Across Social Media, Traditional Media and In Conversation All I Hear About is Bitcoin.
It seems my beloved Bitcoin is hitting its next level of adoption. We are no longer criminals. People now see Bitcoin as a way to quickly build wealth. Wait, that sounds like a get rick quick scheme!
Anyone who has followed me over the last four years knows that I love Bitcoin and what the technology has done for my family. I now have a sense that we are in for a shakeout. There are so many signs that we are in a state of euphoria in the Bitcoin market.
Check Out This Text From a Post in a FB Group.
"If BTC is $10k and poised to rocket to $30-40k by end of next year. Would it be reckless to start taking out high interest payday loans ($500-5000) and putting it into BTC, paying off the loan and keeping the difference? This assumes, of course, that you have no other source of getting funds aside from donating plasma."
Bloggers, Youtubers and Other Crypto Influencers are All Bulls.
- "No signs of a pullback."
- "We are heading to the moon."
- "Bitcoin is different than other markets."
- "We could 10X again in 12 months."
- "Nothing will ever replace Bitcoin."
- "Bitcoin will always be king."
- "Lambo's for Everyone!"
- "I am refinancing my house and putting it all in Crypto."
- "There is nothing like Mt. Gox on the horizon."
When I See This Type of Rhetoric My Inner Bear Arises.
I am actually going to Peter Schiff and say that the Bitcoin market is going to pull back big time. Yes I made his name into a verb. Peter Schiff has been a Bitcoin Perma-Bull since the early days. He likes to say the Bitcoin market is similar to "Tulip Mania". I can't wait to see Peter Schiff come on CNBC and claim that he was right when Bitcoin corrects. Like there was never a time when he thought Bitcoin was not a bubble.
Unlike Peter Schiff I have been a Bitcoin Bull for the last four years. It was not until 2017 that our crypto holdings exploded in value. Prior to 2017 it was a nice steady rise. I actually used to use our Bitcoin to buy plane tickets and pay for services. We still do but when we cash out it is for a fraction of a Bitcoin due to the meteoric rise.
Can you imagine that we spent 20 Bitcoins last year on two trips? Ouch, that hurts! In a few years we might look like the guy who bought the Pizzas for 10,000 Bitcoins.
Warren Buffet Said, "Be fearful when others are greedy and greedy only when others are fearful."
Being Cautious in This Market.
- It is ok to take profits if you feel the market is over heated.
- Buy some Gold and Silver with your profits.
- Buy some real estate.
- Pay off debts.
- Invest in some quality ICO's
- Diversify into stable altcoins.
- Have some fun with shit coins.
- Take a few months off and travel.
- Buy some Tesla stock.
I Am Cautious But Still a Huge Bull For the Crypto Currency and Blockchain Market.
Update: This article was written when Bitcoin was over $11k it corrected to under $10k within hours. Just call me, "The Bitcoin Prophet of Doom".
I do, I buy some gold always when I gain profit.
Don't forget about silver. The gold/silver ratio has been high for a while. Eventually, it will likely come down to where you could get more gold per kilo of silver
All great advice you got there Randy, but I think the price still has some time to grow with Wall Street getting in next month, and the episode of Big Bang Theory airing, then we may see a correction, but don't expect it to be too big, because the larger the overall capitalization of Bitcoin becomes, the less volatility it will have.
When markets are understood, the idea that everyone can make money is not only inaccurate but impossible and laughable. Everyone making money means there is no market, because who would be taking the other side of the trade?
It is no mistake that individuals begin to like the same sorts of fashions that everyone is wearing. In a quest to change, the majority of society ends up changing together, moving towards similar desires and away from similar dislikes. Therefore, what the market is offering provides the exact thing that will lure the trader into the crowd.
For example, someone who has little experience investing wants to get involved because everyone else in their social circle is, ads are all over tv and even their nightly newscasters are talking a lot more about how the market is so good. In this environment you can be certain there will be lots of “helping hands” to welcome this investor to the crowd, teach them to be a part of the crowd and initiate them into the world of the blind leading the blind.
The market is unlikely to reverse to any significant degree until almost everyone is on one side. Which means almost everyone who joined that party late is going to lose. A bunch of people may just decide to wait, but so will the market. And if people are divided then the market will move in a ranging fashion.
People are the catalyst and without people to create an extreme the market won’t hit an extreme and reverse–remember the market does not act on its own, we…the people… are the market. In other words, the boom and bust cycles will not end. We progress and regress and then progress again.
