Support NeoGAF

[ThatStupidLion]

Seems like we’ve hit the floor folks! Anyone been following along? All signs are aligning for the speculated 2nd half of 2018. People are itching for that bull market!

 

[bigedole]

I'm trying not to get my hopes up, but I've held through these last few months and picked up a few extra eth along the way.

 

[DonMigs85]

[...] is looking very good. They're tied up with JD.com and the United Nations, only on IDEX and other less known DEXes right now, and have more news next month. CryptoGat will also be releasing a review video soon

 

[Kadayi]

I got a bit despairing about my modest ETH investment when it tanked, but it seems like it's gradually picking up again.

 

[EviLore]

Everything's returning to life now yeah. Crypto juuuuust brushed against the bottom at the end of a slow bleed out enough for the headlines to read "abandon all hope, crypto confirmed dead" ten minutes after the start of the bounce, haha.

 

[shira]

Bitcoin just hit $10,000 . . . Canadian Dollars

Real talk it's back up to a stable $7.5k USD from months of being $5-6k with $8k being a possibility this week
tldr Rallying hard, Trump cray talk, no scandals/cryptorobberies

 

[cryptoadam]

Ride the wave but BTC and crypto is completly irrational. There was no reason that it dropped so hard an no reason why it's been rallying. It just does what it does.

If you are making money good on you but I have personally seen the type of manipulation and scamming that can go on in the crypto space and have even devised my only little scheme that was paying off until the crypto's crashed 2 weeks. Unfortunatly cryptos haven't bounced back so my scheme is on hold.

One thing about this bear run is that has exposed a lot of the "influencers" for the hacks and scammers they are. People on youtube/twitter barely know more than any of us. DYOR and good speed. If there is another FOMO bull run then hopefully everyone in on it can ride the waves to some nice $$$, just remember take profit because the bears can come back at any time.

 

[bigedole]

I'm sitting on a handful of Ethereum coins that I'm hopeful will return to their former glory and beyond. I don't really see any reason for BTC to thrive as its use as a currency has been demonstrated to be pretty poor. Too expensive and too slow to actually transact anything. It's basically just surviving on its name at this point.

 

[cryptoadam]

I'm sitting on a handful of Ethereum coins that I'm hopeful will return to their former glory and beyond. I don't really see any reason for BTC to thrive as its use as a currency has been demonstrated to be pretty poor. Too expensive and too slow to actually transact anything. It's basically just surviving on its name at this point.

BTC to me is basically a free bank account. Its use is in its store of value. It is the easist crypto to buy, trade, and turn into fiat. For most westerners its not an issue to bank, but there are a lot of places around the world that are unbanked or cannot trust their banks (think Venezuela).

Thats the value of BTC. The ability to move and store your money with no 3rd parties involved. Also the entire market is dependent on BTC. Until something comes along and dethrones it without BTC crypto would fall apart. Thought Alts can have extreme growth over the long run the majority will underpeform BTC and you are better off buying BTC and holding then buying Alts.

 

[bigedole]

BTC to me is basically a free bank account. Its use is in its store of value. It is the easist crypto to buy, trade, and turn into fiat. For most westerners its not an issue to bank, but there are a lot of places around the world that are unbanked or cannot trust their banks (think Venezuela).

Thats the value of BTC. The ability to move and store your money with no 3rd parties involved. Also the entire market is dependent on BTC. Until something comes along and dethrones it without BTC crypto would fall apart. Thought Alts can have extreme growth over the long run the majority will underpeform BTC and you are better off buying BTC and holding then buying Alts.

I disagree though, pretty much any place that offers BTC to FIAT trading pairs also offers the same Eth/FIAT pairs now. Your ethereum transactions will get confirmed much quicker and cost less to move around. It's much easier to handle than BTC... it just doesn't have the name recognition since it wasn't first to market.

 

[cryptoadam]

I disagree though, pretty much any place that offers BTC to FIAT trading pairs also offers the same Eth/FIAT pairs now. Your ethereum transactions will get confirmed much quicker and cost less to move around. It's much easier to handle than BTC... it just doesn't have the name recognition since it wasn't first to market.

