Crypto Anyone thinking/planning to short bitcoin?

I was contemplating this.....anyone else?



Just amateur observations (could be completely wrong)...About 7 candles after November there was a sell off no demand. I'm thinking it could be a triple top and collapse back to major support at 5500 ....looks like it stuck at the 7700 mark.

 

I am not sure if Bitcoin follows the "normal" rules....it is completely new territory.

It is super volatile though....even if it keeps going you could still make money by shorting and collecting inthe troughs...

Anything to do with Bitcoin is risky....

 

Yep, not sure of the derivatives market for Bitcoin but I would want put/call options to cover both directions. The only thing for sure is that it is damn volatile.

 

It's so volatile it's birthed a new acronym..HODL.

Hold On for Dear Life.

 

HODL was just a typo (originated from this thread) although it does have that rather convenient acronym

The sell-off was due to the segwit2x hard fork being called off; so people flocked to the previous fork (Bitcoin Cash). New territory? Yes. Irrational? Not so much.

 

HODL in the urban dictionary. @chylld its a thing

 

Yes, the urband link confirms what I said above:

1. An enthusiastic misspelling of Hold
2. An "on purpose, kinda" misspelling of "hold" - first coined in the altcoin sphere in 2013 & later said to imply "Hold On for Dear Life"

 

I haven't looked yet but will be interesting to see volume bars for the candles..i wonder if that sell off was on high or low volume

 

I was talking about this at work the other day. A colleague's son was thinking of buying, which made me wonder if Bitcoins are peaking.

My mindset swings between "surely Bitcoin value can't keep going up" and "I'm better off putting my $ into assets that have a proven track record".

 

Bitcoin is not a stock it is not on the share market and can’t be shorted.

It was designed to behave like a commodity but unlike gold it can’t be shorted by the government

Hence it’s attraction

See my post on “bitcoin is not a stock”

It’s not even an investment and it’s a mistake to think of it as one.

 

Lots of people just want to buy because the price keeps going up
It represents a lot more than price.

Sometimes I think the world is not ready for freedom and total responsibilty

 

CME have announced Bitcoin Futures are coming soon, probably the most popular mechanism for shorting gold will soon be available for Bitcoin:

CME Group Announces Launch of Bitcoin Futures

 

Interesting

 

If you see the market cap you will notice BITCOIN is still at its early stages. I see Bitcoin at 100k in two / three years. It is clearly a bubble, however FOMO plus institutional investments will pump the prices up. Altcoins will follow. Speculative investment anyway. Can you imagine how many funds / ETFs we will see in future? And when they hit they hit hard.

 

The thing I don’t like about bitcoin is the whole thing is controlled by the top 1% (the people that got in early and are now worth millions). They designed the whole thing with exchanged / graphs to make the whole thing seem more legitimate like the stock market - hence making bitcoin more valuable and increasing their own wealth.

 

You are also free to design something and be in the top 1% who own it, no one is stopping you and you are not a victim of circumstance, no one is doing anything to you.

Go design something that makes you rich.

Good for them.

 

You totally missed my point. I have no problem people inventing things and becoming rich. Creating elaborate systems to trick people in believing a bitcoin is worth 10k is something totally different.
Bitcoin is slow / outdated form of crypto. The only reason it stays so “valuable” is due to the massive money/marketing behind it.

 

Here’s how I look at it:

 

The innovative businesses that are developing around cryptocurrencies will be the next billionaires irrespective of bitcoins ticker price.

Fear mongers warned that the internet was just for porn, that we need to protect “people” from those who have no authority to speak getting up and speaking - how dare they, who gave them permission? They might manipulate people. God help us.

People threw money at anything that had .com after its name.

It all fell apart for speculators.

Some people built businesses, like google and eBay that embraced this new technology called the internet and they became the next billionaires .... and guess what we are repeating it all over again this time with money and it’s your choice whether to be a speculator, gambler, fear it or jump on board with new innovation.

 

I'm short BTCUSD at 10,559