5 ms·

Buying on the way down, see you all on the upswing in about a year. I bought after the MtGox crash in 2013 and can't wait to buy this bear market!

crististm 9y ago
Remember to sell before the Friday before 2018 Christmas
- qbrass 9y ago
  Better sell before the winter solstice, just in case.
bsaul 9y ago
What do you consider a "bottom" price for bitcoin ? or a "high" price ? This thing has no possible valuation, because it has no utility, no intrinsic value. The whole thing is just crazy.
- snissn 9y ago
  When it's been moving sideways for a while
- monob 9y ago
  First the mempool clears, second >30% of top value.
- 55555 9y ago
  > it has no utility People buy drugs with it. People evade tax with it. People evade currency controls with it. When will people stop making this crazy false claim?
  - bsaul 9y ago
    Yes, illegal activities, you're right. But betting on something as famous and easily accessible keeping evading law for a long time is a risky bet. As for "Evading currency control" it doesn't mean anything for individual, i'm sorry (unless you're an autonomous region trying to get rid of central bank policy, but i don't think any has adopted bitcoin yet)
    - fragmede 9y ago
      It's risky and I wouldn't recommend betting on it, but file sharing and drugs haven't gone away, despite the government fighting them for many years. The exact mechanism for trading bits over the Internet that other people don't want you to has evolved since the days of Napster, but music and video for free over the Internet are more accessible than ever. The other example is the War on Drugs, and we're right in the middle of an opiate epidemic, so you tell me how well that's going. Bitcoin is backed - by the opposite of the government - the DEA keeps cannabis, cocaine, and heroin illegal, which means that Bitcoin is actually useful for moving money around for drug dealers and terrorists; anyone who can't use the mainstream banking system due to prohibition by the US government. (North Korea is another example of who's not allowed to bank.) However, this does not let us calculate how much a Bitcoin should be worth, it only allows us to say that there is actually a use for Bitcoin, and it's not purely speculation.
  - stemc43 9y ago
    can confirm. I buy all my drugs with it
  - umanwizard 9y ago
    I’ve never bought drugs on the internet, so my understanding is possibly wrong, but isn’t Monero the currency of choice these days?
- rc_bhg 9y ago
  nobody ever know the bottom. I guessed it would be 12k and I woke up this morning with some new BTC, and it's gone up since. So I've made money. Could drop again today and I'll be out some. Whatever, it'll go up long term, it always does.
joering2 9y ago
I'm reviewing the whole thread and impression is that there is not too many daily stock traders on here, like myself. First thing when something like this happens you look at volume. Volume. Volume. Volume! Clearly its not here! It is not even half of that from the rally up 10 days ago (looking at ETH now). After such rally this tells you 2 things: 1) not enough people believed in ETH at $800 so they didnt line up from 500-800 with "buy", 2) since volume is medicore, this is not a panic selloff, but rather regular selloff that didnt capture enough support on its way down BECAUSE of #1. In my PERSONAL opinion this is great opportunity to catch some ETH cheap. But how cheap at this point doesn't matter because all crypto has like what 60% volatility. This situation tells me ETH was immature to remain at $800 (long term, short term who knows that would be like looking into crystal ball but we been there before with bitcoin touching $1k and crushing badly before it was 15x that) but looking at last 30 years of trading, that doesn't mean you will buy it for $10 anytime soon. As always don't make any decision based on my personal opinion as this is not professional financial advice. EDIT: one more thing about #1. Since it was 150% in few days rally, I don't consider lack of strong buy between 500-800 as a sign ETH should be much cheaper. Its just that the whole rally up did not mature enough thru the time. I mean normal stock doesnt go up 150% in few days so different rules apply here :)
cvsh 9y ago
I feel like this may have been the last upswing this big. A lot of regular folks are going to get burned, and they're not going to forget. The societal consensus 6 months from now will be that Bitcoin Was A Scam, and that'll depress speculative potential. Which is a good thing, insofar as Bitcoin may actually have a future as a currency. But a bad thing for HODLers.
- solotronics 9y ago
  a similar but much more pronounced thing happened in 2013 when MtGox was hacked and the Bitcoin price crashed. people will rush back in to try and make a quick buck

crististm 9y ago

Remember to sell before the Friday before 2018 Christmas

qbrass 9y ago
Better sell before the winter solstice, just in case.