I was in the same boat as you a few months ago. Was into the ETH over BTC, but for now BTC I find offers more trading pairs than ETH for my use, YMMV. I did notice that BTC is much slower to transfer from Wallet to exchange compared to ETH.

BTC's name recognition and secuirty is what is keeping it afloat. Its possible a day will come where another cyprto will dethrone BTC but for now BTC still is king. And overall as an investment BTC will end up beating most alts.

At the end of the day for good or bad the entire crypto space is tied to BTC. If BTC crashes everything else goes down with it.

 

[bigedole]

I was in the same boat as you a few months ago. Was into the ETH over BTC, but for now BTC I find offers more trading pairs than ETH for my use, YMMV. I did notice that BTC is much slower to transfer from Wallet to exchange compared to ETH.

BTC's name recognition and secuirty is what is keeping it afloat. Its possible a day will come where another cyprto will dethrone BTC but for now BTC still is king. And overall as an investment BTC will end up beating most alts.

At the end of the day for good or bad the entire crypto space is tied to BTC. If BTC crashes everything else goes down with it.

Yes, unfortunately that is true. I do think Ethereum will eventually decouple though, at least I'm praying it does

 

[cryptoadam]

Yes, unfortunately that is true. I do think Ethereum will eventually decouple though, at least I'm praying it does

I think if you don't have BTC than ETH is a good replacement in your portfolio. If/When there is a bull run I think ETH has a good chance to break its ATH of last year. Then you can Lambo

 

[Cybrwzrd]

Electroneum has a good future I think as well. It is getting listed on Coinbene tomorrow, already seeing a nice bump from that.

 

[shira]

BTC = $8000

RIP GPU prices

 

[bigedole]

It has been a pretty brutal stretch now. I've HODL'd pretty steadfastly through everything simply because I do believe this is the future, but I will not deny that I feel I choose poorly. As far as investing goes, I've broken even overall since I sold what at the time was about 10% of my holdings back in early January at what I did not realize then was the true peak, so I have the luxury of being able to write this all off, but I've lost a pretty large amount in equity. Hard to believe Eth is really under $200 right now.

 

[cryptoadam]

It has been a pretty brutal stretch now. I've HODL'd pretty steadfastly through everything simply because I do believe this is the future, but I will not deny that I feel I choose poorly. As far as investing goes, I've broken even overall since I sold what at the time was about 10% of my holdings back in early January at what I did not realize then was the true peak, so I have the luxury of being able to write this all off, but I've lost a pretty large amount in equity. Hard to believe Eth is really under $200 right now.

I feel that the peak was the top. BTC and maybe a few of the bigger coins will see some bounce back eventually. I can see in 3/4 years BTC getting hot again and hitting some new highs. But crypto/alt coins are pretty much dead. They had a nice run but I can't see all these small cap shit coins ever going anywhere. Coders just slapped Crypto currency onto something and pumped out a white paper and were getting free ETH/BTC.

Its just been funny watching BTC fight for the last few weeks. Its getting so close to breaking below 6K but keeps keeping itself alive. sideways trading probably for another few years at 6000-8000 range.

 

[bigedole]

I feel that the peak was the top. BTC and maybe a few of the bigger coins will see some bounce back eventually. I can see in 3/4 years BTC getting hot again and hitting some new highs. But crypto/alt coins are pretty much dead. They had a nice run but I can't see all these small cap shit coins ever going anywhere. Coders just slapped Crypto currency onto something and pumped out a white paper and were getting free ETH/BTC.

Its just been funny watching BTC fight for the last few weeks. Its getting so close to breaking below 6K but keeps keeping itself alive. sideways trading probably for another few years at 6000-8000 range.

Of what I'm still holding, half is split between two alts, OMG and ARK, the other half is in Eth. I really believe in Eth, especially over BTC. Ark was a hope at the glorious lambo moon and Omg was kind of maybe it'll become a real product. I think it's really hard to predict that now BTC will go sideways for 3-4 years. If you're familiar with its history then you know the pits it has been in before. Whether history will repeat itself or not, I have no idea. I was hoping I could fund my kid's college in 15 years off these few thousands worth of crypto investments, but if not I'll figure something out . Either way I'm riding it out I guess. I'm glad I cashed out my principal earlier this year, but still thinking of what could've been!

