Is This Bitcoin Run Different From Runs In The Past? Is it Time To Consider Taking Some Profits? by cryptofreedom

bitcoin · @cryptofreedom · May 25 '17

$16.35

Is This Bitcoin Run Different From Runs In The Past? Is it Time To Consider Taking Some Profits?

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<h3>While Bitcoin has seen numerous big runs during its lifetime, the level of investment and support Bitcoin currently has is unlike anything it has ever seen before.</h3>
<p>While this is a great thing for investors and traders in the cryptocurrency space, could this be the cause of major problems down the road? Speculation and future anticipations have always been the largest drivers of the Bitcoin price, but we are seeing a much higher and faster rate of investment than the Bitcoin market has ever seen before. While the rapid investment may not be a bad thing if Bitcoin had passed various technical issues and hurtles, this is not the case.&nbsp;</p>
<p>The technical problems that Bitcoin transactions are currently facing are some of the worst they have ever been when we consider the transaction times, transaction fees, and overall disappointing performance of third party buying and selling services. Coinbase, Poloniex, and various mobile wallets have all been seeing more traffic than they have ever before, and have made it pretty clear that as of now they can't handle it. These services are vital in granting users and individuals an easy and convenient way to buy/sell Bitcoins and move between different currencies, but the platforms have all been experiencing significant delays, outages, and connection problems.&nbsp;</p>
<p>https://btcmanager.com/wp-content/uploads/2017/01/How-to-Run-a-Bitcoin-Node.jpg</p>
<h3>Should the fact that speculation alone is accountable for much of the price run and additional support worry us?</h3>
<p>In my opinion, yes this should throw up a red flag. I know that the common rebuttal is something to the extent of "The bitcoin price has always been driven by speculation, why is this any different?". While the price has always been driven by speculation, this run is very different because the amount of capital being invested has never been seen before. The bitcoin market is virtually in uncharted territory at this point, and while the price could likely continue to rise, it could retreat back to a more sustainable level just as easily. I am an avid believer in the power of cryptocurrency and blockchain technology, but when I consider the recent behavior objectively I still believe that there is a very high possibility of a major price retreat at some point. While the market may continue to push upward in the near future, without the technical improvements needed the price is still virtually based entirely on speculation.&nbsp;</p>
<p>There is no way to determine how long this run will continue or even how much it will continue to grow, but at some point it is very likely that the price will level out back to a sustainable level. If we consider the fact that in order for a transaction to be processed and confirmed quickly the fee is currently over $2, and it still is far from instantaneous. With fees of this size on every transaction, some of Bitcoins best applications become much less practical. When we consider an individual or firm using Bitcoin as a method of micro-payments to many individuals, the fees associated with Bitcoin currently make using Bitcoin as a method of micro-payments wildly impractical. The technical structure of Bitcoin is currently holding it back greatly, considering the network can only process 3 transactions per second. While this may seem like a lot to some individuals, this would make it virtually impossible for Bitcoin to scale with increases in users and transactions at a rate in which it needs to. Even if technical changes are implemented, the Bitcoin network will likely not be as fast as various other cryptocurrency networks in existence.</p>
<p>http://www.forexiswhyimbroke.com/wp-content/uploads/2015/07/being-early-300x225.jpg</p>
<h3>&nbsp;How big of an advantage has Bitcoin always had because it was the first and largest cryptocurrency on the market?</h3>
<p>The first on first or project to reach or create a new market has a significant advantage in the beginning of the market throughout all markets and industries, and Bitcoin's control and advantage has been no different. Bitcoin is the most widely known and oldest cryptocurrency that exists today, and has been the project that sparked many individuals interests in cryptocurrency, like myself. While this has always been a huge advantage for Bitcoin we can see from its declining market share that this advantage is decreasing over time. In my opinion if Bitcoin was introduced today, it is wildly unlikely that it would pick up any significant success.&nbsp;</p>
<p>As the developement of blockchain and cryptocurrency technology continues to advance, it is likely that Bitcoin will continue to loose even more market dominance and loose much of its relevance. The dominance will likely be taken by a variety of different coins or a single coin with better capabilities and a technically superior system. When we consider what Bitcoin can actually do, we see that its functionalities besides a means of storing and sending value as very small. While smart contracts can be implemented into the bitcoin blockchain, they are more expensive, slower, and less efficient than platforms that were specifically designed to service smart contracts. Bitcoin attracted many of its early interest from individuals who love the aspects of decentralization, reducing supply, and lack of government control and interference, and while these aspects are great and very important, they are by no means exclusive to Bitcoin.&nbsp;</p>
<p>I believe very strongly in the power of blockchain and cryptocurreny technologies and systems, but I am very hesitant to believe that Bitcoin will actually gain mainstream success in the long term. While Bitcoin could very well continue to increase in value, the core structure of the technology will simply not be able to scale at a level required with mainstream adoption. Other cryptocurrencies have much better networks and confirmation times, and in my opinion it is only a matter of time before Bitcoins shortcomings cause it to loose its market dominance. While this run may continue to un-thought of levels, if the price continues to be driven by speculation entirely there is no doubt in my mind that at some point it will take a very hard retreat.</p>
<p><em><strong>I really hope that you enjoyed this post, and I urge you to leave any input, discussions, or arguments in the comments below! The best way to improve understanding and perspective on a topic is to hear different opinions, so please don't hesitate to leave your opinions. Thanks for reading!</strong></em></p>
<p>image sources:<a href="https://btcmanager.com/wp-content/uploads/2017/01/How-to-Run-a-Bitcoin-Node.jpg">1</a>-<a href="http://www.forexiswhyimbroke.com/wp-content/uploads/2015/07/being-early-300x225.jpg">2</a></p>
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👍 thejohalfiles, roelandp, carrinm, brendio, shenanigator, myvoter, demotruk, elgeko, daut44, sharingeverybite, alcibiades, rznag, cryptos, cryptofreedom, lifeworship, teofilex11, annaarthur, angel76, runridefly, elviento, sidwrites, brianphobos, ramtech, equine.love, elizabethmurray, tutial, arjunmartavela, sergey44, victoria2002, graveric60, manycoolthings, lifeasalion, envy112, badpicks, mariotril

