Bitcoin Continues to Dump Tonight

vegasluna (32) in cryptocurrency • 8 years ago (edited)

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As Can see the Bitcoin (BTC) dump continues tonight after yesterdays dramatic drop (see previous blog). After consolidating its losses, it dumped again tonight. Once again, As I have been saying for months, Bitcoin's (BTC) halvening hype has exhausted. Unfortunately, nothing else on the horizon to keep the halvening pump going. Therefore, I believe the long awaited bear market caused by Bitcoin (BTC) being unable to scale has started. I do not believe Bitcoin (BTC) is finished. However, I do believe dropping under $300.00 is a possibility. Will it recover ?? What good news will cause it to recover ?? We have heard for the past year about Segwit, lightening chains, etc etc etc.... I am going to say this: Bitcoin (BTC) cannot scale, and until it does, then it still doesn't. If Bitcoin (BTC) hardforks, Poloniex will post Bitcoin Classic (BTCC) to their exchange. However, it will most likely be a short-lived pump and dump due to having the cannot scale feature. At least, that is surely what we all hope happens ?? Right ?? I don't really know because this is all speculation on my part.

Disclaimer: I am hodler and trader of Bitcoin (BTC) .

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8 years ago by vegasluna (32)

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michiel (68) · 8 years ago

For years i was active on the stock market, and now in bitcoin i see exactly the same thing. The media always broadcast positive news for a period and then negative. When negative news is broadcasted, there is no eye for the positive things. They will get totally ignored, but they happen.

We seen this in Bitcoin in the beginning of this year, when some blocks were clocked and many people started shouting that Bitcoin was dead and a failed project. The price went down and the problems disappeared, because the wallets added a small amount to the transaction fees. After this we got a bull market for months until now. Now a few negative things like the scaling meeting, a robbery and Miami's court saying bitcoin is no money is dominant in the news, but same time many positive things are happening, but is's not highlighted at the moment (think of payments with Twitter, Lightning network coming, big investors start adopting bitcoin).

In my opinion the fundamentals of Bitcoin are still very good, adoption is still growing, new applications are still created and this will go on and the current financial system in the world is still failing and it get only worse. I think the scaling issue is not a big problem and will only delay the rise of Bitcoin a little bit, the hard fork will not be needed, scaling can be done within the blocks and on top of the blockchain. Watch this:

I think the negative news will lower the bitcoin price some more and disappear again, and a new bull market will follow. This will go on for many years and one day a bitcoin will be unbelievable valuable.