Quote from: osasshem on February 06, 2018, 10:06:12 PM

Quote from: freightjoe on February 06, 2018, 06:21:59 AM

Quote from: chidrawarster on February 06, 2018, 06:18:47 AM

I see many buyers will come into action if it drops more today and tomorrow. It's all volume based and supply and demand theory. I will wait and see for more how much percent its going to drop today and tomorrow and then I will lock the buy positions based on the observations. I m waiting eagerly to get into some nice position to repair profits in the long run and I m not in hurry.

That is what people said when it dropped to 15000. Then they saw the dip to 12000 as a good buying opportunity. Then people like you said to buy at 10000 because that was cheap. Then people like you in here said to buy at 8000 to be prepared for the upturn. Now you say the same at 6000.....

Go ahead, throw you money away chasing a dream to get-rich-quick. Reality is that the party is over.

For me, Its not actually a scheme to get rich quick. The blockchain technology is somethingvery nice to keep one going with the crypto currency or bitcoin. Okay, as at 3-4 years back, the price of bitcoin has not planned of gaining heights to $6000, now it is dropping down from $17000 to $6000, does not mean it can't get back and above its initial price. Everyone knows well that bitcoin is always on a rollercoaster ride, today might be good, and in the next hour it is bad. Lets just wait for a good rebounce towards the end of the month.

Blockchain technology is nothing more than a secure distributed networked database. Databases hold records. In the case of bitcoin, it holds distributed transaction records. There are four types of blockchain networked databases, industry level, private, semi-private and permissionless (public). Bitcoins blockchain is a permissionless networked database with the sole function of permanently storing bitcoin transaction data. Because its permissionless or public anyone can read it, send transactions to it, or participate in the storage and validation of it.

The btc/usd exchange rate is only peripherally connected to the bitcoin network. Bitcoin operates exactly the same regardless of what its exchange rate is currently. The exchange rate is controlled by people buying, selling, scamming, stealing, cheating, trading inside info, back room exchanging, hoarding, dumping, and all of the other things associated with every other human controlled market on the planet.

Youre right about one thing. Everything on earth goes up over time. Bitcoin is no different. When my grandfather was born a loaf of bread was $0.05 and sugar was $0.04 a pound. The last loaf of bread I bought I paid $5 for it and sugar is $1 a pound. That took 100 years to happen. Speculators love bitcoin because they can make the same profit in days or weeks that take years or decades with any other investment vehicle. Thats not why it was created but it does give bitcoin value.