Why the large drop? mod note: post 82

Thargor

ETH heading back over €600 on Coinbase now, will it be like it never happened before midnight?

machiavellianme

Thargor wrote: »

ETH heading back over €600 on Coinbase now, will it be like it never happened before midnight?

Except it did and I didnt take full adgvantage :mad:

Arbitrary

I wish everyone well with their investments and I'd like to point out that I hate seeing people lose money. I genuinely hope that the post I made earlier turns out to be terribly wrong. My post was not intended to scare monger but I thought I would share my experience and observations as someone who is currently on the outside looking in.

I posted because I couldn't help but notice the striking similarities. Domains are not blockchain tech or crypto currencies but they are traded as digital assets with an established floor value among traders for certain classes, where there is a finite supply.

It was great business when you could buy a domain for $9 and sell it 6 months later for $650 but deep down it struck me as fundamentally flawed, and my gut instinct was right.

If anyone is interested in reading up on it just Google 'Chinese Premium Domain Bubble' It was actually 2015/2016 that prices soared and took a steep decline. (time flies!)

Keep an open mind whatever your opinion is, and hedge your bets through diversification.

I'm a firm believer in blockchain technology and its applications. I stand by my prediction as I feel BTC is overvalued, but I don't fully agree with those who are predicting a hardcore crash(I know Grindle loves dirty talk). It's never going below 4 figures again. Not unless there's a looming threat of draconian political intervention.

TLDR

Don't take random posts on forums as investment advice, hedge your bets and keep an open mind. It may or may not be a bubble but it certainly has all the characteristics of one.

Good luck, good night and Merry Christmas.

brendanwalsh

Thargor wrote: »

4 weeks ago this fool appeared in a thread called Noob - how to buy coins asking if Coinbase was safe and now he's spouting this crap pretending to be some kind of expert, Im sure he'll be back when it corrects from $30k down to $25k sometime next year :rolleyes:

You're a friendly chap aren't you.

I've never pretended to be an expert at all.
Merely offered my opinion.
Lot of people on this forum are new to crypto; does that mean we aren't allowed have opinions?

Post reported. Attack the post, not the poster.

As I've said many times, there's a handful of very nasty and vitriolic guys spouting on here who have made the forum very unwelcoming. We all have to have the same train of thought or you get abused and called a clown or an idiot or people asking for me to be banned.

I've never abused anyone on the forum.
Would appreciate the same level of courtesy at a minimum.

Boards is dying a slow death, doesn't surprise me when there is abuse dealt out like the stuff you are posting.

brendanwalsh

MightyMandarin wrote: »

lol his posts are just full of absolute rubbish talk. I doubt anyone would take such a clown seriously.

Post reported. Attack the posts, not the poster.

Thargor

You weren't offering an opinion, you ran in gloating about people losing money the minute things looked bad because you're petty and unpleasant, no other reason.

brendanwalsh

Thargor wrote: »

You weren't offering an opinion, you ran in gloating about people losing money the minute things looked bad because you're petty and unpleasant, no other reason.

No, I warned people to get their money off the exchanges because it looked like their was a crash coming, because I'm nice and a cautious investor. Don't want to see anyone get burned. No other reason. Please highlight product quote where I gloated. You won't be able. Thanks.

Your posts are very ignorant and spite filled.

Brendan

Thargor

A nice and cautious investor who 4 weeks ago was asking what exchange a noob should use, yeah you're a real Gordon Gecko alright, great that you're here to teach us everything you've learned in the past month.

Posting multiple times that its the apocalypse and you're glad you sold and will enjoy watching the chaos is gloating, also you sound like a complete and utter ass:

brendanwalsh wrote: »

It's a slaughter guys. The butchers have come to chop up the bacon for Christmas. Bitcoin bubble is slowly having the air leaked out of it. Bad sting in the tail.

brendanwalsh wrote: »

Gone down to 10.8k euro.

Crashing Hard everywhere. Hope everyone is staying safe out of sight of the butcher.

This is a hunger game. The odds are not in your favour.

brendanwalsh wrote: »

Massacre out there today guys. Red across the board. There's blood on the streets. The bulls and bears have made their money and now the little piggies are being slaughtered.

brendanwalsh wrote: »

It's live on gdax gentleman. Welcome to the Killing Fields.

brendanwalsh wrote: »

Bears make money. Bulls make money. Little pigs get slaughtered. And there's a lot of hogs being butchered today. Take your bacon off the table guys before you get sizzled.

SteelyDanJalapeno

What do you think about the recovery bw?

Shauny2010

TiltedBrain wrote: »

What do you think about the recovery bw?

