Author Topic: How soon until Bitcoin crashes?  (Read 14115 times)

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Offline Liar Loan

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Re: How soon until Bitcoin crashes?
« Reply #150 on: September 05, 2018, 11:47:48 AM »
Isnt this all about timing?  There are many that are still profitable even at todays prices.  If you bought greater than 1 year ago, then you are still looking really good.

They only heard about Bitcoin in December 17'...to them it's a disaster  ;D

This is a valid point.  I remember one of my friends recommending Bitcoin to me when it had reached $3,000.  If I had listened to him, I would still be up over 100%.

Yet, the problem is I'm not going to buy something based on pure speculation.  I have to be able to quantify the risk in my mind, and a 100% return on Bitcoin is actually terrible when you adjust for the risk involved.

The volatility is off the charts, the risk of hacks is ever-present, there are tons of scammers out there, and there's no guarantee that Bitcoin will ever have a practical application beyond black market transactions.

I could also make a 100% return on penny stocks with absolutely no fundamentals backing them, but I would never invest my savings in something like that.

And then there are the taxes.

I was talking to another friend over Labor Day and he was daytrading bitcoin during the run up.  The problem now is his tax situation is a complete nightmare.  It took him 40 hours of tedious labor to download the transactions and put them into a spreadsheet that was readable for his accountant.  Time lost is also money lost.

Offline Liar Loan

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Re: How soon until Bitcoin crashes?
« Reply #151 on: September 11, 2018, 01:27:32 PM »
Here's a guy that studied Bitcoin for years before investing... and he still lost it all.
Quote
Bitcoin crash: This man lost his savings when cryptocurrencies plunged

Russell rarely played the stock market and had little investing experience when he put around $120,000 into bitcoin in November 2017. He was stunned when that turned into $500,000 in just one month.

The dream didn't last for Russell, who works as a property developer in the United Kingdom, buying homes and fixing them up. The price of Bitcoin surpassed $20,000 in December before collapsing. It now trades at $6,300.

Russell attempted to mitigate his losses by shifting money from bitcoin (XBT) to an offshoot called Bitcoin Cash and other cryptocurrencies including Ethereum and Ripple. But that didn't work, and Russell says the paper losses on his initial investment have reached 96%.

Before he first invested, Russell spent years tracking bitcoin and studying blockchain, the technology underpinning digital currencies. He said the learning process was like solving the plot of a murder mystery.

Despite the loss, he remains a committed investor.

"I have to be hopeful about something," he said. "I need to keep my mind occupied, because when I just focused on the money I lost, it destroyed me mentally and emotionally."

https://money.cnn.com/2018/09/11/investing/bitcoin-crash-victim/index.html

Offline meccos12

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Re: How soon until Bitcoin crashes?
« Reply #152 on: September 11, 2018, 02:01:19 PM »
Here's a guy that studied Bitcoin for years before investing... and he still lost it all.
Quote
Bitcoin crash: This man lost his savings when cryptocurrencies plunged

Russell rarely played the stock market and had little investing experience when he put around $120,000 into bitcoin in November 2017. He was stunned when that turned into $500,000 in just one month.

The dream didn't last for Russell, who works as a property developer in the United Kingdom, buying homes and fixing them up. The price of Bitcoin surpassed $20,000 in December before collapsing. It now trades at $6,300.

Russell attempted to mitigate his losses by shifting money from bitcoin (XBT) to an offshoot called Bitcoin Cash and other cryptocurrencies including Ethereum and Ripple. But that didn't work, and Russell says the paper losses on his initial investment have reached 96%.

Before he first invested, Russell spent years tracking bitcoin and studying blockchain, the technology underpinning digital currencies. He said the learning process was like solving the plot of a murder mystery.

Despite the loss, he remains a committed investor.

"I have to be hopeful about something," he said. "I need to keep my mind occupied, because when I just focused on the money I lost, it destroyed me mentally and emotionally."

https://money.cnn.com/2018/09/11/investing/bitcoin-crash-victim/index.html

He actually lost significantly more by selling bitcoin and buying bitcoin cash, ethereum and ripple. 

Offline Liar Loan

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Re: How soon until Bitcoin crashes?
« Reply #153 on: September 12, 2018, 10:18:03 AM »
Crypto’s 80% Plunge Is Now Worse Than the Dot-Com Crash
Quote
The Great Crypto Crash of 2018 looks more and more like one for the record books.

As virtual currencies plumbed new depths on Wednesday, the MVIS CryptoCompare Digital Assets 10 Index extended its collapse from a January high to 80 percent. The tumble has now surpassed the Nasdaq Composite Index’s 78 percent peak-to-trough decline after the dot-com bubble burst in 2000.

Like their predecessors during the Internet-stock boom almost two decades ago, cryptocurrency investors who bet big on a seemingly revolutionary technology are suffering a painful reality check, particularly those in many secondary tokens, so-called alt-coins.

“It just shows what a massive, speculative bubble the whole crypto thing was -- as many of us at the time warned,” said Neil Wilson, chief market analyst in London for Markets.com, a foreign-exchange trading platform.

Crypto bulls dismiss negative comparisons to the dot-com era by pointing to the Nasdaq Composite’s recovery to fresh highs 15 years later, and to the internet’s enormous impact on society.

https://www.bloomberg.com/news/articles/2018-09-12/crypto-s-crash-just-surpassed-dot-com-levels-as-losses-reach-80

 

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