Economy Bitcoin Doubters, Come Eat Your Crow

this whole bitcoin things smells like a ponzi scheme to me. sure, some will make money on it, but the overwhelming majority will be fucked when the guys behind it feel the heat or decide they have enough money and disappear, leaving you staring at you meaningless bitcoin wallet.
 
Rockapotomuss said:
No, I bought and sold along the way. Total out is slightly more than put in. With one coin in, it's now about $7k over. I made a few sells that, while profitable at the time, cost opportunity. I still don't have faith in bitcoin long term, and will likely exit pretty hard around $10k, even though I'm pretty confident it will hit $50k and believe it has a good chance of hitting $100k.

The thing about bitcoin is I believe it's easily spoofed with alt coins that can be artificially pumped, which means the price of bitcoin can go up to whatever the miners who can do free transactions (since they get all the fees) want it to be. The only problem is there won't be enough USD to go around if many people start to sell.
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With all due respect, you haven't "made" 6k then.
You make what you take out. Otherwise it's all imaginary earnings.


On a side note, I'd pick a definite exit point. 10k is good. But there's a huge range from 10k to a possible 100k.
My hunch is you won't exit at 10k because you're "confident" that it'll hit 5 times that.

Exit at 10.

Good luck.
 
All right, I was wrong. Other people in this thread were half right and others were almost totally right. Bitcoin at a new high. And the market has been sucking in general lately. So I will eat crow now. But I still say SELL. lol. I sound like Chicken Little I know.
 
Because everyone is buying and noone selling. It's going to drop when people start cashing out. The question is when will that day come?
 
This stock went from 8 dollars to over 23 in 5 days. lol. I bought it earlier today and already up 2 per share.

Why are shares in a company that used to be a biotech, then turned itself into a blockchain technology company, soaring this week?

Shares in Riot Blockchain Inc. of Castle Rock (Nasdaq: RIOT) soared more than 42 percent in Wednesday trading, and they were rising again in early Friday trading.

It says it's trying to become a player in the digital currency business and "a strategic investor and operator in the blockchain ecosystem with a particular focus on the Bitcoin and Ethereum blockchains."

Its former CEO Michael Beeghley told Bloomberg last month that it "decided to changes its focus" to "participate in this very exciting industry that’s like the beginning of the internet."

https://www.bizjournals.com/denver/news/2017/11/24/why-are-shares-in-this-former-biotech-now-a.html
 
freaky said:
Because everyone is buying and noone selling. It's going to drop when people start cashing out. The question is when will that day come?
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Somebody showed me this website today. It measures all markets as fearful or greedy. Greedy is buying. Fearful is selling. It is a greedy day today. Bitcoin seems outside normal indicators though. Like the market was fearful last week and bitcoin still went up.

http://money.cnn.com/data/fear-and-greed/

But yes, that has been my point in this thread. It is musical chairs. Once the selling starts/music stops, a lot of people aren't gonna have chairs to sit in. Most people involved in bitcoin will make good money but somebody down the road is getting fucked. And you just dont know when. That is why I act like Chicken Little with it.

I think crypto is here to stay just maybe not the ones we have today. So I am investing in the technology of it. It's like a car manufacturer. If one model or entire brand go down, there are still plenty of other cars to sell parts to. If Bitcoin goes under that is just one brand going under, there are still others cryptos that need their products.
 
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blockchain stock is on fire. Posted this in another thread but it probably belongs more here:

If you want to see the stock of your company soar, immediately announce you are in the blockchain business. Wow. This biotech company decided it wanted to be a blockchain company and their stock went from $8 to $23 in 5 days.

RIOT it is called. another went from 1 to 6 in 5 days. MARA.




Why are shares in a company that used to be a biotech, then turned itself into a blockchain technology company, soaring this week?

Shares in Riot Blockchain Inc. of Castle Rock (Nasdaq: RIOT) soared more than 42 percent in Wednesday trading, and they soared another 47 percent in Friday's abbreviated trading.

Riot Blockchain used to be known as Bioptix Inc., and before that, it was Venaxis Inc., a medical device company.

Now it's Riot Blockchain as of last month. It says it's trying to become a player in the digital currency business and "a strategic investor and operator in the blockchain ecosystem with a particular focus on the Bitcoin and Ethereum blockchains."

Its former CEO Michael Beeghley told Bloomberg last month that it "decided to changes its focus" to "participate in this very exciting industry that’s like the beginning of the internet."

https://www.bizjournals.com/denver/news/2017/11/24/why-are-shares-in-this-former-biotech-now-a.html
 
Bagatur said:
this whole bitcoin things smells like a ponzi scheme to me. sure, some will make money on it, but the overwhelming majority will be fucked when the guys behind it feel the heat or decide they have enough money and disappear, leaving you staring at you meaningless bitcoin wallet.
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If the value stayed stable enough for it to be reasonable to exchange for goods (the central purpose of money), it wouldn't have that angle. The problem is most of the users buying in our doing it seeing it as an investment like a stock which it isn't. That's where the ponzi scheme feel comes in. If they could stabilize the value more and users would start actually using it like they would with cash, it would be fine. The problem is going to be how it's built to a finite supply. That's going to force it to be something that will be unable to grow without the value increasing and thus defeat its purpose. I assume there are other crypocurrencies that already understand this and adjusted. The problem is they aren't even a 1/10th as know or popular as bitcoin. Makes me think governments will eventually just adopt the pros of the technology into their own currency before a private one ever takes off.
 
people are buying this as an investment, not to actually use them. It is the very definition of a bubble.
 
