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It's almost like everyone was trying to get rich quick and sold when they saw some profit.
by vinchuco 9y ago
It's almost like everyone was trying to get rich quick and sold when they saw some profit.
- imustbeevil 9y agoAnd anyone who bought in at $15k-19k is left holding the bag, as expected.
- notheguyouthink 9y agoI've been avoiding buying for this very reason. I know bitcoin well enough to know it's going to crash, it's always going to crash, so never touch it on an upswing. Buying it now is fairly reasonable. Though, I wouldn't be surprised to see it crash yet again, even harder, but it felt like buying on that upswing to 20k was suicide.
- explorigin 9y agoIt's not even done crashing
- ssharp 9y agoIs there any evidence the price should have went from $1k to almost $20k other than hysteria and fraud? If not, why buy?
- spraak 9y agoA question for a recurrent neural network, maybe.
- LV-426 9y agoTo be fair, it probably will be pumped to $50k some time in the future (before crashing again). It's what Bitcoin does. After ten years, it's all it does. In 2011 (or something, I'm going by memory) it rose to $30 before crashing back to about $5. In 2013 (still the days when all people had to do was spam a few forums) it reached $10, $100, $200 before stagnating until MtGox and Willybot pumped it up to $1k. ISTR some people back then were predicting $10k BTC by the end of the next year (end of 2014). Instead it was about $500 or something, and BTC didn't reach $1k again for about three years (the start of this year or end of last year).
- ssharp 9y agoI think this latest pump brought in a lot of Regular Joe speculators. Not sure if that can be repeated again, but I guess all those Regular Joes now have Coinbase accounts, so maybe.
- scotty79 9y ago> Buying it now is fairly reasonable. I'd wait few months. If it is actually crashing not just backing up before next silly raise then you'd be better off waiting till it settles after the crash. It usually takes few months or a year. If you don't want to gamble, bitcoin is rather long term investment.
- leshow 9y agono matter what term you invest on it's a gamble.
- scotty79 9y agoTechnically true, no matter what you invest in and for how long, but I suspect casinos would be less thrilling places and caused less addictive costly behaviors if you had to wait for the outcome of your gamble few years.
- paul7986 9y agoI opened a bank account for BitCoin and put less then $100 into for investment. No way would I ever connect my real bank account to any crypto currency wallet. Anyway I invested the $100 and I am down, but whatever it's like going to the casino and gambling/losing it all.
- skinnymuch 9y agoYeah I mean it's just $100. Not much to go up or down on with it.
- scotty79 9y agoFunny thing is not many that bought for 15k will sell below that, so price will drop (as did few times before, when bitcoin experienced rapid appreciation) but it won't drop to the before-bubble price but slightly higher. It will either very gradually climb from there or stay steady for 3 years or so and then experience next crazy ride up. Then most of the guys who bought for 15k will sell. The point is, people buy bitcoin with money they don't need anyways so they can go long and most of them will because bitcoin apparently can't die no matter how many bubble popping it experiences.
- scotty79 9y agoFunny how any pro-bitcoin comment immediately attracts downvotes. I'm considering posting opposite of what I think about bitcoin to get those sweet, sweet upvotes. :-)
- canthonytucci 9y agofrom the guidelines: >Please don't comment about the voting on comments. It never does any good, and it makes boring reading. https://news.ycombinator.com/newsguidelines.html https://news.ycombinator.com/newsguidelines.html
- eitland 9y agoMeta: but this is probably one of the rules I've broken most frequently. Most times not because I was downvoted (and then only to ask for an explanation IIRC) but because it seems like people are misunderstanding or IMO abusing the downvote feature.
- sk5t 9y agoIf your implementation of "posting opposite" were to include evidence, analysis, or other than blind assertion, perhaps those upvotes would flow.
- ufo 9y agoI think this might explain short term behavior but not the long term one. The same argument applies to beanie babies and other speculative bubbles that eventualy did crash.
- enord 9y agoChristmas comes early for the cynic.
- nihonde 9y agoI guess, but unless you bought in past few weeks, you’re still way up. This is more likely a huge payday for those who held long and liquidated at year end.