Until almost everyone is in the trend, it won’t stop. The trend will keep going, enticing more people in, and when it reaches critical mass (which it can’t do without pretty much everyone on board) a reversal occurs. This change in fortune (for the worse) causes concern and then panic as a full reversal occurs. And as the mood of society continues to grow darker people feel more hopeless and give up fanciful notions of making money with crypto and so it will continue to drop.
In other words, the very thing which lures people in droves (big returns) ironically means that most of those people will be on the losing end of that exchange. In another ironic twist, when people clamor into the market all at once out of greed and a belief that a new era has begun, they bring about the exact opposite. @pawsdog
I totally agree with you, but the percentage of folks participating is way too low to bring about what you are saying to fruition currently, and only when Grandma is invested should you worry.
You were saying?
http://www.cbc.ca/news/canada/hamilton/woman-seen-feeding-cash-into-bitcoin-atm-was-scammed-police-say-1.4262285
https://money.usnews.com/investing/buy-and-hold-strategy/articles/2017-08-28/does-bitcoin-belong-in-your-portfolio
That aside and not to be a wise ass or talk down but the mentality of your last post only but reaffirms my previous post. Lets take look at history, which always repeats itself as the market is just the greed and fear cycles of human nature put to numbers with charts and volume.
History tells us without fail that a big downside reversal can coincide with a climax run, which is another key sell signal. Bad reversals may involve the heaviest daily volume since the start of the big move, the largest one-day point loss, or the widest daily or weekly price spread ever.
If we apply the idea of Bitcoin to another once hyped "life changing, mind bending, institution wrecking technology"-- fuck the power company, I don't need them. I'm going solar, we can draw some parallels. I seriously doubt grandma was putting her 401k in solar.
Solar stocks were red hot in 2007. SunPower (SPWR), one of the best performers, recovered from a third pullback to the 50-day moving average following its initial breakout in December 2006. In September 2007, the stock ramped to new highs.
On Nov. 8, SunPower surged as much as 13% intraday, hitting an all-time high of 164.49. At its best levels that day, the stock was up more than 100% since the start of its rebound two months prior.
But SunPower then showed a big change of heart and ended 2% lower in huge volume.
The price spread from high to low was nearly 20%. SunPower continued to plummet and fell 68% by March 2008 eventually trading in single digits before rebounding.
I'm also not saying BTC will die, it will most certainly recover in some form be it Legacy, Gold, 2x, or whatever. The concept have proven itself. It may be like Apple, and crash to nill only to rise from the ashes to new heights.
http://www.wisebread.com/the-4-greatest-stock-reversals-in-the-last-decade
The volatility is insane at this moment. Check out the live markets. $100-$500 swings.
It is really crazy for sure, it's so easy to lose money right now if you are not careful. I am playing very tight swing trades acting as my on bot per say on the hourly and 15 minute charts. With this volatility you can market sell if you limit buy and still make some $. I wish Kraken were more reliable as you could be in and out quickly if it were, but it has API issues, gets you in twice, fails to update etc. I only use it for big moves that give me some time as their system is sub par.. but it pays...
Correct, but when Bitcoin gets to $50,000 and above, those would only be 1% to 3% gains and losses is what I meant.
You're spot on with that analysis and suggestions, in my book. Thankss!
Well verse. Whoa you spent 20 BTC last year.
Actually you are very truthful cause you did believe in it.
Now you are poised to rip more reward I assume.
I have been hearing a correction way before BTC reaches 5K.
What kind of correction is it going to be ?
CME and others sectors will start pushing the value up.
It is a definitely a WAIT and SEE moment.
I have to take some actions.
BTC could be 20k and I do not want to be in the sideline looking.
Keep on steemit.
Great post. I love BTC too. I've been in for years, but I am feeling similar to you. I am getting weary. It's becoming too main stream and everyone is thinking BTC will only go up. I think 2018 will still be bullish overall, but taking profits now could be a wise move. A correction is needed. Everything that goes up, must eventually come back down.
I still feel like Bitcoin has much room for growth and value, Warren has a good point but when you look at it many are still fearful of bitcoin thus time to be greedy?
Pure madness though how quickly we are growing that stock money sure gives everything a nice boost and we just scratched the surface in terms of money.
Even if just 1% of stock money went into bitcoin we would be looking at about 40k per bitcoin which does not sound unreasonable.
