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bitcoin has fit this chart 4 times in the past 2 years 
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Jan 18, 2018 03:37
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zaurg posted:GBS, how does the average crypto gambling schmuck react when the market crashes hard, a full 50% in a 10 day span (Jan7->Jan17), and the schmuck says "well drat now my crypto portfolio is only up 75%". How does that affect their outlook and confidence about bitcoin in general? This is happening a lot right? Sure you have these fake tweets about people losing their life savings/401k and what not, but the real people in this are saying what I quoted above. Doesn't that increase their confidence? The true "average" person has cashed out $0 because bitcoin didn't create any money along the way. For those who have pulled out more in dollars than they put in those dollars came from someone who did the opposite. It's even worse when you consider that a lot of the cash outs have been to cover electricity and mining hardware so they don't represent a windfall for that person. Bitcoin is a net money drain. It's really not worth listening to the success stories and drawing a conclusion. There were just as many wins as losses in the NFL last year but if you only heard from playoff teams you'd come away thinking the average win rate was 75%.
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Jan 18, 2018 03:38
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Bitcoin has the problem that miners have to sell it to continue to pay for their mining, and many of them want to sell more than than so they can use their mining proceeds to buy more mining power because it's still profitable. If there isn't a net influx of new buyers the selling puts downwards pressure on the price. This is fine when it's going to the moon and everyone wants a piece of it but if when that's not true it'll keep crushing the price, maybe sometimes quickly maybe, sometimes slowly until the price has fallen enough to make the cost of mining fall enough to be sustainable again.
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Jan 18, 2018 03:43
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lazorexplosion posted:I think the drug lords have been out for a while now that bitcoin has become actually unusable, so it'll be more like reddit posters up-voting threats of legal action Oh no! The major collapse caused by btc! It will actually collapse, Dow Jones, but not due to self important nvidia owners.
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Jan 18, 2018 03:45
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Andy Dufresne posted:The true "average" person has cashed out $0 because bitcoin didn't create any money along the way. For those who have pulled out more in dollars than they put in those dollars came from someone who did the opposite. It's even worse when you consider that a lot of the cash outs have been to cover electricity and mining hardware so they don't represent a windfall for that person. Bitcoin is a net money drain. Probably right. Makes sense. btw the alt coins are raging back up. maybe temporary.
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Jan 18, 2018 03:46
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It might stagnate a while, it might drop slowly or quickly or even go way back up for a while, but long term it will end up being strangled by the fact that it has to pay for the energy consumption of a small country and new computing and power suppliers and GPU manufacturers don't actually want to be paid in loving bitcoin because it doesn't actually work.
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Jan 18, 2018 03:50
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I’ve yet to see an actual big money cash our. Like non photoshopped bank statements or parking lot transactions. Bc gently caress banks.
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Jan 18, 2018 03:52
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Burt Sexual posted:I’ve yet to see an actual big money cash our. Like non photoshopped bank statements or parking lot transactions. Bc gently caress banks.
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Jan 18, 2018 03:56
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Jan 18, 2018 03:59
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Nessus posted:How would you know? When I sold my 12000 bitcoins to George Soros I just gave them the key to the wallet once the check cleared. I assume other large sales probably functioned similarly. Trust is the basis of all crypto. Trust me.
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Jan 18, 2018 03:59
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zaurg posted:GBS, how does the average crypto gambling schmuck react when the market crashes hard, a full 50% in a 10 day span (Jan7->Jan17), and the schmuck says "well drat now my crypto portfolio is only up 75%". How does that affect their outlook and confidence about bitcoin in general? This is happening a lot right? Sure you have these fake tweets about people losing their life savings/401k and what not, but the real people in this are saying what I quoted above. Doesn't that increase their confidence? Why would you think that someone who is bullish on bitcoin would stop buying? We know 19k was the peak now in retrospect, but plenty of people were breezily talking about 40k and 100k being imminent. So why wouldn’t they have bought at 12k, 15k etc? This is averaging up their purchase price. This assumption that everyone somehow bought in super low and is sitting on sick gains is a super flawed premise. Also that’s extremely not how human brains work. We’re loss adverse. Losing hurts more than winning feels good. It’s even been quantified (it’s about 2-1). Bitcoin HODLers aren’t any different, unless they’re outright delusional, which they might be, but either way, eventually they won’t have Lambos and that reality is going to hurt, even if they still have enough for a Mustang. All they’ll be able to think of is the Lambo they don’t have, and then they really won’t want to lose that Mustang and that’s when they will SODL it all.
