The Bitcoin Thread

Status
Not open for further replies.
When drawn on the chart even a drastic pullback to $8000 doesn't look too out of place.

graph.png
 
Anony-mousse said:
lost all hope in crypto, closed all my positions and revert back to traditional investments. the bubble is about to burst, it's not stabilising nor recovering, just continuously dropping... no point waiting it out.
Click to expand...

You haven't even been in crypto for a month, bought in around an all time high, panic sold, and now have crypto all figured out as a bursting bubble? Definitely best you stick with traditional investments... Getting rich off crypto isn't for everybody.
 
Any decent exchanges to get Ripple? Just wanna dip my toe and Poliniex want's a lot of Eth for it :p
 
Last edited:
LOL Anony-mousse is back, the prime example of FOMO in action.

Price goes up fast - Buys in and expects to retire in short time.
Price makes a 30% correction - Sells and calls scam on luno and just miserable in general
Price recovers and moves back up to near $17000 levels - Buys back in, apparently learned to just hold now and not act so quickly.
Price drop down to $14000 range - Sells again and calls for the end of the world.

This my friends is why the term FOMO is being thrown around, Anony-mousse you sir definitely qualified for the crown.

Anony-mousse said:
lost all hope in crypto, closed all my positions and revert back to traditional investments. the bubble is about to burst, it's not stabilising nor recovering, just continuously dropping... no point waiting it out.
Click to expand...

Sir, I assure you thousands did not want to wait out the $1000 down to $200 crash which came mostly due to mtgox scamery. These same thousands probably got back in during each peak runup just like you and then when it made a 20-30% correction sold at the bottom just like you.
 
Last edited:
saor said:
Continuously dropping?

I don't understand how anyone looks at the price of Bitcoin in the last month (it doubled in price!) and expects it to continue. What Bitcoin is doing right now is considered a healthy part of any market.

You shouldn't have put hope into crypto or any investment to begin with. You shouldn't have been opening positions at these all time high prices the last few weeks.
Click to expand...

In Anony-mousse's defence, if you check back all over the net when the price was at $19k, very few people told noobs not to buy now or told them that it is at an all time high and will correct soon. All people were saying is that it is cheap so keep buying, even at $19k. Check back in this thread even. It's easy to say things in retrospect.
 
SaiyanZ said:
In Anony-mousse's defence, if you check back all over the net when the price was at $19k, very few people told noobs not to buy now or told them that it is at an all time high and will correct soon. All people were saying is that it is cheap so keep buying, even at $19k. Check back in this thread even. It's easy to say things in retrospect.
Click to expand...

Do you really think the global bitcoin users have a crystal ball to know for a fact that the $19k-$20k range were the current peak? No. Thats not how investing or trading works. People can only make assumptions and by no means is it the duty of the general public to make bold statements of MUST BUY NOW or MUST SELL NOW and at the same time be correct at all times. The price right now is still cheap and buy signal from myself if you can adhere to long term investment of a year+ , not this bs outlook of a few days or a week.

It comes down to personal responsibility and if a person getting involved in bitcoin understand that there is one clear direction still for bitcoin in coming months/years which is more likely upwards from the current price than downwards looking at even modest trendlines. In Anony-mousse case he either bought coins cause he expected the price would magically keep doubling week after week without spending a minute to read up on past years bitcoin ups and downs or he is now just trying to play the victim, both cases lame as fk.

I expect him to post here again that he bought back in at another high point if we suddenly get back on track with big rally day after day. Crypto is fantastic because it irons out the spoonfed victims like Anony-mousse who wants to gain everything and risk nothing.

I got another thing for Anony-mousse to try and that is to take his fiat he cashed out now from bitcoin and go try daytrading forex markets and see how well it goes. He will get crushed far quicker than just buying bitcoin and forgetting about the price day by day and keep it at a minimum for a year but he wont do that because he just heard of bitcoin and if he doesn't double his earnings each week the system is rigged against him cause he already knows everything about a market others spend 5+ years experience in.

He has ZERO defense.
 
Last edited:
John Tempus said:
Do you really think the global bitcoin users have a crystal ball to know for a fact that the $19k-$20k range were the current peak? No. Thats not how investing or trading works. People can only make assumptions and by no means is it the duty of the general public to make bold statements of MUST BUY NOW or MUST SELL NOW and at the same time be correct at all times. The price right now is still cheap and buy signal from myself if you can adhere to long term investment of a year+ , not this bs outlook of a few days or a week.

It comes down to personal responsibility and if a person getting involved in bitcoin understand that there is one clear direction still for bitcoin in coming months/years which is more likely upwards from the current price than downwards looking at even modest trendlines. In Anony-mousse case he either bought coins cause he expected the price would magically keep doubling week after week without spending a minute to read up on past years bitcoin ups and downs or he is now just trying to play the victim, both cases lame as fk.

I expect him to post here again that he bought back in at another high point if we suddenly get back on track with big rally day after day. Crypto is fantastic because it irons out the spoonfed victims like Anony-mousse who wants to gain everything and risk nothing.

I got another thing for Anony-mousse to try and that is to take his fiat he cashed out now from bitcoin and go try daytrading forex markets and see how well it goes. He will get crushed far quicker than just buying bitcoin and forgetting about the price day by day and keep it at a minimum for a year but he wont do that because he just heard of bitcoin and if he doesn't double his earnings each week the system is rigged against him cause he already knows everything about a market others spend 5+ years experience in.

He has ZERO defense.
Click to expand...

