Bitcoin will go far above $100.000 and this is why

Discussion in 'Mining & Cryptocurrency' started by Nebell, Apr 16, 2018.

  1. Nebell

    Nebell [H]ard|Gawd

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    This might become a bit lengthy, but I'll try to keep it short and simple.
    Also, English is my 3rd language so excuse any errors.

    A little bit on the market crash in mid January:
    Bitcoin was at its peak in late December and then plummeted, partly because of that Mt.Gox trustee who sold a lot of the coins.
    But even $400.000.000 in BTC could not affect and crash the whole market. Yes, there was hype, FOMO (fear of missing out) and FUD (fear, uncertainty, doubt) that drove the price up and down, but this is what led to it.

    BTC decline started before altcoins.
    Why? Because that Mt.Gox trustee was not stupid. Sure, he could dump all his BTC and earn some money. But there's a much more profitable way of doing this.
    He did sell BTC, but not for FIAT, he traded BTC for altcoins. This is why altcoins gained a lot of value once BTC started declining.
    The amount of BTC Mt.Gox trustee has/had (about $2.1bil, $1.7bil now and $400mil before he sold) is more than enough to manipulate the whole altcoin market because even though he can't buy himself in on the whole altcoin market, that amount of money will drive FOMO and FUD.
    When you sell alts, you don't actually buy BTC. You earn BTC at the price of that alt. So BTC price stays the same after you dump that alt. It's the alt which lose value. But then you have to dump the BTC you got from selling that alt.

    So basically, you dump hundreds of millions of BTC and affect its price while driving the alt market up, then you dump the alt market and even further hurt BTC by selling what you got from selling alts.
    Triple strike against the market, crashing its price and driving FUD into people's hearts, crashing the market even further, while you earn way more money than you would by only trading BTC for FIAT.

    ----------------------------------------------------------

    Bitcoin hitting $100.000 in the near future, and going even higher.
    Just as Mt.Gox isn't stupid, neither is the West.
    The western economy system is based on capitalism, pretty much in every developed/semi-developed country in the west.
    So, why ban something they can get a lot of money from?
    Yes, there are a lot of people tax evading, this is what governments are going to have a huge focus on in 2018/19. But really,why should they ban it? The western economy is not threatened by crypto, not even close. They see it as an opportunity. Because the money people spend to buy crypto is the money that has already been taxed. So the taxed money will be taxed even more. Tax on tax bitches!

    China is different. China doesn't want anyone meddling with their economy. It was known well before crypto even existed. China banned crypto and caused a big crash somewhere in September/October. India has also semi-banned crypto, limiting or completely blocking Indian citizens from investing in crypto. This is nearly 3 bilion people locked out, nearly half the world. But more on this later.

    What happened a few days ago?
    I'm pretty sure most of you know, but here's a refresher. BTC went from $6800 to $7800 in less than an hour. We're talking $15bil into BTC market cap.
    And it was not just BTC that went up. The global market went up by $30bil. In less than an hour.
    This was not hype or FOMO. This was a single rich ass investor going in Bitcoin. And this was not a person. This was a company.
    Company is the keyword here, regardless if it was IBM or Goldman Sach. I believe it was a huge investment company because companies like IBM would invest into a few tech oriented assets, not Bitcoin and then spread the rest of their investment on altcoins.
    As more and more companies invest a lot of money in crypto, the popularity and BTC price (lets just focus on BTC here, a lot of altcoins are in the bubble anyway) will go up. Other companies will be forced to act. Either by FUD (already been there, done that, doesn't work) or getting in themselves as rumored lately that big investment companies are looking to get in when BTC price stabilizes. I'm pretty sure most of them understand now that BTC ain't going below $6000 (or let's say $5000 to give a bit of margin, this is how much it costs to mine 1 BTC). This would explain why BTC market went up $15bil at about $6800. Last time BTC dropped to $6000, it went up to $12.000. If this happens again and it will, those $15bil will be worth $30bil.

    So back to China and India. China has affected the market significantly. At its peak, China accounted for 95% of all BTC trade. Now after the ban it's about 1%. But China doesn't want to ban crypto. China wants to control it.
    Once the Chinese and Indian government realize what is going on, they will be forced to act. The gates of hell will be open to the second (nearly) half of the world that's locked out, the amount of money surgning in will go ten folds and BTC will break all records and we will see global market cap way above $2trilion.
    Not this year. Perhaps not even 2019, but it will happen.
    I do however believe that a lot of altcoins are even now in the bubble and that a lot of them will die. So this $2trilion will be BTC and other popular and serious altcoins. Not the whole market including pumped and junk coins.
    Invest smart and don't invest the money you can't afford to lose.
     
  2. WorldExclusive

    WorldExclusive [H]ardForum Junkie

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    A classified ad for "Investor needed."

    Remove the greed of money and life is so much better.
     
  3. mkrohn

    mkrohn 2[H]4U

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    you have too many zeros to the right of the decimal. the topic really should be bitcoin will go as low as $100.00 In reality $100 is more likely than $100k. BTC as a tech is outdated trash. Save the lightning fixes all trash. Functionally BTC fails to do anything at all well. Decentralized currency? nope its centered on bitmain a singular shit company. Transactions? When volume picks up and $50 transactions are a thing again NOPE.

