lot of people have been
asking me the same exact question and I
think it's a fair one at this point
should I buy more Bitcoin or should I
buy Bitcoin in the first place I think
this is an important question to ask and
you should always ask this when you're
making an actual trade or investment in
something and I think no matter if
you're trading and investing which yes
there is a difference in the two a lot
of people have to ask the same exact
questions because at the end of the day
whether you're trading or investing
you're hoping that when you buy
something eventually it'll be worth more
okay so the other day I think we all
have generally speaking if you're if
you're an advocate of if you understand
what bitcoin is about and you understand
what blockchain is about and crypto
currencies as a whole and what this
revolution is all about I think we all
share the same hopeful long-term
objectives we want to see Bitcoin win we
want to see crypto currencies continue
to see adoption and no matter whether or
not we want to see it or not it's
happening you know like it's been proven
year by year more transactions are being
processed more people are getting
involved in it and this is you know this
whole kind of run-up that we've seen
during 2017 has sparked a lot of
interest and it's gotten people talking
and what makes me more excited that
anything is it's got people learning
about the monetary system so on a moral
sense I absolutely love Bitcoin I
absolutely believe that it is going to
go towards astronomical values that we
haven't even seen yet I don't think this
is the peak of Bitcoin however I do have
to say to all of you out there whether
you're new to my channel or someone
who's watched me for quite some time
that Bitcoin is getting a little
overextended a little too quick
now keep in mind as I've stated I'm not
hating on Bitcoin I'm not really on
crypto currencies as a whole
fact to come to everyday so I better
like them you know you gotta love your
job and I absolutely do love talking
about crypto currencies I love talking
about the progress of Bitcoin and all of
the other players in this base however
at the other day sometimes I have to
apply a traders mindset as much as I am
a long-term believer in this there are
opportunities where we can start to see
the market getting a little overextended
okay so if you can already tell what the
chart we're looking at the weekly for
Bitcoin right here so each of these
candles on the chart represents a price
a sense of price action for Bitcoin
within a week's period so these green
candles haven't opened too close so you
have these continuing large candles of
green positive price action as it's
continuing to go exponential and more
towards the right so over time we're
going faster and faster and faster
we're spawning further away from the
moving averages down here I mean this
has been an absolutely crazy run-up and
I think it's well deserved to a degree
however at the end of the day I'm
starting to realize that there is a lot
of misguided hype going in a Bitcoin for
those of you out there who do believe in
it long term I know many of you believe
in a long term for the right reasons I
know many of you out there see the
absolute power that comes from a world
decentralized cryptocurrency that comes
from a currency built on blockchain that
allows peer-to-peer networks to form
without the need of financial
institutions or essential Authority
deeming what should be happening in a
sense of monetary policy I think we all
get the long term ambitions if we've
been both long-term believers or
long-term investors and and many of us
even who are traders we get that we
understand the need for Bitcoin and many
of us hold long term positions on the
side much as myself however at the end
of the day what we're seeing now is that
there's a lot of people getting in a
Bitcoin not because of those core values
but because of hype because of headlines
because of the wrong reasons and we
still have an overbearing issue with
Bitcoin such as scaling now if you're
new to the crypto community and you
don't know what scaling is I would
recommend you go watch some of my
previous content and watch many of my
Bitcoin Bitcoin fork video that I did
talking about segue to X this is a big
part in what we're going to be talking
about today but there's a few things
that I really need to get clear right
off the bat the first thing is that
right now Bitcoin is going through a
massive hype face over a few different
things the first one being free cash now
as many of you might have heard Bitcoin
has had forked currencies over the past
few months
it said Bitcoin cash but Glenn Gould and
now we are going to have the third major
heart Fork of 2017 which is Segway to X
or be 2x Bitcoin to X you've probably
heard is a few different things
and with this it's going to have the
original Bitcoin with the updated
features as a secondary currency so
you're going down Bitcoin you're going
to have set with 2x and anyone holding
one Bitcoin I'd know a lot of people
been curious about how this works it's
really as simple as this when the
currency splits it's not splitting it
and really quote-unquote splitting it on
half what it's doing is it's creating a
new currency where if you hold one
Bitcoin you get one site with 2x as well
