Hi I was wondering about buying 1000 USD worth if Bitcoin soon. Is now a good time, or should I wait?
For some reason, it seems that every time someone gets paid on Friday, there is an increase after 5pm. It's like all the check to check people drop another 200 in bitcoin, causing the price to go up. It's only a few hundred, but it is technically going up. So, the best time it seems is a Thursday before a Friday payday.
No Friday mornings are the best time to buy. Thursday evenings and early Friday mornings can be bare. As far as not losing money, buying Friday morning and selling Friday night seems to be the safest bet.

Groundhog week anybody? We’re exactly where we were a week ago. Bitcoin has been very slow... volume has been diminished. People are still optimistic despite the market cap being below the Feb. 05 low. We still have no clue what the bottom is. Everyone thought it was $8K after its crash in February. The whales can still push it down for a lower bottom. There is tremendous resistance around $6.5K. But, what is behind that resistance? Is it the whales...is it the buying and selling trade war? I was expecting Bitcoin to be $5.5K. Perhaps I am right but it’s just being delayed. Eventually, if there isn’t any bullish action, people especially the whales will get tired of investing and move their money to traditional investments like stocks, bonds, physical commodities. I really dread a $6K-$10K movement for the rest of the year. Bitcoin today is like the hot chick who got some terrible plastic surgery.

I said before that the price fluctuates too quickly to make it a convincing bet, which is why I am more confident in waiting 7 days to see the result. It may be 7100 now and it may even reach 7500 very soon but I think that this is only temporary and the price will continue to decline in the coming days since it's been like this for months. I don't want to bet on something that takes only luck to find out.

It might not repeat, but it will rhyme...

It's not about new money. It's about what the current holders of the money think the value is. It doesn't take just new money to send it up, it takes the current holders to decide the value is too low I don't sell at this level.

The more it goes up the less likely current holders are to sell. Everyone watching Bitcoin knows its low. There's a few short sellers but they are getting less and less convinced as you can see by the slow down in downwards momentum. And in fact Friday there was a big short cover as you can see by the jump.

So now as we start hitting the levels going up more and more people are going to cover driving the price up and less and less will be selling, they'll be holding out for higher prices.

And we have the next leg up. And historically it will be maybe 1000%, maybe 2000% up. I think you'll find sellers thin on the ground once it's confirmed we've turned. I think that will be at $12 000

So what happens now? I'm holding but at what point does it become a fools game? There is no doubt that blockchain has a future use case, but like Linux many moons ago, it isn't pretty to use. Importantly, Crypto by itself isn't solving everyday problems that don't already have solutions good enough for the average Joe, not to the extent that Joe is going to do anything to get in on it, and there is mass adoption. There needs to be better access to crypto and it needs to have a better use case for your and my mum, and importantly, for big companies to adopt and push it out to the masses. So, what happens to crypto now?

Currently, even after February’s crash, the Korean won is still the third biggest currency for bitcoin trades. It trails some way behind the Japanese Yen and US Dollar but accounts for around half of trades outside these key currencies.

The country accounts for 17% of all ethereum trading, which is the second largest market. And around 30% of salaried workers have invested in cryptocurrency, 80% of whom are between 20 and 39.

What predictions has it made that have been validated?

Predicting things that happened before the analysis doesn't impress me.

If you read the paper the article is based on, its assumptions are pretty sketchy. I feel like anyone with the inside scoop on bitcoin futures would be more likely to use it to become rich, like those fortune tellers who promise to pick winning lotto numbers.

I would not in a million years jump back into an asset that dropped almost 70% in value in less than a year. If it can drop drastically from 19k to 6k in the blink of an eye then it is reasonable to assume a 6k investment could just as easily be worth 1k in another blink of the eye. It doesn't take a genius to smell the desperation around here. I would rather not join in with you all

I saw the same thing happen with GTAT; it was really really sad watching lots of retail investors literally lose their life savings for a company that was about as hyped as the crypto markets.

The truth is one of the main things propping up the price right now is the lack of liquidity to fiat; e.g. alot of crypto rich guys are only crypto rich... if they all tried to start cashing out to fiat the price wouild tank. So instead everyone is pinning their hopes on bitcoin acceptance as currency in the future (LN)... except that the same problem will happen: if Starbucks or Target or whoever starts widely accepting bitcoin and people who are crypto long start spending those coins the merchants will need to trade those coins for fiat anyway (Starbucks coffee suppliers are not likely to want to accept crypto at least at first) So the liquidity crunch still happens but just one transaction down the line.

