Topic: I am done with Bitcoin! (Read 5060 times)

The current mood for bitcoin community is trying to get rich holding bitcoin. Can't really blame someone trying to become wealthy.

He is being mocked for calling bitcoin an "investment". I have never invested in bitcoin. I use bitcoin and have never lost a penny. A real investment provides growth to it's investors by design. Bitcoin is nothing like that, was not designed to be that, does not function to provide growth.
If he had started by reading the white paper he could have saved himself a lot of money. Instead he takes no personal responsibility for his ignorant actions and says "You guys fucked me over". Give me a break. 

I'm sorry if I caused any confusion. I did not see the small 6pt font which has some grammar issues. All that aside, I am not one of those who is against Bitcoin. I buy, sell, trade, use and hold it in cold storage. The image was suppose to be a representation of OP, until I saw that there was some tiny text.

That's why I put 'Classical, man', because there's people out there that actually think that way. Just do a Google search, and one of those 'Bitcoin Ponzi' articles will pop up. One of them even say that the USD is a digital currency.

Read the opening post please...

Did you read the op? This is turning to pure comedy 

The price is going back up again. Are you coming back?

A ponzi would be something that has no way of success (something rigged from its start)
For many reasons bitcoin can not be considered a ponzi, its value is determined by basic supply and demand, just like any other item in the world.
Funny how OP's trolling lured some trolls tho

Are you kididng me? WHY DON'T THE FK READ YOU WHAT I WRITE?

Read the OP post again.

Hint: read the small print. Lol.

I was stating what was going through OP's mind right now. OP thinks that Bitcoin is done for so they have joined the forces of the buttcoiners. OP thinks that if they hold it will just make them loss more.

Do you realize that he's trolling hard?

The price can only be sustained by continue infusion of money. If we use this definition strictly, then Bitcoin is a Ponzi scheme.

How could Bitcoin be a Ponzi scheme?
That's so idiotic you had me laughing there, buddy. Saying any currency is a Ponzi. Classical, man.

LOL.

I simply never plan on selling. I watch the price so I can continue to buy chunks at cheaper prices. I own a lot.

No one should be selling bitcoin right now. It's volatile, but at some point in the future (unknown when), these coins will be worth a lot more than they're worth today (I'm personally certain of this, which is why I don't freak out on 5-10% drops). Selling at a loss would be a huge mistake.

I advise the thread writer just to hold, it'll be fine. You'll look back at this post and realized you could've 2x'd or 3x'd your money.

Bitcoin has speculative value. Also people hold loads of different currencies. PP is an awful example for everything you've tried to compare it to Bitcoin.

I redact all my previous statements because of the small f#8*ing print.

Although, learn some better grammar. "would a retard say." What a retard would say.

Yep, that is a good comparison. We own a share in the most efficient payment network in the world!

In this (bad) analogy, Bitcoin is akin to owning stock in a company like PayPal pre-IPO.  So yes.  I would invest.

-B-

Again: Amazing, most people don't read the opening post before posting.

Don't know about you but I'm throwing my arms in the air and yelling panic!

Can't take serious anybody who doesn't appreciate the free market while being a hero member of a Bitcoin froum.  Silk Road you can accept a paid signature is where you draw that line..  

technology sucks because of the price

You should wait until @ least 800$. This would be a clear sign to go all in.





Fonzie-  Bitcointalks most profitable trader in 2013 ™

The today's dead cat rebound is bigger than I expected, maybe we really hit the bottom?

Elliot Wave is absolute rubbish!
You say you are a failed trader -- well if you are trying to use EW, it is no wonder.

Stick to simple price action -- trends, ranges, S/R... (and most importantly fundamentals) ... and you may have a shot.

Can't take serious anyone who rents it's signature for a fee.

This.

And Ethereum, even if they are selling off exchange, are unloading to people who will also likely consider unloading (at least some of them).

And Dell, Wikipedia, etc. retailers have to convert their coins to fiat to pay employees, cover expenses, etc. (They should just do things in BTC, but we made the mistake as a community of courting adoption before laying out the groundwork/infrastructure).