so you'll have both and people have
started to notice that this needs the
forks that have been going through these
hard Forks on the network where they
split the chain has really not been so
much an effort to fix the issues of
Bitcoin but rather gain a lot of free
cash because what happens is those coins
get listed on exchanges and people are
usually on the larger end who own
millions of Bitcoin sell it just like
that and they make millions clearing
into the buy wall of individuals who are
buying at a load thinking oh this might
be just like Bitcoin they prey on young
investors and traders in this space and
because of that that's not something I
can be proud of in a sense
that's not what Bitcoin was all about so
again that's just one thing we're gonna
be talking about that and a few other
things as well the general consensus of
the community on the fork a lot of other
hype the bitcoins living off of right
now especially this past week we've seen
so let's go ahead and dive into it so
Bitcoin itself right now is setting at
125 billion dollars keep in mind a year
from November 3rd and I would generally
assume it's around the same area now
that seeing as it's continued to go up
Bitcoin has more than 10 xed an overall
year of price action 10x and what used
to be now to be fair there has been more
people getting involved more hype coming
into it and more people generally
adopting it which makes me happy to see
however it is steered off course a
little bit it's gone a little to
exponential there's been a little too
much hype going into it and it's gone up
a little too quick as we've seen in the
past down here again if we don't learn
from history we're doomed to repeat it
now I don't think you know as many of
you out there might know Bitcoin had a
major run-up in 2013 and I don't think
honestly we're going to see Bitcoin
sell-off as much as we did
percentage-wise with its it's pretty
it's a first real pullback and actually
as I continue to extend it the sell-off
went on for a pretty poor a long time
and I don't think you're going to get
this with this pullback that you know we
might be considering here I don't think
it's gonna be that bloody and I don't
think we're gonna be coming down you
know to only double of where it was
before the major uptrend I don't believe
that however I do know that Bitcoin can
when it does correct
after such exuberance it can correct
heavy it can bring the pain and because
of that we need to realize that buying
at these levels might not be the best
idea
now I'm no financial adviser you've got
to do your own research and I'll be
honest with you I think at these levels
personal opinion
if you would have my Bitcoin and wait a
year or two probably not only have your
money back but you'd probably be more
well-off if you want to just treat it
like that and you don't want to trade it
again as I say on my channel no
criticism do as you please
however at the same time even if you are
a long-term investor and you can apply a
slight bit of traders mindset think
about it this way what if you could get
Bitcoin at 33% off no I noticed some
people say like - here comes neck you
know trying to you know trying to bring
the traders mindset it it doesn't get
the big ones going at 10k I don't I
don't disagree that it's gonna tend care
I think personally am I my personal
mindset that it's gonna go much higher
the question is can pick when sustain
this momentum to where it's not going to
experience a correction in the next few
weeks I mean look at this folks we
really have to be a little rational here
Bitcoin has been moving you know from
September 15th I know I know it because
I've looked through the tail hitch part
here as we can we can even go to it to
really kind of put the scale in since
September 15th the last pullback where
we had all the China fear come in where
China was banning exchanges and we had
the Jamie Dimon fund Jamie Dimon JP
Morgan and chase CEO we had a pullback
to 3,000 and we're now up to 7500 within
a month a little over a month and a half
what was the time to buy was it down
here after a correction or
at all-time highs I just feel like we're
repeating history and this is just
standard markets folks markets have
cycles and just like how we talked last
time before we had this sell-off we were
saying you know it's getting towards
five thousand five thousands of very big
even we're now struggling it depends on
what exchange you're looking at but
relatively around the same level at 75
or 76 hundred generally more around
seventy five hundred so that's from this
high a 50% increase roughly if you're
doing 5,000 to 7,000
five hundred that's a 50% increase if
you take it all the way down from these
lows down here 3,000 Bitcoin has not
only doubled it's gone more than that
it's come from 3000 and 750 it's a huge
return within a month and a half's time
practically so as much as I'm exuberant
on Bitcoin and I think even in the next
few months maybe we might reach all-time
highs you know I'm not I'm not doubting
that we might still have more room for
the overall uptrend but much like the
previous two up trends these shorter
term up trends are very short-lived and
the amount of exuberance an exponential
price action that follows in them can
also come back with just as much pain
3,000 down to 1,800 5,000 down to 3,000
