Bitcoin sellers remorse.... how many people are kicking themselves for cashing out>?

[momeNt]

Libertarians are so god damned retarded. This is exactly why we have central banking and fiat money. Who in their right mind would use something so volatile for money? I wouldn't be surprised if hedge funds had a hand in taking some of you to the cleaners.

Cyprus bank accounts were literally wiped out, yet you are harping about BTC falling 40%?

I'm pretty sure those from Cyprus would rather have BTC they bought at 30, went up to 260, and is back at 166 are probably happier than having a bank account seized, what about you?

They also suspended the investigation into those 11th hour withdrawals, so with any luck, those with the inside scoop could actually spend the money they "stole" from Cyprus banks and not go to jail. Hmm, wait whose the thief in this picture?

 

[Chiropteran]

It only dropped 40% in one day because it gained 40% in the previous two days. It's not like we are crashing down to the dark ages, price seems to have stabilized right where it was the all time high a mere 3 days ago. I don't think crash is even the correct word for it, because anyone who bought more than a couple days before the crash is still way ahead.

 

[momeNt]

And I work for one of the larger asset managers in the country and cover an entire sector for research. Who gives a crap? Acceleration into a trade that is being plowed into by many people just because it is new and exciting and bubbly has less to do with algorithm trading and more to do with geeks frothing at their newfound influence in a virtual currency that nobody gives a flying fuck through a rolling donut about. I don't need to follow trades to know that.

If you had any evidence you'd have somebody like the guys ZH goes to. Yet, for some reason ZH even admits this is all human trading. They are the first ones to get into the "IT'S THE ALGOS" froth and they won't even go there.

Agreed, no algos just cashing out. People are already buying the dip, which could be speculative action by those who cashed out early.

Algorithms can't even operate on that market because transaction practically infinitely slower than the exchanges that algos do operate on.

 

[LegendKiller]

It only dropped 40% in one day because it gained 40% in the previous two days. It's not like we are crashing down to the dark ages, price seems to have stabilized right where it was the all time high a mere 3 days ago. I don't think crash is even the correct word for it, because anyone who bought more than a couple days before the crash is still way ahead.

So what other global currency behaves like this? Absolutely none.

Bitcoin is a temporary fad that can't ever penetrate into the broader market.

 

[Train]

So what other global currency behaves like this? Absolutely none.

Show me a global currency that has a market cap less than 100 times that of BTC, and I will show you a currency that fluctuates the same at BTC, if not worse.

 

[Doppel]

It only dropped 40% in one day because it gained 40% in the previous two days. It's not like we are crashing down to the dark ages, price seems to have stabilized right where it was the all time high a mere 3 days ago. I don't think crash is even the correct word for it, because anyone who bought more than a couple days before the crash is still way ahead.

A 40% reduction in value is a crash by any standard and is not excused by an aggressive pre-crash run-up. Anybody who bought a month ago is ahead. Anybody who bought this morning is licking their wounds.

 

[Chiropteran]

So what other global currency behaves like this? Absolutely none.

Bitcoin is a temporary fad that can't ever penetrate into the broader market.

All of the ones that are less than 4 years old act like this.

Bitcoin is unique, you can't compare it to the existing system because it isn't supposed to match the existing system. The existing system is broken.

Besides, I'd rather take a few random 20-40% value dips if it means value increases overall by 10X or more each year. Better than USD, losing 10-15% to inflation every year.

 

[IAteYourMother]

Libertarians are so god damned retarded. This is exactly why we have central banking and fiat money. Who in their right mind would use something so volatile for money? I wouldn't be surprised if hedge funds had a hand in taking some of you to the cleaners.

I don't think what you're talking about would mean that libertarians are wrong. In fact, libertarians would likely believe that money should be backed directly by redeemable assets, like gold. Which is the complete opposite of what's going on here. There are obvious problems with that as well, but your original post seems misguided.

In addition, plenty of government backed currencies have been completely volatile WITH strong central influence.

 

[LegendKiller]

Show me a global currency that has a market cap less than 100 times that of BTC, and I will show you a currency that fluctuates the same at BTC, if not worse.

Show me a global currency that matters at far less than 100x any global currency.

 

[momeNt]

So what other global currency behaves like this? Absolutely none.

Bitcoin is a temporary fad that can't ever penetrate into the broader market.

How much did a Cyprus Euro lose in value overnight?

 

[Chiropteran]

A 40% reduction in value is a crash by any standard and is not excused by an aggressive pre-crash run-up. Anybody who bought a month ago is ahead. Anybody who bought this morning is licking their wounds.

Yep.

30 investors invest in bitcoin.

One bought 1 day ago, and is down $30 per bitcoin now. Sad, but not really a killer.

One bought 2 days ago, and is about even with the value it was purchased at. Sad but not really at a loss.

The other 28 bought 3-30 days earlier, and are ahead by anything from a few percent to a few HUNDRED percent. They are all ecstatic about the current value.

You ever gamble, doppel? 1:30 odds on losing money isn't very bad if the payoff is high enough otherwise. Which it is.

 

[LegendKiller]

All of the ones that are less than 4 years old act like this.

Bitcoin is unique, you can't compare it to the existing system because it isn't supposed to match the existing system. The existing system is broken.

Besides, I'd rather take a few random 20-40% value dips if it means value increases overall by 10X or more each year. Better than USD, losing 10-15% to inflation every year.

The USD is not losing 10-15% to inflation every year. Only somebody less than 4 years old says stupid shit like that.

Bitcoin is uniquely stupid. The existing system isn't broken. You can and do still transact in dollars and will likely continue to do so for many decades.

