clif_high Oct 13 tweet
Quote: Ack! Working Nov data now. BTC at 6888 still shows pullback. Now looking for clues as to how deep. Doubt 40% as that was just done!
I sez "With Bitcoin, if it ain't 30 per cent it ain't a pullback.."
October 14th Clif tweet says:
"Ack! Data has another of those 'bitcoin weekends' coming for all of cryptospace. Probably Nov 3/4th."
What does Clif mean by "bitcoin weekends". Are those the weekends that happen occasionally where bitcoin and most other coins get smashed for a day or 2? Or the weekends where bitcoin goes up 10 or 20 percent??
Sounds like Clif has used that term before but I haven't seen it as I haven't followed him for that long.
And would that be before his projection for bitcoin to hit $6888 in November and then pullback. Or would that weekend be the pullback?
clif @clif_high Oct 14
Ack! Data has another of those 'bitcoin weekends' coming for all of cryptospace. Probably Nov 3/4th.
68 replies 91 retweets 347 likes
Crypto Fro @CryptoFro Oct 14
Bro, u gotta b + explicit. With all the followers u have is time to put + context in ur tweets. Nobody knows what u mean. Dont create + FUD.
3 replies 0 retweets 28 likes
Replying to @CryptoFro
sorry, i just think that such things are common, shared, experience...i mean a price rushing upward weekend like days of old...last year.
Bitcoin doesn't look too great if you ask me. I sold most of my short-term holdings. My wave count, which is practically the same as Sollson's at the Setup, looks for a top around here. RSI has bearish divergence and fibs tell me to expend some a short term pullback.
On the flipside, it wouldn't be the first time that crypto surprises everyone and goes ballistic.
Ethereum looks to me like it's about to dump. Took out a short today.
Zoomed in on the 4h:
You and Clif could agree ...Bitcoin 6888 then a pullback 30 per cent to 4820. or 40 percent to 4132.
Time to see if I can pull together some dry powder should I get a chance under 4820. I'm not willing to sell any of what I have, even if it breaks under 4000..
The question came up as to how the futures market by the CME will be able to control the prices of Bitcoin. Any longtime browsers of Turds blog and forums will have a basic understanding of what they've been able to do with gold and silver prices.
My thinking has led me to some reasons to be a Hodler (hold on for dear life). Issue #1 for me is the decentralized nature of Bitcoin. While Bitcoin-mining has a great deal of power they don't outweigh the users/hodlers of Bitcoin. This is why the governments and financial institutions are so desperate to get a strangle-hold on it.
There are 2 events that I believe are an attempt to strangle Bitcoin. The hard fork called segwit2X. (A non backward compatible chain) This was a back room deal of a consortium of business interests that essentially are trying to have full control of the thing. (Bitcoin) A part of the takeover ploy is to get the 2x-fork to be named Bitcoin. Coinbase has decided for the users that it reserves the right to rename whatever fork is "longest" to Bitcoin.
I will be removing all Bitcoin from Coinbase, and will hodl till the dust clears. Will this have an effect on the price? Probably but I wont pay any attention.
Issue #2 is the CME opening a futures market in Bitcoin. The fear here is that they will be able to stifle price the same way that they do with gold and silver. They might have an influence over price from period to period, however I see that Bitcoin has features that gold and silver do not. For one thing there's an inventory to it that is freely available to anyone.
The CME will find themselves to be as "naked as their shorts" in this case. Their operations will be revealed along with the banks that participate in the futures market. We can currently go to pages that show who is mining what in the crypto-sphere right now. The CME has shown that it is ignorant.
What I see for pricing?
Bitcoin is currently being accumulated for people who wish to get the "air drop" of Segwit2x crypto-ploy. I don't know when Coinbase (or a few other exchanges that agreed to the renaming scheme) will be housing the new fork but I expect the price of Bitcoin will drop as soon as people hear of the crypto-ploys being available.
