Bitcoins - fad or trend?

Discussion of all things crypto and blockchain.
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MauserMan
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Re: Bitcoins - fad or trend?

Postby MauserMan » Sat Nov 24, 2018

I can’t believe I was buying crypto at such prices earlier :?

BTC :thumbdown:
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HODLr is a nice concept, but I think I’m ready to lock in my haircut rather than go bald.

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Re: Bitcoins - fad or trend?

Postby cmiller17363 » Sat Nov 24, 2018

What were your reasons for purchasing bitcoin?
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Re: Bitcoins - fad or trend?

Postby MileHighSilver » Sat Nov 24, 2018

cmiller17363 wrote:What were your reasons for purchasing bitcoin?



I'll take a shot: buy low sell high?
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Re: Bitcoins - fad or trend?

Postby MauserMan » Sat Nov 24, 2018

cmiller17363 wrote:What were your reasons for purchasing bitcoin?

I was staunchly against crypto forever, until 2017. I dipped my toes and slowly a perfect storm of events and greed led me to buy more into the run up. I was also bored of PMs only going down for years while crypto gobbled up the same competing capital. Stocks had gone up so long it seemed the Fed would never let deflation creep in, only money printing. Then I just hung on assuming it will bounce up eventually, never bet more than I could lose.

Now it really seems like we are slipping into the biggest deflation in modern history, BTC & crypto have not performed as they should have the entire year (risk on instead of risk off.) I’ll hang on to some but now it’s time to preserve capital.

King dollar will probably go up up and away unfortunately, then hopefully implode as people tire of Fed Reserve booms and busts...

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Re: Bitcoins - fad or trend?

Postby cmiller17363 » Sat Nov 24, 2018

MauserMan wrote:
cmiller17363 wrote:What were your reasons for purchasing bitcoin?

never bet more than I could lose.

This is what I was curious about. Thats good to hear. I did the same. Many people put their life savings into crypto and are now in serious trouble.
As far as taking a haircut, I refuse. Gotta risk it for the biscuit :lol:
Do I think that this is a steep correction? Yes.
Does it hurt? Oh yeah.
Is this large of a correction uncharted territory for cryptocurrencies? Not at all.
Did I know it was a possibility? I did.

Maybe I'm delusional but I am beginning to see blood in the streets and that is where money is made. People are panic selling right now and cutting their losses, I'm buying. Maybe I'm a fool. Wouldnt be the first mistake I've ever made nor the worst. It's interesting how the human brain works. People wished they had bought at today's prices during the run up to 20k yet here we are and people are selling because "crypto is dead". Maybe it is, but what if it isn't?
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Re: Bitcoins - fad or trend?

Postby Bucketeer » Sun Nov 25, 2018

Cointelegraph:Crypto Trading Exec: Price Slump to Continue, With Bitcoin Bottoming Out at $3,000.
https://cointelegraph.com/news/crypto-trading-exec-price-slump-to-continue-with-bitcoin-bottoming-out-at-3-000
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Re: Bitcoins - fad or trend?

Postby Silversaving » Sun Nov 25, 2018

Been holding a lot in tether for a while now. Told myself it it gets around $3k I'd be buying back in. We'll see what happens.
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SilverDoge
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Re: Bitcoins - fad or trend?

Postby SilverDoge » Sun Nov 25, 2018

cmiller17363 wrote:
MauserMan wrote:
cmiller17363 wrote:What were your reasons for purchasing bitcoin?

never bet more than I could lose.

This is what I was curious about. Thats good to hear. I did the same. Many people put their life savings into crypto and are now in serious trouble.
As far as taking a haircut, I refuse. Gotta risk it for the biscuit :lol:
Do I think that this is a steep correction? Yes.
Does it hurt? Oh yeah.
Is this large of a correction uncharted territory for cryptocurrencies? Not at all.
Did I know it was a possibility? I did.