 

[cryptoadam]

Of what I'm still holding, half is split between two alts, OMG and ARK, the other half is in Eth. I really believe in Eth, especially over BTC. Ark was a hope at the glorious lambo moon and Omg was kind of maybe it'll become a real product. I think it's really hard to predict that now BTC will go sideways for 3-4 years. If you're familiar with its history then you know the pits it has been in before. Whether history will repeat itself or not, I have no idea. I was hoping I could fund my kid's college in 15 years off these few thousands worth of crypto investments, but if not I'll figure something out . Either way I'm riding it out I guess. I'm glad I cashed out my principal earlier this year, but still thinking of what could've been!

At this point there is no choice but to ride it out. Hope and pray things turn around . But I have watched BTC and what I did notice is after its last crash when it went from about 1000 back to 100 it traded sideways for nearly 3 years until it got back upto 1000 and then we had the big bull run.

IMO its going to take a while for people to forget that BTC (and crypto) basically ruined anyone who jumped in once the Bull started. People aren't going to forget losing 40-90% of their investment quickly. For now if you tell someone about BTC they will usually say isn't that the thing that dropped 70% in 8 months. Give it a few years and folks will FOMO back in because their short memories will make them forget about this crash.

I saw a twitter where Vitalie (the guy who did ETH) said the days of x1000 are over. I agree with that. Small cap coins aren't going to explode all of a sudden. BTC/ETH maybe LTC or XRP might survive, but all these other alts that youtubers were shilling are toast IMO. Look at ICO's, pretty much all of them fail and I think like 90% or more are under the price that the ICO was selling at.

 

[bigedole]

At this point there is no choice but to ride it out. Hope and pray things turn around . But I have watched BTC and what I did notice is after its last crash when it went from about 1000 back to 100 it traded sideways for nearly 3 years until it got back upto 1000 and then we had the big bull run.

IMO its going to take a while for people to forget that BTC (and crypto) basically ruined anyone who jumped in once the Bull started. People aren't going to forget losing 40-90% of their investment quickly. For now if you tell someone about BTC they will usually say isn't that the thing that dropped 70% in 8 months. Give it a few years and folks will FOMO back in because their short memories will make them forget about this crash.

I saw a twitter where Vitalie (the guy who did ETH) said the days of x1000 are over. I agree with that. Small cap coins aren't going to explode all of a sudden. BTC/ETH maybe LTC or XRP might survive, but all these other alts that youtubers were shilling are toast IMO. Look at ICO's, pretty much all of them fail and I think like 90% or more are under the price that the ICO was selling at.

I absolutely agree that the crypto market as a whole, with all the alts and everything, was ridiculous and the constant ICOs were some of the most fraudulent/scummy things I've seen since I started caring about investing about 5 years ago. I think there is room for good projects with unique ideas to become realised though, we just need them to actually become real products before people get excited about them.

I think if there's another crash of the traditional markets ala 2008 then we might see something happen with cryptos. The potential will always be there, and as long as it remains unregulated people will try to get their x1000 profit.

 

[cryptoadam]

I absolutely agree that the crypto market as a whole, with all the alts and everything, was ridiculous and the constant ICOs were some of the most fraudulent/scummy things I've seen since I started caring about investing about 5 years ago. I think there is room for good projects with unique ideas to become realised though, we just need them to actually become real products before people get excited about them.

I think if there's another crash of the traditional markets ala 2008 then we might see something happen with cryptos. The potential will always be there, and as long as it remains unregulated people will try to get their x1000 profit.

Agree. Crypto isn't 100% dead, it still has juice in it, just those get rich quick schemes are. Looking back on it even though I got caught up in it, its clear that it was like 90% scams. LOL I remember on oldgaf/era they were shilling ADC as the next big thing and I bought some (like 20$) worth and the thing totally crashed LOL.

Biggest fear for crypto is if governments like Venezuela and Iran turn to cyrpto to circumvent the USD. Venezuela already introduced the Petro coin (LOL). Once countries threaten the USD its game over for BTC and crypto. If cyrpto doesn't fly to close to the sun it can bounce back.