The price will not recover until we get a sustained large influx of fiat into the crypto again and that wont happen until retail investors see an ability to transact in bitcoin on any scale thats not what it currently is (tiny) which will happen but the growing pains of getting people transacting in bitcoin is going to cause the price to drop to 1-2K. Thats my entry point.

I spent 2 hours in a hotel in NYC trying to buy $500 worth of btc at 11 cents each.

My visa card would not allow the transaction no matter what I did so I gave up and found some Russian college kid who I met at hotel bar which was midway between 80th avenue and times square on the west side. I seem to remember a red lighted sign and perhaps it was called the union hotel.

I ended up with these things called moon rocks which to this day was the best experience I have ever had before or since. No medicinal substance has ever approached how good they were.

I was with my then wife so being responsible I tested it out (without her knowing) just before we went to see the lion king.

I dislike plays and that sort of thing. This stuff kicked in on our walk to the theatre and oh my, we got in and when the music came on and those giraffe came out - the best moment of my life and I still get hair standing up thinking about it.

I could not contain my excitement & kept tapping my wife on the hand saying how awesome it was. When we got out she said "you have taken something haven't you"

Never touched drugs during our time together until then which must have been at least 12 years at that point. The following night she had some and it was equally as much fun.

Anyway, even if I had have purchased my goods off of the silk road had visa allowed the transaction, even the pocket change left over, even if it was only $30 or so, it would have been life changing amounts.

This is all assuming I had not spent every cent of course but still, it is a regret that I have being I knew what btc was and what it was used for back in 2011.

No item in the history of mankind (as far as I am aware) has been so readily available & increased from its initial value so much as btc has.

I do not believe there will be anything in future that will come close to the magnitude of the rise or the relative speed that it rose. We missed the boat:(

It's funny you say that, because one of my best friends asked me in mid-2017 if he should buy Bitcoin (After walking past one my many mining rigs in my house lol). He said "I want to invest a few grand, but I feel like I missed the boat."

 

He said that to me again a week ago, and then I told him his current holdings would be worth double what he invested in early 2017; oh and I also told him my mining operation is bringing in almost as much money as my (lucrative) day job. He just went "FUCK! What am I doing?!"

 

I still don't think he has bought any...

Yeah I don't regret it. I do regret not investing though. Around that time I actually wanted to invest in BTC too, thought at the very least it had a use case for the kind of stuff we were using it for, i.e. black market stuff. So that in itself gave it value. Talked to friends and family about it, and they all convinced me it was a stupid idea. So instead I held off.

Lesson learned, don't take investment advice from people who've never invested in anything themselves (and who didn't even know what Bitcoin really was at the time) in future

I found out when I was 17 at college I was studying Media and my friend was studying I.T. think just learnt about the dark web and the deep web told me to download Tor browser so surprisingly on the college computers i did it (their firewall sucks dick).

Found the link for Silk Road before it was seized by the US government think it was Silk Road 2.0 that’s how we found out what bitcoin was thought it was something weird with all the decimals so there I was just browsing through the pages pf drugs and illicit activities 0.02 for some meth 89% pure. Really wish i got in bitcoin and crypto sooner.

When I first heard of all this years ago, I wrote it off as short-lived and paid little attention. I had a cushy corporate job and certainly could’ve afforded to invest a decent amount but chose not to dig deeper/learn more. I tried to play responsibly... 401k, safe stocks, blah blah blah.

Got sick, lost the job, lost retirement/savings and am anxiously awaiting a social security disability hearing. If only I had looked into it.

10 btc now would eliminate most of my day to day fears. 100 would be life changing for me and my kids and maybe the next generation or two if invested wisely. No use beating myself up for it, but mannn - if I had only looked into it (and subsequently forgot about it until this recent health/financial crisis). Crazy to think about.

People have been saying it is too late to get in forever. The reason I didn't buy in 2013 is because I thought it was too late to get in.

I work with software engineers in a field heavily involving cryptography and most my co-workers don't understand blockchain. I know tons of people who have bought Bitcoin but haven't even heard of lightning network.

