₦airaland Forum

shocker007:
Wouldn't have dropped easily that year if not for the hack on Mt.Gox that caused chaos.
It was aiming for 1000 at the time.
I accept many of your points though.

Oh yeah, Mt.Gox being insolvent certainly helped crash the price. It did cross $1000, I bought at that price.

Singapore1:
The media did a very good job in crashing it...
They are doing it again..

The media is like a double edged sword, they hype something one minute then turn around and cause hysteria the next. Their job is to disseminate information while attracting more viewers though, so I can't really blame them. I'm not perfect but I could smell blood in the water when the price recently shot up so quickly to $800, now that's something interesting to report isn't it? I remember when I got really interested in 2013 was around the same time the price had spiked to $800 and there was chatter about it going all the way to $40,000 (winklevoss twins). If I say I never thought of being a multimillionaire based on these mind bogging predictions, I would be lying to you. That's why they say experience is the best teacher and really the most expensive class you can take because you pay with your own money, time or life. That's why my analysis is based on a more personal basis, I try to put myself in the shoes of new investors who may be thinking they could get rich quick hence buying in and shooting the price further up; at the same time trying to think like the Chinese government who's trying to stop capital flight. You put two and two together, then it paints a clearer picture.

chinnyonwu:
Bros, pls where do you get your news from? Will like to follow myself.

Coindesk is a good site for bitcoin news, there are many others though.

Papertrail11:
so are u suggesting a deep fall as against the 100usd fall we had today.

If it doesn't hold above $800, it will free fall to $670. The more sustainable support line is really around $450 when the media frenzy started few years ago and venture capitalists started pouring into the space. These drastic drops don't just happen overnight though, it will bounce a little then fall in zigzag patterns until a major news comes along. Play the current volatility into the mean time.

Bitcoin's price pierced through the $900 support line and has fallen to the $800 support line as predicted, but the selling isn't over though. China is currently investigating all bitcoin exchange firms, making sure they've been compliant with the anti-money laundering rules followed by banks and that apparently spooked the market and caused more panic sells. That's how the Chinese government rolls, they will not completely ban the damn thing but will troll everyone into chaos and fear (not surprised if they even buy the dip). I've seen this movie before and that was 3 years ago where I got toasted being a 'bag holder', today though, I welcome the volatility as it is a perfect opportunity to make money if you know what you are doing.

YerYer:
$6,000 BTC for sale, rate 485/$.

See contact in signature.

Sold to delgroveng & danejo, correct guys.

$6,000 BTC for sale, rate 485/$.

See contact in signature.

Alas! We now know what caused the 22% drop in the price of bitcoin and it's the usual suspect - China. A country whose citizens make up 70-80% of all bitcoin transactions, a sneeze over there results in a cold everywhere else. As stated before, the Chinese government will do whatever it can to stop capital flight via bitcoin and other major currencies, they achieved it this time by strengthening the Yuan. While this really shouldn't have plunged the price of bitcoin by over 20% on a normal day, but there's nothing normal in the crazy run bitcoin has had in the past few days. As a result, most traders sold off their holdings to capitalize on any profits.

Volatility is back now, I personally stay 100% in fiat and buy & sell coins within a window of no more than 30minutes, I don't speculate. I would prefer if all the Chinese traders and hoarders panic sell and crash bitcoin so the whole world can start afresh without them, truly they are the ones always causing pandemonium and panic in the bitcoin space.

wamiikechukwu:
Wow u trade stock? Please just kindly tell me about it, though I trade fx

US stocks. Any good returns in fx?

Singapore1:
@yeryer are you a forex trader sir?
If yes I want to ask something?

Oh no sir, just stocks. But I may still be able to answer your question.

As predicted yesterday, bitcoin's price was baked into perfection, a little sneeze would send the price falling just as fast as it rose. Panic sellers led the way this time.

Sometimes when it comes to bitcoin price fluctuations, the real reasons for massive price changes are usually unknown until after the fact, this is particularly the case when China is involved, sooner or later though we would find out. But like I said before, "smart money" is already fully invested in bitcoins. By smart money I mean big wig hedge fund managers, and wall Street firms, these guys possess millions of dollars worth of bitcoins and can significantly affect the price. They trade based on chart patterns. There now seems to be a floor around $900, this is an important support line, if the price falls below $900,it will free fall to the next support line at $800.

If you want to trade bitcoin like a day trader, check out www.btce.com, you can convert from bitcoin to litecoin or euros and other major currencies. There's a chat box there known as the "troll box" where users discus strategies, predictions and sometimes have insider scoop to events in China.

