Bitcoins are officially donkdown

[Sheesfaced]

Looks like it's going to hang in the 8000-8900 range for a bit.

But that's a pretty bad medium-term prognosis, because after the crash down to 7600, it rallied up to 9k, but immediately fell from there pretty much the second it touched that point.

There have been some mini-crashes and mini-rallies since, but it never gets to 9k.

The fact that 9k -- just a few days ago considered a bottom resistance point -- is now a strong top resistance point -- is not good.

I think we are headed for the 7000-7900 range in not too long, where the same pattern may follow.

Already above 9,000. Trying to predict this based on your feeling or perception is a fool's errand.

[Tellafriend]

Looks like it's going to hang in the 8000-8900 range for a bit.

But that's a pretty bad medium-term prognosis, because after the crash down to 7600, it rallied up to 9k, but immediately fell from there pretty much the second it touched that point.

There have been some mini-crashes and mini-rallies since, but it never gets to 9k.

The fact that 9k -- just a few days ago considered a bottom resistance point -- is now a strong top resistance point -- is not good.

I think we are headed for the 7000-7900 range in not too long, where the same pattern may follow.

Already above 9,000. Trying to predict this based on your feeling or perception is a fool's errand.

Fair, but what are you using to predict it then?

[Sheesfaced]

Already above 9,000. Trying to predict this based on your feeling or perception is a fool's errand.

Fair, but what are you using to predict it then?

Yeah fair question but I'm not. I'm just an interested observer. Have several good friends invested.

I think crypto is a house of cards that's all going to come crashing down. There may be a few long term winners like Amazon during tech bubble. I think blockhain is legit and very intriguing. I have a high personal risk tolerance but also have a family and more to lose than I did 10 years ago. Im considering getting exposure through a blockchain ETF like BLOK. Not as much upside but still can have a little skin in the game.

Don't get me wrong I still think there's money to be made in crypto; hell anything this volatile has ample money making opportunity. I have no idea when the whole charade will actually go donkdown and don't pretend too.

I think crypto has a disproportionate number of millennials and poker players because millenials are too young to have experienced a true bubble and poker players are by and large lazy and look for the easy way to make a buck. I say that as one who used to make a living playing poker. And of course not all poker players fit this stereotype.

Given my views on crypto long term I'd probably be all about trying to make short term money if I had the time to devote to it. But my job and family don't allow me to be able to pay as much attention as I'd feel I'd need to "trade it" with the amount of volatility it has.

Anyways way more info than you asked. But it makes me cringe when I see Druff chime in with a prediction after he's been wrong so many times on bitcoin. At least when Sanimar or MonsterJ etc chime in they have real world trading experience to draw from not just an opinion based on their perception drawn from a small sample size.

[big dick]

LegalizeMeth: for giving a guy shit for expressing his opinion on a hot topic on his own website


He's giving his shitty and uninformed opinion based on jealousy and spite and deserves to be given shit.

[chinamaniac]

[MumblesBadly]

Looks like it's going to hang in the 8000-8900 range for a bit.

But that's a pretty bad medium-term prognosis, because after the crash down to 7600, it rallied up to 9k, but immediately fell from there pretty much the second it touched that point.

There have been some mini-crashes and mini-rallies since, but it never gets to 9k.

The fact that 9k -- just a few days ago considered a bottom resistance point -- is now a strong top resistance point -- is not good.

I think we are headed for the 7000-7900 range in not too long, where the same pattern may follow.

Already above 9,000. Trying to predict this based on your feeling or perception is a fool's errand.

Has anyone taken the time to evaluate the profitability of Druff's short term predictions on this forum regarding Bitcoin price? My gut tells me that it has been mostly a contrary predictor. But that could be due to the overall rise in Bitcoin price since I've been reading this thread.

[snake_in_the_ass]

Already above 9,000. Trying to predict this based on your feeling or perception is a fool's errand.

Has anyone taken the time to evaluate the profitability of Druff's short term predictions on this forum regarding Bitcoin price? My gut tells me that it has been mostly a contrary predictor. But that could be due to the overall rise in Bitcoin price since I've been reading this thread.

He did sell at $250 which was the exact bottom after the 2013 crash. I recall stating on this forum that it would skyrocket after he panic sold.

[big dick]

and it is killing him

[big dick]

not joking i bet it has caused his cheap ass to lose sleep

[Dan Druff]

I sold a tiny bit of bitcoin at a loss for $250 or whatever.

I only owned a lot when I was cashing out of Bovada using BTC in early 2016.

Those weren't panic sales, but rather were just "cashout from poker and immediately sell at market rate" sales.

Yes, had I held onto the $100k or so of BTC I sold around then, it would have gone up to being worth near $5m at its peak, and well over $2m right now.

However, no one could have predicted that meteoric rise, so it's really not something I can regret.

