How's Bitcoin's fate?

[ArtofFugue]

Bitcoin price plummets amid mysterious cryptocurrency market crash
by Anthony Cuthbertson, The Independent 4 hours ago

The price of bitcoin and several other major cryptocurrencies have dropped dramatically over the last 24 hours, wiping billions from their value.

Bitcoin fell by more than 10 per cent to take its price below $7,400 (£5,700) for the first time since May, with no sign of the current crash slowing down.

Ethereum, ripple, bitcoin cash and ripple all saw losses of between 5 and 15 per cent over the last day.

Cryptocurrency analysts struggled to explain the sudden crash but said further losses should not be ruled out.

The market movement comes in stark contrast to bitcoin's generally positive year-to-date, which has seen it rise from below $4,000 in January 2019.

Recent positive developments in the cryptocurrency space had some investors hoping that bitcoin would continue to see gains, especially after both China and the EU appeared to endorse the notion of blockchain-backed digital currency.

Last month Chinese president Xi Jinping described it as an "important breakthrough", prompting a state-run newspaper to publish a front-page story about the success of bitcoin.

It came after years of China taking a hardline stance towards the industry and comes amid rumours that the country is preparing to launch its own cryptocurrency next year.

One possible explanation for bitcoin's mysterious crash could be further developments in China that saw a fresh crackdown on illegal exchanges.

The country's public endorsement of cryptocurrency seemed to fuel an increase in trading activity on illicit platforms, resulting in a response from the People's Bank of China.

"Once it is discovered, it will be stopped immediately," the bank stated.

[user2932]

 

[Hitsu]

Interesting, didn't know that @BillionaireboyLam is in crypto and has Continental GT 1st gen.

Regarding crypto and bitcoin... I think right now it is highly correlated to S&P500 stock.

When S&P pumps, BTC pumps.
When S&P dumps, BTC dumps.

Whole crypto market is correlated to BTC. ETH etc.
Soo, whole crypto is correlated to S&P and global markets.

Crypto no longer is "hedge" to traditional markets.
And we are in public phase, so it will be 'harder' to find gems (sea of shitcoins...).

[user2932]

Interesting, didn't know that @BillionaireboyLam is in crypto and has Continental GT 1st gen.

Regarding crypto and bitcoin... I think right now it is highly correlated to S&P500 stock.

When S&P pumps, BTC pumps.
When S&P dumps, BTC dumps.

Whole crypto market is correlated to BTC. ETH etc.
Soo, whole crypto is correlated to S&P and global markets.

Crypto no longer is "hedge" to traditional markets.
And we are in public phase, so it will be 'harder' to find gems (sea of shitcoins...).

Hi @Hitsu
Thanks bought it to celebrate after a tiny windfall.
I gave it to my mom for her birthday gift.

I only invest small part of my savings on bitcoin and; i dont recommend people to put all their investments into bitcoin.

I do however think it is a pretty good investment if you have some spare money.

I based my crypto purchases based on Astrological analysis of World Trends.
Which is why i posted this in a CM Site.

[Hitsu]

I only invest small part of my savings on bitcoin and; i dont recommend people to put all their investments into bitcoin.

True

I do however think it is a pretty good investment if you have some spare money.

For me, currently... BTC will never be global currency.
It may be store of value... but it will never be currency (e.g. you can't revert transactions, and there are a lot of idiots on world, that would send money to wrong address).

I based my crypto purchases based on Astrological analysis of World Trends.
Which is why i posted this in a CM Site.

Thanks for more info (I saw that, vedic astrology).

[user2932]

I only invest small part of my savings on bitcoin and; i dont recommend people to put all their investments into bitcoin.

True

I do however think it is a pretty good investment if you have some spare money.

For me, currently... BTC will never be global currency.
It may be store of value... but it will never be currency (e.g. you can't revert transactions, and there are a lot of idiots on world, that would send money to wrong address).

I based my crypto purchases based on Astrological analysis of World Trends.
Which is why i posted this in a CM Site.

Thanks for more info (I saw that, vedic astrology).

Well imo BTC is already used globally but, less like common currency.  More for untraceable transfers of wealth out of a country quick. Governments still have not figured out how to track lightning bitcoin transactions.
Poorer Countries with  currency problems will also embrace bitcoin
As a alternative to their countries currency and to USD.

If  Hong Kong exodus does happen. It could drive up BTC prices as it could be a quick and easy way to get money out the Country.

