Bitcoin - Part 2

[psionl0]

There is no shortage of gypsies on this thread who think that there is no "wrong" time to short bitcoin (not that they will ever do it).

 

[Craig B]

There is no shortage of gypsies on this thread who think that there is no "wrong" time to short bitcoin (not that they will ever do it).

Im not concerned about what the abundance of gypsies thinks or does. It would be more interesting to know what you think. Do you think that there's ever a "wrong" time to short Bitcoin?

 

[psionl0]

Im not concerned about what the abundance of gypsies thinks or does. It would be more interesting to know what you think. Do you think that there's ever a "wrong" time to short Bitcoin?

I wouldn't dare pick a time but history shows that buyers fare better than sellers.

 

[Mycroft]

I wouldn't dare pick a time but history shows that buyers fare better than sellers.

That statement makes no sense. For every buyer there is a seller, and for buyers to profit they have to sell.

 

[Mycroft]

Norm, good points all. Buying at the top is a bad piece of luck alright. But historically BTC always recovers and always eclipses its previous high.

Bitcoin has only existed for less than a decade, and has only been publicly traded for about 5 years. That's not a long enough track-record to make statements like this. Also, for the past year, it hasn't been true and the trend has been downward.

So it's really not like poker. Even though some may have bought in high, all they need is time and patience. It will recover and even increase.

You don't have the evidence to make statements like that. It's very possible bitcoin will never again hit the 18k mark, and it may never again return to an upward trend.

A $3 BTC buy in price was considered high at one time and people argued it would never get to $3 again. I didn't get in on those, but I did manage to get in at the $300 level.

Then I hope you sold and realized your profit.

Panic sellers never profit and that's the reason for most day to day volatility in trading. You're right, someone is losing money when they sell below their buy in value and others are cashing in on this. One must decide which type of trader do you wanna be?
Chris B.

What kind of trader do you want to be?

That's a stupid emotional argument. It's designed to shame people into holding on to an investment they think is a bad one. The truth is you don't know what direction bitcoin is going in the future, and for that reason you can't tell someone if selling (or buying) is a good decision or not. You certainly can't say someone can "choose" to be a profitable investor by choosing to hold on to their investment. At least not honestly.

 

[psionl0]

That statement makes no sense. For every buyer there is a seller, and for buyers to profit they have to sell.

Why doesn't that make sense?

Hold on to your BTC long enough and you can sell it at a profit. It still remains to be seen if that will apply to those who bought BTC last December but anybody who bought BTC more than a year ago is still laughing.

 

[ChrisBFRPKY]

I've decided I wanna be one of the traders who cashes in. Are you telling me that the traders on the losing side are on that side cos they wanna sell below their buy value? Why do they wanna do that? Is it some kind of financial masochism?

In any type of trading you will always find panic sellers. These are the folks who have invested a chunk of cash and lose their nerve when prices start falling.

Just as in the stock market there are those in Crypto who sell at a loss when the price drops, for fear of losing a larger percentage of their investment. They're willing to accept a small loss. I'm not.

Why do people do this? I dunno? If you find the answer to that you'll control pretty much all financial markets.
Chris B.

 

[ChrisBFRPKY]

Bitcoin has only existed for less than a decade, and has only been publicly traded for about 5 years. That's not a long enough track-record to make statements like this. Also, for the past year, it hasn't been true and the trend has been downward.



You don't have the evidence to make statements like that. It's very possible bitcoin will never again hit the 18k mark, and it may never again return to an upward trend.




Then I hope you sold and realized your profit.



What kind of trader do you want to be?

That's a stupid emotional argument. It's designed to shame people into holding on to an investment they think is a bad one. The truth is you don't know what direction bitcoin is going in the future, and for that reason you can't tell someone if selling (or buying) is a good decision or not. You certainly can't say someone can "choose" to be a profitable investor by choosing to hold on to their investment. At least not honestly.

If you'll do the research you'll find BTC has always had ups and downs. It always drops just after a peak in price then recovers. Upon good news the new peak price will surpass the old peak price. It may take some time to do so but BTC has been profitable for me and others who have invested for the long term.

I'm not saying I can see into the future, but looking to the past I see no negatives about my BTC investment at all. If you do not hold your investment, that's your business. True of any investment. Personally I've done better by holding my BTC investment than I would have by short selling it when it declined in value. But that's me.

You'll need to determine what works for you I guess. I'm just saying there is money to be made in BTC and that's honest, factual and verified.

Chris B.

 

[Samson]

Why doesn't that make sense?

Hold on to your BTC long enough and you can sell it at a profit. It still remains to be seen if that will apply to those who bought BTC last December but anybody who bought BTC more than a year ago is still laughing.

No they are not laughing, they are crying, they clung to dreams of higher prices, and will find great pain in taking profits way below those when greed rendered profit taking a notion for the level headed only.

 

[psionl0]

No they are not laughing, they are crying, they clung to dreams of higher prices, and will find great pain in taking profits way below those when greed rendered profit taking a notion for the level headed only.