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Jan 18, 2018 04:02
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Straight White Shark posted:The average investor* isn't inclined to see things that way. People tend to be insanely loss averse and are more inclined to fixate on losses than on gains. They also tend to measure their progress by recent high points instead of their starting point. Behavioral economics tries to quantify this stuff and it ain't pretty. This is accurate. I invested during the dot com bubble, poo poo companies that got featured on a show for doing something with the internet, even only in theory, would suddenly shoot up. I was up -so- much, an incredible amount even to me today that when the market started walking back down I couldn’t sell and make an awesome return but fixated on what the prices were at the peak. The one stock that went up the most as a percentage still sits in my account now worth 0 so I cannot even sell it.  Looking back it all seems so stupid but when you’re relatively new to investing and you’re in a bubble you can’t see it.
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Jan 18, 2018 04:07
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paternity suitor posted:Why would you think that someone who is bullish on bitcoin would stop buying? We know 19k was the peak now in retrospect, but plenty of people were breezily talking about 40k and 100k being imminent. So why wouldn’t they have bought at 12k, 15k etc? This is averaging up their purchase price. This is fud goons. Buy now on the dip.
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Jan 18, 2018 04:09
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paternity suitor posted:Why would you think that someone who is bullish on bitcoin would stop buying? We know 19k was the peak now in retrospect, but plenty of people were breezily talking about 40k and 100k being imminent. So why wouldn’t they have bought at 12k, 15k etc? This is averaging up their purchase price. All good points. Still plenty of people saying it'll hit 100k before 2019. Maybe delusional. Could be the same delusional schmucks who said it'd reach 10k.
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Jan 18, 2018 04:10
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Sten Freak posted:This is accurate. Dollar cost average tether. Free tip there.
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Jan 18, 2018 04:13
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Like the cost of maintaining bitcoin is already pretty much on par with the cost of maintaining all of the US's physical currency supply and nobody uses bitcoin.
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Jan 18, 2018 04:15
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lazorexplosion posted:Like the cost of maintaining bitcoin is already pretty much on par with the cost of maintaining all of the US's physical currency supply and nobody uses bitcoin.
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Jan 18, 2018 04:21
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zaurg posted:All good points. Unless someone can produce a legitimate, viable product from bitcoin, that 100k would still just be built on the back of rabid speculation and blatant pyramid schemes and doomed to fail - hopefully in a way that's 10x more likely to get the scammers lynched than if the crash completes this time.
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Jan 18, 2018 04:24
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Why is the US govt allowing this ponzi scheme to continue? Because they get some tax $$ from it? How long until Japan, China and some other big money hitters outlaw it? I'm guessing that once a critical mass of major players say no to their citizens it will die out.
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Jan 18, 2018 04:38
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zaurg posted:All good points. quit focusing on get rich quick schemes and pay off your debt
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Jan 18, 2018 04:41
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Waltzing Along posted:Why is the US govt allowing this ponzi scheme to continue? Because they get some tax $$ from it? You sound more delusional than the bullish bitcoin schmucks. :2cents:
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Jan 18, 2018 04:42
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Bitconnect BCC up to 25.6 from low of 5.69 a few hours ago.  I guess BCC has just as much value as any other altcoin, even if the company that created it was a scam and the business model was a ponzi.
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Jan 18, 2018 04:42
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I hope the bottom falls out for good sooner rather than later, because the bigger it gets and the more intertwined the pure bullshit get-rich-quick schemes of cryptocurrency get with the regular economy, the more it's going to hurt when it does eventually fall apart. The last goddamn thing I want is for those of us who went 'wow this seems like a really pointless thing to gamble massive sums on' to get burned when instead of, you know, fixing this shithole country's innumerable social problems, a bunch of goverment money gets spent bailing out the loving bootstraps libertarian whackjobs who went all in on bitcoin hoping to be tomorrow's robber barons and find themselves screwed.
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Jan 18, 2018 04:46
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Waltzing Along posted:Why is the US govt allowing this ponzi scheme to continue? Because they get some tax $$ from it? I don’t know about Japan but the US has been and appears to be very tolerant, as long as people pay their taxes.
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Jan 18, 2018 05:07
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hailthefish posted:I hope the bottom falls out for good sooner rather than later, because the bigger it gets and the more intertwined the pure bullshit get-rich-quick schemes of cryptocurrency get with the regular economy, the more it's going to hurt when it does eventually fall apart. Even if the bottom doesn't fall out, I can't see Bitcoin ever seriously becoming a currency. The comical difficulty in paring it down to usable values outside of buying cars and houses (like spending 0.00531 BTC on an everyday transaction instead of $53), ridiculously high transaction fees, and even more ridiculous transaction speeds all combine to make Bitcoin utterly useless for actual trade. At its best, Bitcoin could become a commodity to hoard like gold bullion.
