Let's talk about Cryptocurrencies

[Jason14h]

Originally Posted by topfiverecords

It's also down 29% in the last year depending how you look at it.

Sorry how is it down 29% in the last year ? I literally pulled the 365 price movement

[Resolute 14]

dino7c - your blatant insecurity stands as one of the best arguments for the position that Bitcoin is an unsustainable hype bubble in this thread. It honestly seems more like you're trying to convince yourself about its long term legitimacy more than convince the rest of us.

[afc wimbledon]

Originally Posted by Jason14h

How is is sad or amusing ? The question was asked, I went and did the 365 rate of return from the day the question was asked

It is literally just FACTUALLY answering the price movement of Bitcoin , no different then if someone asked what the return on Tesla was

Well I stand corrected if your position is that bitcoin is a massively unstable investment that bears no relation to a 'currency' at all but is in fact being invested in like a stock but with no underlying fundamentals to explain its movement at all other than a few players making massive trades back and forth to inflate the price much like any previous pump and dump we have seen over the years.

Tesla makes something, you can judge the possibility of profit by its news releases and other information (sort of in Tesla's case, as it is also massively over hyped), bitcoin is a currency, in the last year or so there has been no news about it other than the massively negative, we learnt two things this year, that Bitcoin isn't particularly secure and you are massively at risk of having all your money stolen out of the 'exchanges' and that most of Bitcoins price last year was apparently the result of back and forth trading between a few players intentionally driving up the price.

Now unless there is something I missed, like the US Government demanding people pay their taxes in Bitcoin, then there has been no good news about Bitcoin at all, so the price should have at best stayed stable, that it is going up under these conditions is not a good sign, it is a very, very, high indication of a scam.

[Fuzz]

When I see Bitcoin at it's current value, I have to ask "why is it worth this much, compared to a few years ago?" It looks to have lost a lot of the confidence it once had at being useful. So as near as I can tell, it has very little value for anything. And any time something has massive perceived value, but no useful value, I have to question that valuation.



I'm not suggesting you can't make money on it. But it's a lot more like gambling when you don't know the house rules. To me that makes little sense to put money into.

[topfiverecords]

Originally Posted by Jason14h

Sorry how is it down 29% in the last year ? I literally pulled the 365 price movement

It’s down 29% from the high over the last 365 days.

[dino7c]

Originally Posted by Resolute 14

dino7c - your blatant insecurity stands as one of the best arguments for the position that Bitcoin is an unsustainable hype bubble in this thread. It honestly seems more like you're trying to convince yourself about its long term legitimacy more than convince the rest of us.

If you want a laugh look at the earlier pages of this thread...If BTC goes to zero tomorrow I still did very well. It's all house money for me now. Take my advice or not...BTC will be over 20k again

Early in the thread it's the same guys patting each other on the back about how BTC was about to crash and everybody was stupid buying it for a few grand....at what point do some of you admit it has more legs than you thought? 20k? 30k?

[Resolute 14]

I've profited on it as well. That doesn't change the fact that if it does top $20k again, it won't be because Bitcoin is a fundamentally good or useful currency. It will be because whales have convinced enough rubes to lose their life savings on digital tulips so they can profit.

[afc wimbledon]

Originally Posted by dino7c

If you want a laugh look at the earlier pages of this thread...If BTC goes to zero tomorrow I still did very well. It's all house money for me now. Take my advice or not...BTC will be over 20k again

Early in the thread it's the same guys patting each other on the back about how BTC was about to crash and everybody was stupid buying it for a few grand....at what point do some of you admit it has more legs than you thought? 20k? 30k?

At the point where you can explain why it is worth 20k or 10k or anything beyond either your greed or quasi religious belief, explain what makes it a useable currency while wildly swinging up or down, hell even wild swings upwards alone make it useless as a currency, if it isn't a usable currency then what is it that makes it an investment?

[Jason14h]

Originally Posted by afc wimbledon

Well I stand corrected if your position is that bitcoin is a massively unstable investment that bears no relation to a 'currency' at all but is in fact being invested in like a stock but with no underlying fundamentals to explain its movement at all other than a few players making massive trades back and forth to inflate the price much like any previous pump and dump we have seen over the years.

