Bitcoin (2nd part)

The crash continues. BTC has now lost around 80% from its peak price.

Perhaps the 'investors' will now switch to tulip bulbs.

And yet, some of us "investors", having withdrawn our original "investment" are still sitting with a balance which has hugely surpassed interest rates available anywhere else .......................... sounds pretty damn fine, as far as I am concerned. 

I tend to agree with Dave Marshall.. there is still much volatility  with ups and downs other than Bitcoin which has been in a relatively gentle decline over many months ... my stash of BCH rose by 50% a couple of weeks back... one sells..it has since fallen back.. and can buy in again if you want... but yes it’s little more than gambling in a global casino .. on highs and lows of market movements..

Hi Simon,

I'm far from being a sophisticated investor, and having retired a while back, I find that I have far too many demands on my time, such as grandchildren and listening to music, to be bothered unduly over the daily ups and downs of the Bitcoin market.

To reduce things to their simplest, having withdrawn my original "investment", the remaining balance represents a gain of some 60% over a fifteen month period ................ what's not to like?

I can take onboard the views of those who were quite vociferous on the original Bitcoin thread, that it was all smoke and mirrors, but it's surely somewhat futile for some folks such as Winky to be using recent falls in the Bitcoin price as evidence that they were right all along, when some of us have somehow managed to stumble blindly into profit? 

Just before I “retired” from my “real” job, I figured out a Sure-fire way of getting between about 13% pa and 40% pa on significant investments. 

It really did p*ss others off when they missed out.

Extreme volatility is this price you pay to play the game. I think Bitcoin was around $3,000 when I started the previous thread. At this point, it still would've produced a solid ROI. My last post on that thread conveyed the strong SELL sentiment I felt at the time.

dave marshall posted:

Hi Simon,

I'm far from being a sophisticated investor, and having retired a while back, I find that I have far too many demands on my time, such as grandchildren and listening to music, to be bothered unduly over the daily ups and downs of the Bitcoin market.

To reduce things to their simplest, having withdrawn my original "investment", the remaining balance represents a gain of some 60% over a fifteen month period ................ what's not to like?

I can take onboard the views of those who were quite vociferous on the original Bitcoin thread, that it was all smoke and mirrors, but it's surely somewhat futile for some folks such as Winky to be using recent falls in the Bitcoin price as evidence that they were right all along, when some of us have somehow managed to stumble blindly into profit? 

I have never said that some people didn't profit. I'd like to assert that it is a zero sum game, with any profits being directly offset by the losses of others. But it is of course much worse than that, with real costs being incurred in the effort produce these worthless strings of 1s and 0s.

I was indeed right all along, and my posts are no more-or-less pointless than those who advertise their luck in these so-called "markets".

After logging six brutal losing sessions, I think that a short-term bottom may be around the corner.

So for some folks who brave enough could be in for some nice gains, it is bound to happen that BTCUSD is going to come up, and a bounce from $3.5k to $5k could be a reality and it is a just ~50% payout for just a few days of work!!!

What goes down must come up, let's wait and see.

Or it could be just a dead cat bounce.

If I was skiing down the moving average line, I'd be picking up a bit of speed.

Frank Yang posted:

 

What goes down must come up.......

"Franks Law"

winkyincanada posted:

Frank Yang posted:

 

What goes down must come up.......

"Franks Law"

I like your sense of humor. Yes, there is blood in the streets, but money has been made due to chaos and panic.

And Ohio state now allow business to pay taxes with bitcoin, is that something (odd)?

Frank Yang posted:

winkyincanada posted:

Frank Yang posted:

 

What goes down must come up.......

"Franks Law"

I like your sense of humor. Yes, there is blood in the streets, but money has been made due to chaos and panic.

And Ohio state now allow business to pay taxes with bitcoin, is that something (odd)?

No money has been "made" in crypto. It has just changed hands. Nothing of value has been created. And to create nothing, vast costs have been incurred.

Frank Yang posted:

And Ohio state now allow business to pay taxes with bitcoin, is that something (odd)?

