Re:China to Shut Bitcoin Exchanges?
by sillysaurus3 on Monday September 11, 2017 @02:55AM
(#15216532)
Peaks have never been a useful benchmark of Bitcoin health, and I don't know where you're getting that from. Your thoughts on Bitcoin are basically being driven by popular media, and popular media is a terrible way to judge anything.
I've already responded to your points, but let's rehash it again: Silk road closed, and everyone expected BTC to completely fucking fail. It did not. In fact, it barely went down. It also recovered swiftly.
If you want to call that a drop, go ahead! Personally, I'd save that classification for when BTC dropped from $1100 to $300, for example. But sure, a 15% decrease for one day followed by a recovery over the following week could count, I guess.
> Peaks have never been a useful benchmark of Bitcoin health, and I don't know where you're getting that from. Your thoughts on Bitcoin are basically being driven by popular media, and popular media is a terrible way to judge anything.
Most of my thoughts are driven by what passes for dialog at r/bitcoin and elsewhere in the community. To the moon! This is gentlemen! rollercoaster.gif! I would definitely agree that listening to hyperbole, wherever it comes from, is foolish.
"The price went over $5000 for one day. That does not count as a peak." "Using the hightest point of the day also isn't useful. Traders typically use a moving average. Neither the lowest nor the highest peak is a useful way to compute the price of bitcoin for the day." "If you're going to wag your finger and say "Nu uh" and trot out data saying that it went up to X price, well, yes, you're technically correct. But I think most people would agree that the price over the next week is a far more useful way to know whether the price truly went over $4900 or not." "In other words, if BTC went over $4900 for a day, who cares? No one."
Yet in any conversation of price, that $5000+ ATH is the watermark.