Tesla makes something, you can judge the possibility of profit by its news releases and other information (sort of in Tesla's case, as it is also massively over hyped), bitcoin is a currency, in the last year or so there has been no news about it other than the massively negative, we learnt two things this year, that Bitcoin isn't particularly secure and you are massively at risk of having all your money stolen out of the 'exchanges' and that most of Bitcoins price last year was apparently the result of back and forth trading between a few players intentionally driving up the price.

Now unless there is something I missed, like the US Government demanding people pay their taxes in Bitcoin, then there has been no good news about Bitcoin at all, so the price should have at best stayed stable, that it is going up under these conditions is not a good sign, it is a very, very, high indication of a scam.

I don’t hold any opinion . I was answering a question about the ROI for the year .

You have a weird obsession with this. Anyone could had made a 200% ROI over the past year . That is a fact, no matter what your opinion on Bitcoin as a future currency

I’ll make my money anywhere I can . You can stoll make a money in a bubble. Just be smart and don’t get caught in FOMO

[afc wimbledon]

Originally Posted by Jason14h

I don’t hold any opinion . I was answering a question about the ROI for the year .

You have a weird obsession with this. Anyone could had made a 200% ROI over the past year . That is a fact, no matter what your opinion on Bitcoin as a future currency

I’ll make my money anywhere I can . You can stoll make a money in a bubble. Just be smart and don’t get caught in FOMO

I read Extraordinary Popular Delusions and the Madness of Crowds in my twenties, wonderful book, ponzi schemes and the unshakeable power of self delusion has always interested me since then, probably my career working with addicts and criminals has something to do with it, another area where people cling to their belief regardless of any negative consequence or reality.

And I have no doubt money is made in a bubble, money is made in a pump and dump as well, I'm more interested in why any one wouldn't admit it is a classic pump and dump after last years revelation most of its gains where due to massive market manipulation.

[topfiverecords]

It’s not a classic pump and dump. It’s a pump and dump and pump and dump and pump and dump and pump and dump and pump and dump. Over and over and over.

[afc wimbledon]

Originally Posted by topfiverecords

It’s not a classic pump and dump. It’s a pump and dump and pump and dump and pump and dump and pump and dump and pump and dump. Over and over and over.

that's the interesting part, usually when the emperor comes out naked the suckers don't go back for more

[corporatejay]

Originally Posted by dino7c

If you want a laugh look at the earlier pages of this thread...If BTC goes to zero tomorrow I still did very well. It's all house money for me now. Take my advice or not...BTC will be over 20k again

Early in the thread it's the same guys patting each other on the back about how BTC was about to crash and everybody was stupid buying it for a few grand....at what point do some of you admit it has more legs than you thought? 20k? 30k?

It's the same advice as playing roulette. Maybe you're lucky and you've come out ahead but it's a complete gamble.

[dobbles]

Originally Posted by dino7c

If you want a laugh look at the earlier pages of this thread...If BTC goes to zero tomorrow I still did very well. It's all house money for me now. Take my advice or not...BTC will be over 20k again

Early in the thread it's the same guys patting each other on the back about how BTC was about to crash and everybody was stupid buying it for a few grand....at what point do some of you admit it has more legs than you thought? 20k? 30k?

OK, it has legs. It has managed to not die yet. But if it is legit as you say, then what are the metrics and indicators that you use to judge the value and whether or not today is a good time to buy versus waiting?

That's the part that seems fishy to me; no one ever has an answer as to why its a good investment or at what price it becomes bad. Supporters just point to its ever increasing value which just reeks of a speculative bubble and thats why everyone here is skeptical.

As jay points out, without any sort of logic or reasoning, its not different than gambling at the casino. And right now your position is that because you have won a few hands, everyone should be doing the same thing as you, no?

[Resolute 14]

BTC in absolute free fall right now. Down about 33% since yesterday morning.

[Jason14h]

Originally Posted by Resolute 14

BTC in absolute free fall right now. Down about 33% since yesterday morning.

The last domino to fall !

[Resolute 14]

/r/bitcoin is hilarious right now. It's unironically turned into /r/wallstreetbets.

[psyang]

This could go in a few other threads too:

[dino7c]

For those keeping score BTC is back over 10k CAD

Will be over 20k by the end of the year IMO

Good time to buy with the splitting next month

[Resolute 14]

HODL!!!!!!!1one!!!1!!111!!!