Maybe I'm delusional but I am beginning to see blood in the streets and that is where money is made. People are panic selling right now and cutting their losses, I'm buying. Maybe I'm a fool. Wouldnt be the first mistake I've ever made nor the worst. It's interesting how the human brain works. People wished they had bought at today's prices during the run up to 20k yet here we are and people are selling because "crypto is dead". Maybe it is, but what if it isn't?


I concur with this post! We are getting back to the point where people can almost afford a whole bitcoin again. It has been such a crazy ride, but that is how it has been in crypto for years. The real question now is if bitcoin/crypto was all a big hype/fad, or if the technology will solve real world problems that an average user can benefit from? If the latter, then these current prices are quite appealing. If the former, then we can continue further and further down. Nobody knows the future, but the tech isn't going anywhere and bitcoin can't be uninvented. Do you really think we go under $1,000 per bitcoin? That would be ultimate capitulation.
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Re: Bitcoins - fad or trend?

Postby jcz1 » Sun Nov 25, 2018

SilverDoge wrote: The real question now is if bitcoin/crypto was all a big hype/fad, or if the technology will solve real world problems that an average user can benefit from?


I think the answer is that both will be true. IBM has a whole business segment devoted to blockchain (https://www.ibm.com/blockchain), no cryptocurrency required. The tech will solve real world problems, while bitcoin will be a niche at best, IMHO.

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Re: Bitcoins - fad or trend?

Postby Bucketeer » Sun Nov 25, 2018

EWN: BTC Not Out of The Woods Yet as CME Bitcoin Futures Contracts Expire This Friday.
https://ethereumworldnews.com/btc-not-out-of-the-woods-cme-bitcoin-futures-contracts-expire/
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MauserMan
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Re: Bitcoins - fad or trend?

Postby MauserMan » Sun Nov 25, 2018

SilverDoge wrote: Nobody knows the future, but the tech isn't going anywhere and bitcoin can't be uninvented. Do you really think we go under $1,000 per bitcoin? That would be ultimate capitulation.


Yes, I do. Stocks will likely keep deflating and so will the cryptos which have proven riskiest of all...

I’m gonna keep trying to sell the rips. Hopefully I can later buy back the LTC at $5 and BTC around $400 that I sold.

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Re: Bitcoins - fad or trend?

Postby SilverDoge » Sun Nov 25, 2018

MauserMan wrote:Hopefully I can later buy back the LTC at $5 and BTC around $400 that I sold.


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Re: Bitcoins - fad or trend?

Postby SilverDoge » Sun Nov 25, 2018

He even quotes Mike Maloney in the video. A good summary and pep talk for those feeling the crypto pain and a reminder of why some of us got into it in the first place...

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Re: Bitcoins - fad or trend?

Postby Bucketeer » Mon Nov 26, 2018

MauserMan wrote:
cmiller17363 wrote:What were your reasons for purchasing bitcoin?

I was staunchly against crypto forever, until 2017. I dipped my toes and slowly a perfect storm of events and greed led me to buy more into the run up.


An enormous amount of volatility has been inherent in Bitcoin since it was created. Bitcoin has had several previous cycles of boom and bust in the past, and history has a tendency to accurately foretell future events.

By your own admission, personal greed led to your entry into these markets in 2017.

Was there really a "perfect storm of events" in 2017?

I say not. A large number of people who were "staunchly" against Bitcoin decided to enter the markets shortly after the run-up from $600 that began in September 2016.

When Bitcoin broke $1000 less than 4 months later, the fear of missing out (FOMO) overruled caution, and "herd mentality" led the price stampede. Nonetheless, the new buyers at the $1000 entry point are still sitting on enormous profits, and purchasing Bitcoin has probably been the single best investment they have ever made.

MauserMan wrote:HODLr is a nice concept, but I think I’m ready to lock in my haircut rather than go bald.

The long-term HODLers of Bitcoin are so far ahead of the game, that the very few that I personally know have little or no concern about the daily price or the current bear market. That is not because HODLers have nerves of steel. A better analogy would be rain water running off the back of a duck.

These same HODLers bought into a select few of the alts and are still up 10-1000x.

