Please be weary and aware of the sandbox you are playing in. The prices of not only bitcoin, but cryptos in general are being manipulated by exchanges via Tether. Tether is not redeemable for USD but it certainly masquerades as the dollar. Even following the dollars mantra... endless money printing with little to no concern about its effect on our crypto economy as a whole. Yesterday 70 Million Tethers were added to the circulating supply! Tether is growing at faster percentage points then BTC. This is a major concern. Bitcoin is and was to remain as far removed from endless fiat as possible. Apparently greed has sunken its teeth into our "decentralized" peer to peer economy built on none other than "Trust" I love bitcoin as much as anyone here. Unfortunately real adoption has not taken place. Instead mass speculation is reaching all time highs while the viability and everyday use cases for bitcoin diminish....
Can Bitcoin reach 10 k ? Yes ! It can also retrace to 4-5k in a matter of 24-48 hrs. Its all about risk vs reward. I am sorry but its just not there.
CME is probably NOT going to be beneficial to BTC. If we had a healthy correction, I could see wall street getting behind a long position. However, at these levels big (smart) money will more likely being going short. To quote the CME... "We will tame Bitcoin". Tame is not synonymous with bull in my book. If any of you have any understanding of macro economics you will know the futures markets and commodities have a nefarious reputation to say the least. Futures markets have being used against commodities to target regions, economies, and ideals. You have been warned
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$30 million dollar Tether hack. Cracks starting to show... Told ya ; )
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George Soros has announced his intention to short BTC when the futures markets open. If anybody wants to compare his net worth to BTC's market cap be my guest...
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I am expecting the big (short) players to let BTC ride to 10k before pulling the rug....
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BTC price has skyrocketed the past two weeks. This is due to massive OTC purchases by large players and institutions. My point of view on this has not changed... despite the fact I got the specific price point wrong
Bitcoin cannot be adopted more widely in real-world applications as long as it is broken. And with a 1M block size it is already capped artificially there. Fees to move it are high, and so are wait times. BTC will see less adoption in the real world going forward, not less. It is now essentially useless as a cryptocurrency. This is why I'm now much more bullish on Bitcoin Cash.
Bitcoin could still straighten itself out, but it would have to hard fork again and actually achieve consensus so that the new fork became BTC, but with a minimum of a 4M block - more would be better (and in my view, ditch segwit, but Blockstream wouldn't stand for that.)
Bitcoin Cash, meanwhile, is being welcomed with open arms by people who want to actually use their cryptocurrency as a cryptocurrency. The current price at 1200-ish is basically a gift, in my opinion there is no question that it will go on the rise. Most likely quite soon.
Yes, in the short term BItcoin will most likely continue, it is on a parabolic trajectory, but sooner or later its technical limitations will come home to roost.
mcgough_max
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@KimmoJ, mirror my thoughts exactly! thanks for the input
Eu moro no Brasil e leio tudo q posso. Concordo com você mcgough. A ganancia humana destrói muitas coisas, mas o verdadeiro e util ficara preservado. Todos irão sentir sim, mas havera um retorno. BTC só tem a fama, outras o substituirão naturalmente. A manipulação e a ignorancia sempre irão existir, principalmente quando se esta de olhos vendados pela ganancia.
Grato por suas postagens, ja sabia destes fatos mas devemos divulgar sempre.
Eduardo
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I'm not saying this because I doubt your contention, in fact I suspect all of these things to be true, but I'd be interested in reviewing any sources you have to back your assertions. I often look at the situation and think that there's no way big institutions would be willing to let BTC go on as we have come to think of it but would do anything to wrestle control of it if they themselves are not the de facto "Satoshi" in the first place. You're welcome to PM or post more broadly as I'm sure I'm not the only one interested in this particular subject in the interest of risk management.
mcgough_max
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@tchat, Information on Tether as well Bitfnex is well out into the open. A simple google search will return droves of information. Ignorance in this matter will not end blissfully my friend
tchat
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@mcgough_max, Which is why I ask if you have particular, reliable sources of information that break down the Tether/BTC relationship. Ignorance of the fact that reliance upon Google searches in general lead to all manner of misinformation and disinformation won't end well either, but if you don't have any better detail I'll take your portents of doom with the same grain of salt I take all the others, along with those of million dollar valuations by the end of next year.
mcgough_max
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@tchat, The numbers are all there. Look at the market cap of tether! If you have a basic understanding of mathematics you need only listen to the numbers in your head and the feeling in your gut. My post is not the end all. It is pointing out an ever increasing issue concerning manipulation and suspicious activity by exchanges. The ball is in your court at this point. You may choose to ignore my caution, or you may do your OWN research and decide for yourself where you stand on the matter. There are detailed breakdowns of the basic numbers and facts that support my claims. I am just a stepping stone... move along
Arvin_Darred
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@mcgough_max, Dude. The guy is asking for your sources so he can agree or disagree with your position on the manner. As per your own writing, this is a warning message, so why not give him your sources so that he can verify the credibility for himself. Dont be a hypocrite.
mcgough_max
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@Arvin_Darred, There are countless sources... some more reliable then others. I quite frankly do not have the time to put together a power point. I prefer to let people take my heed with a grain of salt and do their own research. I am not here to debate and fact check today. sorry
Bitcoin could still straighten itself out, but it would have to hard fork again and actually achieve consensus so that the new fork became BTC, but with a minimum of a 4M block - more would be better (and in my view, ditch segwit, but Blockstream wouldn't stand for that.)
Bitcoin Cash, meanwhile, is being welcomed with open arms by people who want to actually use their cryptocurrency as a cryptocurrency. The current price at 1200-ish is basically a gift, in my opinion there is no question that it will go on the rise. Most likely quite soon.
Yes, in the short term BItcoin will most likely continue, it is on a parabolic trajectory, but sooner or later its technical limitations will come home to roost.