Bitcoin - Part 2

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psionl0 said:
Yes, it is always different this time.
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World War 2 started with a bunch of wars between countries. People thought that various stages the fighting might stop and decline. When the atomic bombs were dropped it was quite easy to see that the true peak had been reached.

And was it different? It sure was. And one did not need hindsight to see it.

Your sarcasm about it always being different does not change the FACT that for bitcoin the December 17 peak WAS different, and WAS the true peak.
 
PartSkeptic said:
World War 2 started with a bunch of wars between countries. People thought that various stages the fighting might stop and decline. When the atomic bombs were dropped it was quite easy to see that the true peak had been reached.

And was it different? It sure was. And one did not need hindsight to see it.

Your sarcasm about it always being different does not change the FACT that for bitcoin the December 17 peak WAS different, and WAS the true peak.
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I gave up trying to predict it after it recovered after the MtGOX crash.
 
PartSkeptic said:
Your sarcasm about it always being different does not change the FACT that for bitcoin the December 17 peak WAS different, and WAS the true peak.
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Every single time that the price of bitcoin peaks, we inevitably get the claim that "this time it is different" and there are always "very good" reasons why it is different "this time". And every single time, the naysayers are wrong.

The day will come when bitcoin's exponential gains will come to an end and what happens after that is anybody's guess. However, your reasons why this is that day are no better than any of the reasons given in the past. You are just indulging in wishful thinking.
 
psionl0 said:
Every single time that the price of bitcoin peaks, we inevitably get the claim that "this time it is different" and there are always "very good" reasons why it is different "this time". And every single time, the naysayers are wrong.
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We will examine that next time it "peaks". Last time it did that was in late December, at just under €20,000. It now stands, in March, at €10,700.
 
psionl0 said:
Every single time that the price of bitcoin peaks, we inevitably get the claim that "this time it is different" and there are always "very good" reasons why it is different "this time". And every single time, the naysayers are wrong.

The day will come when bitcoin's exponential gains will come to an end and what happens after that is anybody's guess. However, your reasons why this is that day are no better than any of the reasons given in the past. You are just indulging in wishful thinking.
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You really avoid the key difference. The pool of new buyers has peaked.

The other peaks COULD have been the last and final peak leading to the demise of bitcoin on the basis that it has no value and no function. But new scammers saw the opportunities of ignorance and took advantage to expand the market.

Now they are repeating the same old tired incentives to the same audience. I think most are positioning themselves for a quick exit once the price starts to drop beyond any semblance of sustainability.

That will be the 'rush for the exit' where only faithful brainwashed Joe Soap holds on in the hope of a recovery.
 
Ex-IMF Economist: Bitcoin Could Drop to $100 in the Next Decade
Kenneth Rogoff, a Harvard professor and former chief economist at the International Monetary Fund, said on CNBC's Squawk Box program on Tuesday that he expects a fall to as low as $100 over the net decade.

"I think bitcoin will be worth a tiny fraction of what it is now if we're headed out 10 years from now...I would see $100 as being a lot more likely than $100,000 ten years from now."
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10 years? Typical economist - playing it safe with a conservative estimate...
 
PartSkeptic said:
So you are saying that the excuses (in your mind) have peaked, and are now on their way down (in quality, not price)? ;)
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Read them for yourself. They are much better than anything you have come up with.

PartSkeptic said:
Do you think there could be another high to beat the previous peak?
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Anything could happen - including peaks higher than the one last December.
 
PartSkeptic said:
Some schemes are called pump and dump. This involves A buying from B, B buying from C, and C buying from A to drive up the price before A, B and C dump their holdings and disappear into the sunset.
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That is indeed a gimmick which artificially inflates the price without a subsequent increase in value.

But then again similar gimmicks occur with fiat money too. Like when a person deposits $100 in bank A, which keeps $20 in reserve and loans $80 to bank B, which in turn loans $64 to bank C and we pretend we've created money and increased the money supply.

And most major businesses do silly accounting gimmicks too. Like when they switch to a Low Unit of Measure system in which they stop stocking full cases of things on the shelf and instead order smaller units more frequently at an increased expense. So they buy and use the same amount of product, pay more money overall, but pretend otherwise because at any given time stock on hand values are lower.

My memory is fuzzy but wasn't there manipulation of foreign currency exchanges where they temporarily inflated or deflated the values of currency to earn profit?
 
Also I wish the price of bitcoin would drop significantly just so GPU prices can return to normal :p
 
Year 2218

And this, my son, is a bitcoin. There were times when people believed that burning electricity for no reason created value. You can hang it on the wall. ( A virtual wall, of course)
 
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On the daily chart it looks different this time.
9937
There was a 75 minute algo sell at 11176, I always contended a sell at 10000 and 10700 would be a safe strategy.
 
If this was anything but bitcoinhoax I would be long my boots right now.
The 30 minute algo says buy, currently 9938
 
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