If your investments in Bitcoin and crypto are underwater and causing great anxiety, perhaps you should consider selling. If you do sell, you may want to also avoid any future investments in Bitcoin, and probably any highly leveraged assets like futures, options or 3x ETFs.

Everybody on this forum presumably owns precious metals. Gold and Silver prices have dropped significantly over the past several years. These dramatic price declines are akin to a death by 1000 cuts (Lingchi), whereas Bitcoin has proven once again to be a guillotine by comparison. Either method accomplishes the same result.

MauserMan wrote:and so will the cryptos which have proven riskiest of all...

Bitcoin isn't risky, but it is volatile. There is a difference.
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Re: Bitcoins - fad or trend?

Postby tdtwedt » Wed Nov 28, 2018

Bitcoin Surges Most Since July, Back Above $4000

https://www.zerohedge.com/news/2018-11- ... above-4000

:pop:
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Bucketeer
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Re: Bitcoins - fad or trend?

Postby Bucketeer » Wed Nov 28, 2018

tdtwedt wrote:Bitcoin Surges Most Since July, Back Above $4000

https://www.zerohedge.com/news/2018-11- ... above-4000


What follows is an excerpt from the above link provided by tdtwedt.

In news for institutional crypto exposure, CoinTelegraph reports the world’s second largest stock exchange Nasdaq and U.S. investment firm VanEck yesterday announced a partnership to jointly launch a set of “transparent, regulated and surveilled” digital assets products. The announcement echoes yesterday’s report from Bloomberg, citing “two people familiar with the matter,” that Nasdaq would be rolling out a Bitcoin (BTC) futures contract as early as Q1 2019.

The chairman of the world’s largest stock exchange, New York Stock Exchange (NYSE)’s Jeffrey Sprecher has also this week said he believes the survival of digital currencies as an asset class is “unequivocal.”

It appears - for now - that Michael Moro was right.

The CEO of cryptocurrency trading companies Genesis Trading and Genesis Capital Trading, said that the Bitcoin (BTC) price could bottom at $3,000 in an interview with CNBC Nov. 23. Speaking on CNBC’s “Squawk Box,” Moro suggested that the leading cryptocurrency will lose another 30 percent before bottoming at $3,000. Moro said, “You really won’t find [the floor] until you kind of hit the 3K-flat level.”

Moro addressed small resistance levels, saying that he does not think the BTC price can stabilize in “the mid-3s,” also noting that the $4,000 level was tested twice in the previous days.

The crypto trader said that long-term investors are more poised to handle BTC’s slump and wait until the price rebounds, while at the same time advising not to buy the cryptocurrency at the dip:

“This is about the fifth or sixth 75 percent-plus drawdown that we’ve seen in the 10-year history of Bitcoin. And so if you have that [long-term] lens, I don’t believe institutional investors really ultimately care where the price of Bitcoin ends in 2018, simply because they’re looking at things three to five years out.”


jcz1 wrote:
SilverDoge wrote: The real question now is if bitcoin/crypto was all a big hype/fad, or if the technology will solve real world problems that an average user can benefit from?


I think the answer is that both will be true. IBM has a whole business segment devoted to blockchain (https://www.ibm.com/blockchain), no cryptocurrency required. The tech will solve real world problems, while bitcoin will be a niche at best, IMHO.


"while bitcoin will be a niche at best, IMHO."

Oh Really? There is serious money betting on Bitcoin being around for awhile (CME/NASDAQ/NYSE).

Stay thirsty my friends - HODL.
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t458
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Re: Bitcoins - fad or trend?

Postby t458 » Wed Nov 28, 2018

Many PM shops have been accepting bitcoin as payment, I assume they lost big time with the bitcoin crash, having traded their AU and AG for bitcoins over the year.

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Re: Bitcoins - fad or trend?

Postby Silversaving » Wed Nov 28, 2018

t458 wrote:Many PM shops have been accepting bitcoin as payment, I assume they lost big time with the bitcoin crash, having traded their AU and AG for bitcoins over the year.

Naa, they immediately cash it out at time of sale. They aren't in the business of speculating. BTC is just another form of payment to be processed like credit cards.
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Bucketeer
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Re: Bitcoins - fad or trend?