A profit is a profit. Most people (TA practitioners excepted) never realize the maximum profit that their speculation could yield. Just beating the average (or even just getting the average if it is a profit) is good enough for these investors. Only cry babies would bemoan not selling at the difficult to predict peak.

 

[ChrisBFRPKY]

And at the height of the frenzy, it was up around $1,250. Ask the guy who bought, say, 20 BTC at that point, and whose $25,000 investment is now worth about $9,500, what BTC is "up to".

Just a reminder from 2014......................
Chris B.

 

[Craig B]

In any type of trading you will always find panic sellers. These are the folks who have invested a chunk of cash and lose their nerve when prices start falling.

Just as in the stock market there are those in Crypto who sell at a loss when the price drops, for fear of losing a larger percentage of their investment. They're willing to accept a small loss. I'm not.

Why do people do this? I dunno? If you find the answer to that you'll control pretty much all financial markets.
Chris B.

The answer has to do with such things as leverage, as well as I'll advised investment of funds required for day to day expenditure, and so on. Some people need money but they've stupidly invested it in a slow asset like bitcoin producing no revenue; now down in value two thirds from its speculative peak, and going nowhere obvious but down further. You may be faced not with the choice of suffering a small loss, but the certainty of suffering a big one.

 

[kayle]

searched, seems not mentioned in this forum -- Initiative Q. has really no one got an invitation here nor posted an invitation? is this place Q-free? great then
of course it is nothing like btc, but , well, current and popular

 

[Mycroft]

Why doesn't that make sense?

Because to "win" you have to buy then sell at a profit. If you buy and don't sell, then your status as a winner or loser is suspended until you do sell.

Also because every seller was first a buyer.

And because you can't tell the future, banal aphorisms are useless.

Hold on to your BTC long enough and you can sell it at a profit.

You can't state that as a truism. If you buy today you have no idea if you will gain or lose.

It still remains to be seen if that will apply to those who bought BTC last December but anybody who bought BTC more than a year ago is still laughing.

Are they? Or are they crying because they didn't sell closer to it's peak? The rational response to having an asset that volitile is to be very worried about where it will go next.

 

[Mycroft]

A profit is a profit. Most people (TA practitioners excepted) never realize the maximum profit that their speculation could yield. Just beating the average (or even just getting the average if it is a profit) is good enough for these investors. Only cry babies would bemoan not selling at the difficult to predict peak.

Cry-babies? Why the insulting language?

 

[Mycroft]

If you'll do the research you'll find BTC has always had ups and downs.

That statement is amazingly banal, and applies to almost every comodity that can be traded.

It always drops just after a peak...

The very definition of "peak", and so banal as to be useless.

...in price then recovers.

Again, you can't predict this, and past history does not show this to be true.

Upon good news the new peak price will surpass the old peak price. It may take some time to do so but BTC has been profitable for me and others who have invested for the long term.

You don't know what "long term" means. Bitcoin has existed for less than ten years and has been publicly traded for about five years.

I'm not saying I can see into the future, but looking to the past I see no negatives about my BTC investment at all.

That's only true if you're very selective at what you're looking at. For the past year it's been in steady decline, and that year is a very significant portion of it's overall history.

You'll need to determine what works for you I guess. I'm just saying there is money to be made in BTC and that's honest, factual and verified.

That's not at all verified. What can be verified is that people have made money in the past, but that doesn't mean there is money to be made now.

 

[ChrisBFRPKY]

That statement is amazingly banal, and applies to almost every comodity that can be traded.



The very definition of "peak", and so banal as to be useless.



Again, you can't predict this, and past history does not show this to be true.




You don't know what "long term" means. Bitcoin has existed for less than ten years and has been publicly traded for about five years.



That's only true if you're very selective at what you're looking at. For the past year it's been in steady decline, and that year is a very significant portion of it's overall history.


That's not at all verified. What can be verified is that people have made money in the past, but that doesn't mean there is money to be made now.

"Banal" good word. Looks like I peaked your interest though so perhaps a slight misuse......

Please continue to not invest in BTC, it's obviously the right decision for you not to. I'm sure you've worked out it's all a scam anyway.

Chris B.

 

[ChrisBFRPKY]

So, as I suspected, you can't. The point of my question was to show how thinly capitalized BTC is, despite the claims of "$6 billion market cap" and so on. Even at the current price, it's still a bubble.

ETA: $378 now. A leaking bubble, at that.



So why on earth would anyone "invest" in something that has lost two-thirds of its value in six months, can't be redeemed readily, and can't even be spent readily?

Another trip down memory lane from 2014.
Chris B.

 

[applecorped]

Dec. 16th, 2017 - 19,650

Nov. 18th, 2018 - 5,549

another trip down memory lane

 

[ChrisBFRPKY]

You mean short term memory I guess.
Chris B.

12-21-2016 BTC= $807