August 1 may cause a bitcoin crash

That Dominance chart is BS. It is simply a price comparison multiplied by outstanding coins. Since the numbers of outstanding coins doesn't change quickly, it is basicly a price comparison chart. But let's say it does show accurate money flow:

Maybe people feel safe that the SegWit implementation will go through without problem. Maybe they feel that altcoins have ran their courses and the better return will be in BTC...
 
Pekelo said:
That Dominance chart is BS. It is simply a price comparison multiplied by outstanding coins. Since the numbers of outstanding coins doesn't change quickly, it is basicly a price comparison chart. But let's say it does show accurate money flow:

Maybe people feel safe that the SegWit implementation will go through without problem. Maybe they feel that altcoins have ran their courses and the better return will be in BTC...
More...

Well, I trade that BS chart. and it works wonderful for me. You have no money at stake, so I don't follow your scribbles.

I agree that altcoins ran their courses, but it's much safer to go to Fiat (with the current FUD with Bitcoin's scaling war).
 
Hoi said:
Well, I trade that BS chart. and it works wonderful for me. You have no money at stake, so I don't follow your scribbles.

I agree that altcoins ran their courses, but it's much safer to go to Fiat (with the current FUD with Bitcoin's scaling war).
More...

A little bit of update, and I think a validation of the "the market is always right" even in cryptos.

Bitcoin price has been going down the past couple of weeks (as measured in $ value) due to the risk of the bitcoin fork (actually, fork is going to happen but the risk of bitcoin splits is the concern in the market) in August.

For the given scenario that many have been cashing out to fiat currencies due to fear, the price of bitcoin went below $1800 gdax/coinbase price. However, 3-6 days ago the downtrend reverse and bitcoin price has been going up. Uptrend is accelerating (past 2 days went up over $400), current price is over $2650/bitcoin. What gives?

I saw a post on irc that seems like a good explanation. The risk of bitcoin split(s) is only going to affect you if you don't own the private keys (barring all other market risks such as the price crashing) to your bitcoins as you can "lose" them. If you own the private keys, and there is a bitcoin split, you will get coins on each of this bitcoin network (so you'll end up with 2 or more bitcoins) and you'll know which one is the real one as determined by the market.

So, how do you know you have the private keys? You can see them if you want to (most wallets make it difficult to display them for safety, but it's there if you truly own the private keys). If you have your bitcoins in exchanges or third party wallets, you cannot see the private keys.

As we get closer to August, many bitcoins are being withdrawn out of the exchanges and brought to "local" wallets and less supply, guess what happens to the price? Hoi has mentioned this scenario on other posts.

Now, fomo is starting to kick in on the people who sold a week ago for fiat currencies thinking they are going to safety. I saw a post from someone who's got regrets selling bitcoins a week ago... Shorts are probably arguing with the "market" saying it should be going down, August is near, and are getting margin calls and supply is getting thinner.

[Worth mentioning that there's some signaling coming from bitcoin miners on what fork they will support, but still uncertainties on what will happen in August].
 
I'm saddened that I'm so nauseated by the whole concept, that I didn't step in and take some of the free money.

Then again, I'm not a pimp or drug dealer either for basically the same reasons
 
Want to read a sad story? I bought bitcoins when it was $150. The exchange went bust and everything is gone. Im really dumb for having in an exchange, should have withdrawn everything to coinbase and keep it there or use cold storage.

Anyways, less learned.
 
must be a boatload of people that sold at near nothing, would have been millionaires 10x over by now. many miners sold at shit prices.

dont they realize its going to 1 million a coin. ?

the should do a planet of the apes kind of story, where in 1000 years everyone whose ancestors bought btc in 2017 rules the world over the vast majority that didnt see the coming Jesus moment.
 
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