It is:

1) Stupid. Someone smarter than the treasurer will come up with a way to profit from the risk the government is taking on. Although they have indicated they will immediately convert their BTC to USD, that isn't as straightforward as one might think

2) Irrelevant, as virtually no payments will ever be made using Bitcoin

3) Odd, because crypto currencies rapidly losing what little relevance they ever had

Take your pick, or mix all three. But what it definitely isn't, is a smart strategy on the part of the Ohio state treasurer. Nor is it the first step of crypto currencies into more mainstream acceptance.

Frank Yang posted:

After logging six brutal losing sessions, I think that a short-term bottom may be around the corner.

So for some folks who brave enough could be in for some nice gains, it is bound to happen that BTCUSD is going to come up, and a bounce from $3.5k to $5k could be a reality and it is a just ~50% payout for just a few days of work!!!

What goes down must come up, let's wait and see.

Did I say it must go up?

Those who were brave, came in at $3.5 K now are making some money. I am not in favor or disfavor of BitCoin, like everyone else in the streets, I am in to make money, and making money is not the same as greed. If BitCoin goes bad (short term),  I am  out again.

winkyincanada posted:

Frank Yang posted:

winkyincanada posted:

Frank Yang posted:

 

What goes down must come up.......

"Franks Law"

I like your sense of humor. Yes, there is blood in the streets, but money has been made due to chaos and panic.

And Ohio state now allow business to pay taxes with bitcoin, is that something (odd)?

No money has been "made" in crypto. It has just changed hands. Nothing of value has been created. And to create nothing, vast costs have been incurred.

"Value" is apparently a subjective concept. Bitcoin has created a completely secure public ledger via blockchain technology. From my pov that has "value". Nobody knows 100% what the true "value" of Bitcoin will be in the long term but to claim it currently has no "value" is to completely reject objective reality. (Earlier this year I was able to exchange Crypto for some so called tangible goods.???? Also, a major precious metals retailer has been accepting Bitcoin for the past year. Today you can trade 1 Bitcoin for 3.333 ozt gold bullion.)

That said.... I still stand behind my SELL recommendation from this summer. 

In the states here I thought bit coin was a real gamble and stayed out. I did buy a stake in IBM which is a major player in managing bitcoin now that it dropped from $200 to $118.  figuring the market is off ( advice from a newsletter )and buying Red Hat with works with block chain and bitcoin.  Our markets here are acting wildly but a month ago I signed on to a bond buying service and hope my shift of money is more stable /. I get my first 2 bonds pay interest tomorrow Dec 1 and 15th. I dare not enter a new unproven market with limited income, kudos to those who do.

I still stand behind my SELL recommendation in late November 2017 at $10k.

Frank Yang posted:

Frank Yang posted:

After logging six brutal losing sessions, I think that a short-term bottom may be around the corner.

So for some folks who brave enough could be in for some nice gains, it is bound to happen that BTCUSD is going to come up, and a bounce from $3.5k to $5k could be a reality and it is a just ~50% payout for just a few days of work!!!

What goes down must come up, let's wait and see.

Did I say it must go up?

Those who were brave, came in at $3.5 K now are making some money. I am not in favor or disfavor of BitCoin, like everyone else in the streets, I am in to make money, and making money is not the same as greed. If BitCoin goes bad (short term),  I am  out again.

No it didn't go up. On the date 21/11 you predicted it going up from $3,500 to $5,000. It didn't go up from there at all. It went down a further solid 5 days to $2,900, then went up 10%  within 3 days, only to continuously drop todays $2,600. So there was a possible 3 day 10% max gain, but the rest is a slow bleed loss.

Everyone in the streets is now trying to figure out why the market has been tumbling in the last few weeks, is it the end of the bull market or is it normal after a string run-up?

The trick for some investors is to recognize and capitalize the short term market drops and rises, and it is not for the casual traders.

I understand that, as I trade stocks, but it doesn’t alter the fact that your statement and prediction was completely wrong. 

With all due respect, not sure if you understand all these.

Some more warnings - More volatility will be coming, with Trump is now in trouble with the law and the arrest of a prominent Chinese technology executive.

Interesting, the media has got bored and moved on and dismissed cryptocurrencies and what has happened.. there has been the first rather significant sustained gains in crypto value in a year... I wonder what 2019 might bring... 

‘Savvy’ day traders will continue to promote bitcoin and continue to make money at the expense of less sophisticated purchasers and long term holders of bitcoin who will continue to lose significant amounts of money.