    You clearly don't understand taxes and investments. If you want to dodge taxes on investment earnings there's a self directed roth IRA for you. downside? profits you can't touch till retirement age.

    there's so much shit in this post that may deserve proper commentary but the overall post is so trash that I just wont.
     
  4. sgrinavi

    sgrinavi [H]ardness Supreme

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    Well I don't agree with everything you have to say, but your English as a third language is better than mine as a first.
     
  5. thebufenator

    thebufenator Gawd

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    Those two points contradict. Lightening being functional == no crazy transaction fees, due to being scalable. Bitcoin Cash is not scalable.
     
  6. mkrohn

    mkrohn 2[H]4U

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    hows the segwit2x rollout gone? lightning adoption is so far away. Existing and actually in use are not the same thing.

    I didn't mention bitcoin cash...
     
  7. thebufenator

    thebufenator Gawd

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    BCC was just an example. Doubling block size == double transations -> not scalable. Lightning will allows atomic transfers, which would mean I can avoid exchanges for certain coins.

    The killer for transaction volume was CB refusing to use segwit and batch transactions. Something about having relationships with Vu and keeping transaction fees high helped the btc miners........
     
  8. Nebell

    Nebell [H]ard|Gawd

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    I'm posting this here for future reference ;)
    I don't visit many forums aside from hardforum, mmo-champion and of course, bitcointalk, but bitcointalk is full of jackasses who just want to get rich quick. There's almost no point in discussing anything with anyone there. So I don't really blame people for disliking the crypto scene.
    I find analyzing a lot more fun and something I enjoy, which also ruined quite a few of my potential and actual relationships :rolleyes:, but it's the devil I know.
     
  9. cdabc123

    cdabc123 [H]ard|Gawd

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    bitcoin cannot be fixed and is VERY broken. for that reason i hope bitcoin fails and stops effecting the other alts so heavily.
     
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  10. nutzo

    nutzo [H]ardness Supreme

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    If it gets anywhere near that value, I'll go through the effort to dig out the .01 of a bit coin I still have sitting in wallet on one of my USB drives and cash it in.

    I won't be holding my breath waiting for this to happen. :meh:
     
  11. Nebell

    Nebell [H]ard|Gawd

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    Don't be like me. I checked crypto price every 15 minutes until the crash mid January when I basically ate all my nails. Now I'm much calmer, and I'm even a small fish in the sea of crypto investiment, and on top of that the $5000 or so I have in in crypto coins is from mining and trading myself up. I never invested any of my real money.

    The countries and bankers have tried their best to crash crypto. So the popularity and value will only go up unless some of the big western countries decide to ban it. Especially if others try to follow. But there was a big meeting a few months ago and they said there will be no ban.
    My first thought is that during 2018 privacy coins will gain more value as governments try to tax people, while 2019 we will se big gains on tech assets.
    I'm all for regulation. This will stabilize the price, make crypto trustworthy and attract big investors. And let me be blunt. Fuck ICOs :)

    Bitcoin is tied to altcoins. It's used to trade all altcoins. And while basically any coin can be used for that, what makes Bitcoin so important is that it's already implemented in dozens and dozens of exchanges, online stores etc. It would be too costly to remove Bitcoin from being THE coin to trade altcoins for.
    And even if say an exchange did that, the people will move away to another exchange. No exchange will risk this.

    Bitcoin Cash has supporters with VERY deep pockets. This is what is keeping it in top 5.

    Thanks man. It's thanks to video games ;)
     
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  12. oblox

    oblox Gawd

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    You're confusing market cap with actual dollars. No firm invested $15 billion in crypto recently.
     
  13. motqalden

    motqalden [H]ard DCOTM Feb 2018

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    He didn't say that. he said someone invested big into bitcoin and the price has jumped enough to add 15B to the market cap.

     
  14. Nebell

    Nebell [H]ard|Gawd

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    No the move did not come from within as the whole market cap went up by $30bil, not just Bitcoin.
     
  15. mkrohn

    mkrohn 2[H]4U

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    Its tricky when a coin is tied directly to BTC. Coins trading at a certain BTC amount generally skyrocket in value when BTC does because of just lack of reflexes on the lower markets movements then create other movements. The market cap itself shifts quickly because outside of a chunk of day traders most of BTC is in long term wallets outside of these knee jerk reactions. I'm a HODL long guy and not a trader. I made a killing on ripple though and some other ones where I had set cashout points with my holdings. In these cashout points I keep a reserve of HODL forever (or until it can put me into retirement)
     
  16. Nebell

    Nebell [H]ard|Gawd

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    It is true, but in this case, the 15bil BTC and 15bil altcoin pump happened within 1 hour. That and the fact that the market went up by a rather round number and basically evenly spread between BTC and altcoins is what leads me to believe this was just one person/company.
     
  17. mkrohn

    mkrohn 2[H]4U

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    Ancient astronaut theorist say; It was the ALIENS!
     
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  18. Nebell

    Nebell [H]ard|Gawd

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    It could also be whales ;)
     
  19. mkrohn

    mkrohn 2[H]4U

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    we all know that saving the whales is the way to save the galaxy.