And we're one decent piece of FUD from cascades.

And somebody is technical trigger hunting on the market.

BUT... GABI should be looking to buy soon and the Winklevi ETF should garner some attention.

Ergo, it's not all doom and gloom, but it isn't like there is no reason to be concerned at all.

LOL!

Is that what you call wishful thinking or is it rather more self delusion?

No it fucking aint obvious at all m8.

It is anything but obvious.

In EW terms, $545 should not have been taken out in order that the bearish Wave 4 be considered as over and done with, leaving us somewhere in a wave 5. But since we are now sub $500, it seems like we are still in wave 4.

Wave A $1160 - $340
Wave B $340 - $680
Wave C $680 - (HINT, generally lower than $340 would be expected over the course of time)

For Bitcoin to go back up, someone is going to have to start buying. Who is going to start buying shit tons of Bitcoin? The leveraged long traders on Bitfinex who have been totally liquidised to the tune of millions of USD? The bag-holders who are hovering over the charts looking on a chance to break even. For the price slide to stop, fresh investment capital has to come into Bitcoin and from where it is going to come, is anything but obvious.

They do get it. All the bears and trolls who have crawled out of the woodwork bleating the end of the world (when it is obvious this move down has run out of steam) believe in bitcoin just as much as you. That's why they want your coins.

It's not more strange than to "invest" in USD or EUR. When the Euro fell last spring I actually invested some. Sooner or later they will fix their economy and I'll sell.

Anything can be an investment. Even stamps or toys. But no investment is safe of course, otherwise everyone would do it.

funny thing is that you still have your primedice sign, to make more bitcoin lmao

Need to have strong stomach to invest in bitcoin as the fluctuation can be as large as 70%.

A million would buy a loaf of bread, useful    but not useless!  Most people negatively speculate (or fear) that bitcoin will become zero worth, I'd say if it maintains value even if thats only 100 over ten years then it will have proved itself as a useful product - transactionally.   Right now its all things to all people, somehow an investment and pure cash Dreams of it going to a million are the other absolute end of the scale are probably equally as wrong.

I dont think its that absolute.   Warren Buffet would say price is what you pay and value is what you get.   So what do you get when you take some bitcoin after you have paid a price and is that valuable to you, its a more personal question probably.  
In a country like Vietnam or Argentina then owning bitcoin maybe does not drop in price as the value to them is they avoid their local inflation and dollars are not freely available as a product in that country.

If the growth of countries that do value BTC continues or the people grow in their usage then price is likely going up.  Simply there are billions of people and millions of coins so that is a rising trend.   If you really do fear the worst then flip it and tell me what product is much more useful that it will do better then BTC and replace its market appeal

What we needs is merchants and ease of use, we need to make people stop seeing bitcoin as a speculation tool, otherwise it will never a currency, but more a sort of gold 2.0, which im ok with too, but its not as cool as calling it a digital currency and shopping with it.

This threads responses are amazing.

What do natural fluctuations in the price of a very new currency have to do with the technology? You should have known it was volatile going in, if you lost money, as I have, I'm sorry to hear that, but it's on you.

By the way, investing is about buying when others are selling and selling when others are buying. It's up to you, but this is the time to buy not to sell.

Edit: Nevermind, I missed the small print. 

yes of course 

very funny pic, may i use it in my post?

Even with an agenda, you should respect people and not call them names.

go buy your $540 "cheap" coins stupid scamming bag holders! no one will buy your bags now! drop your hope and lose more!

I can't find my glasses. Oh, there they are! 

You're right. BTC is doomed. It will fail, and we'll all lose, mark my words.

Everyone should put you on ignore because you're an idiot.

everyone should listen to me, do not buy bitcoin! bitcoin is going to nowhere but down!

sell and cut loose now! those who ask you to buy "cheap" coins since $1200 are ponzi scheme scammers

If you are done with Bitcoin you have just made the biggest mistake you will every make in your life and you will regret it when it becomes main stream which there is a very high chance that it will with all the traction it is gaining.

no worries you will buy back in about few weeks time.

