Topic: In for the money? Get lost and good riddance! (Read 5364 times)

I agree! Great post. Btw anyone on here currently selling any BTC? I'm looking to purchase 1.

What were you boys doing? 

I think you should really be hunting down the assholes that decided to buy BTC at cheaper prices on the way down over the last two days. They are the true criminals! How DARE they destroy the value of Bitcoin like that! They should have offered more money instead of less to keep the prices higher!

Jesus fucking christ. People voluntarily wanted to sell and others voluntarily wanted to buy. One side thought the price was going to go down, the other side thought the price was going to go up. It's a gamble for each side even if the intention is to buy for the purposes of using Bitcoin as a currency. No one extracted anything from anyone. They simple agreed upon a price which coincided with the rest of the market at the time of sale. Two people can (and sometimes do) just as easily agree upon prices that are no where near the market price for any number of reasons. You poor miserable bastard. Woe is you for not finding Bitcoin earlier and making your own fortune off it. (Or maybe you did find it earlier and now you are butthurt for not investing in it sooner.) You might want to work on your google skills and maybe you can do better on the next big thing. Then you can put your money where your mouth is and spread your wealth to those who unfairly found your investment so much later than you did. It is your choice after all.

I don't get why people panic: there are cheap bitcoins to buy, it is wonderful

You have it totally backwards...speculator and daytraders NEED wildly fluctuating prices to exploit and make money.   They have been buying at the lows and selling at the highs for the past few days.  They want and need that to continue.  When the price stabilizes, is when they make leave, but only temporarily.

The idealists are mad that big money and big corporations and Wall Street are coming in and wrecking their fun game....and proving that it won't be the idealistic currency of the future that they envisioned.

And the casual miner is upset that big money is coming in and making their Mom & Pop mining operations obsolete.

I don't blame them for being irritated but it's just the way of the world that Big Money always wins in the end.  They have the legislators in their pockets to make anything legal or illegal that they want and they will take over Bitcoin and profit from in for a few months or years and then probably leave it in shambles.  Or they will just stick with it and it will become something that the overwhelming majority of the people can't profit from, like the larger stock market.

It's just the way it is and they always win and always will...

"In for the money? Get lost and good riddance"
I find that offensive.

i don't understand what i'm reading here.
the "new money" crashed the price? most likely the new money triggered sell orders set by the "old money" and i'll bet most of the "old money" sold into the slide and picked up cheap btc on the other side doubling their holding, whilst the new money were left with just a few btc, can you say ponzi?
reckon silverback has it right, if you believe in btc, then spread it around so everyone has a stake, setup a website and give it away, but not fractions of pennies like the free sites who rake it back and some with their ads, give away full btcs to us that want to support it but don't have the means to purchase it. bet you don't.

hold onto ya coin!

don't sell to the Je*

I can't hate anyone for wanting to get in on BTC to make money.  At the end of the day all of us want to make money to a certain extent. Money doesn't buy happiness but it certainly allows us to take care of our responsibilities easier and gives us more time to enjoy things we enjoy which cost money to enjoy.

Bitcoin is an open currency for all to enjoy and play with how they see fit. Even if I don't agree with what they do with it.  My hope is that in the long run things will smooth out and the overall market will dictate what happens with bitcoin, not just a few speculators.

One thing the critics are right about is we have too many speculators in Bitcoin, what we need are merchants so that everything spreads out and people are using the currency for ordinary stuff rather than just messing with exchange rates, once we get that the prices should eventually stabalise because the speculators won't be able to have so much influence just from pouring in a few thousand into the exchanges.

Just to note that many who got in early are not doing it for money, but for ideological reason or intellectual/academic interest, hence quite unlikely to sell, especially for fiat.  In the 2011 crash, many also blamed the early adopter for cashing out and crushing the market, but that has turned out to be mostly false.   In any crash, it is the weakest hand that always get shaken out, because they can't afford to lose the money and/or lack conviction.   If one truly understand bitcoin and its implication, then one should care less about its market price, especially in fiat terms.

