• Quick note - the problem with Youtube videos not embedding on the forum appears to have been fixed, thanks to ZiprHead. If you do still see problems let me know.

Bitcoin - Part 2

Status
Not open for further replies.
When BTC hit 20K I sold half mine. It may go higher, and you may hope for the best but you have to prepare for the worst. Now is not the time to buy, it's time to sell. BTC profit/loss comes and goes in waves. You don't want to be holding all BTC when the tide goes out, hold some fiat to buy back in. 50/50 has always worked for me. Chris B.
 
The second bounce was higher the first. So I was wrong about the bounces.

But the second bounce may have now peaked.

Waiting... watching...
 
PartSkeptic said:
The second bounce was higher the first. So I was wrong about the bounces.

But the second bounce may have now peaked.

Waiting... watching...
Click to expand...
The last day has seen weakness, the recovery looks to be falling short of a new high. The balloon is straying near the pin.
 
Samson said:
The last day has seen weakness, the recovery looks to be falling short of a new high. The balloon is straying near the pin.
Click to expand...
This relative resilience is interesting. Are we seeing the effects of easier access to credit? Or is it the result of ideological support offered by libertarians?
 
Craig B said:
This relative resilience is interesting. Are we seeing the effects of easier access to credit? Or is it the result of ideological support offered by libertarians?
Click to expand...


The technical complexity of the schemes and the emotive buzzwords are doing a great job at hiding the fact that crytocurrencies are pyramid/Ponzi schemes with no inherent value and no value to society.

Only when the the input of money slows and people start to abandon the schemes will the drops start in earnest.

That said, I know someone who bought Ripple in December at 15 local, put in a sell order at 47, and got his money. The peak was 47.50. He is playing smart by investing a small amount, recovering that and then gambling with then winnings.
 
psionl0 said:
ftfy.
Click to expand...
psion10:
This crypto currency enterprise has a market cap bigger than productive entities like google, apple and so on.
But at last count there were no employees and no revenue streams.
It would seem logical to leave something on the table for the next man. (or the next woman).
 
Samson said:
psion10:
This crypto currency enterprise has a market cap bigger than productive entities like google, apple and so on.
But at last count there were no employees and no revenue streams.
It would seem logical to leave something on the table for the next man. (or the next woman).
Click to expand...
I don't know what you are getting at. Bitcoin is not a scheme. It just is. So there is no leaving "something on the table for the next man. (or the next woman)".

My spam folder gets hundreds of new offers on how to get rich quick every week. Bitcoin and legal marijuana are the flavours of the month so it is not surprising that the scammers are currently focusing on these.
 
psionl0 said:
I don't know what you are getting at. Bitcoin is not a scheme. It just is. So there is no leaving "something on the table for the next man. (or the next woman)".

My spam folder gets hundreds of new offers on how to get rich quick every week. Bitcoin and legal marijuana are the flavours of the month so it is not surprising that the scammers are currently focusing on these.
Click to expand...
I wonder if legal marijuana will shoot up in price from a fraction of a cent to $20,000 an ounce. Perhaps it won't. Then I wouldn't bet on it as a get rich quick recipe.
 
Craig B said:
I wonder if legal marijuana will shoot up in price from a fraction of a cent to $20,000 an ounce. Perhaps it won't. Then I wouldn't bet on it as a get rich quick recipe.
Click to expand...
For somebody who can't tell the difference between fact and hype that is remarkably unimaginative of you.
 
psionl0 said:
(snip)Bitcoin is not a scheme. It just is.(snip)
Click to expand...


A tulip is also not a scheme. They just are. That did not stop people driving up the price so they could sell to the next buyer at a profit. Too bad the prices stopped going up and, in fact, crashed. Soooooo many thought it was a sure thing.

By comparison, I would think a tulip is somewhat tastier to eat than a bit of paper stating you have lots of bitcoins with zero value.

Bitcoin is definitely dropping. Just how much, and will it try a few more times to rise again?
 
Last edited:
psionl0 said:
According to you, "crytocurrencies are pyramid/Ponzi schemes" but like tulips, bitcoin is not a scheme.

I'm glad you straightened that out.
Click to expand...
What is important is that Bitcoin is perfectly capable of forming a speculative bubble. Like a tulip bulb.
 
Craig B said:
What is important is that Bitcoin is perfectly capable of forming a speculative bubble. Like a tulip bulb.
Click to expand...

And of course being a pyramid scheme doesn't mean it can't have a long life, see Multi Level Marketing like Herbalife.
 
Craig B said:
What is important is that Bitcoin is perfectly capable of forming a speculative bubble. Like a tulip bulb.
Click to expand...
The only reason you insist on comparing bitcoin to tulip bulbs is because tulips crashed.

Other than that, you might as well be comparing bitcoin to pink unicorns. The tulip mania was all about placing orders for bulbs that hadn't even been grown yet. There is absolutely no similarity between that and bitcoin whatsoever. Blockchain technology is set to be the way of the future and crypto currencies are just a small part of it.
 
ponderingturtle said:
And of course being a pyramid scheme doesn't mean it can't have a long life, see Multi Level Marketing like Herbalife.
Click to expand...

https://en.wikipedia.org/wiki/Pyramid_scheme

...According to the U.S. Federal Trade Commission legitimate MLM, unlike pyramid schemes:

"have a real product to sell." "Not all multilevel marketing plans are legitimate. If the money you make is based on your sales to the public, it may be a legitimate multilevel marketing plan. If the money you make is based on the number of people you recruit and your sales to them, it’s probably not. It could be a pyramid scheme."

...The criminal code characterizes a pyramid or ponzi scheme as illegal because it promises unrealistic returns on an investment. The investor is enticed to continue to roll over their investment and returns without realizing that the returns are non existent and their investment gone. Again, this is illegal.
Click to expand...


Interestingly enough, last night I was told by someone that they were asked to join a pyramid scheme right at the beginning - he would be the second tier. He was asked to "invest" about US$10,000. He must then recruit four other "investors" and then he will get a large payout. When they recruit four others he will then get another payout.

I asked him if a product or service was mentioned. No. A blatant and outright pyramid. And yet people buy into it!!!
 
PartSkeptic said:
https://en.wikipedia.org/wiki/Pyramid_scheme
Click to expand...
Click to expand...
Further proof that bitcoin is not a pyramid scheme.

PartSkeptic said:
Interestingly enough, last night I was told by someone that they were asked to join a pyramid scheme right at the beginning - he would be the second tier. He was asked to "invest" about US$10,000. He must then recruit four other "investors" and then he will get a large payout. When they recruit four others he will then get another payout.

I asked him if a product or service was mentioned. No. A blatant and outright pyramid. And yet people buy into it!!!
Click to expand...
Is that bad? It's not fraud if you know how the scheme works and know the risks.
 
Status
Not open for further replies.

Back
Top Bottom