Investors today are still among the very early adopters.
I've watched bitcoin from the sidelines for years believing this. Since it crossed $100. I never bought. Don't repeat my mistake.

Buy what you can afford to lose. Buy for the right reasons - the possibility of the end of fake fiat funded wars - and HODL. That means NEVER sell back to fiat.

EITHER bitcoin becomes the standard by which ALL currencies , crypto And fiat, are measured

OR it disappears as a currency all together.

Bet on the former scenario, but ONLY with money you can afford to lose.

Forget about 'the right time.'

Relax, enjoy the games.

I've been buying $100-$150 a week, every week, since 2012, and rebalancing my portfolio if my bitcoin percentage every exceeds 12% of my net worth (I prefer it at 6%). So I buy every week, but I'll sell half my bitcoin balance if it ever exceeds 12% -- getting me back to 6%. Then I keep buying $100-$150 a week until it exceeds 12% again.

This works extremely well. Every week I look at my cash value in checking and send the extra to my portfolio, be in bitcoin or stocks or real estate.

If you can't save $175 a week into your overall portfolio, you're doing something wrong or you want to be poor. Most poor people make the choice to be poor.

All the shit you want to buy is you buying poverty. That's a good thing for guys like me because we profit from you doing that kind of shit living.

I retired at 41 without having netflix or internet at home. Without having a fancy $1000/year smartphone. Without going out for beers with other losers because we hated our lives so much we had to get drunk. Without drug usage.

Now I get to spend 100% of my days doing what I love doing. I get to spend my days with people I love spending time with.

If I want to play video games or watch TV now, I can -- and my time is paid for by my investments paying me.

I mean... do you feel guilty spending fiat?

The resources spent on cash goes well beyond what btc uses. I don't buy the naysayers argument, personally.

Pennies cost more to produce than they are worth, we're crushing up land to find more copper just to keep the mining companies happy. Mining (literal physical mining) costs a lot of money, resources, and leaves a huge carbon footprint.

Beyond that, there's cost for actually getting fiat out to people. Cars, planes, trains, boats, all deployed to send physical money. I've never seen an electric Brinks security van. I definitely know they don't send cash on electric planes or boats, and I'm not sure electric cargo trains are a thing yet?

Yes, the argument can be made that other things are shipped on those methods of transports and not just cash alone, but it's still not as "clean" as people think fiat is.

Doesn't end there. What about storage? Granted banks don't take up that much space but what about all the banks across the country? What is their carbon footprint?

Yes, it takes less resources to use a credit card if you think about just swiping, but what about all those credit card offices? Servers running 24/7 all over the world, and massive buildings that's constantly needing energy and infrastructure to keep up with running water, new office equipment, who knows what kind of chemicals to keep it clean, massive amounts of paper waste, mail sent out (more greenhouse gases!), people driving to and back for work that blockchain can take care of (soft argument I know) - more resources and greenhouse gases.

People make the argument of credit card companies and fiat using less energy but they never take the whole picture it takes to keep fiat alive and credit card companies running, not to mention all the extraneous factors like cc advertising, marketing, sponsorship, etc.

I bet if piracy was a bigger issue that arose today they'd make the argument that it takes the work of all the computers connected to the torrent running all the time to send a movie...

I'm still confused on the tax thing, I've never sold bitcoin period. But I have bought on gdax, then sent to various wallets each time, now if a transaction is taxed, then as far as they know I'm doing a transaction and I'll be taxed for giving myself my own btc?? I have a hard time believing, that the IRS is going to be able to keep up with all this. My personal transaction history alone is amazingly complicated, and I've done nothing more than buy, send to wallets and give away a little crypto to family and friends I've tried to help learn. When I went to France and traded dollars for euros I didn't have to put that on my tax returns, this is really some bullshit if you ask me.

And we don't want another fiat currency, right? In order to not create money out of thin air you have to use some resources. The PoW algorithm is perfect for this purpose because it lets the market decide how much energy it is worth to invest in this process.
I'm not sure of the correctness of the gold/bitcoin mining ratio. Any idea where is he getting his numbers from.
Could you add some sources for your claims, like the gold mining one?

That would make this post amazing and a great resource to share. As it stands with 0 sources, not so much.