Bitcoin (2nd part)
Posted by: winkyincanada on 19 November 2018
And down she goes. 20% loss in 4 days. Now back to October 2017 levels. For the sake of the environment, I hope this continues.
Hmack, where do you think these so called savvy day traders are? In the Far East? ...I guess you can day trade if you know what you are doing.. these days I look at monthly trends like my main investment bonds.
I agree you to need to have a more sophisticated approach for long term holding.. as that is where the massive gains potentially are.. over severeal years... it’s very tempting for some less sophisticated to buy and sell over too short time periods and loose out.. ie the so called get rich quick schemes.
Simon, I was making a more generic point. There appear to be two opposing viewpoints when it comes to crypto currencies in general and bitcoin in particular. I fall into the camp which believes that bitcoin has no intrinsic value, and that there will be a straightforward split of ‘winners’ and ‘losers’ in the long term.Those more sophisticated & savvy participants will win over the less sophisticated and naive participants, much like a game of poker. The only difference is that in poker, everyone enters the game with their eyes open, and understands the risk. With crypto currencies, some naive people enter the game with the mistaken belief that everyone can win - a notion that is propagated by those who know better but stand to gain from the ‘game’.
Hmack posted:Simon, I was making a more generic point. There appear to be two opposing viewpoints when it comes to crypto currencies in general and bitcoin in particular. I fall into the camp which believes that bitcoin has no intrinsic value, and that there will be a straightforward split of ‘winners’ and ‘losers’ in the long term.Those more sophisticated & savvy participants will win over the less sophisticated and naive participants, much like a game of poker. The only difference is that in poker, everyone enters the game with their eyes open, and understands the risk. With crypto currencies, some naive people enter the game with the mistaken belief that everyone can win - a notion that is propagated by those who know better but stand to gain from the ‘game’.
As a former professional poker player I can assure you that not everyone understands the risks. The poker economy almost perfectly matches your description of the Crypto market.