I read Gemini is launching a stable coin(like tether) so thats another positive sign. Regardless of price action BTC has actually made a lot of progress this past couple of months. Its just not reflected in the price because BTC does what BTC wants.

 

[Liberty4all]

I'm holding LTC and C20 (crypto20.com). I really like LTC and feel it has strengths to weather the storm... From a solid community to real development. I feel it's price is under what it should be as well.

C20 is my Yolo in the form of a quasi crypto index fund... I still have mixed feelings though about holding tokens rather than the currency itself.

 

[tkscz]

I stopped trying with Cryptocurrency and am just going to do stock marketing. Honestly at this point it seems like the cheaper option.

 

[bigedole]

I stopped trying with Cryptocurrency and am just going to do stock marketing. Honestly at this point it seems like the cheaper option.

Thing is, conventional wisdom says the stock market is due for a modest correction at some point as well. It has been going up a lot, especially the last couple years. It's certainly a safer bet, especially longer term, but hard to ignore the potential for huge gains that the crypto market represented last year. We were all looking to get rich quick. I'll just hold onto what I have, which in $ amount isn't exactly a ton anymore, just a few thousand, and if something amazing happens I'll consider myself blessed.

In the mean time, I'm maxing out my 401k and Roth IRA every year. The only stock I bought directly was Amazon last summer and I'm constantly second guessing myself about whether or not I should sell any of the shares I bought haha. The amount I put into crypto is pretty insignificant compared even to the Amazon stock, let alone 5 years of a 401k + Roth. I just don't think my 401k is gonna lambomoon any time soon

 

[M. Crassus]

I stopped trying with Cryptocurrency and am just going to do stock marketing. Honestly at this point it seems like the cheaper option.

So you jump into crypto when it's at all time highs, lose money, jump out at low prices, and then jump into the stock market at all time highs repeating your exact same mistake again in a different market?

Don't be irrational. You buy when everybody else is depressed.

 

[tkscz]

So you jump into crypto when it's at all time highs, lose money, jump out at low prices, and then jump into the stock market at all time highs repeating your exact same mistake again in a different market?

Don't be irrational. You buy when everybody else is depressed.

I didn't lose any money, I did research and feel the safer route would be to go with stocks rather than attempt crypto. Even with smaller coins being easier to gain, who knows if they'll have worth or not.

 

[M. Crassus]

I didn't lose any money, I did research and feel the safer route would be to go with stocks rather than attempt crypto. Even with smaller coins being easier to gain, who knows if they'll have worth or not.

Looking at the big picture, I wouldn't say stocks look safe at all. The stock market is due for a big correction/crash, be it in a day, a year or five years.. It's basically playing hot potato.

 

[hariseldon]

Looking at the big picture, I wouldn't say stocks look safe at all. The stock market is due for a big correction/crash, be it in a day, a year or five years.. It's basically playing hot potato.

One can make money from prices going down as much as going up. If you think they're going to tank, put your money where your mouth is and short the fuckers.

 

[SLoWMoTIoN]

So is crypto fucked? RIP discount black market organs

 

[bigedole]

I think it'd be crazy to short the stock market in general right now. At the very least, we're likely going to see growth into the end of the year. October elections to January will be the telling time I think.

 

[bigedole]

So is crypto fucked? RIP discount black market organs

Honestly, anyone who tries to give you a straight answer to this question is just full of shit. Some people think crypto will never get back to the highs we saw in Dec/Jan, others think this is just another ride around the crypto-cycle and big gains are on the horizon. The truth? Only time will tell

 

[hariseldon]

Personally I look purely at technicals on charts - I'm mostly working in forex and commodities at the moment, I've pushed crypto to the back-burner for a little bit until we get some action. My feeling is that if we don't go to 7kish, we're going to see a drop to ranging between 4.4k and 5.6k for bitcoin. That will be the accumulation zone and I'll be buying the fuck out of it ready for the pump.

 

[cryptoadam]

So is crypto fucked? RIP discount black market organs

IMO BTC is not fucked. Buy at your own risk but I bet at some point it will get back above 10K and maybe moon even higher.

