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Bitcoin breaks $15,000

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Original post by HucktheForde
ah yes that is, i cant explain it in my own words. blockchain is all too complex for me.


ps: where can i learn?


There are plenty of videos on youtube that explain the basics or even the wiki is a good start. Here's a video to get you started

[video="youtube;KP_hGPQVLpA"]https://www.youtube.com/watch?v=KP_hGPQVLpA[/video]
Bitcoin didn't drop as hard as I thought but either way, my altcoins have been BOOMING!
There will probably a correction similar to dot com crash in 2002, but given the scale of market cap it is still couple of years away. Constant bitcoin forks do not seem to benefit bitcoin and vulnerability to centralization is still up in the air. One thing certain is that blockchain is here to stay, so with 10% of one's funds and fundamental analysis of some projects that bring value out there, the risk/reward ratio seems juice indeed, but be patient. Bitcoin dropped from $1200 to $200, not many would swallow this loss, so going ALL IN is hardly justified unless you are a wacko of some sort.
Original post by IStructE
There will probably a correction similar to dot com crash in 2002, but given the scale of market cap it is still couple of years away. Constant bitcoin forks do not seem to benefit bitcoin and vulnerability to centralization is still up in the air. One thing certain is that blockchain is here to stay, so with 10% of one's funds and fundamental analysis of some projects that bring value out there, the risk/reward ratio seems juice indeed, but be patient. Bitcoin dropped from $1200 to $200, not many would swallow this loss, so going ALL IN is hardly justified unless you are a wacko of some sort.


The only reason bitcoin dropped from $1200 to $200 was the MtGox exchange hack where the hackers instantly sold all the bitcoins they stole. Unless we experience some major black swan event, bitcoin isn't going anywhere but upwards in the long run.
Original post by Ninja Squirrel
The only reason bitcoin dropped from $1200 to $200 was the MtGox exchange hack where the hackers instantly sold all the bitcoins they stole. Unless we experience some major black swan event, bitcoin isn't going anywhere but upwards in the long run.


This is untrue. MtGox we running for a long time without the bitcoins on their books also being in their possession and I mean a long time maybe over a year. For a long time Mt Gox was Bitcoin in that purchasing it was almost always done through Mt Gox, the other main place being coinbase.
Original post by Ninja Squirrel
The only reason bitcoin dropped from $1200 to $200 was the MtGox exchange hack where the hackers instantly sold all the bitcoins they stole. Unless we experience some major black swan event, bitcoin isn't going anywhere but upwards in the long run.


It is still useful to know that POW blockchains like bitcoin are vulnerable to quantum attack. Given how often bitcoin is labelled as attractive store of value coin, the future does not look so certain with quantum computers developing. There are also issues with centralization as I already mentioned - 80% of hashing power is shared amonsgt chinese mining pools. It quite ironic that the daddy of cryptos may become centralised infringing its most valuable selling point. How the mining can be sustained with such energy consumtpion cost etc... So its not just the matter of throwing money in this ecosystem and forgetting about it for ten years relying on speculation that the value will increase in the long run.
Original post by IStructE
It is still useful to know that POW blockchains like bitcoin are vulnerable to quantum attack. Given how often bitcoin is labelled as attractive store of value coin, the future does not look so certain with quantum computers developing. There are also issues with centralization as I already mentioned - 80% of hashing power is shared amonsgt chinese mining pools. It quite ironic that the daddy of cryptos may become centralised infringing its most valuable selling point. How the mining can be sustained with such energy consumtpion cost etc... So its not just the matter of throwing money in this ecosystem and forgetting about it for ten years relying on speculation that the value will increase in the long run.


That is true and bitcoin is definitely at risk of this.

However Ethereum, which is the second largest crypto in terms of market cap and has a ton of functionality besides just being a token is considered "reasonably" quantum proof. You can read more about it here https://github.com/ethereum/EIPs/issues/28

One thing is for sure, physical mining will eventually be replaced with virtual mining and blockchains will have to be quantum proofed to succeed. I have strong belief in the development team of Ethereum to solve all the challenges that lie ahead.
Original post by Ninja Squirrel
That is true and bitcoin is definitely at risk of this.