I guess I better start selling my plasma! :P
Keep your plasma and dollar cost average your way in.
Wow friend great information and suggestions about the future investment of profits. Thanks, I have also benefited a little bit by listening your sweet advices.Thank you so much, you are fantastic and wonderful person, bitcoin is awesome. Thanks, wish you a very beautiful time ahead my friend.
Great quotes by Warren Buffet! I appreciate it. I'm cautious now :)
but now extremly loss from botcoin becuse suddenly bitcoin rate donw from 11000$ and now approximately maybe 1000$ near that ..
So i should wait for some down rate then i buy it maybe its power up and gain the rate of bitcoin
Great advice! I'm frustrated that I've missed most of the move from 8K to 11K, but I have the feeling it will correct soon and there will be a better buying opportunity. It's crazy right now.. everyone loves bitcoin and the stock market.. no one loves gold. Time to buy
Ironic using a Buffett quote, since I hear he thinks poorly of BitCoin.
BTW, in another article, I pondered with the author about what would happen if BitCoin was ready to pull back and the expected stock market pull back happened at the same time.
Interesting thought. Makes sense since I think they're both due. I didn't put the two together in thought like that. The markets are waaaay over due and btc's rise lately indicates it should blow off a bit but I would think it'd go right back up. Thanks for the comment. Got me thinking.
The Buffet quote applies to any market.
so we still have good time to invest in bitcoin because bitcoin still have potential to reach 20k to 30k.
The higher to fly the tougher to land.
What do you base that on?
nothing special just trying to follow the trend.
If the gold market is ~$7T, there is plenty of room for expansion at $333B.
Totally agree with you, you can make money on Bitcoin and even need it now, but blindly believe in the constant miracle of growth all the same it's not worth it. You are right, the profit should be evenly distributed among other assets, that is, do not lay eggs in one basket! Thanks for the great post @hilarski
I remember when Peter Schiff was in debate on CNBC, what is better Bitcoin or Gold, when they were same in price.
He is a true piece of work.
There will definitely be a correction soon, after that 🚀
@hilarski,
"Anyone who has followed me over the last four years knows that I love Bitcoin and what the technology has done for my family."
I didn't followed you since last 4 years! But I understood the value of you just after reading your articles!
BTC about to moon! But I hate this speed!
Cheers~
Me too, going parabolic.
@hilarski,
Yeah, market correct can be happened anytime now friend!
Cheers~
@hilarski - Sir you found a nice meme.... It's a good investment tip Sir...
To get more audience, I wish to ReSteem your post.
+W+ [UpVoted & ReSteemed]
That's good advice. I think silver is also a good long-term store of value.
I will do @hilarski. Laos I buy some thing. BTC keep going surpassing over 10000 dollar rate. Its looking as Rocketing.
OF course it's okay to take profits. Enjoy your life, start a business, follow your passion. Means to an end.
Great time to take profits and enjoy, or invest in something else while awaiting the pull-back. That steem chart is looking swell for a re-invest I think. Tons of fun watching this bitcoin spike.
Hello @hilarski,
Extraordinary good article & dividing investments are a brilliant idea. Incredible tips & guidance shared to the steemians.
~@mywhale
@hilarski, i am still astonished and wonderd about the rapid increase in Bitcoin. but also excited because my younger brother invested in Bitcoin on my seggestion .
I'm not as fortunate as many people. Although Bitcoin reaches $ 70K, I do not have it. I can only hope that SBD follows in the footsteps of BiTcoin :)
Also media in my country starting to talk about btc!
And...... the crash in Bitcoin is happening! Let's see if it can hold $10,000. I think its more likely we see 20%-30% correction from the top this morning before it can consolidate the gains and move up again.
I carefully read your article @hilarski. There are so many good point has your article.As my mind bitcoin will be potential k to k very soon. before talke lorry need to star explain your article from you. Totally brilliant podt.
It is ok to take profits if you feel the market is over heated.
Buy some Gold and Silver with your profits.
Buy some real estate.
Pay off debts.
Invest in some quality ICO's
Diversify into stable altcoins.
Have some fun with shit coins.
Take a few months off and travel.
Buy some Tesla stock.
good!!support you !
i think those tips you put are awesome, especially the tesla one. nice one! :)
"I Am Cautious But Still a Huge Bull For the Crypto Currency and Blockchain Market."
25% of the crypto investment we should move to metals like silver or gold. Nice guidance you have shared today~
You're spot on with that analysis and suggestions, in my book. Thx!