Alt's are pretty F'd. Some coins will stick around, but the majority of small cap coins, ICO's are/were scams, or just whitepapers with the word crypto slapped on it don't have much of a chance.

 

[cryptoadam]

BTC is pumping again, but we have seen this before. I think we will get to 7-7.5K and then correct back down to 6-6.5K. Anyone who bought 7 days ago probably turned a nice little profit.

 

[M. Crassus]

One can make money from prices going down as much as going up. If you think they're going to tank, put your money where your mouth is and short the fuckers.

The market can stay irrational longer than I can stay solvent.

 

[cryptoadam]

Honestly, anyone who tries to give you a straight answer to this question is just full of shit. Some people think crypto will never get back to the highs we saw in Dec/Jan, others think this is just another ride around the crypto-cycle and big gains are on the horizon. The truth? Only time will tell

favourite thing about the crash is seeing all the youtubers and "influencers" crash and burn.

 

[ThatStupidLion]

Just got a news notification of a btc crash. Too afraid to look. Anyone know what happened? Im hodl. so its ride or die for me

 

[HagglesworthMD]

Just got a news notification of a btc crash. Too afraid to look. Anyone know what happened? Im hodl. so its ride or die for me

Something about Coinbase I think, haven't really looked into it.. I'm the same, i'll check it in a few years see if made any money. No where near enough invested to be worried about it.

From Telegram, no idea if any substance to it:

there are future contracts for bitcoin cash fork - two new coins

the one that has more hashpower will win

you buy hashpower with USD

those two sides that are fighting for BCH fork supremacy have tons of btc

 

[Kadayi]

Just got a news notification of a btc crash. Too afraid to look. Anyone know what happened? Im hodl. so its ride or die for me

12% drop

 

[hariseldon]

Yep, big fat drop, might be a decent time for anyone who wants to buy in, if you believe that it will rise again (which I do).

 

[Beer Monkey]

Shit, mid November was the good old days. $3,650 now.

 

[Liberty4all]

Great time to buy imho. Prices are insane right now.

 

[Chairman Tickles]

I'm glad I cashed most of my cryptos out before the fall. But naturally, still hodling a decent amount. These collapses are regular, nonetheless they still surprise people. Now is the best time to buy more, when the sky is falling and when prices are lower than they've been for some time.

Still, bitcoin cash is kill, that split has killed it.

 

[longdi]

Yep, big fat drop, might be a decent time for anyone who wants to buy in, if you believe that it will rise again (which I do).

Why will it rise again? More new suckers buying in?

 

[hariseldon]

Why will it rise again? More new suckers buying in?

Nope, just market cycles. Right now there's a lot of FUD going on and the whole BCH debacle has torn the market up a bit, and I'd say it's put a few shitcoins out of business, which is no bad thing. A good market shakeout like this is healthy for the growth of crypto, even if it doesn't seem that way right now. I've been scaling back in, aiming to accumulate a nice big pot ready for the next phase of the cycle. On a related note, I've been doing the same with gold (technical analysis looked damn good).

In terms of price expectations, I think there's a decent chance we'll ebb down to 3k, with maybe a flash-crash to 2k to signify the turning point, then we'll see a slow climb, and once it starts getting near 10k we'll start to see the media take an interest, which is of course always the worst time to buy as the masses buy in, the smart money exits, and we go to whatever target bitcoin ends up hitting. On past form, I'd say 30k isn't unreasonable.

 

[womfalcs3]

Nope, just market cycles. Right now there's a lot of FUD going on and the whole BCH debacle has torn the market up a bit, and I'd say it's put a few shitcoins out of business, which is no bad thing. A good market shakeout like this is healthy for the growth of crypto, even if it doesn't seem that way right now. I've been scaling back in, aiming to accumulate a nice big pot ready for the next phase of the cycle. On a related note, I've been doing the same with gold (technical analysis looked damn good).

In terms of price expectations, I think there's a decent chance we'll ebb down to 3k, with maybe a flash-crash to 2k to signify the turning point, then we'll see a slow climb, and once it starts getting near 10k we'll start to see the media take an interest, which is of course always the worst time to buy as the masses buy in, the smart money exits, and we go to whatever target bitcoin ends up hitting. On past form, I'd say 30k isn't unreasonable.