[Gordman]

UH OHS, Bitcoin dropped maybe a couple hundred bucks in the last couple of hours.

Cue Sonatine

[big dick]

Joseph Young
Joseph Young
@iamjosephyoung
South Korea Ministry of Strategy and Finance head Kim Dong-yeon:

"Blockchain can change the world. But, cryptocurrencies are necessary for blockchain networks to operate as incentive-based systems."

In response to blockchain but no cryptocurrency claims




https://mobile.twitter.com/iamjoseph...95260410216448

[Salty_Aus]

Is it still, sell on the weekends, buy early in the week for an easy 20%... or has someone switched it up?

[MumblesBadly]

I sold a tiny bit of bitcoin at a loss for $250 or whatever.

I only owned a lot when I was cashing out of Bovada using BTC in early 2016.

Those weren't panic sales, but rather were just "cashout from poker and immediately sell at market rate" sales.

Yes, had I held onto the $100k or so of BTC I sold around then, it would have gone up to being worth near $5m at its peak, and well over $2m right now.

However, no one could have predicted that meteoric rise, so it's really not something I can regret.

But you could have held some as part of a diversified portfolio, as I advised a bit ago when first participating in the discussion on this forum. Given its high risk, holding as much as 1% in Bitcoin would have reasonable, with periodic rebalancing as bitcoin price soared. You could lose the while thing and only take a 1% hit to your net worth, but the reward potential was certainly there despite Tine's continuous prognostications that bitcoin would eventually completely crater. Because "eventually" can be a long way off.

That being said, I'm guessing that $100,000 was greater than 1% of your net worth. Perhaps somewhere between $25,000 to $50,000 would have appropriate as 1% back then. You could then have peeled off profit from bitcoin's rise with periodic rebalancing. Because of the periodic rebalancing, however, you wouldn't have made anywhere near $2 or $5 million over that time because your would have periodically reduced your coin balance over the past few years, but you probably would have pocketed a chunk of change riding the bubble on its way up.

[sonatine]

i just dig songs about rainbows.

and how donkdown bitcoins are.

[varys]

However, no one could have predicted that meteoric rise, so it's really not something I can regret.

With all of your bold predictions about its crash it is hard to take this obvious cop out seriously.

[sonatine]

However, no one could have predicted that meteoric rise, so it's really not something I can regret.

With all of your bold predictions about its crash it is hard to take this obvious cop out seriously.

are we really in this thread to take things seriously?

[Forum Wars]

Is it still, sell on the weekends, buy early in the week for an easy 20%... or has someone switched it up?

I think there's still dark downward forces at play here. This is Super Bowl Sunday, and BTC is only really holding it's ground vs. where it finished on Friday (despite a bounce in there). I don't think the second biggest betting event of the year is affecting things *too too* much, but consider this:

http://www.telegraph.co.uk/technolog...nfl-showpiece/

It has been predicted that the cryptocurrency will account for an unprecedented amount of bets on the game.

"Bitcoin's meteoric rise in value over 2017 has every professional bookmaker we work with convinced that it's going to dominate the Super Bowl," said Nate Johnson, Product Manager at PayPerHead.com.

"The data's there to back that up, too. At least 50% of all Bitcoin transactions are related to the sports betting industry."


So, even if the BTC purchasing leading up to today's game represents a miniscule amount of BTC's market cap, they most certainly are significant factor in BTC's daily trading volume. There's been higher than average buying of BTC's this weekend, and it's only semi-stabilized.

And what happens when the bets are graded, returned to gamblers wallets and they decide they don't really want to hold BTC's?

Overnight Sunday and Monday could get interesting in a BTC bearish sort way. I wouldn't be buying today, even if I believed in BTC.

Freaking Cliffs: It's Superbowl Sunday. Gamblers are buying lots of BTCs this weekend. They'll be selling them tonight and tomorrow. They might've helped give BTC's meteoric recent decline a reprieve, but watch out below. Maybe.

[Sanlmar]

Feels revenue neutral to me

As soon as you deposit BTC the processsor immediately converts to cash for the site.

Patriots punters request a withdrawal and the processor buys BTC and ships to you. You convert to fiat.

Nobody was holding BTC for very long.

This ship sailed years ago but I always thought Chad Elie would have some good takes on processing these days. Whatever.

[monsterj]

Feels revenue neutral to me

As soon as you deposit BTC the processsor immediately converts to cash for the site.

Patriots punters request a withdrawal and the processor buys BTC and ships to you. You convert to fiat.

Nobody was holding BTC for very long.

This ship sailed years ago but I always thought Chad Elie would have some good takes on processing these days. Whatever.

I wonder how accurate this is. If I were running a business that accepted BTC, there is no way in hell I would keep it in crypto. WAY too big of risk.