3 ms·
There was a justification: Bitcoin had been crashing, and therefore it was time to buy.
by sillysaurus3 9y ago
There was a justification: Bitcoin had been crashing, and therefore it was time to buy.
- shubhamjain 9y agoThere would be a lot of millionaires if it was possible to know at which level a stock has bottomed out. And Bitcoin isn't even a stock, which makes it absurd to speculate when the currency has become cheap enough to invest into.
- FLUX-YOU 9y agoBuying dips and crashes isn't new stuff, you're basically predicting how much people will/are panicking. There's no exact science around that, but many of the lessons there don't apply to Bitcoin because of all of the other factors surrounding its usage and problems which can also drive the price. And yes, maybe you buy at the top of a crash and your portfolio drops 50%, but then months later it recovers to 100% above the point where it crashed previously. All of the things that have happened to Bitcoin and bitcoin services (Silk Road) make me think that if cryptocurrency is going to stay around, it will cycle just as the stock market and businesses do, which means there will be plenty of opportunities down the line to make 1000% gains -- in bitcoin or other cryptocurrencies. Until you have regulators on your side (which means a government isn't going to raid an exchange), and much of the hacking and drama goes away, it's never going to be more than technically complex gambling.
- hndamien 9y agoActually, his strategy here is buy high, sell higher. This is going to be a common theme for years to come.