I just couldn't believe that people we attacking those who saying simply unsustainable, never mind calling it a bubble.
I sold coins all the way up from $140, the last going at $250 knowing what was happening was clearly insane. I'd only wish I'd trusted my instincts and sold a bit more. However there is no possibility of any downside for me at this point, so I'll just sit back and enjoy the show for a bit.
Topic: Bear appreciation thread!! - page 4. (Read 5718 times)
I dont understand. BTC is a unit. To be BEARish or BULLish can only be determined when you assign a relative value to a fiat currency.
BTC is an independent thing that has a purpose. Is anyone bullish or bearish on oxycontin? For some that 30mg pill is worth the $20 co-pay for 30 of em. For others, theyll pay $300 for the same 30 (I assume thats the rate). Oxy serves a purpose and depending on how badly you need that purpose fulfilled dictates the value you attach to it.
BTC serves a purpose too, namely (imho) anonymous (for legal/ethical/taxation purposes), quick and non-reversible payments. Now if you dont need that purpose fulfilled then yeah, be bearish. If you like the purpose of BTC, be bullish.
As I posted in a newbie post, for me BTC represents a sort of "Cayman Island" for the common man. Think Bit Romney. Earn / Spend BTC for whatever purpose, legit, or not, and be free from the scrutiny of taxation or big governments eye. Christ, its practically paypal (but quicker, non-reversable and anonymous). Itll get mass adoption in time.
BTC is an independent thing that has a purpose. Is anyone bullish or bearish on oxycontin? For some that 30mg pill is worth the $20 co-pay for 30 of em. For others, theyll pay $300 for the same 30 (I assume thats the rate). Oxy serves a purpose and depending on how badly you need that purpose fulfilled dictates the value you attach to it.
BTC serves a purpose too, namely (imho) anonymous (for legal/ethical/taxation purposes), quick and non-reversible payments. Now if you dont need that purpose fulfilled then yeah, be bearish. If you like the purpose of BTC, be bullish.
As I posted in a newbie post, for me BTC represents a sort of "Cayman Island" for the common man. Think Bit Romney. Earn / Spend BTC for whatever purpose, legit, or not, and be free from the scrutiny of taxation or big governments eye. Christ, its practically paypal (but quicker, non-reversable and anonymous). Itll get mass adoption in time.
Yes, Wuji, I wholeheartedly agree with you that Gox sucking is helping depress this economy. On a positive note, think what it will be like if/when we get decent exchanges. 
Why on earth would $40 be the new $2 if Mt. Gox can no longer stay online? I think .50 cents is the new $2, just kidding but, seriously why?
Bitcoin is more widely used now than in 2011. You cannot run any meaningful sizeable global economy with 11 million BTC at $2 a piece. Or $10 for that matter. Or $100...
You also can't reasonably use Bitcoins when the exchange with 80% of them is offline all the time. Until that situation changes I'm hibernating. Wake me up when the Mt. Gox winter is over.
Why on earth would $40 be the new $2 if Mt. Gox can no longer stay online? I think .50 cents is the new $2, just kidding but, seriously why?
Bitcoin is more widely used now than in 2011. You cannot run any meaningful sizeable global economy with 11 million BTC at $2 a piece. Or $10 for that matter. Or $100...
That's all true, but:
If humans were rational, I'd be calling $40 definitively as the "new $2" this time around. Need to scramble to get some fiat onto an exchange or prepare OTC deal if we do see <$40, for that is a serious buying opportunity...
- This is not 2011.
- While bitcoin has traded below $10 for half its history, that is analogous to pointing out that bitcoin has been below $1 for a significant part of its history, or been below one cent for a good minority of its history.
If humans were rational, I'd be calling $40 definitively as the "new $2" this time around. Need to scramble to get some fiat onto an exchange or prepare OTC deal if we do see <$40, for that is a serious buying opportunity...
Why on earth would $40 be the new $2 if Mt. Gox can no longer stay online? I think .50 cents is the new $2, just kidding but, seriously why?
I was promised Single Digits!
Patience grasshopper.
I was promised Single Digits!
Just a little longer....I dont think we are done going down yet.
That's all true, but:
If humans were rational, I'd be calling $40 definitively as the "new $2" this time around. Need to scramble to get some fiat onto an exchange or prepare OTC deal if we do see <$40, for that is a serious buying opportunity...
- This is not 2011.
- While bitcoin has traded below $10 for half its history, that is analogous to pointing out that bitcoin has been below $1 for a significant part of its history, or been below one cent for a good minority of its history.
