What’s the deal with bitcoin?

eBay five100
Jun 26 53 Comments

Bitcoin is going vertically up. People who have invested or had sold when it went low. What’s your take?

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TOP 53 Comments
  • SpaceX _ubilam_
    Bitcoin is one of the few _truly_ democratized things in the world. It’s essentially unhackable and impossible for any single entity to regulate or control.

    A financial manifestation of tor. I love it.
    Jun 26 6
    • Susquehanna International / Eng Kristaps11
      0.65% of wallets own 87% of all mined bitcoin.

      lol @ democracy. And unlike most btc “investors” I’ve actually used bitcoin regularly for years.
      Jun 26
    • SpaceX _ubilam_
      Democratized in the sense that it is equally _accessible_ to everyone, not that it is or ever will be distributed equally... like fiat currency.
      Jun 26
    • Susquehanna International / Eng Kristaps11
      And just like fiat prices can be swung back and forth at will by any whale. Only with bitcoin it’s anonymous and completely unregulated. The inherent value of bitcoin can never be trusted because of its distribution and the fact that large majority of the distribution is likely held by governments anyway.

      It serves its purpose fine now as a means of transaction between anonymous parties but as a store of value it’s completely overvalued and dangerous.
      Jun 26
    • Taylor Farms pipp
      I don’t think anything related to bitcoin is anonymous
      Jun 26
    • Susquehanna International / Eng Kristaps11
      You’re right we basically already know China owns most of the bitcoin in the world.
      Jun 26
    • New / Eng
      Psynaptic

      New Eng

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      Working on Brain Machine Interfaces
      Psynapticmore
      This is like calling a corporate share voting structure a democracy. LMAO. Please.
      Jun 26
  • Amazon lslu36
    Couple things triggered it.

    Facebook Libra added crypto credibility.

    Economic war between countries added safe harbor.

    Technology added use.

    It all came together to drive a spike and then the spike caused investors to panic buy in fear of missing out. I’ve been investing for two years, I’m way up now.
    Jun 26 6
    • New / Eng
      Psynaptic

      New Eng

      BIO
      Working on Brain Machine Interfaces
      Psynapticmore
      Explain why Facebook's libra, which is actually just a basket of real currencies, would add crypto credibility?

      Economic wars between nations were ramping last year, and the year before that, it's relatively flat now in terms of escalation. Does not correlate with Bitcoin rises. I don't buy this explanation.

      Technology has been steadily adding use cases, no spike in tech dev happened in June 2019. Don't really buy this explanation either.
      Jun 26
    • Amazon lslu36
      Libra brought credibility by having a major tech firm pushing for digital currency. It markets digital currency to the masses and brings interest.

      Are you not watching the US trade wars closely? Maybe you missed that economic war, go read the news.

      Technology uses cases add over time, it’s a gradual increase in usage.

      Thanks
      Jun 27
    • New / Eng
      Psynaptic

      New Eng

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      Psynapticmore
      Digital currency is not the same thing as crypto currency. Your Venmo credits are not crypto, and libra is like that, only instead of USD, it's a mix of currencies.

      I am, and the rise of Bitcoin is too recent to be due to that. Also take a look at the price today, trade war hasn't gotten any better, but the price has dropped significantly. You're trying to attribute reasons for it's rise that sound good, but really is just unfounded speculation.

      Agree. Which is why you can't attribute a decline, then a rapid short time rise to the gradual, relatively constant rise of technology use cases.

      Thanks.
      Jun 27
    • Google sanity
      @Psynaptic I think you're putting too much on emphasis on the truth rather than the general populations' perceptions of the truth, since thats the final driver behind price fluctuations. The answer to your question was in his answer. Basically whatever he said is what many people are thinking regardless of whether it's unfounded speculation or not, therefore a possible explanation for what's happening to the price
      Jun 27
    • New / Eng
      Psynaptic

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      Psynapticmore
      But how much do you think the general public invests in crypto, versus the speculators who understand the nuances about crypto?
      Jun 27
    • Amazon lslu36
      That’s a valid question, I suspect more people invest albeit small scale in crypto than many insiders think. Coinbase wouldn’t be making money if they didn’t.
      Jun 27
  • Pump and dump scheme in progress for 2019
    Jun 26 1
    • Amazon lslu36
      Maybe, guess time will tell. I’m riding the awesome returns though and am super happy.
      Jun 26
  • Microsoft / Eng mfCG87
    Bought in early this year, let me shill a bit:

    1. Ballooning US and international debt increasing mistrust/lack of faith in fiat currency. (Ex: Venezuelan citizens have been turning to crypto in the wake of their economic crisis)

    2. Increased institutional interest and adoption. (Fidelity, Square, Starbucks, TDAmeritrade)

    3. The halvening is happening in less than a year, an event that will cut the bitcoin generation rate in half, further decreasing supply.

    4. Praised by brilliant leaders in tech such as Steve Wozniak, Jack Dorsey, Elon Musk and more.

    5. Strong case that new Millennial money will shift into Bitcoin rather than gold in the next few decades, as they are more comfortable with digital technology than Boomers.

    That said, I didn't expect it to rise this fast the past few months. 😂 HODLing for the long term. To the moon!
    Jun 26 4
    • Taylor Farms pipp
      One extra factor.
      Bitfinex...
      Jun 26
    • New / Eng
      Microsoft.

      New Eng

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      What happened with Bitfinex?
      Jun 26
    • Taylor Farms pipp
      They were accused of not having all the tether backed by dollars so they are allegedly buying BTC now or manipulating it
      Jun 26
    • New / Eng
      Microsoft.

