On May 23, 2017, exactly 1 year prior to your post, BTC closed at $2272.75 on Coinbase. So an investment that has more than tripled in one year is such an inadequate return that it signifies the end of BTC in your opinion? I can clearly understand why some just feel it is not for them but I do not get why so many on ET get so excited about seeing BTC in a bear market. Like all bear markets, this will one day pass and a new bull in BTC will begin. And, there will even be FOMO again like we saw in December.
Between the top and today capitalization went from around 800 billions to below 300 billions. So a loss of 500 billion. All depends of which part of the story you tell... The market is down 62% in 5 months. 4% of wallets control over 95% of the total capitalization. It 's like the mouse and the elephant running through the dessert. The mouse said to the elephant: we make a lot of dust together don't we? So the big mass never made any money. I still have to meet the first millionaire. Nobody of whom I know could make more money then I did in futures. Not because I am so good, but because they are so bad. This is what Hoi wrote end of december: " chart looks very health to me (actually a very nice entry point at $17000). No freefall at all. And FinTech is booming as never before." We are know almost 10K lower.
Timing is everything my friend. I bought at 20K*, right now I am down 60%. What were you saying? * not really, just making a point.
FOMO is the ultimate proof that newbies, wannebees and idiots were/are buying. No real trader nor professional investor will be caught by the FOMO trap. The FOMO trap is for people who absolutely want to lose money with 100% certainty. We got the indisputable proof between december 2017 and today. Those who bought and still are long all lost a lot of money. The good thing is that this crowd will not participate in the next FOMO as they ran out of money or still are struggling to get out of their position.
No argument here, only fools buy into something that was $3,000 in mid Sept and 20,000 less than 3 months later. In fact I agree with your whole post except possibly your assumption that idiots learn from their mistakes. There will be another bull in BTC and at least some will be back at much higher prices instead of accumulation a position at these levels.
They don't need to learn as they already lost now so much money that they will be too poor to make the same mistake. I do not believe it will be possible to activate the same amount of idiots like last year. Everybody was trading crypto's, even my children who have no clue at all about anything from the financial markets. It was mass insanity.
I always see something like this on coindesk. Bitcoin Market Cap $0.123T. Even AAPL still reads something like 900bill on normal finance sites. I wonder how many people and entities are involved in the pump.
the first part is flawed of course - a current triple means nothing if the entire price action and the underlying fundamentals are considered. The mania stage is gone. the crash is confirmed. the 2nd part is simply not true. Tulip bulbs, the Mississippi company etc for example... once the bubbles pop they are forever pinned on the wall of shame as another episode of human stupidity with greed and fear (FOMO) in full display.
Correct. What most people forget is that you only made money after you sold everything and the cash (not in crypto's but in hard $) is in the bank. There are at this moment around crypto's, valued at 350billion $ floating around. They have no value until they are converted into a classic currency.