Author Topic: How soon until Bitcoin crashes?  (Read 16258 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

Online 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

Offline morekaos

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Re: How soon until Bitcoin crashes?
« Reply #154 on: October 18, 2018, 11:02:33 AM »
This is why crypto is such a scam.  Even its parents don't really understand it...

The Prophets of Cryptocurrency Survey the Boom and Bust
Inside the ongoing argument over whether Bitcoin, Ethereum, and the blockchain are transforming the world.

https://www.newyorker.com/magazine/2018/10/22/the-prophets-of-cryptocurrency-survey-the-boom-and-bust

Offline fortune11

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Re: How soon until Bitcoin crashes?
« Reply #155 on: October 18, 2018, 11:45:51 AM »
Nouriel Roubini s testimony to Congress is worth a read

I generally am skeptical of him , but his logic is very sound in this case  — Crypto Hasnt really done anything More than put a value on “how much would anonymity in electronic financial transactions be worth ?”  Otherwise , a complete scam benefiting a select few ....


Online meccos12

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Re: How soon until Bitcoin crashes?
« Reply #156 on: October 24, 2018, 03:26:32 PM »
Nouriel Roubini s testimony to Congress is worth a read

I generally am skeptical of him , but his logic is very sound in this case  — Crypto Hasnt really done anything More than put a value on “how much would anonymity in electronic financial transactions be worth ?”  Otherwise , a complete scam benefiting a select few ....

I follow him on twitter and some of his claims seem to be very off. 

If he thinks that crypto does nothing more than put a value on "anonymity in electronic transactions", then he is wrong and has overly simplified cryptos. 

I am not an expert in cryptos in any way, however even I can tell you cryptos do more than that.

Offline Happiness

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Re: How soon until Bitcoin crashes?
« Reply #157 on: October 29, 2018, 09:36:12 AM »

Offline fortune11

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Re: How soon until Bitcoin crashes?
« Reply #158 on: October 29, 2018, 09:45:05 AM »
Nouriel Roubini s testimony to Congress is worth a read

I generally am skeptical of him , but his logic is very sound in this case  — Crypto Hasnt really done anything More than put a value on “how much would anonymity in electronic financial transactions be worth ?”  Otherwise , a complete scam benefiting a select few ....

I follow him on twitter and some of his claims seem to be very off. 

If he thinks that crypto does nothing more than put a value on "anonymity in electronic transactions", then he is wrong and has overly simplified cryptos. 

I am not an expert in cryptos in any way, however even I can tell you cryptos do more than that.

He has taken all the claims and broken them down one by one . Just google it up - totally worth a read regardless of your preference in this space .

Offline nosuchreality

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Re: How soon until Bitcoin crashes?
« Reply #159 on: October 29, 2018, 10:13:41 AM »
The value of anonymity isn't in being anonymous, it is having access to otherwise inaccessible markets, bypassing regulation, avoiding taxes, financial controls, etc.

Look at the early days of Amazon, avoiding taxes, regulation and access is what built it with a healthy dose of predatory pricing.

Offline fortune11

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Re: How soon until Bitcoin crashes?
« Reply #160 on: October 29, 2018, 10:49:19 AM »
The value of anonymity isn't in being anonymous, it is having access to otherwise inaccessible markets, bypassing regulation, avoiding taxes, financial controls, etc.

Look at the early days of Amazon, avoiding taxes, regulation and access is what built it with a healthy dose of predatory pricing.

Is anyone else annoyed by amazon making you return items to either kohl’s or to their drop off center ?  Used to be free ups pickup if I remember correctly last year

Offline akkord

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Re: How soon until Bitcoin crashes?
« Reply #161 on: October 29, 2018, 11:51:10 AM »
Kohls is nice where you don't have to package your own items, just scan and drop off.  I luckily have UPS coming by our work's mailroom every day. 

Is anyone else annoyed by amazon making you return items to either kohl’s or to their drop off center ?  Used to be free ups pickup if I remember correctly last year

Offline momopi

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Re: How soon until Bitcoin crashes?
« Reply #162 on: October 29, 2018, 12:16:00 PM »
Depending on condition of item, if you complain loud enough Amazon will let you trash it and send a refund.

Earlier this year I ordered some Korean facial masks, Russian marine/military emergency ration bars ("elf bread"), and DA polisher foam pad (for car detailing) cleaner solution.  The foam pad cleaning solution bottle broke and I eyed face mask and Russian rations thinking "do I really want to put this on my face or eat it".  Called them and they said just throw it away and they'd send me a refund.

Side note, the Russian "Marine Pro" ration bars actually taste pretty good.  It's like sugar, fat, and oatmeal.  Will keep for 5 years.  I fed some to my coworkers and they all agreed that it tasted better than the typical "Coast Guard" emergency ration bars made here.

Offline morekaos

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Re: How soon until Bitcoin crashes?
« Reply #163 on: November 15, 2018, 12:57:56 PM »
Big breakdown...

Bitcoin Plunges Below $6,000, Hits New Lows for the Year
The virtual currency has lost more than 60% of its value this year

The lull in cryptocurrency markets is over.

Bitcoin dropped more than 10% on Wednesday, falling below $6,000 and reaching new lows for the year.

https://www.wsj.com/articles/bitcoin-plunges-below-6-000-hits-new-lows-for-the-year-1542247659

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Offline USCTrojanCPA

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Re: How soon until Bitcoin crashes?
« Reply #164 on: November 15, 2018, 09:56:51 PM »
Big breakdown...

Bitcoin Plunges Below $6,000, Hits New Lows for the Year
The virtual currency has lost more than 60% of its value this year

The lull in cryptocurrency markets is over.

Bitcoin dropped more than 10% on Wednesday, falling below $6,000 and reaching new lows for the year.

https://www.wsj.com/articles/bitcoin-plunges-below-6-000-hits-new-lows-for-the-year-1542247659

This could be why Nvidia tanked after providing poor guidance when they released their earnings this afternoon.
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