All great ideas. Rental Real Estate is my long term goal anyways. My problem is I'm finally making great buys and they keep selling, putting me back into BTC. I guess that is a good problem to have.
I'm thinking the heat is going to stay on until New Years.
🌀🚕 🚗🚕 🚗🚕 🚗🌀Warning: Bitcoin is attracting speculators from every direction. It might not stop until it reach 20K. No matter where it reaches, prepare for a rough landing.💔💔💔💔
bitcoin is surprising going up and up every where i hurt now a day bitcoin ,bitcoin n also yes bitcoin is different frm other market.
Great advice about taking out some profits! I think if you've made some profit you should take out some of your initial investment so that you don't lose a lot of money in a bad scenario. Also everyone you should have a diverse investment portfolio.
Besides, what happens if indeed BTC will skyrocket to let say 100K? There would be thousands if not ten thousands of new millionaires. Wouldn´t their additional demand drive prices up? So the fiat currencies would be devalued at the same rate as the Bitcoin goes up. Demand and offer. This could be the beginning of the end of the ruthless Fed Reserve system. Or is it too far-fetched?
This could be happening before our eyes but imagine for a moment if Coinbase was taken offline by Gov or by hack. Dark days could return quickly.
BTW, I'm sure the guy, giving the sad story of how he bought into 5 BTC in some community only to have it taken and now the loan he took out on his house is coming due and he wants people to give a little, will find you soon.
Exactly, I would only invest what I could afford to lose. That is how I started and it worked out fine.
Congratulations @hilarski
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Exceptional article with useful BTC tips. Following you will not make anyone loss...!!!
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Even so, it's still time to invest
""Bitcoin will always be king." That would be great inspiring me.
No worries. BTC is king of cryptocurrency. It will be high increasing. Thanks for share Bitcoin Mania Has Arrived news update @hilarski. Lot of features and options here.
Resteemed.
Bitcoin has so many flaws, no. 1 it has huge tx fees, no. 2 it has very very slow confirmations, No. 3 it's minning consumes a huge amount of electricity, now compare it with lovely steem, steem has lightning fast tx with no fees, steem has not consume much electricity because it is mined with proof of brain, i think btc is growing because of the trust and the oldest blockchain present on the internet, i am sure once peoples gains awareness and trust on steem it is much likely that the huge momentum will be shifted back on steem as well. thanks for sharing this nice information with us.
Lately the confirmations are pretty quick compare to the size of BTC in a 24 hours marketcap.
Yeah STEEM is a sleeping giant, awaiting to awe everyone.
Bill Gates said that when the BTC comes to $ 10,000, it will be unstoppable, He was right
Precious Metals are never a bad buy with profits! Especially at these prices!!
I am actually purchasing some real estate in the next few months with some crypto profits!!
Every healthy market needs a correction!! It is better to be early than a second too late! :D
This is one of those things where, if you just sit on you bitcoin (or any alt) that indeed this will be a tulip mania. Bitcoin will only continue to rise as more people use it. Else, it is the definition of a ponzi scheme. Everyone paying more and more for a digital pokimon card, until the last person pays the most...
I have always tried to tell people that what they need to do with their profits is invest in their life. If you are the homesteading type of person, when you crypto holding allow you to purchase that dream, do it.
Find out where you want to go, and let cryptos take you there.
Just having a large bitcoin balance will do nothing for your life.
Well i am diversifying my investments with the profits from bitcoin...
Investing in ICOs and other programs :)
The post is amazing. Bitcoin answered all doubts about life. Do not hesitate to ivent your money to make big profits.
Warren is right... when it comes to traditional stocks. Just like technical analysis is great for traditional stocks, it hasn't worked so well when trying to analyze coins. There are numerous reasons for it, but just the overall ability for anyone to get in and out within a matter of minutes. Everyone was doom and gloom when it hit 5k, then 6k, 7k, 8k, etc. Now that it is over 11k, people are starting to believe in it haha. I am more than happy with my profits, I've taken some and started to diversify, converted some to tether in anticipation of a crypto wide red day/week and I will keep some long term. Gotta be thankful for all our gains and remember that crypto is still in the infancy stage, the best times are still ahead of us
bitcoin reach 10k and we are near about moon, dream come true!
I'm glad someone other than me is fore-seeing a bitcoin overdue crash.
It looks like 1999 all over again.
Yes Bitcoin is ahead of the whole planet.