Nice post - I take it calmly myself.

Guess that's what retailers want, eh? People with ideals. No need for that crappy, worthless money.

But here's a thought. If you're not in it for the money you are getting for doing basically nothing at all give all your bitcoins to charity. Oh, but that's right. You need the free money you are extracting from the bitcoin economy to buy nice things for yourself.

You think wrong.
Those who have enough bitcoins to crush it were in it mainly for ideological reasons.
Those who like to speculate are all latecomers.

If you put real money in you have added something to the project. It is money that attracts investment and retailers. It does not matter if you put the cash in for speculative reasons. The problem is people who put nothing in expecting millions of dollars. Reading this forum they even seem to think they somehow deserve it.

While the bubble callers have been correct so far, I don't think there really was a speculative bubble. I think bitcoin keeps getting crushed under the weight of people who got in early and now want something for nothing.

I 'lost' a few 100 large over the past few days, or more accurately, failed to capitalize.  I worked all day moving some logs (of the dead tree variety) and I don't believe I thought about it even once for the whole 6 hours.

The reason for my relaxed attitude about it is exactly because at this point I am pretty much in it for the money and nothing much else.  Had I really cared about Bitcoin specifically I might be more upset.  Actually, I might have been somewhat happy since I can see ways in which the behavior may ultimately be helpful.  I myself missed the first blip but made good use of the trough between and I could see more people doing such a thing today simply because more people know of the solution.

It was not always the case that I lacked hope for Bitcoin.  I was pretty excited about it as a 'revolutionary' thing although I always had some nagging reservations.  At this point I believe that Bitcoin has fulfilled it's most useful purpose.  That is, to demonstrate the viability, in concept and practice, of user-controlled crypto accounting systems.  If Bitcoin fails it is almost certain that others will crop up to take it's place.

Even more than that, one of the most fascinating 'features' to me about Bitcoin is that it actually can fail.  Gold cannot.  Gold will rip apart nations and societies but never fail.  Bitcoin, on the other hand, can be democratically replaced if there is sufficient reason to do so.  If the 'owners and managers' of the solution fail sufficiently it is possible, in my theory, that a much less bloody re-boot can transpire than has been the case in the past.

So, even if my 'losses' go through their terminal doubling from what we I've seen over the past double-digit hours, there is still the opportunity to find out if my theories about the families of solutions are sound in practice.  I'd rather not pay $0.5M for the experiment, but would be no worse off than I was several years ago...and I had no complaints back then.  I've always considered my 'investment' in Bitcoin to be highly speculative and likely to yeild a 100% loss.  Unfortunately this means that you (the OP) are unlikely to get rid of me completely.

edit: minor syntax.  edit2: the day before I move logs of the digital variety.

'Dude you have no idea what you are talking about.'

You have no rebuttal, because you know I'm right. There is no difference between a central bank taking people's wealth by printing and you bunch taking people's wealth by knowing about bitcoin early. None at all. You are taking wealth out, leaching it away from people who want to use the bitcoin as a currency. In your position you are acting rationally, nothing to be ashamed of. But if you're honest you know I'm right.

Dude you have no idea what you are talking about.

'Let me correct you, "who mined millions of bitcoins before anyone else gave a crap about it, and when it was just worthless experiment"
My dear n00bs, you guys should be careful at  https://en.wikipedia.org/wiki/Hindsight_bias'


Guess that must entitle you to extract millions of dollars out of the bitcoin economy, then. Crashing the price, destroying enthusiasm and making the whole thing look like an amateur joke. Which it is. My bad.

Let me correct you, "who mined millions of bitcoins before anyone else gave a crap about it, and when it was just worthless experiment"
My dear n00bs, you guys should be careful at  https://en.wikipedia.org/wiki/Hindsight_bias