Economy Bitcoin Doubters, Come Eat Your Crow

Luminaire said:
Don't... if he invested 20k in Bitcoin and Ether early last year... Bitcoin was like $1k and Ethereum was like $20 or $50...

So you know... he's still up more than tenfold.

Had you said he invested 20k in mid december I'd be like.... oooo that hurts.
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Yeah, he's definitely up, but he just lost like 50% of his gains in less than a month. You know how people who invest think. That's lost money no matter what you bought in at.
 
DangDaGawd said:
Yeah, he's definitely up, but he just lost like 50% of his gains in less than a month. You know how people who invest think. That's lost money no matter what you bought in at.
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Well... I suppose, that run was clearly unsustainable in the short term, nothing can keep accelerating like that.

However, if he's invested in Bit and Ether, those are more the "blue chips" of the crypto world, I probably (actually definitely) would have sold off some a month ago when it went skyward just to make sure I took some profits.

Regardless, from the sounds of it he turned 20k, into 400k+ and maybe now it's down to 200k.

I don't think anyone is feeling bad about turning 20k into 200k in less than a year.
 
The problem with bitcoins is that everyone talks about how many dollars they can make. I thought the whole point was too use it as a replacement for the dollar and other Fiat currency?
 
DangDaGawd said:
Had a friend from the Bay come down over the holidays and told me about he invested like 20k into Bitcoin and Ether back early last year and made a ton of money. This was late December and I told him to sell and get out while it's hot. He told me I'm crazy.

Feel bad for him now honestly.
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If he bought back then he's probably still in the green. If he continued to buy through the bull run he might not be.

Still plenty of room to fall, though. The crash has "only" wiped the crypto cap to December levels. (850b to 450b). Laypeople started seeing it as get richquick in mid-2017 (at maybe 50-100b). That'd drop prices from all time high by 90%, not 50.

But the modern price manipulation trend that kicked off this run started in 2016. In that case, you're looking at a floor of 15b or worse, a 98% drop. I don't think that'll happen because there's too much optimism from hodlers who are doubling down with the dips (which is why each drop is followed by a small bounce). But there's still more to lose.
 
Revolver said:
everything I hear is that people have made money but have a hard time cashing out. I think I'll just stick with equities.
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That's the issue. Cashing out is very difficult and in lots of cases it doesn't even work.
 
Quipling said:
If he bought back then he's probably still in the green. If he continued to buy through the bull run he might not be.

Still plenty of room to fall, though. The crash has "only" wiped the crypto cap to December levels. (850b to 450b). Laypeople started seeing it as get richquick in mid-2017 (at maybe 50-100b). That'd drop prices from all time high by 90%, not 50.

But the modern price manipulation trend that kicked off this run started in 2016. In that case, you're looking at a floor of 15b or worse, a 98% drop. I don't think that'll happen because there's too much optimism from hodlers who are doubling down with the dips (which is why each drop is followed by a small bounce). But there's still more to lose.
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That makes sense. The problems with cashing out probably have a lot of people feeling trapped. The ground is coming up at them, and unlike equities, there's not a lot they can do about it.
 
Sketch said:
That's the issue. Cashing out is very difficult and in lots of cases it doesn't even work.
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no... its not at all. You convert all your holdings into ltc/btc or eth, send it to coinbase/gax/kraken/gemini and then wire your money into your bank.
 
I love how so many people that don't even play this game/participate in this market have so much information about how it all works XDDD

The ignorant should shut their mouths and learn.
 
Quipling said:
Not exactly, but yes. You can use blockchain, the underlying tech, for other uses, including other currencies. Xrp is one: rather than a traditional currency, it's designed to facilitate financial transactions. It had a huge peak when several banks expressed interest, and a recent nosedive because of various reasons.

Hoping that @Falsedawn dipped on xrp while it was near peak. Even then, he identified it early enough that he probably hasn't bled as much as most folks.
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Cashed out everything before the correction. Had a bad feeling that January was going to be brutal with people cashing out for tax time. I'm up 10k right now. :D
 
"The Lunar New Year, which marks the first day of the year in the Chinese calendar, is being cited by some as contributing to Bitcoin’s slump"

That's how you know its legit.
 
Der Eisbär said:
lmao, still up like 1,000,000% from where it started.
"foxnewsfan"
>is a fan of central banks and fiat currency lmao
{<huh}
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so what's that in dollars and when did you start? the people who got in early made out. too late for a lot of other people imo
 
People are talking shit like they think Bitcoin won't be hitting 20k+ again

People are are buying low right now will profit later on
 
Revolver said:
so what's that in dollars and when did you start? the people who got in early made out. too late for a lot of other people imo
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To begin with, this whole thing of "lmao why do people measure their gains in dollars if its all about bitcoin?!? LOL PWNT!!!" is retarded. Those of us in this market measure our gains in Satoshi (sats). We only communicate to you plebs in dollar amounts because you wouldn't understand wtf we're talking about otherwise.

This same dip happened last year, the year before it, and the year before it. You could have been talking the same shit Jan 2017 when the market went from 21 billion market cap to 14 bil. "Those who got in early made out, too late for a lot of other people". Later that same year the market boomed to 600 billion. Do not be shocked when the market cap booms to 2 trillion + later this year, the market tanks to close to a trillion january 2019, and then we get these same comments because people arent paying attention and keeping track.
 
Der Eisbär said:
To begin with, this whole thing of "lmao why do people measure their gains in dollars if its all about bitcoin?!? LOL PWNT!!!" is retarded. Those of us in this market measure our gains in Satoshi (sats). We only communicate to you plebs in dollar amounts because you wouldn't understand wtf we're talking about otherwise.

This same dip happened last year, the year before it, and the year before it. You could have been talking the same shit Jan 2017 when the market went from 21 billion market cap to 14 bil. "Those who got in early made out, too late for a lot of other people". Later that same year the market boomed to 600 billion. Do not be shocked when the market cap booms to 2 trillion + later this year, the market tanks to close to a trillion january 2019, and then we get these same comments because people arent paying attention and keeping track.
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so is this going to allow you to move from boise now?

can you get anything other than a boise dime now that your'e a bitcoin zillionaire?
 
Cuzcatlan said:
The problem with bitcoins is that everyone talks about how many dollars they can make. I thought the whole point was too use it as a replacement for the dollar and other Fiat currency?
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Bingo. They are collectors items like beanie babies
 
Der Eisbär said:
I love how so many people that don't even play this game/participate in this market have so much information about how it all works XDDD

The ignorant should shut their mouths and learn.
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Hey idiot. How are you today? I have many friends doing this. You can also feel free to read the many horror stories on bitcoin Reddit for example. Have a good day idiot.
 
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