Ha. Yeah. Summarizes pretty much all the things someone new or without any actual clue about Bitcoin would say. Good impression. It's funny. A lot if those people will continue to watch BTC and jump on it as soon as it goes up again. (Or as soon as it reached a new top again...)

That's exactly why we have the first rule in cryptocurrencies trading:



Invest whatever you want, just make sure that you can afford to lose it.

Investing on anything online is really risky. Anything can be a bubble or a see saw.

Amen to that.

I sell BTC (and possibly short) it whenever i see a downtrend coming.  But the point is never to "get out! omg bitcoin is dying", because I am not a complete fool.

BTC was bought massively after each crash crash in the past while having no real "legitimacy" to the eyes of the masses. It was just an anonymous (even though it's not anonymous) currency to buy drugs online.

And look at it now. Infrastructure being built, more serious merchants are accepting it, and all for a revolutionary technology that can cut out the middlemen from the financial world, among endless possible features/uses that developers around the world are working on or yet to be discovered.

The idea of investing in a decentralized cryptocurrency will survive because of the strong fundamentals attached to it, and if the idea of cryptocurrencies survives, for now, BTC will survive, being the technological and economic center of it all.

In the meantime, use this amazing volatility opportunity to trade and accumulate.

Nice way of looking at the world.

Everyone who has bitcoin is an investor. Bitcoins come from miners, and we all bought from them. We paid for the global mining network together. All of us.

Far down?

Only for those few noobs recent speculators who paid more than $500 per coin.

Those who remember 2011/2012 (or earlier) and even we who didn't get in until it had already hit double digits certainly don't consider $500 to be "far down".

All right, you might want to get your smell-o-vision checked because I sold days ago before the crash. the rest I used at newegg while we were still well above $600. I took a good, long look at bitcoin while we withered sideways for weeks and realized we were overbought. I'm relieved, certainly not scared.

I do however worry for those here who are so far down the rabbit hole that they believe it's perfectly okay and normal to be far down in this investment because bitcoin is "guaranteed" to go up again.

This. This is exactly the cultish behavior he was talking about.

So, anyhow, we can't crack $525 so, barring anything surprising... back below $450 we go!!! Buying either at $526 or below $450, here. Waiting for a clearer signal.

We are in phase 4 (last phase) of a bubble. Price action always look hysterically at this phase, but it is also one of the most profitable phase if you manage to exit the market at the right time.

Actually, pretty good insights in this thread. I didn't believe the op. His post made no sense...before the small print. That was an eye opener 

It's almost like my laptop developed smell-o-vision.... I can smell your fear.

fear is the mind killer. never have more invested in an open-source beta project than you can afford to lose, dude.

sharks can smell fear and greed a mile away.

This place is such a cult like atmosphere, mocking people who want to get out after losing a substantial amount on their initial investment. cognitive dissonance at its finest. I'm worried what it will be like when price drops into the $300s... just don't drink the kool-aid, please.

Nice one
Now were just having Veronica moments all over the forum for fun XD
Always read the small print

Got me there, almost. About to call OP Veronica till I read the small print. 

but with inflation....

Good idea, one day it may be worth 1 million dollars.

atleast keep 1 BTC and forget it, who knows in another decade it could turn your life around

Well I apologize if I was rude.

But I disagree.  Anyone is allowed to sell (or buy) as much as they want,
and that happens all the time... That's a free market.   The bitcoin market
is just small and easily "manipulated".

First, this is just a rude comment. Second, if they did what they did last night on Wall Street... even with how rarely people in Wall Street go to prison... they'd be in prison. They oversold on purpose to fool bots which isn't allowed. That's not trading. It's more akin to robbery.

Is it something that is here to stay? Sure. Is Wall Street entering a good thing? It's a thing. More potential money, but also more bulls---.

Professional trading algos, in general, are wonderful. Last night was sabotage.

Wall Street entering the game is a good thing.  "Scammy" feeling is your own pre-conceived judgements.
Professional trading algos are part of a modern market , get over it.
What you call "market manipulation" I call "normal market activity".