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Jan 18, 2018 05:07
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Yeah it’s a Ponzi scheme but the market can stay irrational longer than I can stay solvent so I’m too scared to short it.lazorexplosion posted:To review the facts: The important part isn’t what but when.
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Jan 18, 2018 05:08
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The long term (1-3 months) indicator I am looking at says an aggressive sell on 1-8 at 15500 and a strong sell on 1-10 at 14900. And it says that it is continuing tanking harder than ever still, even with the 'recovery' today. Shorter term indicators are pointing to that this rally has come to an end too. the unpredictable factors are the tether pumps though so who knows lol
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Jan 18, 2018 05:40
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My chart is pointing towards continuing fear with some hints of capitulation.
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Jan 18, 2018 05:45
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I loving hate the fed but I loving love tether!!!!!!!!!!!
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Jan 18, 2018 05:53
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also someone plz make buttcoin with Kirk instead of Ron Paul and I won’t make th website
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Jan 18, 2018 05:54
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Alpha Mayo posted:Bitconnect BCC up to 25.6 from low of 5.69 a few hours ago. lmao
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Jan 18, 2018 06:31
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how many bitcoins do you own?
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Jan 18, 2018 06:36
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lol these tether pumps are hilarious. just saw another 3 million pumped in in one buy
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Jan 18, 2018 07:08
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Ruggan posted:so youre saying buy NOW?! It is the first bear trap.
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Jan 18, 2018 07:09
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Technically, it’s called a market correction. New bloods to Crypto Space may call it a crash. From my experience, and I've been at this quite a while now, it can take up to 3 weeks average. Usually, we have flash market correction, where you see prices drop alongside bitcoins so quickly (and too quickly for you to seek shelter trading to tether xD) it will make your head spin. Then we have the more gradual decline which can take a week, give or take a few days. News (good or bad) equally affects crypto, especially political news, like it does the Stock market, so it’s no new thing. The market usually recovers after that so don’t sell. I say that, well because to us in the Crypto Nation, we see things differently. Green is good and Red is bad, this is what you’ve come to know as true. Well, scrap that! In Crypto Space, we throw all that lovely knowledge away because the reverse is true for most cases. Red is good because it gives many day traders the opportunity for huge gains, hehe, as well as good for you because it gives baghodlers (our word for long term investors) the opportunity to buy more, and buy in cheaper for those long positions into those great projects/technologies you’ve researched when you convert that spare fiat you have stashed away somewhere.  Same goes for green, only noobs (newbies) buy when the candle is green or ATH (at an all time high) because as we say in Crypto Space, what goes up, must surely come down. So, welcome to the Crypto Nation and how we think. Now buy and hodl. lol. All the best in your investments. &ps.. i hope all these crypto-related jargon isn’t too much for you.
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Jan 18, 2018 07:11
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Comfy Fleece Sweater posted:Technically, it’s called a market correction. New bloods to Crypto Space may call it a crash. From my experience, and I've been at this quite a while now, it can take up to 3 weeks average. Usually, we have flash market correction, where you see prices drop alongside bitcoins so quickly (and too quickly for you to seek shelter trading to tether xD) it will make your head spin. Then we have the more gradual decline which can take a week, give or take a few days. News (good or bad) equally affects crypto, especially political news, like it does the Stock market, so it’s no new thing. The market usually recovers after that so don’t sell. "New Paradigm!!"
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Jan 18, 2018 07:14
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baghodlers (our word for long term investors)
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Jan 18, 2018 07:20
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Waltzing Along posted:Why is the US govt allowing this ponzi scheme to continue? Because they get some tax $$ from it? What? Governments that issue their own currency, such as the ones you named, don't fund themselves by collecting taxes.
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Jan 18, 2018 07:28
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Comfy Fleece Sweater posted:Technically, it’s called a market correction. New bloods to Crypto Space may call it a crash. From my experience, and I've been at this quite a while now, it can take up to 3 weeks average. Usually, we have flash market correction, where you see prices drop alongside bitcoins so quickly (and too quickly for you to seek shelter trading to tether xD) it will make your head spin. Then we have the more gradual decline which can take a week, give or take a few days. News (good or bad) equally affects crypto, especially political news, like it does the Stock market, so it’s no new thing. The market usually recovers after that so don’t sell. This guy knows what’s up. He should start a fund and name it something fancy like Bitcoin Savings and Trust or Long Term Capital Management. Ps source your quotes Pps What happened to Atlas? Anyone know?
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Jan 18, 2018 07:37
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Jan 18, 2018 08:10
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