Postby Bucketeer » Wed Nov 28, 2018

Silversaving wrote:
t458 wrote:Many PM shops have been accepting bitcoin as payment, I assume they lost big time with the bitcoin crash, having traded their AU and AG for bitcoins over the year.

Naa, they immediately cash it out at time of sale. They aren't in the business of speculating. BTC is just another form of payment to be processed like credit cards.


There are no margins in bullion, and no easy way to hedge less than 5 BTC. Unlike many other commodities, physical Bitcoin is not acceptable for futures contracts, only cash.

What is interesting is the number of dealers that readily accept Bitcoin, which would tend to indicate that a large number of Bitcoin owners are also into PMs.
Last edited by Bucketeer on Thu Nov 29, 2018, edited 1 time in total.
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Re: Bitcoins - fad or trend?

Postby Fusion » Thu Nov 29, 2018

SilverDoge wrote:
cmiller17363 wrote:
MauserMan wrote:
cmiller17363 wrote:What were your reasons for purchasing bitcoin?

never bet more than I could lose.

This is what I was curious about. Thats good to hear. I did the same. Many people put their life savings into crypto and are now in serious trouble.
As far as taking a haircut, I refuse. Gotta risk it for the biscuit :lol:
Do I think that this is a steep correction? Yes.
Does it hurt? Oh yeah.
Is this large of a correction uncharted territory for cryptocurrencies? Not at all.
Did I know it was a possibility? I did.

Maybe I'm delusional but I am beginning to see blood in the streets and that is where money is made. People are panic selling right now and cutting their losses, I'm buying. Maybe I'm a fool. Wouldnt be the first mistake I've ever made nor the worst. It's interesting how the human brain works. People wished they had bought at today's prices during the run up to 20k yet here we are and people are selling because "crypto is dead". Maybe it is, but what if it isn't?


I concur with this post! We are getting back to the point where people can almost afford a whole bitcoin again. It has been such a crazy ride, but that is how it has been in crypto for years. The real question now is if bitcoin/crypto was all a big hype/fad, or if the technology will solve real world problems that an average user can benefit from? If the latter, then these current prices are quite appealing. If the former, then we can continue further and further down. Nobody knows the future, but the tech isn't going anywhere and bitcoin can't be uninvented. Do you really think we go under $1,000 per bitcoin? That would be ultimate capitulation.



Today and tomorrow I will be an MC at the American Banker BLOCK FS Conference in NYC
I say this to add to your quote here “or if the technology will solve real world problems that an average user can benefit from?” The sheer number of companies that have been created on the back of Blockchain tech is immense. My company has partnered with r3/Corda to deliver a bank deposit solution that removes the traditional custodian and recordkeeping role (reduce costs by 2/3rds) and post results in tokenized form on the Blockchain. There are custodians around the world rethinking their business models because of Blockchain and DLT. Smart contracts are real and are being used today in trade finance. r3 is one of the leaders in the space and all you need to do is follow their press releases to see how real Blockchain is and how it is being used all over the globe. Why are US banks so slow to adopt? It’s the regulators. But fear not, the FDIC and the OCC both now have Blockchain teams tasked with understanding real world applications. Yes, the process is slow but that’s government for you. But what I can say is that it is happening, adoption is coming. I am working with 4 of the largest US banks on this project and they have each allocated tens of millions of dollars to build and lead in this space. I think it’s Bank of America that has one of the top number of patents (utility) in DLT. And that’s just in financial services. There are many other sectors also now deploying DLT.
Why is this important? The whole reason I got into btc in 2013 was to speculate on the underlying technology. And I just wanted to add that this isn’t a quick flip get rich scheme. The tech is real and is slowly being adopted by many, in facts it’s transforming business. A truly decentralized global platform goes against CENTRALIZED government and wealth...so it’s going to take a little time haha. If you have the stomach and the patience it is going to be a fun ride. That is all...for now.
https://www.americanbanker.com/conference/block-fs-2018
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