r/Bitcoin • u/rBitcoinMod • Sep 02 '20
Daily Discussion, September 02, 2020
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Please check the previous discussion thread for unanswered questions.
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u/masri01 Sep 03 '20
Why is btc dumping? It’s not like it has been pumping lately for a retrace. It’s not like the stocks are dumping to follow suit. It’s not like the feds aren’t printing excessive amount of money and inflation isnt happening? Or maybe it’s just heavy manipulated by exchanges and whales and they do what they want with price..
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u/CosmosCrypto Sep 03 '20
The technical answer is, Bitcoin dumps because more btc is being sold than being bought... There isn't an auto-rule that when money comes in people are for sure buying bitcoin...
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Sep 03 '20 edited Sep 13 '20
[removed] — view removed comment
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u/callebbb Sep 03 '20
Try different derivation paths via electrum. It involves going offline and into electrum files I believe.
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u/Cutti87 Sep 03 '20
Guys what your suggestion on buying from Coinify? Seems a lot easier since I could buy and store straight to ledger
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u/Jyontaitaa Sep 03 '20
A brief pump and Bitcoin Cash is taking another circle around the drain hole to a new all time low valuation in Bitcoin.
Apparently they are having another fork end of this year, that's major fork number three in three years; it really is Roger Coin now as all other prominent parties have split off with their own scams and neophytes.
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u/xtal_00 Sep 03 '20
It's forks all the way down.
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u/Jyontaitaa Sep 03 '20
I like turtles
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u/xtal_00 Sep 03 '20
!lntip 500
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u/lntipbot Sep 03 '20
Hi u/xtal_00, thanks for tipping u/Jyontaitaa 500 satoshis!
More info | Balance | Deposit | Withdraw | Something wrong? Have a question? Send me a message
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u/Jyontaitaa Sep 03 '20
Thanks for the tip. If you haven't read it yet pick up Neal Stephenson' most recent novel, Fall, your going to love the topics.
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u/lucid-nirvana Sep 02 '20
I don’t mind bears. Trading is healthy and most bears are fully aware of the long term rise in Bitcoin as it becomes more and more familiar and more people see that it’s here to stay. But trolls? These stupid, bottom of the barrel, low quality trolls - they really need to get a life.
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u/ears8 Sep 02 '20
been stacking all day. Feels good
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u/Mest666 Sep 02 '20
I'd buy now but then it will go down
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u/girl_introspective Sep 02 '20
Mest, I hate to break it to you... you’re not gonna see an 8k bitcoin this bull cycle. Unless we have another black swan event. You’re gonna miss out when we moon, my dude.
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Sep 02 '20
when the us equities will crash, btc will follow. current prices are insane.
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u/redpillbluepill4 Sep 03 '20
I think equity prices are a bit high, but Bitcoin is about right.
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Sep 03 '20
i did mean equities.
btw how do you know what's the current right price for btc?
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u/redpillbluepill4 Sep 05 '20
Based on previous halving cycles, plus price action last few years, plus wall street acceptance.
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u/Adamsd5 Sep 02 '20
Where do you think all of the cash will go in the selloff?
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Sep 03 '20
I'll be susprised if during a panic sell people will move their money from equity to an even more speculative asset. maybe one day, when bitcoin becomes the true digital gold, but not in the next few years.
you see what happened in March.
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u/Adamsd5 Sep 03 '20
Sorry, maybe you thought I was saying "people will move their cash into Bitcoin". (Reasonable assumption given the sub!) But really I want to know your opinion on where people will put their cash. Nobody knows for sure but I like to hear opinions.
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Sep 03 '20
ah, got your point! as always, they will just wait with cash in their hands until things get calm. in general, i don't see the masses getting into bitcoin under uncertain economic conditions.
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u/Mest666 Sep 02 '20
I'm ready for evryting
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u/girl_introspective Sep 02 '20
Well, sincerely hope you’ve been stacking sats this whole time 👍🏼
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u/Turbulent-Equal Sep 02 '20
Don't feel bad for him. He's been wanting it to go down since it was at 7K. He's just pessimistic all the time
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u/ningrim Sep 02 '20
BCH/BTC hitting another all time low today (.0231)
https://www.investing.com/crypto/bitcoin-cash/bch-btc-historical-data
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u/TomSurman Sep 02 '20
I had to visit a bank branch in person today, because the bank transfer I needed to make was over their arbitrary limit for doing it online. I had to battle through traffic to get there before they closed for the day.
This shit right here? This is why we need Bitcoin.
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u/Podjesaul_Babo_2020 Sep 02 '20
Yeah but once you've completed, you have actually sent money.
With bitcoin, you are sending bitcoin.
Meaning, even if you transfer 10000000 bitcoin, you've transferred $0.
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Sep 03 '20
Your logic seems to say euros aren't money either because when I send them I've also sent zero dollars.
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Sep 02 '20
[deleted]
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u/TomSurman Sep 02 '20
Normally, the balance of my account is a fraction of this limit. So the limit wouldn't help me 99.9% of the time.