If humans were rational, I'd be calling $40 definitively as the "new $2" this time around. Need to scramble to get some fiat onto an exchange or prepare OTC deal if we do see <$40, for that is a serious buying opportunity...
cheap coins
I was promised Single Digits!
Single digits still aren't out of the question...I expect this thing to slide downward for a while. I think the speculators and true believers will keep this thing from going to zero, though.
I'm willing to mortgage my shirt and my mother's shirts to buy at $10 (now regretting not having done so back when it was last $10) so single digits will be difficult.
would you do that still if it dropped to $10.50 today?
unfortunately for you, if the vast majority of new userbase decides to get out of the game completely, we'll go right back to where we were less than a year ago. single digits.
excuse my repetition, but remember: Bitcoin has been worth single digits or less for about half of its lifetime. Before 2013, bitcoin had only ever been worth more than $20 for two brief weeks, during a period generally known to all as an aberration.
I'm willing to mortgage my shirt and my mother's shirts to buy at $10 (now regretting not having done so back when it was last $10) so single digits will be difficult.
People were saying that about sub $100 prices 3 days ago....
Bear checking in and slowly turning bull again maybe in 2-3 more weeks. I have no idea what fair value is for BTC but, I'm afraid the speculators have not been shaken down enough yet. I'm thinking a few more bubbles are on the way before they finally lose enough Fiat to come back down to earth. That is if there isn't a never ending new supply of them. It makes me sad as a believer in Bitcoin but, it makes me happy as someone who can recognize it, accept it, and profit over and over again from it.
If you can't beat them, then join them and profit from them. ~Wuji 2013
If you can't beat them, then join them and profit from them. ~Wuji 2013
Come on in and give it up for proudhon, me, daily anarchist, and all the others that tried to warn you, we'll be watching this thing slide down with popcorn in our hands!! (maybe next time youll listen)
+me, lucif, adam
getting shouted down sucks
but bulls and bears are friends, guys, you wouldn't make money without the other Added you guys to the OP.....and you are right, we all need each other
Single digits still aren't out of the question...I expect this thing to slide downward for a while. I think the speculators and true believers will keep this thing from going to zero, though.
I'm willing to mortgage my shirt and my mother's shirts to buy at $10 (now regretting not having done so back when it was last $10) so single digits will be difficult.
$200/BTC now was a bubble but I still think less absurd than $30/BTC in 2011. Things are very different now than they were in 2011, and back then it bottomed out at $2. I'd call the bottom this time as $40 but humans are stupid and irrational creatures (otherwise they wouldn't panic sell and they would restrain manic buying too for that matter, and bubbles wouldn't grow so big) so lower isn't impossible by any means.
Long term, my opinion (and it's just that), shared with a lot on these forums it seems, is either ultra-bull or ultra-bear. Bitcoin is either worth a heckuvalot... or it's worth nada. We just don't know which yet - suspense is a killer!
Come on in and give it up for proudhon, me, daily anarchist, and all the others that tried to warn you, we'll be watching this thing slide down with popcorn in our hands!! (maybe next time youll listen)
+me, lucif, adam
getting shouted down sucks
but bulls and bears are friends, guys, you wouldn't make money without the other To be fair, I respect bears, it's only the "single digits" stuff I snigger at. The long-run bear scenario I envisage for bitcoin would be basically $0 rather than, say, $5.
Single digits still aren't out of the question...I think the price will continue to slide downward for a while. One more big screwup from Gox, or a hack or something could knock it there in one shot, though. I think the speculators and true believers will keep this thing from going to zero.
Fair enough.
To be fair, I respect bears, it's only the "single digits" stuff I snigger at. The long-run bear scenario I envisage for bitcoin would be basically $0 rather than, say, $5.
Proportionally speaking, it's probably a good thing this bubble popped before the one in 2011 did. Now, back to trying to make Bitcoinworld a better ecosystem. Who cares about the margin price if you're not buying or selling, anyway?
To be fair, I respect bears, it's only the "single digits" stuff I snigger at. The long-run bear scenario I envisage for bitcoin would be basically $0 rather than, say, $5.
Proportionally speaking, it's probably a good thing this bubble popped before the one in 2011 did. Now, back to trying to make Bitcoinworld a better ecosystem. Who cares about the margin price if you're not buying or selling, anyway?
You were right.
It's a sad state of affairs.
It's a sad state of affairs.
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