Many factors can affect bitcoin price to go up or down.
We shall see in the future.

[Hitsu]

Well imo BTC is already used globally but, less like common currency.  More for untraceable transfers of wealth out of a country quick. Governments still have not figured out how to track lightning bitcoin transactions.
Poorer Countries with  currency problems will also embrace bitcoin
As a alternative to their countries currency and to USD.

Yes, it has it use cases:
- gateway to crypto (to buy other stuff)
- transfer of wealth across borders (useful for some countries)
etc etc

I just don't see it how it could be what Satoshi wanted (global currency).

Bitcoin main strength is that, he has 'first mover advantage'.

Regarding privacy.. it is not that good, some companies use blockchain analysis and it possible to get some info from transactions.
There are better privacy coins (monero, grin).

If  Hong Kong exodus does happen. It could drive up BTC prices as it could be a quick and easy way to get money out the Country.

Hmm, didn't think about that

Many factors can affect bitcoin price to go up or down.
We shall see in the future.

Yes...

[user2932]

Bought bitcoins at 6000, current BitCoin prices at 7300 lowest price. Astrology people!!!! Study it HARD. It will make you some $$$

We are always using WWG before buying bitcoins... Last few months was accurate to a day for when it will go up or down, but it was really easy to read hex. Lately is harder, we still bougth, so its really nice to se it going up now. And eventually will go down again as well, in any case its awesome way to study Yi jing.

@Gmuli
Glad to hear that you are making good use of your CM skills! My methods are more complicated and involves analyzing astrology to predict world trends and then using those predictions to make market predictions. For example Mercury went retrograde on July 26th of 29 degrees of Vedic Cancer in Water Gandanta point.
When a planet a retrograde in a water gandanta point the ancient description literally means drowning.
Mercury rules all cash and liquid assets this would include cryptocurrency but also world currencies.

We can see that after July 26th was when BitCoin made the big drop to 6000.
Yet hidden behind all this news is the brewing underlying currency war. Turkey's currency crisis, China's also showing signs of preparation for a currency war.
The Yuan has already began to drop against the dollar.

So this is a universal affect not just on bitcoin but on all World currencies it's just that bitcoin has been on the spotlight but if we pay attention to the news.
The bigger news is the currency crisis going on in Turkey which can have ripple affects but also put more investors into bitcoin as a alternative.

Astrologically speaking Mercury stationed direct on August 18th and BitCoin has begun the rise ever since.

Of course there are also quite a few astrological factors that shows other world trends that also indirectly links towards the economy.

Mars has been in the same part of the sky for over 4 months now and will stay in the same sign until November. Mars is also off-course from the ecliptic.
And it is also with Ketu. Mars is exalted in Capricorn as Mars is the planet of action and Capricorn is the sign of practical realization.
Which usually signals a time of actions towards realizing material gains. Yet this Mars is off-course and spending over-time in this area.
We know that in Ancient Chinese Astrology when Mars is off-course,retrograde, and in the same area for more then 5months it will mean War.

There is still 2 months until Mars transits out of this space, in early November. I say a prayer everyday that some all-out war won't break out.
Yet Venus is also transitioning from Morning to Night Star. It is said in Chinese and Vedic Astrology that when Venus appears in the Night and retrograde.
There will be war.

Mars is also with Ketu, the planet of past karma's and dissolution. Mars likes to achieve things while Ketu wants to give up things. Ketu is also the planet of Karma, and with Mars it is a sign of of paying for Karma.

We know that Bashar Al Assad and Russia/Iran is preparing to attack the last rebel stronghold of Idlib within the next 2 months.
President Trump has warned them about attacking Idlib. It seems like the attack is going to happen real soon.
How President Trump will react to this no one will know. Will this be start of World War 3? Hope not i say a prayer everyday.

These signs of uncertainty are all indications of bullish market for bitcoins. Which is why i will predict that it will continue to rise.
I personally gonna hold onto my bitcoins until it hits 9000 then i will make further analysis to see if i will continue to hold or sell.
But i am definitely not selling right now at 7000. I predict that it will still rise based on other astrological factors that are coming in which i will not go into detail now.

-Tao

BitCoin price is Approaching 20,000 i stand corrected.

[Hitsu]

Gentlemens, Fasten your seatbelts, if BTC goes above $30k, then even $100k+ is possible.