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RE: Are Bitcoin early adopters moving to other crypto-currencies?
you really think BTC can go as low as 700$?
I personally dont see it go much lower then 900$, with Eth I think we meet a support at 30$, so I agree with 30-70$ with you.
The bitcoin community is way bigger and there is much more people and Venture Capital in BTC then in ETH. We talking of the Billions. I and many people invested their last 4 years in BTC development and adoption, and I personally see the solution coming soon. we just crowdfunded Qtum for already 12 Million
watch this BTC/ETH hybrid
works like Bitcoin used to work before. you have the security of Bitcoin and the smart contract feature of ETH and speed of ETH.
Here's just a quick idea on why I'm so bearish.
ETF's, the response we got was a clear "we will not ever do this until the wider Bitcoin ecosystem is regulated". So if you're a greyscale, coin etf or solidX - Why wouldn't you dump some of those BTC straight away while you're in a profit?
As for VC/Investment, sure there is a lot, but I think it's started to slow down rather than accelerate. Back in 2014 every post on reddit was about another VC coming onboard or another round of funding secured for all the startups, I just don't see that in Bitcoin now, but in Ethereum it's growing.
Don't get me wrong, it might not be 700, it might be 800 or 900, but in terms of growth potential in the short-mid term, Bitcoin doesn't have it because it needs this scaling debate to end, 1 way or the other.
I am not sure if you would have thinking that the price would be below 1000$ you would have entered a short. but you are just waiting like most people in BTC and because not many people are in the market the few bears could drop the price.
1000 BTC to drop it 1% and 4000 BTC to drop it by 10%
I was short for a while but became unsure when it rose back up above 1150 so decided it was safer to sit on the sidelines and await the buy-back opportunity. I didn't trade it perfectly, but I did ok since I own only 1% BTC on eToro right now. I also reduced my ETH from 60% down to 38% but clearly in hindsight it was not enough. I didn't expect everything to pop this weekend honestly. But I'm in a decent position with money on the sidelines to take advantage of the cheap prices. I saw you are in 40%/30% at the moment, might be a difficult time for you next week if the drop continues.
Are you considering selling some at a loss to re-buy later? Or will you hold it out? I'm still debating what's best for me on my Ethereum trades, probably I will hold it.