What about Bitcoin... :) | Forex Factory

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What about Bitcoin... :)

  • #1
  • First Post: Nov 15, 2018 10:12pm Nov 15, 2018 10:12pm
Last year at this time there was a hot topic - Bitcoin!!!

I see it still moves towards $1 000 000 per coin!

Why some people would never understand the meaning of the word “hype”!? And the simple rule - when a hype gets to the masses, all profit is already done.

I have friends that lost basket of money in the “dotcom bubble” back in 1999.

I have friends that lost tons of money in the “flip house bubble” in 2009.

I have friends that hold some sweaty Bitcoins purchased at ridiculous price and we are coming to 2019. And they are still advocating...

Anyone see a pattern? ;-)
  • #2
  • Nov 16, 2018 2:27am Nov 16, 2018 2:27am
The next financial crisis is upon us. It usually happens at about 7-10 years periods. The last one was 2009... You do the math.
I hope I am wrong but when that happens - the crypto prices will definitely tumble along with the FIAT currencies...
  • #3
  • Nov 16, 2018 4:28am Nov 16, 2018 4:28am
There is no doubt in my mind that "crypto" IS a bubble, but I'm not sure if it is over - rather slow deflation phase and no real panic phase yet. To paraphrase that - not enough lives were destroyed and not enough pain was caused just yet to prevent another hype phase which would eventually lead to more loses and more pain until governments will be forced to intervene by either banning crypto or introducing strict regulations (against the very idea of crypto). So, fun times ahead.
  • #4
  • Nov 16, 2018 6:36am Nov 16, 2018 6:36am
This is the dates of crisis in financial industry each 10 years. Well, I'm not sure that I'm ready for a new one crisis in 2019, thus I would like to assure myself that it will not happen.
  • #5
  • Edited 7:16am Nov 16, 2018 6:54am | Edited 7:16am
Those who still count on crypto are so batshit crazy,
so nuts that NoT only is their belfry full of bats, but so many bats have been there for so long that the belfry is coated in batshit...
OMG, poor devils, sick people! (bored)
That means to live in DENIAL!!!

Of course it was a Ponzi scheme ! ...and it might work again LOLZ
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  • #6
  • Nov 17, 2018 2:14am Nov 17, 2018 2:14am
If it walks like a duck it talks like a duck... lemme tell you right:
If it pumps like a bubble, it get dumped like a bubble, it prints on the chart obviously like a bubble, it...

Even it will be back up ...it will be dumped again like a bubble !!!
...not so soon though, because it need to get your pension fund, your savings, your business into it first
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  • #7
  • Nov 25, 2018 3:33am Nov 25, 2018 3:33am
Quoting TudorIoan
If it walks like a duck it talks like a duck... lemme tell you right: If it pumps like a bubble, it get dumped like a bubble, it prints on the chart obviously like a bubble, it... Even it will be back up ...it will be dumped again like a bubble !!! ...not so soon though, because it need to get your pension fund, your savings, your business into it first {image}
...just die!
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  • #8
  • Nov 25, 2018 8:29am Nov 25, 2018 8:29am
What happen with BTC? Today it's reach $3k...
  • #9
  • Nov 25, 2018 8:53am Nov 25, 2018 8:53am
It’s a file! FILE! It’s worhtless! :-)
  • #10
  • Nov 26, 2018 12:05am Nov 26, 2018 12:05am
Quoting JimmieKip
What happen with BTC? Today it's reach $3k...
It is now 20.4% of the price from its peak last Christmas. Failed dream...
  • #11
  • Dec 9, 2018 3:27am Dec 9, 2018 3:27am
Let there be blood!
New lows...
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  • #12
  • Dec 9, 2018 4:32am Dec 9, 2018 4:32am
Quoting cinic
There is no doubt in my mind that "crypto" IS a bubble, but I'm not sure if it is over - rather slow deflation phase and no real panic phase yet. To paraphrase that - not enough lives were destroyed and not enough pain was caused just yet to prevent another hype phase which would eventually lead to more loses and more pain until governments will be forced to intervene by either banning crypto or introducing strict regulations (against the very idea of crypto). So, fun times ahead.
I never understood the logic of Bitcoin.Based on what? Perception only.Ponzi scheme for sure.Guys who made the money already were out long ego the unsuspected get the slaughtering now
In trading, you have to be defensive and aggressive at the same time
  • #13
  • Dec 9, 2018 5:44am Dec 9, 2018 5:44am
and USD is not bubble ??
  • #14
  • Dec 9, 2018 6:24am Dec 9, 2018 6:24am
What I find most funny are the so called "btc gurus on tradingview". You have the whole lists of them that predict the price up or down with MA's, patterns, bla bla. And worst of all is that they have thousands of followers who blindly follow them and hope, thats right HOPE that it works out.

