Where are the bitcoin lovers now?

[marmel75]

I remember a few months ago there were several posters who were talking up bitcoin like there was no tomorrow.

Now that Bitcoin has dropped to 6K and is nearing the point of no return where it costs more to mine the coins than the coins are actually worth(somewhere around 5K), they seem oddly quiet...

When something seems too good to be true it usually is. The technology itself has a lot of promise but it appears bitcoin might be extinct in the near future...

 

[sazc]

D-oh!

 

[Serenity]

When something seems too good to be true it usually is.

Unless you jump on early enough and pull out before the majority catches on to this fact. Made some decent profit on that bubble. I like the potential of the technology still, but it's not yet mature and the previous optimism was greatly exaggerated.

Now that Bitcoin has dropped to 6K and is nearing the point of no return where it costs more to mine the coins than the coins are actually worth(somewhere around 5K)

The point of no return you speak of is dynamic. If it drops lower it doesn't mean it's dead and nobody will mine it anymore. Because as more and more miners quit due to profitability issues, the difficulty of mining goes down. There is a set amount of Bitcoin to be mined per block (currently 12.5 BTC) and a target time between every block generated in the network (10 minutes). With less miners the network adjusts the difficulty down so the remaining total hashing power will continue to make a block on average every 10 minutes, increasing the odds for remaining miners to mine that block using less power. On average the remaining miners will get more Bitcoin for the same effort displacing the lower value of it.

The only way to potentially kill the network through a drop in value is if there's a single miner left that can't make profit even if mining 12.5 BTC every 10 minutes. This is extremely unlikely as there's always tech enthusiasts who will mine Bitcoin even if it's completely worthless.

This is something a lot of people don't understand. There is no "point of no return" with regards to mining, as soon as enough people quit it becomes profitable for the ones who didn't quit. If prices go up, so does the amount of miners, meaning a high price isn't necessarily more profitable with regards to the energy expenditure as more energy is required when there's more competition to gain the same amount of BTC.

 

[Spaz]

Like anything else in life, always trust ur gut instincts over databases/evidence/charts as it's biased.

Its biased as most humans r never rational when making a decision to buy or sell.

 

[Alvafe]

serious I never really get how bitcoin could be used as currency or how to even make it,

 

[Von]

They likely followed the trend, like any normal human during a stock market buble. They talk about it, share to everyone how good they are, and everyone should jump in.

Than, it crash.. They dissapear like ghost and have forgotten they ever bought the stock/coin if you ask them.

It's human psychology...especially financial human psychology.

Working in the field... Its rare that a client doesnt believe he's the reason for the good returns (althought you pick the stock for him) and if it's going bad.. Well it's your fault not his.

People are also in collective psychology "behind the trend" or "late to join the party" .... Ex: nobody wanted bitcoin or weed stock at 1$... Now they all want it at 50$... Yet the people who bought at 1$ will make profit, the people who bought at 50$ are not going to have much returns (since it's high and probability of going higher are low)

History as shows... The longer it takes to go up, the slower it takes to go down. ex: Roman Empire.

History should be a DJ ally, build yourself over a long period of time in consistant fashion.. You'll be a solid DJ for long. (We all know people who were excited for 1month than quit the next.. While those going for 3months to years, are still at it)

Anyway about Coin, i know nothing about it but if you bought at 2$ you might still make money.

Bitcoin was the P2P Kazaa version of money (Kazaa was a download system connected between usées).. Funny how the Scandinavian are into P2P systems (Kazaa, Skype, cryptocoins).

It's interesting too, how bitcoin are becoming "more usable in real life buying like at the groceries" yet it's crashing

 

[Mike32ct]

I’m still waiting for my 90s tech stocks to bounce back. “Earnings don’t matter for Internet stocks” or so they told me lol.

 

[devilkingx2]

I mean, a bitcoin is still worth thousands of dollars so I dunno if I'd say it's dead just yet

serious I never really get how bitcoin could be used as currency or how to even make it,

it's really good for buying stuff that's illegal or under oppressive regimes/without oversight

 

[Alvafe]

I mean, a bitcoin is still worth thousands of dollars so I dunno if I'd say it's dead just yet



it's really good for buying stuff that's illegal or under oppressive regimes/without oversight

I mean more teh technical working of this, and even so what value it could really generate, I know it use computer power to analyze/process data, but what exactly, beats me

 

[Who Dares Win]

Unless someone bought it in the middle of the all time highs he should still be in gain.

I bought one april 2017 at 1125 euros, being too stupid to sell at the peak awfully.

The guys who got hundreds for few dollars are probably sitting in their caribbean villa surrounded from girls half their age.

Anyway not sure the bubble exploded, this pattern happened already previous years and hopefully will happen again.

Ps. nothing substitutes hard work for those looking for great gains wheter its a wallet matter or sport one.

