Bitcoin as an investment?

[manbridge 74]

I truly hope someone here cashes out hugely.

[cstreit]

Originally Posted by Holger

Today down to 12K from 20K ... love it! The hype is over? Many burnt fingers I hope. ;-)

I’m not sure why anyone would “love” a huge drop that only benefits institutional manipulators and hurts the uninitiated... ...why do you love that?

The market players are smart enough to capitalize, its your neighbors getting burned.

[biosurfer1]

Love to see all the comments when it drops, not the first time the crypto market has taken a dip and won't be the last.

And to the comment on currency not going up 20x, or dropping 20x?

https://www.google.com/amp/s/amp.businessinsider.com/worst-hyperinflation-episodes-in-history-2014-4

Still holding XRP👍

[KFC911]

Originally Posted by biosurfer1

Love to see all the comments when it drops, not the first time the crypto market has taken a dip and won't be the last.

And to the comment on currency not going up 20x, or dropping 20x?

https://www.google.com/amp/s/amp.businessinsider.com/worst-hyperinflation-episodes-in-history-2014-4

Still holding XRP👍

I made the comment....it's the "credibility factor" behind the 1s and 0s too. I know what it's like to transfer 100s of billions between "players" daily, and how bits are currency however. Time will tell though....doesn't matter one bit to me....or even a whole byte

[KFC911]

Originally Posted by dewolf

Well....you shoulda bought some at 12K and sold today. You woulda made a pretty penny for doin sweet F.A. except revelling is someone else's misery.

24h Low / 24h High $11,519.1690 / $15,809.5414

So you're telling me that I could have gotten 4 bitcoins instead of 3 in exchange for my Carrera yesterday....if I hadda just waited a bit?

Boy....do I feel dumb

[dewolf]

I dunno is your Carrera worth 3 Bitcoins? I popped some cash into BTC yesterday on a market limit buy and sold today on a market limit sell and made AU$2.5k in 14 hours for 5 minutes setting up the trade. I reckon that's not bad. A few weekends ago I made a tad over $7k from an investment of $2400.00 on a few currencies. All in the space of 24hrs. I think if you're careful and only use what you can kiss goodbye then it's ok. People lose more at casino's.

[dewolf]

Originally Posted by manbridge 74

I truly hope someone here cashes out hugely.

Me too. I'm happy for anybody that takes the gamble and it pays off. By the same token I'm sorry for those that haven't studied the market properly and lost it.

[Aurel]

I can imagine pretty soon there will be triple leveraged bitcoin ETFs, long and short...Now those are going to be some serious roller coasters, for taking full advantage of bitcoin volatility.

Right now the only fund linked to bitcoin value is GBTC, but you pay a huge premium because they are the only game in town.

[cstreit]

Originally Posted by dewolf

I dunno is your Carrera worth 3 Bitcoins? I popped some cash into BTC yesterday on a market limit buy and sold today on a market limit sell and made AU$2.5k in 14 hours for 5 minutes setting up the trade. I reckon that's not bad. A few weekends ago I made a tad over $7k from an investment of $2400.00 on a few currencies. All in the space of 24hrs. I think if you're careful and only use what you can kiss goodbye then it's ok. People lose more at casino's.

I've been tempted as there has been a fairly regular intraday cycle with it. ...but I swore a long time ago that I wouldn't get into the timing game on anything. The stress isn't worth it and I don't have time to learn the fundamentals to my satisfaction.

I feel better about getting them the old fashioned way. Mining them out of the ground, er, the ether.

[trader220]

Originally Posted by dewolf

The thing I like about paying a bill with Bitcoin is, next week I have more money than I started with. If the price drops I use normal currency. If the price is rising I use BTC.

Nothing personal....

Those are the same kinds of things I used to hear from the general public back in the internet bubble days.

I remember one night jumping in a cab outside the exchange. The cabbie asked me if I was a trader on the floor. I said yea for a long time. He proceeded to tell me about the gobs of money he was making and spending off of AOL, and a fiber optic company whose name I cant even remember now. I remember thinking, the top is near for this market.

My grandfather who also was a floor trader (retired in the 1970's) told me a similar story about the shoeshine guy who came through their office on Friday's after the close of the markets.

[cstreit]

Originally Posted by trader220

Nothing personal....

My grandfather who also was a floor trader (retired in the 1970's) told me a similar story about the shoeshine guy who came through their office on Friday's after the close of the markets.

Warren Buffet told a similar story... He said when he got a stock tip from a shoeshine guy, he new it was time to divest for a while...

[MRM]

The shoeshine boy story was first told by Joe Kennedy. He claimed he sold all his stock holdings just before the 1929 crash after getting a shoe shine and hearing the boy give him a rundown on the market. Supposedly he decided that if shoeshine boys knew as much as the Wall Street professionals it was time to sell.

The story is apocryphal. Joe never got stock tips from a shoeshine boy. He knew the market was going to crash because he was manipulating the market.

[trader220]

My grandfather was dying when I graduated from school and got my first clerkship on the floor. The only practical advice he had the chance to give me was to tell me to "get yourself a good pair of shoes, dont wear loafers". The shoeshine story was one he told me when I was a kid. He was a clerk and then a specialist on the NYSE for 50 years. I would have liked to have heard a lot more of the stories that were lost with him.

Regardless, this has all the makings of a bubble and bust scenario.

[speeder]

Originally Posted by MRM

The shoeshine boy story was first told by Joe Kennedy. He claimed he sold all his stock holdings just before the 1929 crash after getting a shoe shine and hearing the boy give him a rundown on the market. Supposedly he decided that if shoeshine boys knew as much as the Wall Street professionals it was time to sell.

The story is apocryphal. Joe never got stock tips from a shoeshine boy. He knew the market was going to crash because he was manipulating the market.

Beat me to it.

That shoeshine story sure travels. And it's a perfect analogy for Bitcoin.

[sc_rufctr]

Lots of people are predicting (hoping for?) a bust. The thing is Bitcoin is like nothing we've seen before & to compare it to what's happened in the past would be a mistake.

I don't fully understand it but to me it's simply a world wide currency and long overdue.
And like all currency's it will eventually stabilize and then fluctuate like other currencies.

And to the people that say mining isn't worth it. The more it's used the more pieces there will be to find.

[Alan A]

You want to see silly leverage go look into the value : price of GBTC.

Although if you pay attention it can be traded for decent returns.

Cryptocurrencies are volatile. That's actually part of the attraction. I've been casually watching ETH and BTC on GDAX (and swapping between the two as the relative value fluctuates).

All the currencies I have (or have held) are all still trending upwards despite the daily fluctuations.


I've heard Bitcoin described a number of times as a store of value - gold for millenials. That's how I've been thinking of it.

[trader220]

Originally Posted by sc_rufctr

Lots of people are predicting (hoping for?) a bust. The thing is Bitcoin is like nothing we've seen before & to compare it to what's happened in the past would be a mistake.

The same was said about CDO's, the MBS's, the internet stocks, all the way back to the tulips. Virtually word for word.

[Alan A]

Originally Posted by trader220

The same was said about CDO's, the MBS's, the internet stocks, all the way back to the tulips. Virtually word for word.

Wait so holding LU and MSTR waiting for them to come back isn't the smart move? Curses, foiled again...

[JJ 911SC]

Timing is everything...

[trader220]

Originally Posted by Alan A

I've heard Bitcoin described a number of times as a store of value - gold for millenials. That's how I've been thinking of it.

Its nothing personal, but that statement right there is the foundation on which many a Ponzi scheme has been built. Belief in something you heard, something someone was selling, belief in an opinion not supported by anything other than words.