The Post-Futures State of Bitcoin: Day #12
Today is Thursday December 21, 2017
Bitcoin reached a high today of $17,567.70, then settled down to $14,895.10 by end of day, a -10.88% loss over 24 hours.
At this point It looks fairly clear that investors, holders and futures markets for Bitcoin are looking at the historical price valuation of Bitcoin and all agreeing that Bitcoin is terribly overpriced. Whether this move is temporary or not is uncertain.
One individual -Andrew Left- who bet against Bitcoin, is making a mint off of Bitcoin losing value. At the same time, the sometimes emotionally driven bitcoin cash co-founder Roger Ver has reportedly moved or dumped 25,000 BTC in an effort to boost bitcoin cash.
The same crowd is still shouting the same mantra: Investing in Bitcoin is Dangerous! One has to question their motive and if they aren't trying to drive the price down to buy in.
Core is killing btc, dragging their feet. Outrageous fees make it use unusable.
the other problem is that the segwit upgrade isn't being used by big exchanges, so BTC is for all intents and purposes still running legacy code with 1MB blocks for a vast majority of transactions. This is really what is killing core, because trying to upgrade code that depends on the users is going to be a battle against the exchanges, while upgrading the block size with BCH is a done move that requires no cooperation. While I think BCH is more effective in the short term, I also think Roger Ver is an ass.
Hello, how are you. I am a new friend of you I am always with you. I hope you will be with me too.
Interesting post.
What would be your opinion on this matter -- do you think bitcoin is 'terribly overpriced'? What valuation do you suppose most people would feel 'comfortable' bitcoin sitting at?
I'd be comfortable with bitcoin at $10 million. Price is kinda or will be even irrelevant some day.. Having any sovereignty at all will-may be all that matters. Especially to the FATCATS... Except for us dogs.. when needing/wanting appreciation... So many big dreams.
lol yeah I think I rolled my face on the keyboard typing it up originally. Note to self: don't go on steemit after having had a few drinks and try to blog. :D
It could be a temporary move to catch a large crowd trying to sell on January 1st, but it could also be a play by big investors betting against the value of bitcoin while having some on the inside pushing the price down. But I would think the rest of the market would resist if not in agreement.
BTC Could go as low as 9 or 10 thousand if going by the charts.