Bitcoin Trend Series / EP. 553 / Crypto isn't in a Bubble / Steem Bounty Reward
Time: 8.53 A.M. / GM+2 / 5th Apr, 2018 – Thurs.
Cryptocurrencies have no fundamental basis so let us say:
Market Factors
Crypto isn't in a bubble: Jon Matonis, who helped found the Bitcoin Foundation in 2012, told Business Insider:
To the people who say bitcoin's a bubble, I would say bitcoin is the pin that's going to pop the bubble. The bubble is the insane bond markets and the fake equity markets that are propped up by the central banks. Those are the bubbles.
The regulators are so confused: Regulators around the world have been trying to come to grips with crypto.
The regulators are so confused, not just in Europe but in North America as well. They're used to fundraising models that involve selling debt or selling equity / Jon Matonis said.
Investors took the last bounce as an opportunity to liquidate their holdings at a better price and seasonal data suggests that bitcoin price tends to recover during the second quarter of the year.
US has its NFP report due later in the week and this could strongly impact overall sentiment in the financial markets, which also typically affects bitcoin direction.
- In our previous post / 552 / we had forecast the trading range will be between 6.60K and 8.18K. The intraday high was 7.50K, and the low was 6.56K.
And as our last reply to the last post:
"I see BTC descending along Gann Angle 2/1 until reaching the downtrend line from 1D Channel Down at 6635.61, the minimum of Mar 30.."Bitcoin price tested the 6.56K and the small rally was short-lived.
It looks like market participants tend to sell Bitcoin on rallies, fearing new negative shocks in the volatile market. But, as long as the price remains above the early-February lows of 5.947K , the bullish potential on the bearish market still have a chance. Therefore, the cryptocurrency may continue its consolidation.
Indicators are fully on bears side while the price try to move up towards 0.786 = 7.01K.
The very low volume of this movement displays lack of bulls' confidence the reason why we suggest for today the bearish trend domination, unless the price managed to breach 7.64K and hold above it.
Support 1: 6300.00 level.
Resistance1 : 7600.00 level.
Support 2: 5947.00 level.
Resistance2 : 8180.00 level.
Expected trading for today:
is between 6300.00 and 7600.00.
Expected trend for today :
Slighty Bearish.
Medium Term:
Slighty Bearish.
Long Term:
Bullish.
The low of 2018:
5947.00.
The high of 2018 (BitcoinTrader's Year):
14000.00 level / Expected.
The high of 2019 (Bitcoin Holder's Year):
??? The new all time high is expected.
/ Project by @knircky & @famunger /
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The issue with Bitcoin is that it isn't really tied to anything except criminals and investors (basically the same thing). Think of any other currency (USD, Euro, Franks, Pounds, etc.) and you notice how they are all tied to a country, and its economy (which runs off it), and are backed up by that countries bank.
Bitcoin, however, isn't tied to anything really. It doesn't seem to be that popular as an online payment system (I'd rather use a credit card, thanks) except for on the silk road, where its used to buy crystal meth. But any chance of the price being determined by how well the illegal drugs economy is going, is pushed out because of investors – who pushed the price up at first and have now pulled it down again.
As such, it doesn't work as a digital currency.
So I think this is not really accurate.
First of the Nr. 1 use case for bitcoin is certainly none of the illegal things you outlined but simply speculation.
Every day 5-20B is transacted this way. Do you think that many drugs are being bought with bitcoin? Then there are many that are storing and transacting wealth this way. This is certainly also not illegal, even though it may undermine the current financial system.
People always say that bitcoin is used for nefarious things, but there is never any data or proof suggesting this actually. It seems to me there is much greater utility in other things where it is used. But these things take time to develop, because of the lacking infrastructure. The thing is if I had a choice to use crypto over any other currency I would not even think about it. But it is simply not possible today. I think however over time this will slowly change.
The main reason why bitcoin is not a real currency however is because of its fluctuation, so in a way you may be right and bitcoin cannot be currency.
It's a good point. Is Bitcoin really a currency? At present no, not really. Will it be in the future? Who knows......
Fiat currencies can and are manipulated by governments.
The global market in drugs trade is valued at about half a trillion dollars by the UN, so it's reasonable to assume that the bulk of trade is still carried out in cash which is virtually untraceable vs bitcoin where transactions are available for everyone to see
You also have to remember that bitcoin and the crypto market in general is very immature in comparison to forex trading, equities and pretty much any other financial market out there so at present it is much easier to manipulate
Bitcoin transactions are pretty much untracable, and even if they are – the criminals are moving towards superior coins (e.g. Monero), in that (sure they say a transaction took place) they don't say who actually did the transacting.
And I guess there in lies one of the challenges of the regulations mentioned in the OP. I guess it’s the same as any kind of data protection or personal freedom argument. What, if anything, are you as an individual willing to give up for the supposed good of society?
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Still trying to understand this bounty thingy fully, (so sorry) how exactly does it help this post f.e.? Is it to gain more comments? More interaction?
Brings more quality comments indeed, rewards are distributed after 7 days
Yeah, thanks
I think the penny just dropped for me
It is early and I am without coffee,
thanks for your help, I will test/try both ends of the bounty program to see both sides of it,
it really does look great!
You have to comment to this post and everyone that gets any vote by me tends to get a piece of the bounty.
Feel free to check https://steemit.com/bounty/@steem-bounty/earn-your-rewards-on-over-80-active-bounties
Just checked it out,
thanks
So I understand what is "in-it-for-me" so to say,
but I am more curious as to why one would put a bounty on their blog?
Is it to create more interaction?
"Real" comments ?
It seems like a great thing in the making,
but how will spammers react to something like this? Will it make it worse? Or easier to filter them out?
Simply put, why would I put a bounty on my blog?
To get more genuine interaction on your blog. The more people interacting on your blogs the better the payout is likely to be for you. Also if you follow the steem-bounty account then you'll be able to find out about all of the active bounties that are going on. It means that you are likely to go and read, upvote and interact on a blog that you might otherwise not have seen. Of course there is an element of risk and reward for the person offering the bounty - you might not get back the amount you've put down as the bounty. In that sense it's no different from buying votes in order to bump a blog up the trending, hot or promoted pages but at least this way there is more of an incentive to contribute something meaningful to the discussion rather than just upvoting for the sake of making a bit of sbd. I'm sure you are right, there will be some scammers or spammers who look to abuse it but plenty of others who will benefit in the right way.
Thank you for your reply
It looks super interesting to see how this develops over the next few months
I really really like the idea behind it
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There is a vested interest by the powerful few in maintaining the corrupt and broken system described above. Those with a stake in the old system will do almost anything to hold onto the positions of power that it affords them. Crypto offers an opportunity for us to reshape the world of finance (and more besides) but we have to be prepared to fight for it because 'they' will try to criticise and derail it at every opportunity, this is evident by pretty much every FUD story that is run in mainstream media.
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Ok. And how does this alter the fact that the price of btc went up, up, up and the pop – and suddenly fell.
It doesn't but give me any currency, commodity or share that hasn't suffered price fluctuation especially when it is relatively immature and lacking liquidity. That's the risk you take if you invest in crypto, potentially big gains and potentially massive loses, i'm not trying to sugar coat anything.
Thank you for the post on your current sentiment of btc.
Thank you for the (worthwile) post on your current sentiment of how quality content and engagement matters. I greatly appreciate it.
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those who think its a bubble they should first learn the market hahah
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Postingan yang bermamfaat, Terima kasih atas imformasinya
That big drop yesterday busted my stop loss and now i am with half of my founds waiting in sidelines. Brain is telling me i should sell all for awhile and come back in month two but i still cant :(