that's serious price movement folks
where we really are on the brink of
something big you know and I give that's
why tomorrow since I loved Bitcoin and I
think that you know there is there's a
lot of interesting things going on in
this space but at the end of the day
there's been a lot of things propping
this up and has brought it to this price
that isn't fundamentally why Bitcoin
should be valued what it is and it's
because of this it's because of Forks
it's because of false promises from a
very select few in the community who
have a very overwhelming and
overpowering stake in Bitcoin not the
Bitcoin community Bitcoin itself was
built to be a decentralized peer-to-peer
currency right now the changes and
modifications that are happening to the
Bitcoin network are happening behind
closed doors they're happening inside
very secretive meeting rooms where you
have people who run the leading
exchanges mining pools and other
businesses related to crypto currencies
and they hold not only a major stake in
crypto but they also own the mass
majority of mining operations and these
people a very select few a few dozen
companies and organizations
they are making the modifications to
Bitcoin there's a reason that's scary
because not only can you have things
like Bitcoin gold which was made by
literally one individual at its core and
they were able to take the Bitcoin brand
and create a new currency and then in an
instant this supposed revolutionary fork
sold off as you can see from that volume
people cashed out and we just sat there
and let it happen
in an instant like that something went
from being a seven billion dollar
cryptocurrency with the Bitcoin brand
with high promises to a two billion
dollar one created out of thin air now I
understand that two billion is much more
of a fair valuation but it's still
worrying as someone who believes in the
longevity of crypto and that's where
people are getting a little upset
because the general community came to
the New York agreement to settle on
something do settle on that agreement
that they were going to implement
segment segments and they were gonna
implement the block size increase of two
megabytes and phases and the community
is disagreeing on that now now not only
is that bad because that shows that we
do not have a general consensus as a
community of course I don't think we'll
always have a perfect one but at the
same time we continue to split Bitcoin
because of small differences that don't
fix the greater issue now for those you
who are new the issue right now with
Bitcoin is scaling scaling in the sense
of being able to process more
transactions for cheaper costs but at
the same time not losing sight of the
fact that we have to store information
on the blockchain which can eventually
get to where it's too much and along
with that keeping in mind that we don't
want mining to be centralized we want it
to be distributed
we're not fixing the issue here with
sight with 2x with the block size
increase to 2 megabytes just gonna say I
think people have varying opinions on
what that does and we had things for
example like Bitcoin cache which didn't
implement segments but did increase the
block size although have to 8 megabytes
and sure they cut down transaction fees
but at the same time if Bitcoin cache
becomes massively adopted it has the
demand that's put on the Bitcoin network
put on Bitcoin cache sure for the short
term they'll be able to process those
transactions but it starts stacking up
the network faster and faster and having
cheaper transactions sometimes can lead
to overclocking on the network having
way too many transactions pour in and
because of that it's going to make it
you know it's going to make it a long
term issue so we have all these
different Forks that aren't really
fixing the issue at hand and we have a
very select few people in the community
keep in mind who are very powerful and
have their own self-interest dominating
the future of not only Bitcoin but these
Forks they're not fixing the real issues
they're finding ways to make short-term
money these are billion dollar crypto
currencies folks the people are creating
out of thin air and it's not fixing any
issue we can keep splitting the network
and say no we're just trying to we're
bringing competition now what you're
doing is you're dismantling the Bitcoin
brand and what scares me is that if a
few select people can do this in the
world if a very select few people who
are the powerful players in the space
can do such a thing
manipulate the Bitcoin brand who's to
say that some powerful overhead couldn't
influence them couldn't get involved and
an absolutely dismantle the one thing
we've been fighting for this entire time
that's my biggest gripe right now
but there's a few other things as well
as I've been saying this whole kind of
free cash grab has been huge but along
with that we have a few other things to
worry about volatility is extremely low
now I know many people you know who
haven't watched the channel might say
Nick isn't that good I've heard
volatility is bad volatility is not bad
in the sense of a buying opportunity you
want markets to be at a pullback you
want markets to be in a discount very
simple analogy do you go to the store to
buy a hot new item or tech device when