Don't hold your breath. Pretty soon, 2,000 USD/BTC will seem desirable. Governments will regulate BTC and other cryptocurrencies even more. There is also no underlying reason to own it. In the past, dollars were backed by gold, and now by the US government. BTC has nothing to back it, and it has a cost to mine it.

 

[hariseldon]

Don't hold your breath. Pretty soon, 2,000 USD/BTC will seem desirable. Governments will regulate BTC and other cryptocurrencies even more. There is also no underlying reason to own it. In the past, dollars were backed by gold, and now by the US government. BTC has nothing to back it, and it has a cost to mine it.

It has maths, cryptography and principles of sound money backing it. Personally I'd love to see 2k/btc, I'd be buying up a shitload of it. Funny thing is people were saying exactly the same when it hit $1.2k back in the day. It went down to about $300 (I vaguely recall a flash-crash to $120). When everyone's saying "see, I told you you should never have got into crypto" the masses are out, and that's when the smart money buys. When the masses get in, the smart money gets out. I'm aiming to be part of the smart money. Regulation is no bad thing btw, though I struggle to see how they'll be able to regulate transfers within crypto - only the fiat gateways are really regulatable and even then there are ways and means - sneakernet effectively if it gets that bad. I'm happy with the risk/reward of what I'm doing, but my objective is not to convert anyone, I'm no evangelist, I don't like some of the politics around the crypto scene, but I believe there's a good opportunity to make some money. I'm simply offering my view on it, feel free to point and laugh and say "I told you so" if it dips below $1k or doesn't get to $30k within the next 4 years (which is what I'm building my position for).

EDIT: Forgot to mention one thing.. have a look at the 1D chart Stochastic. We've just had a sharp drop, just like many before it, and just like those sharp drops we've got a very very oversold stoch - pretty much every time that's happened in the past we've seen a nice fat jump from there. It'll be interesting to see what happens. As a bonus, bouncing that far out of the Bollinger Bands, and an RSI that low, pretty much guarantees a really big reaction in most markets - typically in the short term I'd expect to see a bounce to the mid-line of the Bollinger bands which would take us back to a 4300-ish imo (which handily coincides with levels from October 2017 - and markets love revisiting previous peaks and troughs). If nothing else there's a decent chance of getting a small quick gain if you're brave.

 

[cryptoadam]

It has maths, cryptography and principles of sound money backing it. Personally I'd love to see 2k/btc, I'd be buying up a shitload of it. Funny thing is people were saying exactly the same when it hit $1.2k back in the day. It went down to about $300 (I vaguely recall a flash-crash to $120). When everyone's saying "see, I told you you should never have got into crypto" the masses are out, and that's when the smart money buys. When the masses get in, the smart money gets out. I'm aiming to be part of the smart money. Regulation is no bad thing btw, though I struggle to see how they'll be able to regulate transfers within crypto - only the fiat gateways are really regulatable and even then there are ways and means - sneakernet effectively if it gets that bad. I'm happy with the risk/reward of what I'm doing, but my objective is not to convert anyone, I'm no evangelist, I don't like some of the politics around the crypto scene, but I believe there's a good opportunity to make some money. I'm simply offering my view on it, feel free to point and laugh and say "I told you so" if it dips below $1k or doesn't get to $30k within the next 4 years (which is what I'm building my position for).

EDIT: Forgot to mention one thing.. have a look at the 1D chart Stochastic. We've just had a sharp drop, just like many before it, and just like those sharp drops we've got a very very oversold stoch - pretty much every time that's happened in the past we've seen a nice fat jump from there. It'll be interesting to see what happens. As a bonus, bouncing that far out of the Bollinger Bands, and an RSI that low, pretty much guarantees a really big reaction in most markets - typically in the short term I'd expect to see a bounce to the mid-line of the Bollinger bands which would take us back to a 4300-ish imo (which handily coincides with levels from October 2017 - and markets love revisiting previous peaks and troughs). If nothing else there's a decent chance of getting a small quick gain if you're brave.