      New Eng

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      IBM
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      How could they manipulate?
      Jun 26
  • eBay five100
    OP
    It just crashed 1300$ in few seconds.
    Jun 26 9
    • Microsoft / Eng mfCG87
      It was literally 12k yesterday. People who have been in for a while don't care about price fluctuations
      Jun 26
    • Amazon lslu36
      Been happening for years, I’m in for the long run.
      Jun 26
    • Uber / Eng fomo
      And Coinbase is down. A lot of other coins had this drop at the same time.
      Jun 26
    • eBay five100
      OP
      Wtf! I got in today only 🥺
      Jun 26
    • Microsoft / Eng mfCG87
      Hold, forget about it, you'll be fine. Do more research and you'll be comfortable holding without checking the price
      Jun 26
    • eBay five100
      OP
      Bitcoin is going down and so tough to hold on, I just deleted Robinhood 🙁
      Jun 27
    • Taylor Farms pipp
      Lol OP, are you serious?
      Jun 27
    • Oracle / R&D
      uuummmmm

      Oracle R&D

      PRE
      500 Startups
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      no nonsense guy 😂😎
      uuummmmmmore
      Is buying BTC stock same as investing in Bitcoin?
      I am new -never did any cryptos
      Jun 30
    • eBay five100
      OP
      Yeah same
      Jul 1
  • eBay five100
    OP
    But don’t y’all think this sudden explode in value is more of a panic buy?
    Jun 26 2
    • Microsoft / Eng mfCG87
      Even if that were true (probably is) the smart institutional investors won’t dump their whole stack way before the halvening in May 2020, when the supply flow will literally be cut in HALF. Any dumps from here would be profit scraping from short term traders. I don’t foresee a major 50%+ crash before 2020.

      The halvening in 2016 was a major factor that triggered the 2017 bull run.

      Disclaimer: just my opinion, I hold BTC
      Jun 26
    • New / Eng
      Microsoft.

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      Panic buys come at the very last. These are new and existing investors getting in.
      Newbies generally get FOMO and they get in the market at it's tops, we have way to go still till a local top.
      Jun 26
  • Uber john_list
    Bitcoin moves in parabolic patterns. It always has, it’s just market cycles on steroids. What takes 30 years in traditional markets takes 1 in crypto.

    Who knows where this one will top out, but when it does it will take a dump right back just as fast as it came up. Maybe not all the way back to 3k but I would bet on seeing it go down to 6-8k again even if it goes all the way up to 30k before dropping.

    All that said, it still has risen in the long term better than any other asset class in the last decade. So if you bought and held through everything, you liked have done very well. It’s just trying to play the swings is somewhat of a trap unless you are experienced in trading.
    Jun 26 1
    • Microsoft / Eng mfCG87
      True, but each peak has surpassed the previous ones' by several magnitudes.

      2011 peak: $100~ "it's a scam!"

      2013 peak: $1000~ "it's a scam!"

      2017 peak: $20000~ "it's a scam!"

      2021 peak:?
      Jun 26
  • Amazon lslu36
    China state media just announced that Bitcoin is a safe asset for global disruption and protects from trade wars. This isn’t a spike it’s the start of a transition from fiat to digital currency. Going to break 20k quick and then more. Get on while you can.
    Jun 26 0
  • Lambo
    Jun 26 0
  • Susquehanna International / Eng Kristaps11
    FOMO
    Jun 26 0
  • Amazon lumpie
    Crypto still represents a paradigm shift in fintech. It is and always has been an important, disruptive new technology of huge value

    The initial exuberance caused some burn out which caused the subsequent drop and stagnation, what we are seeing now is a return to normal value after a more sober perspective replaced the initial enthusiasm
    Jun 26 0
  • Microsoft Harambe’
    Short squeeze
    Jun 26 0
  • Facebook public2
    Here's the deal with crypto. Buy low, sell high, repeat every 12 to 18 months. It's the easiest money I have ever made.
    Jun 26 8
    • eBay five100
      OP
      When do you plan to sell now?
      Jun 26
    • Facebook public2
      Sell all the way up, a little but every few k. Don't get greedy.
      Jun 26
    • eBay five100
      OP
      When do you know it’s up?
      Jun 26
    • Facebook public2
      Sorry not sure I understand what you are asking. You can check the prices anytime or get a simple app like coinbase which will even send you push notifications. You can also set sell orders for any price you wish. I already have a sell order at 15k so if it reaches that high it will auto sell.
      Jun 26
    • eBay five100
      OP
      Got it. But my doubt is how would you know if 15k is a good price to sell. May be it can go to 30k. Say, If I had bought at 5k how would I know to keep it till 15k
      Jun 26
    • Facebook public2
      It definately could but that's why you sell along the way up. If I bought at 5k I would have sold some at 10k at a minimum as well. Always good to lock in some profit and not get greedy. Btc crashes as hard, if not harder, and it rises.
      Jun 26
    • eBay five100
      OP
      I have my doubt it’s ever gonna reach 15k now but I hope I’m wrong
      Jun 27
    • Facebook public2
      Definately doesn't look that way today! Today is why you sell on the way up :)
      Jun 27
  • Amazon lslu36
    Crypto is like going to the casino, some days awesome some days you cry some days you just want yo eat at the buffet and watch. Don’t put money in you can’t lose and you’ll always enjoy the ride!
    Jun 27 0
  • Uber / Eng fomo
    I mean just look at it today, it jumped so much. None of the above reasons explain this super big pump in one day. Feels like some big whales are moving together, North Korea, China or some other corrupted groups
    Jun 26 0