 

[devilkingx2]

I mean more teh technical working of this, and even so what value it could really generate, I know it use computer power to analyze/process data, but what exactly, beats me

you're not really supposed to understand it, it's too technical and complicated.

all you really need to know is that the value comes from utility (what I just mentioned previous post) + scarcity (it's really hard to get) + people buying into it with lots of money (because of the first two)

it's mined via extremely taxing computer programs on powerful PCs or dedicated hardware, like how you need a beastly PC for certain art/editing, engineering or gaming pursuits.

and that's basically all you need to know if you don't plan on becoming a computer science major lol

 

[Serenity]

@devilkingx2 You forgot to mention security. The fact that it's practically impossible to make bitcoins illegitimately and practically impossible to tamper with someone else's bitcoins without knowing their private key. These things that banks can easily do can't be done with Bitcoin, not even the superpowers of the world can change it (unless they spend billions on powerful computers).

 

[Bible_Belt]

I was saying Sell Mortimer Sell almost a year ago, and people on here were practically threatening to beat me up.

What you have to understand about trading that so many people never will is that markets are not logical, they are emotional...much like women. Guys saying to buy bitcoin because it is logical is not much different from guys saying that women should want them because they have a good job and a great credit score. Logically, they are not incorrect, but it just doesn't work that way. Markets are valued at the sum of the human emotions involved, the balance of fear and greed. Those are the forces that move price, not logic. You can easily be logically correct and go bankrupt, in any market, or with women.

 

[Fzatf]

serious I never really get how bitcoin could be used as currency or how to even make it,

The majority of people treat bitcoin like stock. They want to buy low and sell high. Everyone got excited with the last major spike and interest was held high for a while. I wonder if it will spike again, but I don't have the income to risk a potential loss.

I regret not buying it when I first learned about it at a value of 40 bucks a coin. Though there's no way I could've known it would spike like it did. It's like wishing I had known the correct lottery numbers after the fact.

I predict bit coin will eventually have another major spike unless it dies completely. We don't really know if it will ever be stable enough to use as a reliable currency. I heard that it's limitations mean that it cannot be the only global currency. It's not fast enough to handle every transaction of the globe.

 

[Alvafe]

you're not really supposed to understand it, it's too technical and complicated.

all you really need to know is that the value comes from utility (what I just mentioned previous post) + scarcity (it's really hard to get) + people buying into it with lots of money (because of the first two)

it's mined via extremely taxing computer programs on powerful PCs or dedicated hardware, like how you need a beastly PC for certain art/editing, engineering or gaming pursuits.

and that's basically all you need to know if you don't plan on becoming a computer science major lol

that is my major actually lol

 

[synergy1]

This mania is dead for the time being . Bitcoin cannot rally without taking major hits in the price. Etherium is down 60% month over month! I know someone who is older who had most of their net worth tied up into this stuff. A lot of people lost a lot of money trying to get in on this bubble. But given how the internet works, you'll never see one person admit they lost money. Think about it - every crypto and ICO is down anywhere from 60-99% for the year, and you'll never here them atone to that. Another poster who loves using log graphs keeps claiming "now" is a good time to buy, but you would have gone broke listening to him. Of course he claims he buys the dips and sells the rips.

Bubbles never change and people never change.

 

[Chev.Chelios]

dude everybody went broke and the top few guys who knew wtf was up cashed in on epic proportions.

craziest money rush of the century, noobs don't just dont have the money anymore for the l33tz to grab.

I used to sit on the chat rooms in discord and listen to guys that stayed up 24/7 trading crypto, mindblowingly smart nerds who actually made money, as they would trade I would watch the charts, their predictions were accurate alot of the time and I had no idea how they got so good at it.

of course alot of those guys were in the game long before the breakout happened and knew everything already, took the newcomers out to lunch which was really fascinating to watch.

don't ever trade crypto until you're pro at it

 

[synergy1]

That would have been very interesting to observe. Stocks always start with the sophisticated investors/traders, and as they continue to rise, correct, and base, you see less sophisticated investors want to join. They always get left with the bag. Its VERY hard to sell after you made money and most people DCA into positions. I personally scale into a position quickly, take losses quickly, and lately been taking profits quick on long stocks. Not much out there, as everything is getting hit hard.

 

[Bible_Belt]

I was a broker at a day trading firm during the middle and tail end of the dot com bubble. I saw plenty of idiots make a million bucks out of dumb luck, then declare themselves to be geniuses.. and then lose it all back. There is an anecdote about a famous trader in 1929 pulling out of the market when the shoe shine boy on the street offered him hot stock tips, and the crash hit just after that. Well, funniest thing, we used to order pizza every friday for the traders in the office. One day, a young Pizza Hut delivery guy walked in and said, "Oh you guys are day traders? Cool! I'm a day trader, too!" and then started talking about his favorite stocks. That moment happened about six weeks before the absolute top of the nasdaq internet stock bubble.

 

[Bible_Belt]

An old trader I knew used to say, "the bubble is over when the last guy gives up."

So when someone starts a thread about bitcoin, and the consensus is "shut up, you idiot, no one cares anymore. We all hate bitcoin now," then that will be the time to buy.


https://amp.cnn.com/cnn/2018/12/07/investing/bitcoin-prices-plunging/index.html

Bitcoin's epic plunge continues