I hope you are right and BTC/Alts can go back up again, but what you have been saying is essentially what every BTC shill has said this entire past year.

I can't count how many times after each dip shillers said its the best time to buy now it won't ever be this cheap again buy buy buy. Your post could of been copied and pasted a few days ago when BTC was at 5K and people would of lost 1-1.5K. BTC was struggling at 6.5K for like 2 months before this crash when it was being shilled as a great buy opportunity.

Its been a rough year for BTC and Alts. Its going to be a very long long road to recovery if it ever happens. Confidence has been shattered and right now I don't see how the dumb money or smart money is going to rush to buy BTC.

 

[hariseldon]

I hope you are right and BTC/Alts can go back up again, but what you have been saying is essentially what every BTC shill has said this entire past year.

I can't count how many times after each dip shillers said its the best time to buy now it won't ever be this cheap again buy buy buy. Your post could of been copied and pasted a few days ago when BTC was at 5K and people would of lost 1-1.5K. BTC was struggling at 6.5K for like 2 months before this crash when it was being shilled as a great buy opportunity.

Its been a rough year for BTC and Alts. Its going to be a very long long road to recovery if it ever happens. Confidence has been shattered and right now I don't see how the dumb money or smart money is going to rush to buy BTC.

Oh I quite agree that the shills have been very unhelpful, especially given how many are blatantly in the pay of shady altcoin projects. As I say, I'm posting my view, my gut feeling, having now been through a few market cycles and made my share of mistakes, got a few things right, a few things wrong. IMO Monero will stick around and do well for instance, because it's focused on doing one thing and doing it really fucking well. ETH has been tainted by the ICOs and the sheer number of shitcoins running on its network, in addition to the mutability of its blockchain (see rollbacks of transactions and the fact that, unlike bitcoin, the maximum number of coins is possibly uncapped and subject to pressure on a small number of humans), and remains incredibly centralised due to the difficulty in running a full node. Bitcoin has some centralisation issues around mining, no doubt, but as the undisputed king of hashing power that ought not to be too big a threat.

I do think it'll take time, and I'm entering my position on the understanding that in the short term (1 year) I'll probably lose money - I'm dollar-cost-averaging down ready for a nice run that I'm confident will happen, to the extent that one can be confident of anything in a market.

 

[cryptoadam]

Oh I quite agree that the shills have been very unhelpful, especially given how many are blatantly in the pay of shady altcoin projects. As I say, I'm posting my view, my gut feeling, having now been through a few market cycles and made my share of mistakes, got a few things right, a few things wrong. IMO Monero will stick around and do well for instance, because it's focused on doing one thing and doing it really fucking well. ETH has been tainted by the ICOs and the sheer number of shitcoins running on its network, in addition to the mutability of its blockchain (see rollbacks of transactions and the fact that, unlike bitcoin, the maximum number of coins is possibly uncapped and subject to pressure on a small number of humans), and remains incredibly centralised due to the difficulty in running a full node. Bitcoin has some centralisation issues around mining, no doubt, but as the undisputed king of hashing power that ought not to be too big a threat.

I do think it'll take time, and I'm entering my position on the understanding that in the short term (1 year) I'll probably lose money - I'm dollar-cost-averaging down ready for a nice run that I'm confident will happen, to the extent that one can be confident of anything in a market.

I said when this bear started that it looked like 2/3 year's of pain. Last time BTC dropped like this it took about 3 years for it to work its way back up and then hit the 20k bull run.

I just think that the pain is far from over and at this point there can still be more drops. If someone would of bought a few days ago after going from 6K to 5K they still would of lost money today. Way too much risk, but my twitter is full of shills saying the same shit they say every time there is a drop LOL.

I really think all these scam ICO's fucked things up. The way I see it scammers just added block chain and a white paper to some tech project and got people to send them free ETH, which they then sold to BTC. This to me is the main reason why BTC went so crazy. ICO's with free ETH paying any price to get BTC to sell into cash to run to the bank. Once the scam ICO's started going away the market collapsed on itself because there weren't people willing to pay anything for BTC since it would cost actual money, not free money people gave away.