Yeah he shouldn't have sold when it went down as all he did was realize the loss.

What I'm saying is why should he listen to what you or others are saying now and not have listened to you or others in the past.
 
SaiyanZ said:
Yeah he shouldn't have sold when it went down as all he did was realize the loss.

What I'm saying is why should he listen to what you or others are saying now and not have listened to you or others in the past.
Click to expand...

I am not suggesting that he should listen to me. I suggested before he got involved with his own money that he actually looked at bitcoin past performance, highs and lows, corrections etc. , that is essentially the only information that could give him and any newcomers a firm understanding of how bitcoin markets can and likely will react in future rallies.

He did not make the decision to buy based on the neccesary minimum information. He simply FOMO'd into bitcoin during a massive rally and not based on any single person telling him to buy or telling him to sell in any case.

The current result is a lack of understanding and greed more than anything else and it came full circle and bite him in the ass.
 
If anyone makes their investment decisions purely on advice from a forum then they're likely to get burned at some point.

However, the golden rule mentioned over and over is not to put money into crypto which you cannot afford to lose.

Edit: typo
 
:crylaugh: Buys into cryptos at ath using xmas bonus with plans to park lambo under xmas tree, panic sells, waits a week, still can't buy lambo, flips desk, cries bubble, tulips, ponzi, scam

Just hodl, even if bought at ath, you got it cheap, just ****ing hodl
 
SaiyanZ said:
In Anony-mousse's defence, if you check back all over the net when the price was at $19k, very few people told noobs not to buy now or told them that it is at an all time high and will correct soon. All people were saying is that it is cheap so keep buying, even at $19k. Check back in this thread even. It's easy to say things in retrospect.
Click to expand...
Of course people wanted noobs to buy - that's exactly when they want to sell. It was pointed out earlier in this thread and others: https://mybroadband.co.za/vb/showthread.php/928518-Bitcoin-short-squeeze-here-soon-%E2%80%93-Wolf-of-Wall-Street

The only reason anyone is buying a $19 000 bitcoin is because:

A.) FOMO, and
B.) The same reason people still get stuck on Table Mountain: They think it's a touristy thing where nothing can go wrong; no due diligence is necessary. They do no research before jumping in and get surprised when things don't go their way.

And a reason they get burned so doubly bad is a lack of exit strategy when buying a $19 000 bitcoin. If they sold at a 5-10% loss they could easily buy back in when bitcoin hits a low after this pullback and ride the wave out again.

In that thread quoted earlier someone said in support of the price continuing up:

There is a massive amount of uptake from people who don't even trade shares. We have office ladies here with a Luno app and trading in bitcoins now. There is a massive uptake so that is why you seeing the rise.
Click to expand...
And what's being ignored here is a basic fact of most trading whether it's stocks or crypto: That when most people find out about it is when the big money is getting ready to sell it. I got burned plenty when I started out - I was naive and thought this would be easy money without the need for any research or due diligence. But I realized afterward that I was at fault for losing money, not the fault of the markets or anything else.

People need to take responsibility for their actions.
It gets tiresome hearing things like 'it's a bubble' etc. when things don't go how they hoped it would.

When you leave hope at the door and start using information and due diligence - it becomes a lot harder to lose money.
 
seems to be floating at 205-210 these last 2 days, anybody think it will tip even more or is this a good time to buy?
 
voldoverse said:
seems to be floating at 205-210 these last 2 days, anybody think it will tip even more or is this a good time to buy?
Click to expand...

when it comes to trading in just about any financial market, the festive period is the one time nobody, who is somebody, cares about the markets
 
voldoverse said:
seems to be floating at 205-210 these last 2 days, anybody think it will tip even more or is this a good time to buy?
Click to expand...

As much as this "bubble" / "crash" freaked anyone out, a big part of me actually welcomes this stability, albeit at 30% less than what it was 2 weeks ago. That $20k price was all kinds of crazy. R5k price increases each time you refreshed your pricing.

Having a lower price, but a more stable one bring more sanity to the market imho. It also sheds off a bit of the fomo buyers and panic sellers. People were getting reckless with money that they can't afford to lose.

I've bought myself a ledger nano, still have to collect it, so I'm missing out on all the forks. But my plan is to cash out 1/3rd of my BTC as soon as its worth my initial buy in investment. Then store the rest in my ledger and forget about it for a few years. That way if it crashes to R0.01, I still haven't lost anything.

Lots of people have made lots of money already, but no reason to be greedy.
 
Voicy said:
But my plan is to cash out 1/3rd of my BTC as soon as its worth my initial buy in investment. Then store the rest in my ledger and forget about it for a few years. That way if it crashes to R0.01, I still haven't lost anything.
Click to expand...

My plan as well. But damnit I need it to get to 295 again for that plan to realize.

When it was 300+ I decided to let it ride a bit more (yup to greedy).

I'm sure it will go back up again. But I think it's going to be a bit "slow go" for the next few weeks until the world restarts.
 
I wouldn't consider doing nothing as being too greedy, but reckless spending might be - especially at that price.

I also think the psychological impact of having cashed out your initial investment plays a big roll in how we cope with dips. Much easier to HODL if you know your initial investment isn't at risk...at the expense if missing out on possible gains.

Treating gains like "responsible" gamblers might also be an option. Each time you buy in more, maybe cash out that buy-in periodically. I dunno, I just worry that the wrong people are getting burnt by bitcoin , which could have the ripple effect of government intervention.
 
Status
Not open for further replies.
Back
Top
Sign up to the MyBroadband newsletter
X