Bitcoin will not increase in value by 1000% every year, nothing does that is sustainable. The fact that you don't get this only highlights how delusional you are about this whole thing.

 

[Chiropteran]

How much did a Cyprus Euro lose in value overnight?

Excellent point.

I predict some crazy explanation about how he meant USD, not Euro, because Euro doesn't count as a global currency or something.

 

[Train]

Show me a global currency that matters at far less than 100x any global currency.

HUH?

Did you completely miss the point?

 

[LegendKiller]

How much did a Cyprus Euro lose in value overnight?

There is no cyprus euro. There is only the euro. The uninsured assets within the banks were used for a bail-in on a system which has sustained growth outside of what should have been able to occur within cyprus. They paid for their own largesses. That is not "losing value", that is paying the piper. If we don't fix our own situation it is likely the same will happen to us.

 

[LegendKiller]

HUH?

Did you completely miss the point?

No, I got your point but you obviously didn't get mine.

 

[Train]

No, I got your point but you obviously didn't get mine.

So you avoided answering the question, got it.

 

[ultimatebob]

How much did a Cyprus Euro lose in value overnight?

Practically nothing... there is a reason why the Euro is up where with the dollar as one of the world's most stable currencies.

People were trying to avoid a 6.75% bank levy as part of their Euro bailout package. They might end up losing a lot more than that in an hour if they leave their assets in bitcoins.

 

[Train]

The Cypriot myth was debunked several pages back.

the run-up was caused by an influx of USD, not EU. The avg Cypriot has no idea how to transfer money to BTC

 

[bradley]

I'll take Bitcoin over the Euro any day. At least it hasn't been imposed on an unsuspecting world.

Helmut Kohl: I acted like a dictator to bring in the euro
http://www.telegraph.co.uk/news/wor...ted-like-a-dictator-to-bring-in-the-euro.html

 

[Chiropteran]

The USD is not losing 10-15% to inflation every year. Only somebody less than 4 years old says stupid shit like that.

Bitcoin is uniquely stupid. The existing system isn't broken. You can and do still transact in dollars and will likely continue to do so for many decades.

Bitcoin will not increase in value by 1000% every year, nothing does that is sustainable. The fact that you don't get this only highlights how delusional you are about this whole thing.

You honestly believe the BS figures of 2% inflation?

I have seen inflation in my own lifetime. A movie cost $2 when I was a kid, now 16 years later it's $8- increase to 400% of original value over 20 years doesn't work out to 2% inflation, sorry.

Can of soda was $.25, now it's $1.

Gas was $1 a gallon or less, now it's $4.

You ever look at real estate prices? Houses that were $100k 16 years ago are easily $400k or more today.

Pretty much across the board things that don't change have increased 4X in price the last 16 years. It works out to a little over 10% inflation per year. Trust the government figures if you are a sheep maybe, the math doesn't lie.

>Bitcoin will not increase in value by 1000% every year

I agree. The value increase will slow down when bitcoin has saturated the market. The thing is, right now less than a tenth of a percent of the population use bitcoin. In addition, even among the users there is only limited usage because the technology isn't fully mature. I'd pay for everything with bitcoin if I could, but the support structure just isn't there yet. It has a long way to go before it hits the point of saturation, IMO about a 1000X increase from current values.

 

[Chiropteran]

Practically nothing... there is a reason why the Euro is up where with the dollar as one of the world's most stable currencies.

Are you not aware of what happened at all? The euro didn't lose value directly, but they took up to 80% out of peoples savings.

Don't worry ultimatebob, your euro are still worth .05 bitcoin each, they don't lose value- we just stole 80% of them from you.
http://dailybail.com/home/grand-theft-bank-80-of-your-money-will-be-stolen-in-cyprus.html

 

[Doppel]

It has a long way to go before it hits the point of saturation, IMO about a 1000X increase from current values.

You think a bitcoin will be worth $150,000? When?

 

[Train]

You honestly believe the BS figures of 2% inflation?

I have seen inflation in my own lifetime. A movie cost $2 when I was a kid, now 16 years later it's $8- increase to 400% of original value over 20 years doesn't work out to 2% inflation, sorry.

Can of soda was $.25, now it's $1.

Gas was $1 a gallon or less, now it's $4.

You ever look at real estate prices? Houses that were $100k 16 years ago are easily $400k or more today.

Pretty much across the board things that don't change have increased 4X in price the last 16 years. It works out to a little over 10% inflation per year. Trust the government figures if you are a sheep maybe, the math doesn't lie.

>Bitcoin will not increase in value by 1000% every year

I agree. The value increase will slow down when bitcoin has saturated the market. The thing is, right now less than a tenth of a percent of the population use bitcoin. In addition, even among the users there is only limited usage because the technology isn't fully mature. I'd pay for everything with bitcoin if I could, but the support structure just isn't there yet. It has a long way to go before it hits the point of saturation, IMO about a 1000X increase from current values.

uhh, those are a lot of bad examples.

I could also show you houses that were $200k 16 years ago that are $10k now.

You could argue that the "official" govt posted inflation rate is not accurate, but not by much. Saying it is 10-15% is kind of ridiculous.

 

[Miramonti]

The USD is not losing 10-15% to inflation every year. Only somebody less than 4 years old says stupid shit like that.

Bitcoin is uniquely stupid. The existing system isn't broken. You can and do still transact in dollars and will likely continue to do so for many decades.

Bitcoin will not increase in value by 1000% every year, nothing does that is sustainable. The fact that you don't get this only highlights how delusional you are about this whole thing.

Thanks for the bold statements, Nostradamus. But please tell me one thing, which is really all that matters...will your boss make money in a month/year/5 years by buying it at the current price of $170 or shorting it?