I expect the drop to be about 20% or less, as the previous BCH fork demonstrated the affects that a hard-fork has on the markets of Bitcoin and alt-coins. (Currently alt-coins are being sold to finance the accumulation of Bitcoin. The trend reversed itself for an almost 35% drop in Bitcoin price.) I believe that the participants are going to anticipate these moves and it will be lessened in scope.
The influence of CME futures will grow, at what rate?, I don't know. However, end-gamers who see the freedom associated with Bitcoin will see the ploy. I predict that Turd may become famous in the crypto circles as he and others have figured out and been pointing a finger at the banks and CME for their nefarious deeds. How close the actual futures movements he has identified to the reality of those movements will probably be verified in the CMEs nakedness.
Ultimately the fact of the nakedness, and the limited-and-verifiable supply of Bitcoin is the undoing of the plan. Remember that the entire crypto space opens the eyes of many to the criminal fiasco of the fiat fractional reserve system.
The longterm price of Bitcoin is currently un-fathomable. If Ron Kirby is correct in the adoption rates, and current ownership of Bitcoin then we have a wild ride on price ahead of us.
Whenever I have doubts I just try to think on what a trillion actually is. There is a trillion seconds in just under 32 thousand years. The fuckers in the financial industry are creating trillions of dollars every six months. They are stuck on an exponential-nightmare-treadmill just to keep the system afloat.
Unfathomable, just unfathomable.
I won't sell even if price goes to $900. Measuring in Dollars will soon be gone.
Nick Elway wrote: SS, You and Clif could agree ...Bitcoin 6888 then a pullback 30 per cent to 4820. or 40 percent to 4132. Time to see if I can pull together some dry powder should I get a chance under 4820. I'm not willing to sell any of what I have, even if it breaks under 4000..
Clif just backed off on this 40% pullback, FYI. Says that the 40% pullback already manifested itself and that there is now no reason to believe that there will be a 40% pullback from his 6888 target.
clif @clif_high Oct 30
Ack! Working data now (remotely thru two hops!)! Reconciliation shows 40% drop in BTC language has manifested. Likely no repeat at 6888!
42 replies 39 retweets 196 likes
alphakanal @robecker71 Oct 30
There will be a 40% pullback, there won't ?! I don't get it...plz would someone explain to non-english speaking people like mehr?
1 reply 0 retweets 2 likes
clif @clif_high Oct 30
we recently had a pullback that met the language forecast (near 40%). Not likely going to repeat it.
4 replies 1 retweet 19 likes
Carlos Castro @chamaniaco527 3h3 hours ago
$6832 now will 40% drop down still $6888 open data?
1 reply 0 retweets 0 likes
Replying to @chamaniaco527 @robecker71
no, language for 40% drop has already manifested.
I have all my BTC on a paper wallet. I've had all of it there since I began buying it. Every time I add BTC, I send it to my paper wallet. BTC has since undergone 2 forks that resulted in other coins being issued. There is a new fork coming later this month...
So, my question is this: When and if I decide to move my bitcoin, bitcoincash, bitcoingold, bitcoinsegwit2X, and the next X bitcoinXYZ's - all of which evidently reside on my paper wallet - am I going to have to find and exchange that supports every single bitcoin coin before moving them off the paper wallet or risk losing some of the spinoffs????
Coinbase has been a little fruity with these forks as to whether or not they are going to support them, or maybe not support them, or maybe in a few months we'll support them or something... I don't like that shit.
What happens to my bitcoin spin off coins if there is no way to separate them from one another from my paper wallet and back into circulation where I can use them to buy stuff or cash out into fiat????
The BTC I had in Trezor were moved to another BTC address and their directions for claiming into a BCC section of the trezor worked fine.
You may find this article helpful to claim bitcoin cash from your paper wallet
I moved my bitcoin first, then I imported bitcoin cash into a btc.com wallet using the same private key I used to move the bitcoin. Tonight I am unable to log in to my btc.com wallet, so I can't recommend btc.com wallet.