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@lifeworship · May 25 '17

$0.06

Anything that is doing what Bitcoin is doing right now is inherently unstable. If it goes to $100,000 per Bitcoin, there might be some regret, but if countries start banning it and it falls to $10 just think how much protecting tangible gains is worth. 

Meanwhile Steem can't seem to peel itself off the floor.

👍 lifeworship, cryptofreedom

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@cryptofreedom · May 25 '17

I agree with you. I am not completely closing my Bitcoin position (yet) but I have been expanding my investments to a much wider array of cryptocurrencies, and have also taken out most of my original investment. 
While the regret would be awful if the price continues to move upward like it has been, the piece of mind from being safe and utilizing good practices is very important as well. 
I just know that Bitcoin is currently at a much more inflated price than ever before, and I intend to play it on the safer side.

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@sidwrites · May 25 '17

I am also expanding my investments and putting a few hundreds into other crytpos, mainly Litecoin and Ripple. Hope I don't get eaten by the whales!

👍 cryptofreedom

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@shenanigator · May 25 '17

I also think the price is going to retreat hard. In fact, I just [made a post](https://steemit.com/bitcoin/@shenanigator/why-do-people-always-forget-what-happens-when-charts-look-like-this) with a prediction that we'll have the opportunity to buy $500 Bitcoin in the future.

👍 cryptofreedom

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@cryptofreedom · May 25 '17

Just checked it out and I definitely agree with you. I felt so much more confident back in late 2016 and early 2017, because although it was making huge gains the increases were much more proportionate and predictable than they are currently. With the level of institutional money  reaching the market, its clear that the huge investors will likely not be willing to take a tremendous loss or hold long term.
If the price reaches back down to the 2000 dollar level, which is entirely possible, I assume we will see a major dump and a rapid price fall to follow. Once the support leaves, it will take a very long time to get it back in my opinion. Thanks for reading!

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@sidwrites · May 25 '17 (edited)

> Other cryptocurrencies have much better networks and confirmation times

This.

I never knew other cryptos had major advantages over bitcoin until a couple of months ago. I think Bitcoin had the first-mover advantage.

Now we have so many coins... just blows me away! This year is my year of investment into cryptos and less into mutual funds.

Also love this image:

https://steemitimages.com/0x0/http://www.forexiswhyimbroke.com/wp-content/uploads/2015/07/being-early-300x225.jpg

Hope no one eats me! :P

👍 cryptofreedom

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@cryptofreedom · May 25 '17

Thanks for reading, and yeah I really see Bitcoins technical capabilities as the factor of its eventual decline.

👍 sidwrites

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@sidwrites · May 25 '17

Can you also share your thoughts on EOS? Given that it fixes, from what I read, the problems of ETH!

I think it will be huge. Then again, I am new to this.

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