See the screenshot below, that arrow is indicating an established support at $900. It bounced off that support line up to $964, don't fall for this though, it's nothing but a "dead-cat-bounce" if it stays above $950 however, it should shoot back up.

A little update on the Disney (DIS) option. So finally Wallstreet analysts seem to love the name again, the stock got two upgrades from two firms and the underlying price has since moved higher by over 2.5%, but that small movement means a greater magnitude in options. Needless to say, it's yielding me almost 4k. I can close out this trade entirely or even sell a few now and take some profit, I still think it has more legs to run before the January 20th expiration date so I will let this one keep shooting for the stars.

Jideams, how naija?

As predicted on December 27th, the price of bitcoin has finally crossed both the $1000 and $1100 marks, I will be very careful here. Murphy's law will come to fruition once more. As the price keeps shooting higher, there will be more hackers stealing coins from wallets and exchanges, some exchanges will lock up shop and flee with members' funds or the the Chinese will impose some restrictions. At these elevated prices, any major bad news will send the price falling as fast as it rose, we have risen too high too fast. I would be very careful here.

Happy new year! Today being the first trading day of the year, I seized the opportunity to sell some of my holdings. Trump promised a lower income tax so any gains made from this sale will register in this year's lower tax rate. More selling to follow suit in the coming days. I still believe the market will soar higher this year but no need to be greedy and I have a big project at hand

OkwaIfugo:
So you don't turn prophet Onatisi abi?

I would never compare myself to our great prophet Onatisi, it's flattering you think I'm that good.

[quote author=OkwaIfugo post=52452883][/quote]It has crossed the $1000 mark....Remember....

sapienman:
Interested. I need $130. Can you deal?

All sold

Youngzedd:
We can pick it up.

Contact signature.

Chump change sold to Aleairhub and another unidentified buyer.

$2000 BTC available for sale. 480/$

$2000 BTC available for sale. 480/$

deasy:
Is it still available? You dey Lagos?

Still available. I no dey Lagos

YerYer:
$1000 BTC for sale, rate 485/$.

Contact in signature.

$500 sold to AKMoney1, legit guy. $500 remaining at 485/$.

$1000 BTC for sale, rate 485/$.

Contact in signature.

Singapore1:
i don't have the strength to type.. so i will be brief .. your analysis is very good.. but wont work in the long run .. let me give you an instance
1) you remember few weeks ago when the Nigerian government asked DSS to be arresting people selling dollar at the "not agreed" price ?
this caused $$ scarcity, thereby making dollar rate to increase .. that's because this is 21st century, you cant force people to do certain things and if the chinese government try it, it will increase the price of bt.c by two folds

b) take btcc.com (bobby lee is the ceo )for instance .. they used to accept yuan before if you want to buy btc, but the government stopped them, so Chinese citizen had no option than to be using other currency, thereby converting yuan to usd,gbp or yen in order to buy btc ( i have forgotten the year) .. btc rate rose during that time too, then the chinese government had no other option than to lift the ban .. i think they are planning to do it this coming year again if at all they haven't done it

c) like you said earlier 70% of mining farm is from china do you think those billionaires will allow their business to crash?

2) for strange reason, there are some part in new-york ( i dont know ) where buying or selling bt.c is strictly illegal , now if you want to buy bt.c in new-york, the price is higher compare to other region or country ( check paxful or localbitcoin for reference )

3) don't forget donald trump recently appointed Peter Thiel ( one of the biggest bt.c investor on blockchain ) to his Presidential Transition Team ( so if bt.c crash, it will be a big blow to him as well, so do you think he will watch that happen? )

in short bro.. we are all speculating.. no one is 100% sure of the future .. there are various investors who is ready to invest in btc this coming year ( i dont know how serious they are though ) .. let just keep an open mind... ( don't mind my grammar though )

Points well received. It seems you do not know just how much control the Chinese government has over its citizens and every sector of its economy, let's not forget this is a communist nation with a one party rule. Let me give you an instance, 2 weeks ago, the Chinese government reduced the daily ATM withdrawals at major casinos in Macau all in a new attempt to curb capital flight. Before, gamblers could withdraw as much as 10,000 Patacase daily, it has been reduced to 5,000 patacas. This new restriction sent major casino stocks plummeting by as much as 12% in one day.

(a) You said when the Chinese government banned major financial institutions from having anything to do with bitcoin, the price rose?? This was back in December 2013 and actually the price crashed from $1095 to $105 over the coming months and I still have the scars to show for it. They banned all banks and payment systems from maintaining bank accounts for bitcoin exchanges like Huobi, BTCC, OKCoin and co. To circumvent these restrictions, Chinese Bitcoin exchanges opened foreign accounts but the damage had already been done. People seem to forget, this a country that rules with an iron fist and her citizens are careful not to cross paths with the law.

