4 ms·

I'm already seeing non-technical friends (who are not exactly rich either) on FB posting all sorts of mental gymnastics about this. People are going to get hurt

• sitepodmatt 9y ago
  Stuff like HODL? To the moon? Stupid memes about the strong don't sell? Reality is most of these speculators haven't got a clue as to the utility (or lack of) of the coins they "hold" in the exchanges, the butthurt is well deserved. https://www.youtube.com/watch?v=DgRLlqEvOT8&feature=youtu.be https://www.youtube.com/watch?v=DgRLlqEvOT8&feature=youtu.be (someone posted this on reddit which captures the scene pretty well)
• adventured 9y ago
  At $15k-$20k I was seeing crypto lay persons on Facebook cheering themselves on about how easy it was to make money with Bitcoin. Tons of classic mania warning signs were pervasive. Extreme mania usually gives way to extreme pessimism. Emotion takes it too far both directions (assuming there is at least some underlying value). So the question: how low can that aspect of human nature take Bitcoin to the downside?
• swarnie_ 9y ago
  The subreddit is already a hot bed of denial which will eventually give way to tears.
• davewritescode 9y ago
  The average non-technical person doesn't understand bitcoin. I mean they don't understand exactly what problems it solves and how. More importantly most people don't understand it's limitations. This makes it hard to determine what the market value of a bitcoin should be. My social media feeds were filled with amateur Bitcoin speculators and even hucksters trying to sell crypto based investment strategies. That told me everything I needed to know about the Bitcoin bubble.