Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
There is more than enough gold mined already to be used for industries for centuries.
It should be considered a worthless asset as it's too dangerous and too polluting to mine.
When talking about Bitcoin, I often hear the argument: "What if a whale sells everything, the price would drop!". With gold, I've never seen anyone worry about that, while most of the gold is owned by very few entities.It should be considered a worthless asset as it's too dangerous and too polluting to mine.
I enjoy watching Goldrush Alaska, don't take that away
The fact we are still hovering around 50K after a week of panic I think that the whale argument becomes less of an issue over time.
I would not write off this particular dip as to being over, yet... even though it may well be. Who knows?
We probably would see a 350-250k drop I bet, something as ridiculous like that but we will never see prices where an average individual can just hoard a stack of coins in one go without major available colorectal on their side.
A drop from $350k to $250k would ONLY constitute about a 29% dip, and that just seems to be pie in the sky if you believe that bitcoin goes from a history of having several 85% or more dips, to no longer exceeding 30%.. just seems ridiculous, especially when we have some pretty decent ideas (and information) that the concept and practice of FOMO has neither disappeared from bitcoinlandia or any of the spaces that frequently are associated with it (shitcoins or whatever)...
So if we concede that FOMO is still likely to exist in this space, it seems unreasonable to expect one direction without the other - no matter how bullish are the fundamentals and the blah blah blah. FOMO in either direction (might be called correction on the way down, but whatever) remains a product of both amount of price movement and how much time it takes to get there. So, sure if there is some taking of time, then it is likely that no blow off top will be reached, but whatevers, I will believe it when I see it rather than assuming that it no longer exists because it has been nearly a year since I have seen it.
Sure, I can appreciate less volatility with the passage of time, but going down from a history of frequent 85%+ drops to no longer being able to achieve greater than 30% seems way too pie in the sky from my humble bumble opinion.
Doubt we will ever see < $40K again. But don't quote me on that.
We will act like you did not say it.
Sure, the initial Satoshi coins would have a huge impact but those will probably never move as most people believe.
Probably true.. but never say never.
