an important way to analyze bitcoin's price (and price direction).

https://medium.com/@positivecrypto/the-g...a3f4b3eeae

JJG - thanks for sharing. I will be the first to say that my understanding of Bitcoin, blockchain, and the cryptosphere is still elementary at best. Still, I have enough faith to continually invest into this technology, and reading the article you linked has me excited and hopeful for the potential upwards price movement long term.

Considering my background, my question is not a suggestion that the premise (Bitcoin's adherence to the Golden ratio) is flawed, but rather where does that leave Bitcoin in the end?

Following the logical movement so far, the next 350 DMA indication - that the price has hit its upper limit - is 3x the 350 DMA. This has decreased from 5, 8, 13, 21. If this pattern holds, the next 350 DMA from 3x will be 2x.

Great! I am salivating at the possibility of this type of movement. But what happens once the 350 DMA upper price limit is 1x, where the 350DMA upper limit = 350DMA. At this stage it would suggest that the price of bitcoin would be linked to the 350DMA (could this be the system operating efficiently?), or move to the final stage of 350 DMA x 0. Alternatively, would a different moving average be introduced that links to the golden ratio, or a reversal such that we move upwards from 1,2,3, and so on.

Sure, the analysis presented in the article is just one view, and probably a useful metric for identifying trends on a macro and micro scale. I do not see how the logic extends past 1x in the fibonacci sequence. Regardless, I still intend to purchase, hold, and sell BTC through high and low swings irregardless. This article has just peaked my curiosity...

I think that you have the right idea - which is to take any of these kinds of theories with a considerably decently-sized grain of salt.

You should be attempting to figure out for yourself what your investment plan and strategy should be, and attempting to tailor your thinking to your own financial and viewpoint circumstances, including considering your cashflow, other investments, risk tolerance, views of bitcoin, timeline and how much skills and time you plan to put into your investment(s).

Further, I consider the bullish predictions and the range within the golden ratio multiplier as both better case scenarios and worser case scenarios, even though the whole thing does seem to outline a considerably bullish rangeset.

One other thing is that personally, I have never really leveraged (or borrowed money) in order to invest in bitcoin, but some people have gone down that route with varying degrees of success (or failure). If you catch the wrong price direction, or if you fail to adequately account for your own cashflow issues, you could end up losing a lot of money on what should otherwise be a really decent investment (bitcoin) as compared with other possible investments... and of course, none of it is guaranteed, and could end up crashing to zero.. so each of us should be careful in preparation for that possible price direction, too.
06-17-2019 06:15 PM
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Post: #8073
RE: The Bitcoin (BTC) thread
(06-16-2019 01:01 AM)JayJuanGee Wrote:  
(06-16-2019 12:55 AM)MrLemon Wrote:  blasted through 9k

melt-up towards 10k

Then the shit hits the fan

Pretty much correct... Seems that $10k is going to be the next resistance testing ground... let's see how long it takes to get there and if we get stuck in the mid-$9k's first? Lots of shorts still getting r3ckt, so it seems.

Actually it might sit at 9k for a month, allowing people to pump it and dump it a few times, giving all the players time to shake their booties.

Then in 2-4 weeks maybe, it goes up to 10k. Maybe it goes to 9600 and hangs out for a week, then past 10k to 10.5, bouncing and settling at 10.1.

Seems to be the pattern. Who knows.
06-18-2019 10:53 PM
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Post: #8074
RE: The Bitcoin (BTC) thread
(06-18-2019 10:53 PM)MrLemon Wrote:  
(06-16-2019 01:01 AM)JayJuanGee Wrote:  
(06-16-2019 12:55 AM)MrLemon Wrote:  blasted through 9k

melt-up towards 10k

Then the shit hits the fan

Pretty much correct... Seems that $10k is going to be the next resistance testing ground... let's see how long it takes to get there and if we get stuck in the mid-$9k's first? Lots of shorts still getting r3ckt, so it seems.

Actually it might sit at 9k for a month, allowing people to pump it and dump it a few times, giving all the players time to shake their booties.

Then in 2-4 weeks maybe, it goes up to 10k. Maybe it goes to 9600 and hangs out for a week, then past 10k to 10.5, bouncing and settling at 10.1.

Seems to be the pattern. Who knows.

Hard to know for sure about whether buyers have run out of energies, but it seems to me that if we hang out in the supra $9ks for more than a few more days, or even up to a week, then we might run out of steam, in this range, which would cause at least some correction.

More realistic, it seems to me that we are still witnessing a decent amount of ongoing upwards price pressures.... but yeah, sometimes there can be a bit of a need to slow down for at least a little while to regroup, but 2-4 weeks seems like it could cause a greater correction.. but I don't know, either, just guessing.

Of course, I prefer UP, but since we have not really had too much of any kind of meaningful correction since April 1, my BTC holdings are kind of prepared for down in the seemingly less likelihood that it happens now, rather than after we get above $11k.... even getting above $11k does not really guarantee a meaningful correction since BTC shorters do seem to be continuing to provide a decent quantity of fuel for more and more UP... and maybe the UP will not stop until the shorters stop providing the shorting fuel?
06-18-2019 11:43 PM
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Enhanced Eddie Offline
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Post: #8075
RE: The Bitcoin (BTC) thread
The guys from World Crypto Network predicted 4 days ago that it'll cross the 9k line... and that the dragonball memes are going to get spammed everywhere which will then push it above 10k.

This is one of the few crypto channels I still follow... along with Antonopoulos (even though he doesn't speculate much, he mostly talks about the technology and political implications, which are more important anyway IMO.



06-18-2019 11:59 PM
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