Quote:
Originally Posted by Paul
Perhaps you're a day trader, I dunno.
Personally I'd never make an investment decision based on such short term data.
Do you know what? I apologise for the abusive language, truth be told I was having a rant because the DVTimes types annoy me and tend to be the type that post crypto currency threads even though they've never invested or even used the thing.
Since you're clearly more knowledgeable than us in this field, would you be so kind as to explain to us why Bitcoin and crypto currency is down month on month and down quarter over quarter?
And more importantly why do you feel that long term i.e. Year On Year that it's a bad investment going forward?
Made a lot more than that! I bought Litecoin at around $2.4 and sold over $40, I also bought Quark around $0.03 and sold at $0.24 - That was nothing more than a pre mined junk coin but the Bill Still endorsement increased it's value by a stupid amount inside a week!
I've made mistakes too, I regret not getting into mining this time last year. That was a mistake, wish I had of bought Dogecoin back in December. I remember reading edgeprod's or Brian837s posts? about them when he was buying up all he could and thinking "I'm not sure about this one"
I remember a post I made mocking Franck for his buy and hold Bitcoin strategy when he could been trading the swings, well hand up! I lost money in Mt Gox 
Stupidity on my part for being greedy, bloody shame too because I was up around 600% from trading the volatility in February.
You should read over the posts I've made over the past year in Bitcoin threads, I'm one of the few people that posted balanced info. I'm not an expert, I don't have a crystal ball but I certainly didn't post only positive things about Bitcoin and get upset when anyone said anything negative
Truth is anyone who has half a clue what they're doing isn't going to lose money in this |
Ok. Sorry about getting wiggy there at the end.
I actually don't do what Frank and edgeprod say above, i.e. celebrate when this particular instrument is down. I believe a real extra-governmental digital currency is very necessary. For instance, I'm convinced anonymous or cloaked micropayment capability would increase revenues in this industry. I don't know if an anonymous digital currency is actually viable, as opposed to theoretically viable.
That said, BTC is too small, it is held by too few, and the "demand" is the result of the small trading volume rather than its being suited to safe international transactions. The founder, a very large holder, appears to have created it with this in mind. He got his BTC for free, and any gain in value was large for him - he holds 1m bitcoins. It is poorly understood by the average "early adopters" who clearly have not caveated any emptors, that demand does not generally remain constant when an item has no intrinsic or fiat value.
bitcoins have become a vehicle for speculation (whether you buy and hold or Delta neutral like edgeprod seems to be doing) and more of a team sport on this board and everywhere else. I posted the actual numbers, and witness the result. If I posted a traded stock, gold prices, etc, it would be seen as what it was; information. With BTC, it is cannon fodder.
I put myself out there and said I thought BTC would be between $10 - $30 US in 5 years.
It may go up, it may remain volatile, but in the end I think demand will collapse as other DCs arise and more thefts occur.
For all you pumpers out there - I get it - but making money off people's money is the gubmints bizness - you think fucking with the mafia is bad? Are we still saying the line "the government couldn't stop us if they tried - they don't understand bitcoin!!" I don't hear that line as much any more.