Lots of comments about selling high, gettin out in time etc etc
The one thing I have learnt from my last 2 years with Bitcoin is
HODL!!!

forget about trading or trying to get the top, just look back in the past forms to see lads calling the top at $1000, $3000, $5000 etc
Investment formula for Bitcoin
When is a good time to buy?
NOW
What then?
Just HODL,
yes you will see highs and stomach churning falls but continue to HODL!!

drunkmonkey

With any investment you need a profit target and have the discipline to take it.
There's no dd you can do on bitcoin, some cryptos yes but not bitcoins, the only reason for the price rising is because the price continues to rise.

Holding isn't a strategy and the smart guys took their profit a few days ago.

snowstreams

My target is a ridiculously high 100k+ dollars before i sell.
Until then unless I really need the money I think I'll hodl.

Having said that, I think some other cryptocurrency could rise and defeat Bitcoin before it gets that high, so I'd have to watch the market in the meantime!

Wanderer78

snowstreams wrote:

My target is a ridiculously high 100k+ dollars before i sell. Until then unless I really need the money I think I'll hodl.

Max keiser believes that's where it's going to, but who knows

drunkmonkey

Wanderer78 wrote: »

Max keiser believes that's where it's going to, but who knows

Why does he believe that?

backspin.

The shoe shine guy effect

Dohnjoe

brendanwalsh wrote: »

No, I warned people to get their money off the exchanges because it looked like their was a crash coming

Gladly most people here are not stupid enough to take uninformed and inexperienced speculation seriously

Wanderer78

drunkmonkey wrote:

Why does he believe that?

I'm not exactly sure to be honest, but I think he got in early and I think he believes fiat based central banks are toast, which will lead countries to abandon them if/when they collapse. He has spoken about it a lot on his program the keiser report on rt. It's freely available on the internets

Dohnjoe

Shauny2010 wrote: »

Lots of comments about selling high, gettin out in time etc etc
The one thing I have learnt from my last 2 years with Bitcoin is
HODL!!!

forget about trading or trying to get the top, just look back in the past forms to see lads calling the top at $1000, $3000, $5000 etc
Investment formula for Bitcoin
When is a good time to buy?
NOW
What then?
Just HODL,
yes you will see highs and stomach churning falls but continue to HODL!!

As much as I dislike the phrase "HODL", it's so far been the key to serious gains with minimal effort/stress

Shauny2010

drunkmonkey wrote: »

With any investment you need a profit target and have the discipline to take it.
There's no dd you can do on bitcoin, some cryptos yes but not bitcoins, the only reason for the price rising is because the price continues to rise.

Holding isn't a strategy and the smart guys took their profit a few days ago.

Hodl is a strategy, and no the smart guys didn't take profit, it was the weak hands that get spooked easily that sold. Usually the same guys that bought in a few weeks prior.

The smart guys in bitcoin, which has been proven over its life time,
were the guys Hodling.
The traders get left behind as they try to call the top or catch falling knifes
The weak hands get releaved, like over the last few days.
Both of the above 2 usually return to boards and forms like here and reddit but are always angry and really want Bitcoin to fail. They hate not having Bitcoin or having called it wrong.

In the end the Hodlers win as proven by the long term gains

smacl

Wanderer78 wrote: »

I'm not exactly sure to be honest, but I think he got in early and I think he believes fiat based central banks are toast, which will lead countries to abandon them if/when they collapse. He has spoken about it a lot on his program the keiser report on rt. It's freely available on the internets

Worth considering though that if that ever happens, the value of a crypto against fiat becomes moot which then begs the question of what you relate the value of crypto to exactly. Is creating arbitrary amounts of abstract currency without ever relating its value to actual goods or services viable in the longer term, where mining the currency consumes real-world resources but doesn't return any?

LoLth

Mod Note:

Thats enough personal attacks and speculation about private lives.

If you dont like the way someone is posting, PUT THEM ON IGNORE

If they break a rule, report them. Don't report and then respond. you don't get to do both and by responding you only weaken your own point and mane yourself more complicit in the behaviour.

If you believe someone to be a troll, DONT FEED THEM. just ignore them until they feck off somewhere else.

I'm going to sticky a copy of this in the main forum because its worth repeating.

drunkmonkey

Shauny2010 wrote: »

Hodl is a strategy, and no the smart guys didn't take profit

This isn't weak hands this is a flaw with the underlying asset that's becoming more relevant every day and making bitcoin less appealing than alternatives.

You have 0% profit made until you sell regardless of what place you bought in. Those guys that take 100 euro a trade are in a better position as they have one thing a holder doesn't and that's profit.

Shauny2010

drunkmonkey wrote: »

This isn't weak hands this is a flaw with the underlying asset that's becoming more relevant every day and making bitcoin less appealing than alternatives.