Coinbase is still sitting on my bitcoin from August 1, with a promise to let me claim bitcoin cash in January.
Bitcoin gold website https://bitcoingold.org/ promised directions for claiming bitcoin gold from a bitcoin paper wallet but I don't see any yet. From what I see bitcoin gold is not yet real after the fork.
My plan has always been, and my resolve seems to strengthen with every parabolic move upward, to hold onto my BTC (and its spawn), ETH (and any potential derivatives it spits out) and LTC and not sell for long term.... at least a decade... Unless it gets to a point where I can just cash it all in, quit working for the man and buy a tropical island with half a billion left over in walking around money before then, but I digress...
Do you, or anyone else here, plan on just holding BTC and all of it's spin-off coins, or are some of these already known to be complete failures (I don't know jackshit about Bitcoingold, but so far it seems underwhelming in terms of whether or not it is even "real" or not, evidently). I guess my uncertainty lies in the fact that I have no idea if these forks are going to continue to occur more and more, or if they will eventually cease, and what affect that will have on the overall market for these stupid "galactic coinz" (as my friends who still make fun of me for getting into them back in March like to refer to them as).
I suppose every fork that results in a new coin = some sort of "diversification", but you never know when the market for these things is going to call bullshit on all these forking shenanigans and head for the exits.
Just talking strategery aloud.... anyone have any thoughts on this at all?
BTC with a > 6900 print just a few minutes ago... wow....
I'm very glad I have a Trezor. I bought it before I purchased my first Bitcoin. They made facility to claim the BCH fork. I am unsure what to do for the paper wallet but there is a process for claiming the results of the fork and you need to shuffle your coins a bit for safety. Do a thorough search before starting. I believe the paper or memorized wallet is the ultimate security beyond just keeping the paper from getting destroyed. Or losing your memory.
My strategy goes directly back to my #1 reason to own bitcoin. Decentralized trustless system of storage. Other coins including all forks can be used for a transfer of value. The circumstances of each of the alt-coins will change their risk profiles over time. As long as Bitcoin remains in the realm of voluntary, consensus based development and conservative then I'm OK with it.
My attitude is that BCH was a ploy from the miners to gain control. The B2X fork is a second attack on Bitcoin of a consortium to gain control. If either of these coins are a success then my number one reason for holding Bitcoin is gone.
(I am intrigued with BTG but later for that.)
It's said that the ability to be a storage a value can only be established once. The beginnings of Bitcoin had a period where it traded with very little value to it. It's distribution was more of a hobby than any other reason and it came out of "game theory".
I sell the BCH, and B2X forks on the basis that Bitcoin is the one I want to succeed.
The BTG fork is intriguing as it breaks the monopolistic and corporate control of ASICS mining. If it can prove itself as decentralized and open resource, anti-hacker, and prove itself as a holder of value in the face of attacks then IT MIGHT have a chance. This one I'm trying to get more info and the team appears to be very under-prepared. They have 8 years of catch up to do.
My prediction is that the markets are too impatient for the period of nothingness, however the people interested in mining with their GPUs will give it some traction. If it can become a more-decentralized Bitcoin than Bitcoin, who's to say what will happen? I expect the price of BTG will drop out of the gate as it already has as soon as holders get their hands on it. Who knows it may have a period of worthlessness to it. (futures of the non-existing chain have been traded)
Bitcoin is like no other. Even with the forks they cannot duplicate history and any fork will have a slog and a trudge to prove itself as worthy to exist. ICOs are a money grab unless they prove themselves otherwise. While I have a desire to support some things, I believe it's to easy to get carried away with digits on a screen. It's too much like gaming. I've made a few speculations though and I'm looking at what I gave up a Bitcoin for. 20,000 Bitcoin for two pizzas? Ouch.
An alternative to other wallets that looks interesting.
This is a game theory guy that doesn't pull punches;
Some people don't like his microphone skills so when he writes;
Good luck and wisdom to all.
