This thing is never going to stop going up ever.
TBT - on these climbs, how long do you usually hold? I've already made a 35% return on my original (extremely modest) BTC investment. Once you get a nice nut, do you cut and wait for the next price dip - or is that for chumps like me who don't understand crypto?
Depends on whether my buy was a long term investment or playing off pumps and dips. Taking a 35% return is never a bad thing. From what you’ve said you watched and waited for a few weeks before making a buy. If I was just starting out I would sell, you picked a good spot to buy and made a healthy profit percentage.
That said we are in a rather unique position right now for growth. For the past 2 years the industry has been battling over how to scale BTC. That two year culmination came to a tipping point twice in the past 4 months. If the soft fork to implement SegWit didn’t happen then BTC wouldn’t be in a good position to scale. The BCash hardfork split the chain but the core devs stayed with Bitcoin.
The New York Agreement stipulated that if SegWit was activated then in November the SegWit2X “upgrade” would happen. This would double the block size and effectively double the capacity of the network, with SegWit already implemented. It was a poorly planned “upgrade” and had some technical bugs that would have left the network unstable. I mean the 2X devs didn’t even have the right block height that the fork was supposed to happen on. They were off by 1.
After SegWit was activated all these companies that said they absolutely HAD to have SegWit hadn’t even implemented it yet. Almost 4 months after it was locked in and still most haven’t done it. Yet they wanted this 2X upgrade. The 2X upgrade was never about scaling the BTC network, it was an attack to try and steal the Bitcoin name. I’ve seen charts that 90% of the 2X nodes were in AWS and within hours of the fork being called off 60% of those nodes had been taken down.
I give all this information to get back to the fact we are in a unique position right now. Bitcoin implemented SegWit and fought off the 2X attack and came out about the best it could possibly have. For 2 years there have been roadblocks and uncertainty to Bitcoins future. There aren’t any big roadblocks in the near future. CME’s futures market is projected to launch around December 11th.
I don’t think the price is going down significantly anytime soon.