it just launched and people are buying
so much of it that you can't get it
anymore in the store and someone's
bought all the supply and they're
selling it for double the price because
it's that much in demand and people are
willing to pay that or do you want to
buy that device or that product when
it's at a 50% discount I don't know
about you I like to buy something on a
50% discount and bitcoin is giving us a
signal much like it has in history you
can obviously see on the chart here that
when it gets to around the 3 percent
range usually around 3 to 3.5 percent
it's time to start looking towards
locking in some positions cutting the
levels of greed that we might have and
thinking a little more rationally and
starting to prepare for something again
long term love Bitcoin but we see
drastic reductions in the price in the
matter of a few days and I'd hate to see
someone new in this space get burnt like
this because they don't know how to look
at numbers like this they don't know how
to look at volatility and they haven't
traded before I mean this is serious
stuff folks and again I have an
interesting poll here from Twitter about
the general support of sec bitcoin 2x or
site with 2x at the end of the day
doesn't matter what the miners adopt
folks it's what you adopt and the fact
that we have consistently consistently
rejected the notion of segment 2 X and
other Forks tells me that the community
is getting fed up we're done with it
we're done with these continued Forks
were done with the fact that we're not
fixing the issues at hand with
coin processing more transactions and
not you know breaking the core
fundamentals of what men bitcoin bitcoin
there's other ways around it and what we
have to do is we have to continuously
think with that mindset not as a
centralized group up in New York and an
agreement on one day but as a community
we need to start talking about this when
you start talking about solutions we
need to start thinking outside the box
and coming together as as individuals
because for the first time in history
whereas 40 years actually centuries you
know there was centralized institutions
that had to find ways to improve on
their currency and many of which didn't
because they didn't have to innovate we
all here play a role in Bitcoin we can
do that innovation we can be a part of
it we can do it as a community but the
issues are still here at the Bitcoin the
price is overextended right now the
volatility is speaking that and speaking
it's saying that right now that the
price right now is probably a little
over the top and I think it's over the
top because you got to real things that
are causing foam on the market a fear of
missing out you have speculation
absolute speculation that Amazon is
going to in the near future start
accepting Bitcoin payments okay this has
been going on for about more than a
month about a month or two now the
Amazon is going to be accepting Bitcoin
not only as Amazon not made a statement
about accepting Bitcoin so that's been
pure speculation from the start but
second off they've actually gone out
insane Amazon Amazon pays VP Patrick has
stated that Amazon does not plan to
accept cryptocurrency since there is
little demand and this goes back to
another thing as well about Bitcoin with
the whole issue at hand with all these
Forks and scaling do we want to make
Bitcoin a currency or is it seen almost
like a digital commodity now well we
don't seem to want to have this debate
because let's just create a fork in
today you know let's just try and see
fix this issue that we might not even
have to fix in the first place it's the
real question of the other day whether
or not we
we can really just live in this this
kind of falsehood that you know there's
the next big headline that's gonna be
Bitcoin to 8,000 to 9,000 to 10,000 or
if we can actually start sitting
fundamentally back and saying this is
getting a little ridiculous and a lot of
people think Nick but Nick Bitcoin or
Amazon just bought Amazon Bitcoin and
Amazon aetherium let's go brand
protection folks they don't want people
going out and buying domains with the
Amazon name to then go out and scam
people with the Amazon name there's a
lot of other reasons outside of that as
well that they would want to buy a
domain but that's the main reason it's
brand protection its owning domains with
your your unit your tag name you know so
again I love to see Amazon accept crypto
currencies and when it does it's gonna
be huge but it's speculation right now
and when you have too much speculation
when you have things at all-time highs
I'm not here to buy not eager to put a
lot of money into it and the other thing
as well this is what a lot of people are
getting excited about the CME Group
announcing a launch of Bitcoin futures
now if this does happen and it's
expected right now that if they launch
it it is going to be in quarter 4 of
2017 it says right here in the fine
print they've got it right here as well
if it does this will be good for Bitcoin
and you know what I'm not even gonna lie
I bet it could go easily to 10k when
futures start trading for Bitcoin
because you're gonna have institutional
money betting on the future of Bitcoin
and no matter what even though they're
not trading physical Bitcoin if futures
are rallying up as much as they would