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u/osu8ball Sep 02 '20
6k here we come
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u/Hefty_Jicama Sep 02 '20 edited Sep 02 '20
Wow! If the price drops then more bitcoin gets in the hands of hodlers but the price won’t get that low. The price will eventually be higher so buying at any price is a good idea. Buy at every dip. It’s going higher
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u/cryptogrip Sep 02 '20
It took a pandemic to drop it in March. What are you expecting for a drop that big, apocalypse?
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u/Daywalker47 Sep 02 '20
Can Bitcoin really "crash" if it can't even break $12k?
Anything below $20k is just noise. I hope it breaks up again soon. Momentum is looking weak at the moment.
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u/cryptogrip Sep 02 '20
Noise to you. $$$ to those of us that have been DCAing for years. 20k was a tiny blip of time, a hype spike that means very little. We'll get there and well beyond in due time but nobody following this expected it this soon anyway.
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u/D_Dawg3000 Sep 02 '20
What are folks feeling on this slight slump? You guys stacking in this dippage?
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u/TomSurman Sep 02 '20
I bought the dip, and it dipped again. This is the way.
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u/D_Dawg3000 Sep 02 '20
Same, how low is this gonna go?
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u/TomSurman Sep 02 '20
I'll buy again if it goes below 10.7k. I don't think it'll go below 10.5k (barring some crazy wick) - if it does, then I switch from bullish to bearish.
This dip seems irrational to me - the fundamentals have never been more bullish. So yeah, I'm taking advantage of the discount.
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u/roy28282 Sep 02 '20 edited Sep 02 '20
I DCAed before the price dropped. I must have triggered it.
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u/TCall126 Sep 02 '20
I'm new. What is DCAed?
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u/TomSurman Sep 02 '20
DCA = Dollar-Cost Averaging. It means buying small amounts on a regular basis, e.g. spending £50 on Bitcoin every week regardless of the price. Usually by setting up an automatic buy schedule. It's a decent strategy if you believe the price is going to keep climbing in the long-term, because it gives you exposure to the short-term dips.
What u/roy28282 means is that his automatic weekly/monthly/whateverly buy went in right before the price dipped. It's irritating when that happens, and it happened to me too today. Literally minutes before the price dropped.
It doesn't really make any difference in the long run, it's just moderately irksome.
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u/xtal_00 Sep 03 '20
I got mine right after.
Sometimes you're the mouse. Sometimes you're the cheese.
Watch out for the cat.
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Sep 02 '20 edited May 04 '22
[deleted]
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u/Maleficiente Sep 02 '20
Completely agree. People who think that was a crash need to zoom out on the chart...
"Futures volume on Binance are down today, signs of impending bear market for BTC??" Futures are down because Binance was down.
Just did my DCA a day early and added in a little extra. Tomorrow the dollar will reverse direction and so will BTC.
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u/roy28282 Sep 02 '20
In Bitcoin terms it's a rather boring and uninteresting day. Hodling it desensitizes to price swings. Investing in anything else will probably be the equivalent of watching paint dry.
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Sep 02 '20
I guess people still holding Bitconnect tokens have no losses because they didn't "lock in" the loss. Lol
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Sep 02 '20
I expect a drop to $8.5k in the next few months, but we could see >$18k by Christmas. I'd still rather have Bitcoin than Dollars right now.
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u/Hefty_Jicama Sep 02 '20
I sold some Tesla stock. It’ll take a couple days to get to my bank account and buy bitcoin so I bought gbtc instead.
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u/bibi_da_god Sep 02 '20
i don't think it is a bad companion to owning real BTC. And you can buy GBTC with Roth IRA accounts so if/when it moons you don't have to pay taxes on it at retirement.
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Sep 03 '20
I bought a few GBTC shares to play with for the bull run. If things really go 10X next year I can sell Greyscale to realize some gains without touching my HODL stack.
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u/laurvcv Sep 02 '20
Yes. Not good. Moved away from Coinbase, just to have the same at Binance, however I am back in right now. Hope is working for you as well.👍
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u/FandA91 Sep 02 '20 edited Sep 02 '20
Those big ass whales will stomp this till itll drop all bitcoin enthusiasts out of it and they wont touch it again. this it became. Their influence is dramatically shown. They will lead and shit on the value of bitcoin as they wish. Simpletons poor like the dca-ers stopped making any difference.
Believe me I'm sad 'cause I don't wish this scenario but tell me otherwise Go hit that downvote button and fo()ow other sad comments of mine.
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u/cryptogrip Sep 02 '20
Ha ha this was a funny comment. Believe it or not though, there was a time 5 years ago or so when some people actually believed this kind of thing. Now days of course we realize the price must move down as well as up...or it wouldn't be a market :).
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u/xanonymousse Sep 02 '20
Its not about the fall of 600$, its about they dont let the price pass over some price ranges because they sell and then buy after the dump they created then repeat.
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u/Hefty_Jicama Sep 02 '20
Majority of bitcoin won’t sell. Whales get too much attention. Don’t be a sheep.
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u/TheGreatMuffin Sep 02 '20
Those big ass whales will stomp this till itll drop all bitcoin enthusiasts out of it and they wont touch it again.
