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"Historical upside potential". If it crashes 90% and then goes back to 30% of its peak a couple years later, pundits will declare bitcoin collapsed, but the pe

"Historical upside potential". If it crashes 90% and then goes back to 30% of its peak a couple years later, pundits will declare bitcoin collapsed, but the people that bought around the bottom will make out like bandits. I dont see many failure modes for crypto itself. The exchanges and all the speculative bullshit built around it are a big problem, but the network itself will survive and there is a price where people will start betting on upside again. I say this as someone that bought my first bitcoin at $5 and sold my last one for $4500. I left a lot on the table.

Tiktaalik 4y ago
For a regular equity the thing that causes it to "go back to 30%" would be investors recognizing that the company is a good company with real cash flows and real products and the stock now undervalued, and so they come in to buy shares. There's no similar mechanism with crypto. There's no annual dividend that is now on sale. More likely to simply go to $0 as everyone heads to the exits.
qayxc 4y ago
> I say this as someone that bought my first bitcoin at $5 and sold my last one for $4500. I left a lot on the table. It's called gambling and you should consider yourself lucky. Very, very lucky. You basically whine about 90000% ROI when it could've been 900000%. Let that sink in for a moment. Consider this: many small-scale investors entered the market right at, or very near recent peaks. What would someone say who bought in a year ago for like $50k, not $5? They'd be down over 50% at the moment and there's simply no guarantee the market will recover to the $60k+ levels seen in October and November last year. Add on top of that people who invested by means of putting their life savings (again, not as uncommon as you might think) into shady operations like Celsius due to their dubious claims of %10 annual returns. They're completely screwed if things go sideways and Celsius closes its doors.
- dave_sullivan 4y ago
  > What would someone say who bought in a year ago for like $50k, not $5? They'd be down over 50% at the moment and there's simply no guarantee the market will recover to the $60k+ levels seen in October and November last year. Same thing I'd say to someone that bought Netflix stock around the same time. Gamblers beware.

Tiktaalik 4y ago

For a regular equity the thing that causes it to "go back to 30%" would be investors recognizing that the company is a good company with real cash flows and real products and the stock now undervalued, and so they come in to buy shares. There's no similar mechanism with crypto. There's no annual dividend that is now on sale. More likely to simply go to $0 as everyone heads to the exits.

qayxc 4y ago

> I say this as someone that bought my first bitcoin at $5 and sold my last one for $4500. I left a lot on the table. It's called gambling and you should consider yourself lucky. Very, very lucky. You basically whine about 90000% ROI when it could've been 900000%. Let that sink in for a moment. Consider this: many small-scale investors entered the market right at, or very near recent peaks. What would someone say who bought in a year ago for like $50k, not $5? They'd be down over 50% at the moment and there's simply no guarantee the market will recover to the $60k+ levels seen in October and November last year. Add on top of that people who invested by means of putting their life savings (again, not as uncommon as you might think) into shady operations like Celsius due to their dubious claims of %10 annual returns. They're completely screwed if things go sideways and Celsius closes its doors.

dave_sullivan 4y ago
> What would someone say who bought in a year ago for like $50k, not $5? They'd be down over 50% at the moment and there's simply no guarantee the market will recover to the $60k+ levels seen in October and November last year. Same thing I'd say to someone that bought Netflix stock around the same time. Gamblers beware.