Bitcoin has made huge progress in regards of market adoption and public awareness to mention only two of a hundred positive changes since 2012. But still you think it will fall back to the supportline last visited end of 2012, where btc was nothing compared to today.
Maybe you can ask the admin if he can delete this chart for you.. :D
none of these alts will beat the network of btc anytime soon.. u claim to be a coder and to have insight on 3 exchanges orderbooks.. but you could also be a liar.. who knows... and who cares...
All I know is that your posts have a touch of hatred and lots of negativity in regards to cryptos and btc's prospects... so I wonder why you waste your time here..
Because at least once a week, I see someone invest in crypto that has no business investing in it and losing their money.
All of the rose-colored-glasses charts and "positive, upbeat sentiments" about a cryptocoin that has only been around (in active circulation) for a year and a half and is being rampantly manipulated by algorithmic bots, hoarded by millionaires, and traded by the denizens of the underworld for illicit activity are confusing people into thinking this is a sound investment.
And I want them to see, people actually have differing opinions about the validity of this coin.
> All I know is that your posts have a touch of hatred and lots of negativity
Now you want to discuss psychology. Which is fine, since I minored in that... you might want to research this: http://en.wikipedia.org/wiki/List_of_cognitive_biases and go with, Belief Bias, Bias blind spot, Optimism bias, and a few others.
But I can assure you, the only negativity is what is perceived by your cognitive biases. I was very neutral and factual in what I said.
Automobiles are more common and relatively less expensive than when they were invented. The same goes for televisions, cell phones, computers, microwave ovens, etc.
What Bitcoin can do (programmable money, medium of exchange, programmable contracts, letters of credit, forex, etc.) must be separated from its perceived value by people who are trading it on exchanges. Just because it is more widespread in its use doesn't mean the value you pay per Bitcoin goes up. Instead, the value of the companies that invent novel uses for Bitcoin may go up and the overall value of the Bitcoin economy and Bitcoin businesses may go up. That doesn't necessarily lead to the Bitcoin price going up.
Even assuming that the price of Bitcoin goes up based on its overall use, it would be hard to argue that it has to go up in a straight line or a one to one relationship. Things don't work that way.
It's primary value is both speculative and as a technology today. Read the above two blogs because Bitcoin is clearly not a currency.
Second of all, the point of discussing telephones, computers, cell phones, automobiles, etc. is to demonstrate how the network effect ultimately drives down price. It doesn't matter whether the product is a consumer one or not. Bitcoin is a technology. I assume it is aimed at consumers vs. governments. So, it is in some form a consumer technology. It is produced differently than say a computer, but it is nevertheless produced and does have costs. Those costs to produce Bitcoin enticed "miners" to participate in the network. It is simple cost benefit. The same cost benefit analysis influences all adopters of technology from whether or not a company upgrades its computers to the latest OS to whether a retailer uses a service to accept Bitcoin.
Bitcoin is in some ways different, but it still follows economic principles, the law of supply and demand, etc.
I'm simply presenting the argument for consideration whether the network effect necessarily means the Bitcoin price will go up. Have stated this before - it is a necessary but not sufficient condition to insure that the price continues to go up. There are many more factors and it is simply one-dimensional thinking to believe that solely based on network effects or innovative technology that the price must go up. It may, but it will be based on a good many factors from supply and demand, network effects, price cycles and more.
By getting hung up on the comparisons you're missing the larger point which is far more valuable and will help determine the future price. Understanding what Bitcoin is and isn't also will influence how you and others invest in it.
I think what people should consider, however, is whether the Bitcoin price is tied to the value of the network as closely as some think. Will the value added by innovators be added to Bitcoin itself or to the companies doing the innovation. If a programmer adds a service layer on top of Bitcoin that allows a letter of credit to be created, does most of that value add to Bitcoin or to the programmer and the company that creates that innovation. I'm not sure what the answer is. However, the idea that the network effect - more individuals and businesses using Bitcoin (and the network protocol) does not lead necessarily to a higher Bitcoin value.
I was merely attempting to find out if you had some technical reason (or any other reason) you seemed so convinced that the chart pattern revealed that the Bitcoin price had to bounce - not only bounce, but bounce hard.
The network effect often tends to drive costs and profits down. There are innumerable examples - credit card fees, Internet service, televisions, cars, computers, computer memory and on and on. The wide degree of telecommunications has not allowed AT&T to grow exponentially although they essentially invented the telephone and the network. Edison invented the light bulb, but General Electric did not grow without limit despite being tied to the inventor of the innovation.
I try to look at prices technically and logically and ask questions. I don't know where the price of Bitcoin will go, but I do have a range of valid prices based on Point and Figure charting. The upside target is $900 and the downside targets are $360, $260 and $140 if memory serves. It's unimportant which way price goes. I'm not emotionally invested in where price will go, but I am dogged and persistent in attempting to gauge price direction and momentum. Was just curious if there was something that so convinced you price had to go up. I'm not convinced that is going to happen yet. I think, based on research, that price may drift down for a while, perhaps several months. I'm watching and waiting for the best entry price so I can go long.