You have 0% profit made until you sell regardless of what place you bought in. Those guys that take 100 euro a trade are in a better position as they have one thing a holder doesn't and that's profit.

Bitcoin has only 1 real use case, and thats a store of wealth. Its digital Gold, and its this standard that all other cryptos are measured off. I could be wrong and the lightning network gets going, but that is then a plus.
As for a large protion of the other cryptos, these are useless, untested and flawed in ways we do not know of yet. wait till they get out onto the real world of the internet. Even Ethereum the second biggest crypto is untested compaired to bitcoin.
So my point being, don't be too quick to write another bitcoin obituary

drunkmonkey

It's not digital gold, digital gold is digital gold look what the royal mint are doing with gold. Won't be long before your paying for your MC Donald's with your real digital gold backed by gold. Gold money is another player in this field.
People will want their money backed up by something and precious metals will be the go to for securing the underlying asset.

drunkmonkey

Just to add im not just knocking bitcoin but I'd apply the same to any currency. I think there's only one county in the world that has paper money backed up by gold.

server down

Shauny2010 wrote: »

Hodl is a strategy, and no the smart guys didn't take profit, it was the weak hands that get spooked easily that sold. Usually the same guys that bought in a few weeks prior.

The smart guys in bitcoin, which has been proven over its life time,
were the guys Hodling.
The traders get left behind as they try to call the top or catch falling knifes
The weak hands get releaved, like over the last few days.
Both of the above 2 usually return to boards and forms like here and reddit but are always angry and really want Bitcoin to fail. They hate not having Bitcoin or having called it wrong.

In the end the Hodlers win as proven by the long term gains

You only win when you realise profits.

Wanderer78

smacl wrote: »

Worth considering though that if that ever happens, the value of a crypto against fiat becomes moot which then begs the question of what you relate the value of crypto to exactly. Is creating arbitrary amounts of abstract currency without ever relating its value to actual goods or services viable in the longer term, where mining the currency consumes real-world resources but doesn't return any?

thats a great point alright, but i can see what some are saying about fiat based currencies, they aint looking too good at the moment, and have the potential to collapse. it ll be interesting to see what happens when things such as qe are being rolled back. im not convinced by bitcoin though, not yet anyway, but it does sound like block chain has a future. i actually dont think we know how to create financial and monetary systems that are void of bubbles, not at the moment anyway.

Wanderer78

drunkmonkey wrote: »

Just to add im not just knocking bitcoin but I'd apply the same to any currency. I think there's only one county in the world that has paper money backed up by gold.

what country is that?

4068ac1elhodqr

drunkmonkey wrote: »

Just to add im not just knocking bitcoin but I'd apply the same to any currency. I think there's only one county in the world that has paper money backed up by gold.

Possibly only Lebanon is 100% backed by gold.

The USD is likely only circa 5% backed by gold, the other 95% backed by 'promise'. They may have 8,000 metric tonnes, but who knows for sure only the people that stock the shelves at fortknox.

China has been quietly amassing gold reserves circa 1,800 metric tonnes.

Interestingly Germany #2 has been very busy repatriating back their foreign (68%) stocks back to home soil, gross total circa 3,381mt. Italy & France both 2,500c. Rus 1,400. Swiss 1,000, Jap 760, Ned 612, India 550.

When thinking of gold, The UK's Gordon Brown springs to mind, the fool sold off a vast amount of the UK reserves on the cheap, only for it to nearly quadruple shortly afterwards.

Gold is handy for many electronics, circuit boards/components etc. Sumerian folklore has it that the ancient Annunaki lads mined us for (nano)gold, for their own ozone layer repair. Nowadays, they'd just head to Argos.

Wanderer78

Rayna CoolS Oarlock wrote: »

Possibly only Lebanon is 100% backed by gold.

The USD is likely only circa 5% backed by gold, the other 95% backed by 'promise'. They may have 8,000 metric tonnes, but who knows for sure only the people that stock the shelves at fortknox.

China has been quietly amassing gold reserves circa 1,800 metric tonnes.

Interestingly Germany #2 has been very busy repatriating back their foreign (68%) stocks back to home soil, gross total circa 3,381mt. Italy & France both 2,500c. Rus 1,400. Swiss 1,000, Jap 760, Ned 612, India 550.

When thinking of gold, The UK's Gordon Brown springs to mind, the fool sold off a vast amount of the UK reserves on the cheap, only for it to nearly quadruple shortly afterwards.

Gold is handy for many electronics, circuit boards/components etc. Sumerian folklore has it that the ancient Annunaki lads mined us for (nano)gold, for their own ozone layer repair. Nowadays, they'd just head to Argos.

according to jim richards, most large countries are backed by a some what gold standard, you can see what hes getting to in his arguments