To me: no correction will ever be enough.
Away from this very subjective opinion, Bitcoin is reaching the cliff: Below here, it could fall vertically...
ALL THE POSTS I READ POINT UP.... It may be going lower then.. as it "should"... coming from nowhere and going back to nowhere...
This is not apple or a pharmaceutical company with a blockbuster... This is nothing... A human marketed enthusiasm...
Anyway... you got it, i dont buy into it.
Now, you have two choices. Either you believe that Bitcoin will continue to act as a commodity, like gold, and its price is likely to follow the Elliott wave pattern. This is not a scam, because this model has been tested many times and proved adequate.
On the other hand, Bitcoin could become a legitimate currency than everyday people know how to buy and spend on the Internet and real life. If it does, then its value will probably decrease a lot, but be more stable.
A scam is supposed to rob a lot of people to make rich a few. Here I think it's different, because either way, people are going to get rich and poor. The market is made in such a way that there should be some kind of balance between the two. So if the price crashes, people are still going to make lots of money betting on that crash, and the same in the opposite direction.
1) What I know is nobody criticize me more than when i write negative things about Bitcoin... Fishy.
2) Things that are useful don't need any lobby... you dont have a lobby for Iphones... people buy them despite the critics....
Elliott wave fits anything that trades... even assets that will go bankrupt.... Elliott is just mapping human behaviours
I've been a bear since 600 and got heavily attacked back then too...it's heading down, to 86 probably.
Bitshares is what Bitcoin should be, the mining is detrimental, encourages people to mine and dump to pay for power costs.
It's complcated and bitshares as well, hard to explain it to common folk.
I am not naturally interested in bitcoin... There are just too many posts about it so every now and they I look at it and try to look at the price possible point of break.
Each time I post something on it... EACH TIME: Some Bitcoin ayatollah comes to try to explain what is bitcoin and it is always complex....
IT LOOKS LIKE A TOTAL SCAM WITH MANY SMART GUYS WHO PROBABLY ARE LONG TRYING TO PROMOTE IT IN A COMPLEX FASHION.
I am talking about guys who try to convince the crowd that bitcoin is useful/necessary should have a greater value and get irritated the moment someone says the contrary... That smells like guys who are long and try to support their pension fund.