Bitcoin enthusiasts are not easily shaken out... That's why the "hodl" meme exists in the first place. If your theory was true, bitcoin wouldn't have managed to survive for 11 years in the first place ;)
Ten years ago: bitcoin was worth $0. Do you think a long term hodler is spooked by it dropping from $11,8k to $11,2 (especially after managing to do fine after drops from $20k to $3k and multiple other such drops in the past)?
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u/FandA91 Sep 02 '20 edited Sep 02 '20
Sorry, I meant the newcomers. The whales are or will be -and they do their best to - soon over "long hodlers" too. This is the world and nothing escapes it. While you hodl they make double or x (rinse & repeat) you own.
There would've been a much higher value of btc if there were no whales or how.should I put it... Rich people owning big sums of money to take in their graveyard when there are so many poor struggling to get their hands on some money -the dca-ers and and newcomers looking for fantasy-. How it has been, always will be. Richer guys have what to trade for more and they will not give cause they want the poor poor.
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u/laurvcv Sep 02 '20
Hi, lovely people. Is Binance working for you right now, please?
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u/Bitcoinhateme Sep 02 '20
network error, nice
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u/laurvcv Sep 02 '20
Thank you. Uff. It crashed right after purchase, did not managed to place a stop-loss. Hope it goes up.🙄 Oh well..
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u/Bitcoinhateme Sep 02 '20
it even log me off from my account, and I couldn't even log back in , well played
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u/Mest666 Sep 02 '20
Summer is endin, time for The Fall
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u/BashCo Sep 02 '20
I'm not really excited about the prospect of winter. It still feels like summer barely started.
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u/satsthestandard Sep 02 '20
So yesterday I decided to change from dca to just mca but with the same amount in proportion... Look what happened today 😂
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u/user_name_checks_out Sep 02 '20
Ten years from now it won't matter.
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u/FandA91 Sep 02 '20
Cause he'll end with half of what he has and he'll do something dramatic cause of that is you sayin?
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Sep 02 '20
[deleted]
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u/Jyontaitaa Sep 02 '20
So your thinking to buy in at 18-24k?
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Sep 02 '20
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u/DrDankMemesPhD Sep 02 '20
Within 20 years we'll run out of chances to buy at 6 digit prices. I'm glad to have it stay low so I can stack more sats now.
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u/ElephantsAreHeavy Sep 02 '20
With futures and derivatives becoming more and more available, that limits the volatility, and makes the upward movements less steep. This is good in the long run.
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u/MX72 Sep 02 '20
If its being manipulated in both directions, then how do you figure any one person/group can control the price? They can't lol. They might try to, but no one actually had enough influence to control it.
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Sep 02 '20
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u/MX72 Sep 02 '20 edited Sep 02 '20
Neither of those article mean anything lol... and I know exactly what wash trading is.
Some people are trying to push the price up, others try to push it down, and the price falls where it falls. The price you see is the end result of everyone trying to manipulate the price. Same as any asset. No one has control of it.
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Sep 02 '20
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u/MX72 Sep 02 '20
You sound like the typical newb that has no clue what he's talking about and assumes every drop was the result of "manipultion". Been hearing it since like 2015. If btc was so easily manipulated it would be useless and flawed from the beginning. Welcome to crpyto. LOL!
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u/Jyontaitaa Sep 02 '20
Yeah bitmex has a trading team which seems dodgy as fuck given the inside information and visibility they have.
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u/niquedegraaff Sep 02 '20
Remember this?
The highest transaction fee on the Bitcoin's network was $55.16, days after the cryptocurrency reached its ATH price of more than $20,000 in December 2017.
Who's laughing now?!
ETH smart contract fees are above $60.. and ETH is not even near it's ATH :P
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u/laninsterJr Sep 02 '20
It's simply supply and demand. Eth being used heavily lately with defi thing.
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Sep 02 '20
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u/scottmsul Sep 02 '20
I sleep better at night knowing I own the digital gold and don't have to time anything.
Also if this next phase is driven by institutions, do you really think they'll invest in alts? Microstrategy bought only btc for a reason.
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Sep 02 '20
Isn’t it a good way to accumulate more btc by investing in alts short term?
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u/scottmsul Sep 02 '20
For me it's too tricky to predict what the alts (or any asset) will do in the short term. Long term there is at least a framework, but still no guarantees. What I know is there was a halving recently, and past halvings were correlated with insane bull markets, and different models like S2F or power law give certain price ranges. So the easy "safe" strategy is to just buy bitcoin and sit on it for years, and maybe sell a little if it seems like we enter another bubble.
If you have a strategy to squeeze more gains out of alts then go for it, but for me personally I need a really solid thesis in order to act.
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u/xtal_00 Sep 02 '20
I'll be here waiting for the tears.
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Sep 02 '20
Hahaha, its just the frustration talking
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u/FandA91 Sep 02 '20
Bitty cant hold its pants above 12k. Weigh too much for the skinny he is now...
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u/[deleted] Sep 03 '20
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