However Ethereum, which is the second largest crypto in terms of market cap and has a ton of functionality besides just being a token is considered "reasonably" quantum proof. You can read more about it here https://github.com/ethereum/EIPs/issues/28

One thing is for sure, physical mining will eventually be replaced with virtual mining and blockchains will have to be quantum proofed to succeed. I have strong belief in the development team of Ethereum to solve all the challenges that lie ahead.


Agree on ethereum, this is my bet. Sky is the limit for these guys. Its better to hold bitcoin though atm with these fork doodsie doodles.
Altcoins all the way whilst we're at discount prices imo. Especially OMG, Ark and maybe Lisk
Original post by Trihawk7
Altcoins all the way whilst we're at discount prices imo. Especially OMG, Ark and maybe Lisk


The only two alts I hold are ether and omg. Alts have been lacking recently though with bitcoins dominance.
bitcoin seems to be unable to break the 6000 usd treshold....lingering around 5700-5900 USD
Original post by HucktheForde
bitcoin seems to be unable to break the 6000 usd treshold....lingering around 5700-5900 USD


Maybe consolidating for the next big push or it's getting ready for a major breakdown. We'll see :smile:
Original post by Ninja Squirrel
Maybe consolidating for the next big push or it's getting ready for a major breakdown. We'll see :smile:


i am nervous as i keep buying around usd 5700-5800


btw how does bitcoin exchnges work since bitcoin isnt a centralized currency? surely every exchange have slightly different prices then?
Original post by Ninja Squirrel
Maybe consolidating for the next big push or it's getting ready for a major breakdown. We'll see :smile:


right now what i am doing is i have 40% of my money tied down for long term (i dont sell them )

and 60% of my bank i use them to scalp. scalp as in buying at daily support level and sell at resistant level..then rinse and repeat
A couple of years ago when on holiday in Amsterdam I was going to go to a festival, until I discovered that unless I had a Dutch bank account, the only way I could buy a ticket was in bitcoins. Seemed a tad unfair.
Original post by HucktheForde

btw how does bitcoin exchnges work since bitcoin isnt a centralized currency? surely every exchange have slightly different prices then?


In theory yes and back in 2013 this was definitely true, in fact more recently it was true with Chinese exchanges blocking bitcoin withdrawals but not those denominated in fiat. Overall when this arises traders will spot the arbitrage opportunities, buying on one and selling on another to level out the prices.
(edited 6 years ago)
Reply 36
Avatar for ANM775
ANM775
20
just had a look at bitcoin on tradingview.com and improvised a tdi on it

imo, it is very much looking like it will go way higher than 6000, although it may end up pulling back for a few weeks, ...but long term i think it's actually heading way higher......


monthly chart:
https://s1.postimg.org/19fidfc53j/bitcoin1m.png

weekly chart:
https://s1.postimg.org/8d0577oicv/bitcoin1w.png

but the 4hr chart [can't be bothered to upload] looks like the 6000 level may indeed crack as we have a bullish outside bar, and the bar right now is really trying to push through it. But whether we push though here or pull back, my long term forcast is that bitcoin is heading up quite a large amount higher.

it's a pity my broker does not offer bitcoin, because I would try and catch the pullbacks on the 4 hour chart at a support level whilst the daily, weekly, and monthly TDI's are still bullish, and use a small stop loss and hopefully make many times my risk without price having to travel a huge amount.

but screw buying right now at $6000 like most people will with all their money and just hoping for it to go up and up. you'd need it to actually reach $12000 now to double your money if you do it like it that............which is a fair gamble

edit: since i've been typing this post price has moved above 6000..., but will it stay there this upcoming week?
Reply 37
Avatar for ANM775
ANM775
20
looks like price completely blew through on the 4 hour now. If we can get a retest of the 6000 level and then a bounce off the level and tdi cross, if I was trading bitcoin I would actually buy some and put a stop loss at 5378 ...and just ride that for a very long time

although buyers look so strong atm im skeptical we'll even retest the 6000 level...
When it comes to bitcoin and cryptocurrencies in general I prefer to invest rather than trade. I do trade the alts though because generally when bitcoin is soaring the alts start to fall a little.

Bitcoin is on a storming run tonight :biggrin:

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