(b) The Chinese government doesn't care about billionaires who invested money in mining farms, remember this isn't a capitalist country, the government only cares about the general well being of its 1.3 billion people, not just a few early bitcoin adoptors with billions in minning farms. They could all go bankrupt for all they care.

(2) Buying and selling of bitcoin is 100% legal in New York, however any bitcoin exchange doing business in New York must have a Bit License & Money Transmitter Licenses issued by the state of New York. The requirements and money needed to procure the Bit License is too intense that only one has beed issued to date. Those who lack the Bit License have stopped allowing trades in New York. Nonetheless, there are still folks who sell bitcoin in face to face transactions, cash deposits and other means via LBC for example. The higher price is obviously due to the risks involved.

(3) You talk about Peter Thiel, the founder of paypal being one of the biggest bitcoin investor and how his appointment into Trump's cabinet makes a case for the continued bitcoin's price accent. If only it was that simple. Peter Thiel, like many other big money venture capitalists, are more interested in the brain stem of digital currencies, which is the blockchain. I've said it before and I will say it again, many famous supporters and investors of bitcoins don't hold and speculate on the price, rather they invest in the exchanges ex Andreseen Horowitz investing in coinbase; another example is the CEO of Overstock.com accepting bitcoin as payment on his website but immediately converting to fiat via payment merchant bitpay. Its just like the California Gold Rush of the 1800s, those who made money were folks selling shovels to miners and not the miners themselves many of whom left with nothing. Senator Rand Paul of Kentucky was also accepting bitcoin during his presidential fund raising campaign, does that mean bitcoin wouldn't crash because he's in government?

To cap it off, no one really knows what the price of bitcoin will be tomorrow, but remember, 'smart money' is already invested in bitcoin, and by smart money I mean hedge fund managers and accredited investors. These guys trade based on computer algorithms. If you trade stocks, you will learn that there are patterns to every stock chart and every asset class be it oil, gold, or equity have a bottom and upward resistance. This is the basis of technical analysis. So if bitcoin's price should reach its all all time high, there will be a higher downward pressure to prevent it from scaling through in the short run but that's not to say it will never make new all time highs in the long run. No one can time the market 100%, but if you believe bitcoin would be worth say $10,000 a piece some day, it's best to buy, store it in a cold wallet
and hold for the long haul undeterred by the daily price swings or Chinese manipulations.

Singapore1:
You delivered half of the story ...
But let's see out it goes

Modified
I just checked the meaning of .......Pseudo
Okay you are almost right..

Just know that whether the Chinese ban or accept btc
Btc is reaching 5000/$ in 2020
Also peer 2 peer is coming too by 2017 ( Rootsock and Blockstream)

As the U.S economy improves, the dollar strengthens while every other currency weakens (with the exception of the Japanese Yen). The Chinese Yuan has been on a losing streak since Donald Trump became the president-elect and it will keep losing value. While this is a good thing for Chinese manufacturers and exporters as their products will be considerably cheaper than say their American competitors, it's bad for the average Chinese citizen because their savings just had less buying power. So what do you think they do? They buy bitcoins as a hedge to cork the bleeding, hence the recent spike in bitcoin price (same thing happening in India). The moment bitcoin's market cap hits somewhere around $16 billion or past $1000 per bitcoin, the Chinese government will implement strict policies to stop capital flight and the price will see a downward correction. Don't forget 80% of bitcoin trades occur in China, any hiccup over there will have a significant impact on the underlying price.

Bitcoin hitting $5000 in 2020 like you said is quite possible. For this to happen however, there needs to be more utilization and broad adoption of bitcoin. Even though many corporations now accept bitcoin, most people still use bitcoin for speculative trades/investments and not for purchases. You need a majority of bitcoin enthusiasts using the digital currency as legal tender and not just buy & sell.

aloyt:
Where are the bulk btc sellers ooo....is there hoarding going on

In the coming days or few weeks, bitcoin's price will cross the $1000 and then $1100 mark before the Chinese government will impose a "pseudo" ban which will gradually crash the price to $580 over a few months. Best to hold now, then sell off before $1050.

AGC, Amazon Gift Card needed.

AGC, Amazon Gift Card needed.

fizzyf4:
$200 sold ,$150 denomination available

Cool transaction. Thanks

AGC Amazon gift card needed.

AGC Amazon giftcard needed at 370/$. See contact in signature.

@ Ladunal

Wow, this just seems like cheating lol. But how accurate are the predictions from this tool? Also, is it a free software one can download?