After coinbase's behavior on the BCC fork I moved all I could to trezor and paper. I was not alone.
Maybe they noticed, just found this in my in basket..
Quote: We wanted to remind you that the upcoming Bitcoin Segwit2x fork is projected to take place on November 16 and will result in 2 bitcoin blockchains. In our effort to make Coinbase the most trusted, safe, and easy-to-use digital currency exchange, we are working to ensure we maximize your benefit from this event. So, following the fork:
Any user storing Bitcoin on Coinbase at the time of the fork will be credited with an equal amount of the new Bitcoin2x asset on the Bitcoin2x blockchain. No action is required - we will automatically credit your account. If you have 5 Bitcoin stored on Coinbase before the fork, you will have 5 Bitcoin and 5 Bitcoin2x following the event.
Coinbase users will be able to trade both Bitcoin and Bitcoin2x shortly after the fork.
Coinbase will disable buys, sells, sends and receives for Bitcoin and Bitcoin2x approximately 24 hours before the fork. We will re-enable them following the fork once it’s safe to do so.
For a detailed timeline of events surrounding the fork please see our blog post and FAQ. Thank you,
In our effort to make Coinbase the most trusted, safe, and easy-to-use digital currency exchange, we are working to ensure we maximize your benefit from this event. So, following the fork:
For a detailed timeline of events surrounding the fork please see our blog post and FAQ. Thank you,
Up huge lately... anyone know?
The term air drop is a form of distribution of a hardfork in the code.
What a hardfork is;
The Bitcoin code is publicly readable, and is only mutable by a large and rough group of developer who are volunteers who have given their programming and design services for free. Consensus is required to make changes, and is very difficult to do.
Forks have been attempted by people outside of the development group that have changed the coding for one purpose or another. From the past these forks are usually not successful, and the grounds are still being challenged by the likes of Bitcoin Cash. (Created by the miners and is perceived as a grab for control.)
What an "Airdrop" is;
At a certain point in time the current owners of Bitcoin are recorded and the hard-forked coins are distributed to the owners when they make a claim for the coins at some time when the chain is active and online. (Note that the hard-forks are not backward compatible code with the originating chain. The term split is something different.)
That I know of this is done at a 1:1 basis. Then the forked coins can then be sold/traded on the exchange.
There is a hard-fork planned for mid November under what is called the NewYork agreement. Known as segwit2x or B2X. This was done by an invite-only closed door meeting of businesses and others. It is broadly seen as a bid to take over the Bitcoin name and control of the market. Users and current "hodlers" will most likely dump their b2x coins onto the market and not support it.
With the hard-fork of bitcoin-cash (BCH) the price of Bitcoin rose as there were traders selling alt-coins (alts dropped in price) to finance the purchase of Bitcoin which rose. After the BCH was available the prices of BCH were volatile and went through a range, and then dropped yet the people who had been holding Bitcoin got something out of trading it.
The price of Bitcoin (BTC) dropped afterward then came back up as the alt-coins had dropped then rose to people going back into position. These actions are now anticipated. I expect a lessened drop in BTC after the fork becomes available. A lessened drop in alt-coins before the availability of B2X.
BCH is currently going through a jump in price surprising many. There are miners who want this coin to be a valid one, so it feels like a massive pump to me. Coinbase did not give their account holders with Bitcoin the air drop of BCH, so that left many users riled up. Coinbase announced that they would support BCH by the end of 2017. Most believe there will be a drop in BCH price when they become available on Coinbase. By then the miners might be so rich as to be trying to paint the charts now for the benefit of their own coin at the expense of Bitcoin.
It (the hard-fork) is being seen as free money/bitcoin to holders by many who may not be savvy to it as a takeover that might destroy the original intent.
I hope that explains well enough.
clif high data shows bitcoin $10K around January 1, no major drops before then. Earlier he mentioned that if the language says bitcoin it could be the sum of the forks (although bitcoin cash may no longer be in that sum because the BCC language is now separating from the "bitcoin" language)