bsaul 9y ago

What do you consider a "bottom" price for bitcoin ? or a "high" price ? This thing has no possible valuation, because it has no utility, no intrinsic value. The whole thing is just crazy.

snissn 9y ago
When it's been moving sideways for a while
monob 9y ago
First the mempool clears, second >30% of top value.
55555 9y ago
> it has no utility People buy drugs with it. People evade tax with it. People evade currency controls with it. When will people stop making this crazy false claim?
- bsaul 9y ago
  Yes, illegal activities, you're right. But betting on something as famous and easily accessible keeping evading law for a long time is a risky bet. As for "Evading currency control" it doesn't mean anything for individual, i'm sorry (unless you're an autonomous region trying to get rid of central bank policy, but i don't think any has adopted bitcoin yet)
  - fragmede 9y ago
    It's risky and I wouldn't recommend betting on it, but file sharing and drugs haven't gone away, despite the government fighting them for many years. The exact mechanism for trading bits over the Internet that other people don't want you to has evolved since the days of Napster, but music and video for free over the Internet are more accessible than ever. The other example is the War on Drugs, and we're right in the middle of an opiate epidemic, so you tell me how well that's going. Bitcoin is backed - by the opposite of the government - the DEA keeps cannabis, cocaine, and heroin illegal, which means that Bitcoin is actually useful for moving money around for drug dealers and terrorists; anyone who can't use the mainstream banking system due to prohibition by the US government. (North Korea is another example of who's not allowed to bank.) However, this does not let us calculate how much a Bitcoin should be worth, it only allows us to say that there is actually a use for Bitcoin, and it's not purely speculation.
- stemc43 9y ago
  can confirm. I buy all my drugs with it
- umanwizard 9y ago
  I’ve never bought drugs on the internet, so my understanding is possibly wrong, but isn’t Monero the currency of choice these days?
rc_bhg 9y ago
nobody ever know the bottom. I guessed it would be 12k and I woke up this morning with some new BTC, and it's gone up since. So I've made money. Could drop again today and I'll be out some. Whatever, it'll go up long term, it always does.

joering2 9y ago

I'm reviewing the whole thread and impression is that there is not too many daily stock traders on here, like myself. First thing when something like this happens you look at volume. Volume. Volume. Volume! Clearly its not here! It is not even half of that from the rally up 10 days ago (looking at ETH now). After such rally this tells you 2 things: 1) not enough people believed in ETH at $800 so they didnt line up from 500-800 with "buy", 2) since volume is medicore, this is not a panic selloff, but rather regular selloff that didnt capture enough support on its way down BECAUSE of #1. In my PERSONAL opinion this is great opportunity to catch some ETH cheap. But how cheap at this point doesn't matter because all crypto has like what 60% volatility. This situation tells me ETH was immature to remain at $800 (long term, short term who knows that would be like looking into crystal ball but we been there before with bitcoin touching $1k and crushing badly before it was 15x that) but looking at last 30 years of trading, that doesn't mean you will buy it for $10 anytime soon. As always don't make any decision based on my personal opinion as this is not professional financial advice. EDIT: one more thing about #1. Since it was 150% in few days rally, I don't consider lack of strong buy between 500-800 as a sign ETH should be much cheaper. Its just that the whole rally up did not mature enough thru the time. I mean normal stock doesnt go up 150% in few days so different rules apply here :)

cvsh 9y ago

I feel like this may have been the last upswing this big. A lot of regular folks are going to get burned, and they're not going to forget. The societal consensus 6 months from now will be that Bitcoin Was A Scam, and that'll depress speculative potential. Which is a good thing, insofar as Bitcoin may actually have a future as a currency. But a bad thing for HODLers.

solotronics 9y ago
a similar but much more pronounced thing happened in 2013 when MtGox was hacked and the Bitcoin price crashed. people will rush back in to try and make a quick buck