If you’re freaking out about Bitcoin’s price drop, these graphs will help

Pitbull

Verboten
Joined
Apr 8, 2006
Messages
63,368
People freaked out? :D

This normally happens when people try and cash in on a fad. They are all jumping aboard but the millions have been made already. They invested all their savings and are now seeing them slip away.

ProTip: Bitcoin is now a long term investment. You will not become a millionaire over night. That boat has sailed. Put your money in there and leave it for a couple of years. If you want to day trade, you can make a few bucks still due to fluctuations. But be careful, you can and will get burned.

Secondly: Try and find the next best thing to explode. Ethereum has the potential, but it has already made a lot of people very rich. If and when it will happen again is anyone's guess. I'd much rather gamble on Ethereum or other currencies if you are gambling to get rich. If you want a steady investment, stick with Bitcoin for now.
 

Temujin

Honorary Master
Joined
Apr 18, 2015
Messages
11,978
One thing though, I think people can now see its not a bubble... btc took one hell of a bashing, billions and billions usd dumped in seconds, and yet its still just trudging along slowly ticking up... if it were a bubble, there would be nothing left of it today. Something monumental and world changing is going to have to happen for it to take a knock down to tripple or double figures
 

Knyro

PhD in Everything
Joined
Jul 5, 2010
Messages
29,491
ProTip: Bitcoin is now a long term investment. You will not become a millionaire over night. That boat has sailed. Put your money in there and leave it for a couple of years. If you want to day trade, you can make a few bucks still due to fluctuations. But be careful, you can and will get burned.

A few bucks? If you can consistently day trade bitcoin successfully you'll kill it. A few % profit every single day adds up quickly. Compare this to stocks, forex etc. that only fluctuate 0.0-something percent. You'll need to make trades worth a small fortune each time to make non-trivial amounts of money.

Of course. Easier said than done. :p
 

Swa

Honorary Master
Joined
May 4, 2012
Messages
28,455
One thing though, I think people can now see its not a bubble... btc took one hell of a bashing, billions and billions usd dumped in seconds, and yet its still just trudging along slowly ticking up... if it were a bubble, there would be nothing left of it today. Something monumental and world changing is going to have to happen for it to take a knock down to tripple or double figures
It's still early days. ;)

A few bucks? If you can consistently day trade bitcoin successfully you'll kill it. A few % profit every single day adds up quickly. Compare this to stocks, forex etc. that only fluctuate 0.0-something percent. You'll need to make trades worth a small fortune each time to make non-trivial amounts of money.

Of course. Easier said than done. :p
I made 10% the last few days from the drops. I'm up 20% from what I put in after cashing out my mining profits and BCH. It's all in BTC for now but once the price goes up again it will be realised in Rands. Really, trading it is the only way to make the risk worthwhile. If you just put your money in at this point and not watch it like a hawk you will lose.
 
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