- ckastner 9y agoYou're still way up on paper. The payday comes when you actually liquidate your position, and you get the funds out of the exchange. Lot's of people were way up on Mt. Gox.
- comstock 9y agoUltimately I feel like the payday comes when you’ve bought something you actually want. Prices of all things can go up and down. If you goal was to buy a house and house prices suddenly increase, even after you cashed out your bitcoin, you might still be disappointed.
- nihonde 9y agoYes, I assume the price drop is due to people selling off their positions, which is also known as “cashing out”. The “smart money” moves in at the bottom of the sell off, if you’re bullish on BTC.
- nihonde 9y agoOne day later, and it looks like I was right. The buyers have chosen a bottom and the prices are rising again. Lots of people cashed out yesterday.
- enord 9y agoHindsight will tell how much cynicism was warranted, but given the historic exponential volatility anybody who invested and liquidated at opportune moments were probably just lucky. Nothing wrong with taking risk, but dont pretend you're not gambling.
- sndean 9y agoThere's also probably a set of people like me who got in when ETH was <$10 and want to get enough out to have at least something to show for it.
- ssharp 9y agoWhen Coinbase became the #1 app in the App Store, you knew the bubble would soon burst.
- samsonradu 9y agohttps://coinbase.com/ https://coinbase.com/ is down.
- jclardy 9y agoWorking for me.
- mancerayder 9y ago"This page (https://www.coinbase.com/dashboard https://www.coinbase.com/dashboard) is currently offline. However, because the site uses Cloudflare's Always Online™ technology you can continue to surf a snapshot of the site." If only the coins were the only things that continued to crash in this saga.
- hssys 9y agoIt's up for me.
- Lufton 9y agoThis is far from the bubble bursting
- sandworm101 9y agoOr these are all people who need christmas cash, ie people playing with money they probably shouldnt. 11500 and not stopping. I wonder what fees are needed to execute a trade in the next hour. Probably countless people lined up.
- 3327 9y agoFAAAAAAHHHKKKK.... I WAS a millionaire and just maxed out my cards, rented a jet and now I am in the shitter... what do i do?
- zeep 9y agohigher highs mean lower lows, probably...
- wheelie_boy 9y agoAgreed, it's almost like the asset has no fundamental value, and is driven completely by speculation.
- candiodari 9y agoYou mean, like the US dollar ?
- tdees40 9y agoYes, but the dollar also has a very long history of being extremely stable. Said another way, the dollar has never had a 30% shock in a year (BTC did today...)
- candiodari 9y agoBy what standard, exactly ? The dollar certainly has had 30% "shocks" in a year compared to gold, which is the usual standard. Most famously, obviously, 1971, but there have been more normal years with such changes as well. You could also say that the US dollar is really backed by the US economy. Well, the US economy is S&P500 + a few percentage points. Well that has dropped, and gained more than 30% in a year as well (depending on the foreign currency you use to measure this, or if you're talking in gold price, we've seen 60% drops happen. Of course the S&P 500 is worth more than all the gold in the world, so ... this is a bit of an artificial thing to do. Truth is that if someone started buying the S&P 500 using large quantities of Gold, that wouldn't work, so perhaps that is actually right). Shocks is between quotes because they weren't really shocks. Everybody in finance was perfectly aware of the "real" price for the US dollar, in 1971, but political hubris and re-election factors did not allow the government and congress to admit to this, until every other avenue was exhausted, including lying, cheating (not charging the same price to everybody despite their own laws demanding they do so), fraud, and so on. Or to put it another way, one might even make the comment that the dollar lost such amounts against gold for the worst possible reason : a refusal by the US government to settle debt for the agreed price (specifically, as has come out, the refusal of the US government and the congress to honor the agreed-upon exchange rate the French government demanded they pay). Surprisingly when I tell my bank that my loan is now only against half my house, such flexibility is not extended to me, and congress in fact has laws preventing this ... weird, since they clearly see it perfectly moral & valid to do this themselves, and even to do it to pay off (their favored) banks. 30% changes in the value of the dollar have happened before, and in all likelihood, will happen again. Granted, it's been a while.