Bitcoin will make history as the biggest bubble/pyramid in the history of mankind.

Discussion in 'Cryptocurrencies' started by prc117f, Feb 2, 2018.

  1. prc117f

    prc117f

    So many idiots liquidated 401K's, took out everything they can from credit cards to buy a much bitcoin as possible during the peak when it was trading 10-20K.

    I was getting calls from people, and friends etc.. would ask me what do I think about investing in bitcoin. I told all of them do not do it it is a scam.

    Unfortunately a few did not heed my advice and I know of one person who bought into it when it was at the peaks.

    You would see Bitcoin ATMS (one way street, put in your USD and get bitcoins) not the other way around. Tons of ads everywhere about buying bitcoin, how to deposit into it even bitcoin IRAS!! yes such as www.bitcoinira.com. they even have offices to shear the sheep dry.

    It is funny how you always hear about these "Bitcoin millionaires" yet they are not millionaires if they are still living in mom/dads basement.

    You even had Crypto castles a kind of hostel where "Bitcoin Millionaires" could rent a small spot in a bunkbed in a shared dorm. (but if you have millions why not have your own place?)

    The media would always be reporting on these millennial "Bitcoin Millionaires" but none of them had a penny to pinch together.

    So why is this? Because the market is so thin that they cannot liquidate their holdings and at best they can do 5-10K a day and if the bank does not freeze thier accounts on suspicion of money laundering.

    So yeah, they have millions in pretend money in an illiquid opaque market with limited depth and very difficult from going to BTC to USD (yet frictionless when going the other way)

    It always seems to be the same kind of person who pops up at the top of the bubble to buy high and sell low. be it stocks,property,etc.. and they also seem to fall for scams just as quick.

    Crypto is a very long con and lots of people getting scalped. I would not be surprised to hear in a few years it was all started by a bunch of Russians who played a well developed long con to get people hooked.
     
    schweiz and Clubber Lang like this.
  2. maxinger

    maxinger

    Bitcoin prediction 2018: Bitcoin will SKYROCKET to $20,000 this year, investor predicts
    BITCOIN prediction 2018: Bitcoin's price plunge will not last forever as the cryptocurrency could soar to $20,000 this year, according to an early bitcoin investor.
    By Abigail Morris
    PUBLISHED: 13:01, Fri, Feb 2, 2018 | UPDATED: 13:06, Fri, Feb 2, 2018

    History always repeat itself.
    Humans are always humans.
    During downtrend, expert would say price would skyrocket.
    During downtrend, investors would say price is soo cheap and they would do averaging.

    last 2 days, XBT bitcoin day range was rather big at 15%. Who knows, it might drop from 4 to 3 digit.
     
  3. Neuroway

    Neuroway

    Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, and one by one. - Charles Mackay, from his book, "Extraordinary Popular Delusions and the Madness of Crowds".
     
    NeoTrader likes this.
  4. aldrums

    aldrums

    I just checked the quote. As of now one measely Bitcoin will fetch you $10,945 in U.S. dollars. Last time I checked that is REAL money. Not bad for a "scam."
    Every new technology starts out with a bubble, going back to the railroads. After the tech bubble the Nasdaq collapsed from 5132 to 1108...a collapse of 78%...way worse than this Bitcoin rout. Even after today's carnage, the Nasdaq closed at 7505, 46% up from that high of 5132 back in 1999. The public will always get fleeced...this is the way the markets work.

    I prefer to keep an open mind and see what develops from here.
     
    Alex Ondercin likes this.
  5. Overnight

    Overnight

    There's always a fiddler out there, diddling.

    Let's see what your conviction says about this current market cycle.

    If you keep keeping an open mind and never get into the game, you'll never win or lose. *sighs*
     
  6. Neuroway

    Neuroway

    You are preaching to a converted, Aldrums. I know that bitcoin is not a scam. It's just an extremely volatile asset compared to others. And it was also the best investment of the last decade. By far. At the end of 2009, BTC/USD was 0.001. It is now $10,945. That's a 1.1 billion % profit in less than 10 years. Way more than anything else in the known universe, eh?
     
    Fileiro, johnarb and aldrums like this.
  7. Overnight

    Overnight

    Oh for crying out loud, stop with this argument.

    Did you buy a whole bitcoin when it was .001 and hold it? Me neither.

    At the end of 2009, I (and many other people here) was too busy working a 9-5 job. Back then the Internet was only 12-ish years old for the masses. Electronic life was tough back then.

    And before that, there were rotary phones, and NO Inter-anything. Wanted to get onto the "Internet"? You'd have to dial-in to a Unix shell hosted by an ISP on copper. No broadband, man.

    So bugger off with your "at the end of 2009 BTC/USD was this or that".

    Seriously?

    At the end of 2009 Google was $300. Now look where it is. Did you buy it then?

    No?

    Then STFU. Kthanksbye
     
    Chris Mac, Money Trust and Peter10 like this.
  8. Neuroway

    Neuroway

    Hmm... You seem very emotional, Overnight. Why do you tell me what you were doing at the end of 2009? This is out of context, as almost your entire post. I didn't ask about who did and didn't buy BTC in 2009, nor did I tell my personal story. I stated a fact. BTC/USD was @ 0.001 at the end of 2009. Now BTC/USD is 10945. That's a fact. Not a belief, neither a slogan. No need to get hysterical over a fact, unless you're some kind of fanatic or lunatic. As for GOOG, it is totally out of context here, and if I bought it or not is none of your business. Furthermore, I, not you, decide what I say and when I say it. Kapisce?
     
    lolTRICKDu and aldrums like this.
  9. aldrums

    aldrums

    I’m not a Bitcoin investor. I looked into it, but it’s a “extremely volatile asset” as Neuroway says and the risk is off the charts. Even the TF, CL and NQ are too risky for me, so I stay with the ES.

    I also don’t have a conviction about which way Bitcoin is going...and no trader who knows anything about the markets should. It could crash to zero for all I know, but one thing for sure, digital currency is here to stay, and another asset could take its place.

    I love the ES. So much liquidity. And by the likes of today, it is going to be a stellar year for trading!
     
  10. prc117f

    prc117f

    So what is the deal with these "Bitcoin Millionaires" who bought them for pennies or mined them and have 500-1000 or more bitcoins, why are they not cashing out.

    You would hear about all these 19-20 year olds sitting on millions and yet they still live in a dorm or the basement of their parents home.

    Where are the stories of the Bitcoin millionaires who cashed out and have millions in the bank, living in a home the purchased with the bitcoins etc.

    Maybe because it is impossible to cash out those millions? It is very easy to get into bitcoin, now going the otherway is not as simple and the markets very thin.


    Yes the ES and SPY and its options VERY liquid. I would never leave them :)
     
    #10     Feb 2, 2018
    Money Trust and aldrums like this.