Not necessarily. I, for one, am not rebuying, and no one I know isn't rebuying it either, nor do we have plans to do so in foreseeable future. Too many things going on around btc and other cryptocurrencies are worrying, to say at least.

Gamblers will gamble, of course. And most of them will lose, as usual.

Bitcoin does not have reason to increase its value this much today either. There has been what was perceived as great news in 2013 too, but it turned out to be nothing more than speculation and wishful thinking. It's the same today: we're getting positive vibes from here and there, this might happen and that could happen, but nothing substantially important happened to justify this crazy run. As you said, it is a hype. Again.

Current values are almost completely based on overblown expectations and speculation games: number of coins in circulation and trade levels are actually pretty pathetic and way out of sync with this abnormal surge in price. It's not so much about the increased demand for btcs, but more about the the fact that big hodlers (hodling has become almost like sort of religion nowadays) are creating artificial shortage. At the end, what we get is unsustainable, unhealthy growth based on thin air and not much else. Bitcoin simply does not worth this much at this point in its evolution. That's why this was the first time in the past 6 years that I've dumped majority (2/3) of my btc stash, all in the past 24 hours: my gut feeling tells me this isn't going to end well.

All in all, the big crash is quite believable scenario unfortunately. If that happens, recovery will be long and painful. Bubbles are incredibly damaging to bitcoin.

That's very good advice OP. I've kept 1/3 of my stash, while the rest... well, I believe Yanks have that saying about the "life changing money"... that's where the rest has just gone

I admit I was happy to sell 50% of my bitcoin stash at 2500 and then another 20% at 2700.

Perhaps I was wrong all along, maybe this is not hyperinflated baloon of hot air and the price just continues to rise throughout the year, but whatever. I've met my long awaited critical selling point at 2500 (and then some!) and I am totally fine with it. It came much, much earlier than I've expected, though. After all, you've got to pick the profit sometimes and enjoy the life. And I am still hodling 30% of my now former btc stash - that part is not about the profits anymore. Heck, I don't even need more of it. Even if 1 btc is worth millions in 20 years, I couldn't care less.

Oh, by the way I still think that this bullrun is not normal and might easily end up ugly. Very ugly.

I am amazed that you, as bitconer, ask such things. We ain't there yet of course, but it's the freedom from exploitation by the banksters. Yeah, same those organized criminal minds some of you people are inviting with that ETF bullshit - which I hope, never gets green light. Some day we can and should become mainstream, but on our terms. Not theirs.


Sure, but it is short-sighted and with all due respect - not very smart view. We could destroy one really great idea, for what? Peanuts.

 

I totally agree with mindrust. ETF approval would twist bitcoin into something completely opposite of what it's been created for, and soon take away the freedom it strives to bring us. It'll become just another disposable gambling game for banksters backed up by corrupted governments. I simply can't believe that some of you people are actually hoping that it happens.

Mechanics is different than before, I agree, and numbers are overall less dramatic, but after this crazy bull run psychological effect (of the roll back to or even below 1000) would be nearly the same. You know how it goes - lot of people lose money and leave disappointed, mainstream medias spread bad news, and so on... all followed by another period of stagnation. If this happens, we won't come anywhere near stable 2000 for a very long time.

In my opinion, increased demand in Japan is purely speculative. I am not seeing well developed businesses there starting to accept btc; there are only unconfirmed rumors, FOMO, and bs. Hardly a foundation for healthy sustainable growth.

I hope that you're right, though.

I do hope we can keep our nose above 1200 level. Less than that would be bad. Like, 2013. bad. Almost.

I hate damn bubbles.

As I've repeteadly been saying, price we see is unrealistic and almost completely based on speculations. News from Japan are hugely overestimated. Besides that, nothing really big happened to justify this rally. And we still have pretty serious technical issues that must be solved.

As (mostly) a hodler, I just hope that the incoming crash correction won't be too hard.

I am standing by my opinion that the 2000 mark may be reached sometime around the New year, but technical issues must be resolved during the summer because overall situation is actually far from good. Otherwise, we'll struggle to come anywhere near it, and -more importantly- remain there.

It's not working like that, sorry mate.

What's really scary is overblown price growth based on pretty much nothing. Sooner this bubble of hot air pops, less down we go. Last thing I'd like to see is another 2013.

Signs are there. I appreciate York's bullish temper, we need such people, but this is not a healthy, sustainable growth. Correction is unavoidable. Maybe not today, but in the upcoming week for sure.

And no, I am not trying to spread FUD. I am 90% in bitcoins and planning to stay there in foreseeable future.

Of course it will. It just remains to be seen how deep.

Feels like a bubble to me. I would prefer slow, healthy rise.

To be completely honest, I don't like this sudden and fast climb. It just doesn't look like a very healthy growth to me. Definitely not sustainable at this crazy pace. It was happening before and we all know how it ends.

Perhaps this time it's going to be different, but I am not so sure about it.

I suspect that there are a lot more coins lost forever than we might even imagine. Only I knew two guys (personally) who had more than 30k btcs combined, all lost. First one had hdd failure but as bitcoins didn't have any value worth mentioning back in the (very!) early days, he didn't bother with data recovery and simply threw away the disk. Other one died unfortunately, and later I've heard from his family that his PC has been wiped out, reinstalled, and given to someone as a gift. 

It's never too late to invest in bitcoin, but my humble advice would be - don't hope for big short term profit, you should be prepared for long ride and also ready to ignore occasional dramatic crashes and periods of stagnation. Bitcoin has bright future, but you have to be calm and patient with it.

Also, don't borrow money because whoever gives you a loan, chances are that he would probably expect return sooner than you see some real profit from bitcoin.

Yeah. People tend to forget that it's just a fraction of all bitcoins mined which are actually "alive" and circulating. In reality, numbers we should be considering in practical sense of market cap are definitely a lot smaller.