That is assuming the price won't keep dropping. For instance, people who sold in the middle of the flash crash that had several waves... they never stood a chance. Also, the question is whether it is a temporary drop or something sustained. Finally, a drop, if it gets to be substantial enough, can present a huge set back that is not so easily bounced back from. We aren't in that land yet, but if we keep going... all I can say is I understand if people make panicked decisions.

If you know investment, you should already know the first rule of investment is to never sell when price drops

If the only interest in a product was the price, then why the heck would you have stayed this long.   When else is that true, I dont care about the stereo, how it sounds; No its the price and if it gets alot cheaper or too expensive then I no longer want it.   Really doesnt make sense and if you are a trader then maybe you should have leveraged a short sale or you just got it wrong, again thats no reflection on the product itself.  Its not a share ?

They dont have to.   Its more important people see bitcoin as secure and useful to them in their normal business.   If its not useful then it deserves to go down in price, it really is a secondary consideration though

Investment comes in actual work done.  If you invest in infrastructure, the technology, the design and operation of the hashing then you made an investment.   If you bothered to setup a pool, invest in servers then you were relying on this business to return positively.
   Thats real investment, speculation can be anything and when you sold bitcoin I would suggest you look to what currency you have just bought because you are always in the game whatever you do

It feels scammy because Wall Street entered the game... note the professional trading algos that are intentionally targeting out key resistance points. There is a ton of market manipulation right now. I actually predicted the crash and still managed to lose 5%. If you buy back in... walk away for a while. When you buy back, make sure you confirmed a bottom (a mistake I've made multiple times)... don't worry about catching the entire rally up... if you catch part of it that's good enough. Finally, set a fixed sell point and don't touch it thereafter (and be reasonable... 5 or 10%... (maybe 20% if you feel ballsy) you can always reassess at that time). What happens is people not only take the ride up, but they also take the ride down. Unless you are a true hodler who thinks this is going to $50,000 (spoiler alert... it's not going to do that), you're just trying to make some quick money and providing liquidity for a potentially cool idea. That's all.

BUT, don't listen to these guys about how you'll be able to retire on this... that's bulls---. You are either donating money to the cause or trying to make 5 to 20% quick and reassessing. Repeat... don't let mission creep intervene (way easier said than done).

Decent post, but it could have been better:

--could have used more exclamation points to signify gnashing and wailing
--instead of "sold all" should have said "sold both" of my bitcoin

Still, I admit I did a double take because I have seen the user name make some really good posts before!

before reading the small words anyway i dint believe what you are said because i looked up for the date you registered at the forum.. anyway this could seem like a joke but there is one guy who opened a topic saying this.

I think I have to disagree there.

Sure, bitcoin in itself shouldn't be used to "invest" but it is an inevital consequence of the fact that SOMEONE needs to hold all BTC at all time. This is different to FIAT that supply can be manipulated by an authority. So bitcoin can't only be used for currency by design.

That leads to a big advantage. As apposed to FIAT, Bitcoin is an excellent Store of value. While fiat will have a very high COMPOUNDED inflation rate, bitcoins inflation rate is predetermined and nocompounding, but rather decreasing till infinetisemal small inflation.

In conclusion: Someone must see Bitcoin as investment, otherwise the whole technologie wouldn't be able to serve its purpose as store of value and currency.

This is one of the big problems I see. Lots of people think Bitcoin is some kind of "investment scheme", it's not. Would you "invest" your money by depositing it into PayPal? Bitcoin is a replacement for PayPal. Use it just like you would PayPal. If you need to accept or send a payment to/from someone over the internet, then use bitcoin. Buying bitcoins to speculate on the value is gambling, not investing.

ps. I'm not blind, I was just speaking generally as I continually hear people refer to their bitcoin "investment".

HAHAHAHAHAHAHA! You actually rustled my jimmies for a second there. Good job buddy! But seriously, anyone that's flipping out over the current trend doesn't understand how longterm investments work.

It just goes down and down. I am out of 30% of my investment. This technology sucks.

You guys fucked me over big time, convinving me that this was real. It was a fad all along. Ponzi scheme at its best!

Sold all at 550-510 levels. I am out. Done. Bye.

(would a retard say)