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RE: Bitcoin (BTC) Morning Update: Similarities to the September Correction & Recovery

in #bitcoin7 years ago (edited)

How could it conceptually create anything other than more market cap for BTC? The contracts are settled in Cash so your hypothesis unfortunately is moot.

BTC is both a currency, a store of value and a payment system; (with incredibly finite inflationary pressure) it's meteorite rise in that regard isn't so unstable.

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I once had a guy try to sell me a 100k in gold. He said in a few years it would rise 300%. I asked him, "than why would you sell it to me for 100k? All you need to do is hold it, for a few years". He continued on with the sales pitch. So I asked, "how do you earn a living selling gold, Do they pay you commissions in gold or usd?" He was a little agitated, and he responded "I get a commission check and cash it for dollars". I chuckled a little and replied "so you will trade gold for dollars because it will rise in value. Why would you trade gold if you thought it would rise 300% for usd? The same usd that you thought would lose 300%?" Not long after, the price of gold dropped 900$ like my charts hinted. I still didn't buy it. Not because I didn't want to own some. But because, I thought it would get cheaper.

The secret to investing is to figure out the value of something and then pay a lot less.

  • Joel Greenblatt

It's a good story, but I think you missed the boat @ 5900$. There's FOMO and then there's being stubborn; good traders admit when they made a bad trade; or missed a good one. That's why BTC shoots up like a rocket because everyone and their brother is "waiting for the dip" when it's in front of their face they still miss out and you'll be left paying 16500-17500 USD

There will always be another boat. Hindsight gets confused often with foresight. Wash rinse repeat. I cant win them all. I did miss a good one. I planned on holding a while. If it comes back, no harm no foul. It came came close to me target entry. It may be back. I am atm, at the disadvantage of missing the boat. Life goes on. Good luck, I hope you hit your target.

You're right there will be many more boats; 10150 is a solid entry, this is another boat before the IHS breaks upwards.

The best way to keep others from throwing rocks. Is to smile and move forward. The same thing that brought the shorter term forecast 10,438. Can bring 8,777.x or less. Its normal pa, nothing more.