Bagatur said:
this whole bitcoin things smells like a ponzi scheme to me. sure, some will make money on it, but the overwhelming majority will be fucked when the guys behind it feel the heat or decide they have enough money and disappear, leaving you staring at you meaningless bitcoin wallet.
Click to expand...

Block-chain technology and even block-chain currencies are here to stay. Now if China, Russia, USA and other major countries start to create their own "official" crypto currencies then I could see bitcoin and others becoming obsolete. Here is another curve ball that could make the crypto's skyrocket even higher than they are now. If we see a large stock market crash, all the scared investors are going to flood in the crypto space. And then we could see something crazy like half a million dollar bitcoin. But right now the fact is nobody really knows what is going to happen!
 
Lead said:
If the value stayed stable enough for it to be reasonable to exchange for goods (the central purpose of money), it wouldn't have that angle. The problem is most of the users buying in our doing it seeing it as an investment like a stock which it isn't. That's where the ponzi scheme feel comes in. If they could stabilize the value more and users would start actually using it like they would with cash, it would be fine. The problem is going to be how it's built to a finite supply. That's going to force it to be something that will be unable to grow without the value increasing and thus defeat its purpose. I assume there are other crypocurrencies that already understand this and adjusted. The problem is they aren't even a 1/10th as know or popular as bitcoin. Makes me think governments will eventually just adopt the pros of the technology into their own currency before a private one ever takes off.
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lol if people used it like money, it would be money. and if my aunt had a dick, she would be my uncle.
it is not backed up by anything. the only thing keeping it afloat is more people falling for it and buying more bitcoin.
it is amazing. people have been fucked several times already by various pyramid schemes. but, throw in fancy words like crypto-currency and block-chain technology, and people go crazy. they dont even need a piece of paper on their hands and a name and a bank they can call the police on in case they get scammed. they are content with some ones and zeros on the internet and no people to ask from were those ones and zeros to disappear.
 
WhiskeyPunch said:
Block-chain technology and even block-chain currencies are here to stay. Now if China, Russia, USA and other major countries start to create their own "official" crypto currencies then I could see bitcoin and others becoming obsolete. Here is another curve ball that could make the crypto's skyrocket even higher than they are now. If we see a large stock market crash, all the scared investors are going to flood in the crypto space. And then we could see something crazy like half a million dollar bitcoin. But right now the fact is nobody really knows what is going to happen!
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lol nothing's wrong with dreaming that one day your bitcoin will be worth millions.
 
Bagatur said:
lol if people used it like money, it would be money. and if my aunt had a dick, she would be my uncle.
it is not backed up by anything. the only thing keeping it afloat is more people falling for it and buying more bitcoin.
it is amazing. people have been fucked several times already by various pyramid schemes. but, throw in fancy words like crypto-currency and block-chain technology, and people go crazy. they dont even need a piece of paper on their hands and a name and a bank they can call the police on in case they get scammed. they are content with some ones and zeros on the internet and no people to ask from were those ones and zeros to disappear.
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It's trendy and I think poor understanding in basic economics is part of the problem. I've seen multiple people here think it was perfectly fine to compare this to a stock and wouldn't budge.
 
Orgasmo said:
I never got on the bandwagon, and it's probably too late to start.
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It could go up to 50k in the next couple of years. So depending how much you have and are able to lose, it's not too late.

Or look at Litecoin if you want to make a a gamble on another cryptocurrency.
 
Lead said:
It's trendy and I think poor understanding in basic economics is part of the problem. I've seen multiple people here think it was perfectly fine to compare this to a stock and wouldn't budge.
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I personally dont see any difference at all in comparing bitcoin to a growth stock that has no dividend paid out
 
Bagatur said:
this whole bitcoin things smells like a ponzi scheme to me. sure, some will make money on it, but the overwhelming majority will be fucked when the guys behind it feel the heat or decide they have enough money and disappear, leaving you staring at you meaningless bitcoin wallet.
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Sure, there is a network effect.

Compare this to the phone or internet gaming.

If you were the only person you know eith a telephone line, its not worth anything.

How useful is a computer that can play doom online, if no one else can?

A ponzi scheme requires the money to go directly from the new entrants to the old entrants. That is not happening here
 
mike sherry said:
So am I supposed to be proving some point of yours?

Like, do you think I am misstating the risk or something?
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It's a very poor and misleading comparison that I bet we've already had a discussion on in the past. A stock is ownership of the net assets/liabilities of a company. Usually on top of that, the company also is producing something that generates consistent revenue streams to increase that net worth. To compare Bitcoin to that is a bad comparison, especially if you are trying to argue it will be an alternative currency.
 
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