when future is open for Bitcoin you are
going to see it go up but this is all
short-term there is a big risk here
they're calling for quarter 4 of 2017
folks it's November 5th of 2017 CME
Group has no legitimate obligation for
what I know to meet on that promise they
could take months they might still be
fighting through legal regulation maybe
they've been planning this for quite
some time and maybe they do have it
ready to launch but again right now we
have no official
confirmation date we have no guarantee
that they can meet on this promise so as
of now I have to treat it like
speculation but again lots of things to
complain about the main thing was
sanguine futures are not living up to
the hype that we were hearing about
psychic just a few weeks ago how this
was going to be a Bitcoin killer if it
is and if it you know if it's going to
contest' Bitcoin you would see bt 2
which is bit for nexus in today early
split where you can actually you can
actually get ownership of your site with
two X tokens and start trading it inside
your account so you get bt 1 which is
the original bitcoin and bt 2 and right
now it's not showing a glamorous maybe
five or six thousand dollar bitcoin
that's competing with the original
bitcoin people were saying this was
going to be a toss-up and it could be
but feature sure are pointing to it and
usually features I'll be honest with you
all are usually overtly optimistic
compared to what the fork actually opens
act just think when this actually hits
the exchanges if people when they got it
instantly dumped it like that from not
coming from I was twelve hundred dollars
to nine hundred what do you think what
do you think people are gonna do when
they they get full access to their their
Bitcoin and said what do X you know I
think it's gonna repeat what it did in
the past sell off sell off we've got to
learn with the insanity it's to stop
those and I think more than anything
it's probably best that we learn it here
when we're at all-time highs and we
start building protective methods now
again I think in the short term Bitcoin
might be able to go up a little bit more
it could I'm not gonna deny that but I
don't like these candles right here
the technical price session not looking
good we go here to the hourly if you if
you all might get my traders perspective
you can obviously see that we've got an
ascending wedge here if you want some
kind of technical price action and
ascending wedges though it sounds great
ascending is bearish
it's not a good sign and you get one of
these candles of volume coming in from a
big seller and we break this 50 hour and
then we come down and we test the 200
hour here but it breaks through Vic wins
in for a pretty steady correction
because for quite some time as much as
I'm optimistic on this there's been a
lot of hype coming in the Bitcoin and we
need to correct you need to take a break
I need to cool down stop the FOMO and
for those all of you out there whether
or not you're experienced or someone new
to the space understand that bitcoin is
riding off a lot of hype right now and I
think as I stated we're losing a little
bit of sight as to what bitcoin is all
about we've got to start building an
actual community around this that's the
reason I've been building the data -
Channel we need a community of
well-informed individuals who don't buy
into emotions and don't buy into
headlines
and actually do the research and facts
and fundamentals much like we would in
traditional markets and along with that
we need to start standing up to the
forks and standing up to the speculators
because they're damaging our very
foundation and it's all for the benefit
of their own game I could care less if
Bitcoin goes up a thousand or two
thousand dollars tomorrow what I do care
is about the long-term longevity of
Bitcoin and right now I can't believe
it's at this price in such a short
period of time it is it's exciting but
at the same time I know the Bitcoin is
slowly losing sight of what really makes
it Bitcoin and it's a very select few
people in the community that are doing
it but at the end of the day we have to
be honest with ourselves it's not the
evil people in the world who are really
to blame at the end of the day it's a
larger community as a whole who doesn't
stand up to it that is going to face the
repercussions in the blame
because we have everything in our power
to speak up against this to say no to
the forks to start saying let's gather
as a community and start talking about
this if we really want to make Bitcoin
the currency we know it can be and let's
think about it not off the headlines of
Amazon an institutional money get
involved but by rather building a
currency for the general public for the
world to finally own in a decentralized
manner is after all that's what bitcoin
is all about and that's why I believe it
and it was everyone that's it for the
video
thank you all so much for watching if
you all would like I can potentially
make a video following up where I think
Bitcoin could be going right now I think
for the sake of this video I think it's
best to end it off in this note but I'll
definitely be doing up a follow up video
and talking about some potential levels
for a correction and anyways everyone
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