Its just sad.
  • #15
  • Dec 9, 2018 9:19am Dec 9, 2018 9:19am
Both the usd and bitcoin have the same problem...... both are fiat ........ look it up....... backed by nothing . there is no tangible asset involved.

This is not a legal currency.
Live today like theres no tomorrow-- Prioritize like you will die today
  • #16
  • Dec 9, 2018 9:26am Dec 9, 2018 9:26am
Quoting Davit
{quote} I never understood the logic of Bitcoin.Based on what? Perception only.Ponzi scheme for sure.Guys who made the money already were out long ego the unsuspected get the slaughtering now
It allows the trade, storage, and transfer of wealth quickly, nearly free, and away from government interference. The government can't just take it from your account. Even if you have a physical wallet, it is encrypted and you can recover your crypto long before the government breaks the encryption. Even if freedom doesn't appeal to you in your country, there are many countries with repressive regimes and inflationary currencies.

As for collateral, neither does the USD, EUR or CNH have any real collateral. Even if you bought BTC at the high, you would be down about 85%. If you held the USD when the fed was created, you would be down 95+%. Although that isn't exactly a fair comparison (time difference), at least you have the possibility for stability/profit with bitcoins. And not to mention TRY and CNH...

Crypto's aren't going away. It isn't even a decade year old. Shorting crypto's long-term would be like shorting computer companies in the 80's.

And finally, both Tech stock and Housing prices are higher today then the high before their bubbles.

P.S. - I was short bitcoin from 5500-->3450 so I am not a bitcoin fanatic. I know it can go down and go down hard. Just saying how I see it.
  • #17
  • Dec 9, 2018 9:41am Dec 9, 2018 9:41am
Quoting TudorIoan
If it walks like a duck it talks like a duck... lemme tell you right: If it pumps like a bubble, it get dumped like a bubble, it prints on the chart obviously like a bubble, it... Even it will be back up ...it will be dumped again like a bubble !!! ...not so soon though, because it need to get your pension fund, your savings, your business into it first {image}
What is that... Bitcoin? If so, I think I agree with you. Maybe I shouldn't weigh in, because I still haven't quite figured out how the whole idea of "cryptocurrency" works, but as of right now, yeah... feels pretty goofy (and Ponzi-ish) to me.

Edit: Well DUH! I was posting on another thread, and somehow wound up on this one because I checked out another comment. Didn't realize I was in a Bitcoin thread till I just went back through and checked... including the title! So yeah, idiot me... "Are we talking about Bitcoin?" I iz smart person!
  • #18
  • Dec 9, 2018 4:45pm Dec 9, 2018 4:45pm
the fundamental problem of all crypto currencies is that they are not backed by a state.

The reason state backed currencies have "fiat" is due to the state's ability to tax and take possession of land, factories, people's income and consumption.

No crypto currency is backed by the power and "wealth raising" ability of a state.
  • #19
  • Dec 10, 2018 12:11pm Dec 10, 2018 12:11pm
Quoting TudorIoan
Those who still count on crypto are so batshit crazy, so nuts that NoT only is their belfry full of bats, but so many bats have been there for so long that the belfry is coated in batshit... OMG, poor devils, sick people! (bored) That means to live in DENIAL!!! Of course it was a Ponzi scheme ! ...and it might work again LOLZ

Unfortunately for you and for other ignorants like you, bitcoin is not going anywhere. I am ashamed you are from the same country as I am. Most probably you went to see the People's Cathedral a few weeks ago. So all of you ignorants, little, small minds, envious and disguisting human beings, take a look at this guy, he warned you in 2011 what will happen. You have no idea what a Ponzi scheme is, you are only a bunch of degenerate gamblers. I will give Davit the benefit of the doubt because he is your king and he actually know what he's doing.

READ THEM AND WHIP:
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  • #20
  • Dec 11, 2018 12:36am Dec 11, 2018 12:36am
Bitcoin is showing all the stages of Wyckoffian accumulation right now at this price level. Very, very wealthy people are grabbing it now. And when they have as many as they can shake out of people, the price is going to pump. It's how all markets work. It's what makes them work. It's why they move rather than stay at the same price (i.e. intrinsic value+an expected return on business growth delta) all the time.


But on the topic of BTC viability: A digital and universal form of payment, made secure by everyone who mines it, and who are paid for their services through bitcoin and a currency that has been accepted by many, many major retailers has an intrinsic value. You can mine bitcoin and actually buy things of real value with it. Regardless of the actual number, it has a real, calculable value. It's not going anywhere. And now is really the time to buy. When all the stories about a market are bad, when it's doomsday, when the price has tanked, it's time to buy. The rich know that. Good market traders know that. ^_^


Edit: Sorry if that sounded condescending. Good luck trading , guys!
Currency is a joke. And that's precisely why I trade it.
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