Topic: Lose all your capital fast, with MatTheCat and his TA 101A! - page 62. (Read 85774 times)

You already blew your cover that you're a banker shill that bought an account to spam the forum with.  You'll have to buy a new one now.  May I suggest buying MatTheCat's account.  He's probably desperately in need of money.  You shills are so obvious because your posts are always two sentences with 0 thought put into any of them.  You're the same spam account as "Talks_Cheep".

Well, Bitcoin done it and I got run over trying to short the trend break attempt, twice! And now I am in a very bad position looking up at a market that has left me way behind. Of course, I simply cannot go long here, and will not go long until Bitcoin corrects significantly and puts in bullish market structure. I may get lucky, and get long at $430, on retest of old resistance levels, or this may just take right off, and I may find myself not entering Bitcoin until $500 plus. It sucks, but that is what happens to people who bet against the prevaling trend.

Bitcoin is now a bull, and those who aren't already long, need to be looking for pullbacks in my opinion and those people like yourself (or myself for that matter), shouldn't allow their judgement to be clouded by forming contrarian opinions in the face of bitcointalk.org bulltardedness.

Market statistics say, that now Bitcoin has resolved that large symettrical triangle bullishly, there is a 75% chance that Bitcoin will hit around $800 sometime this year and perhaps this is one reason why contrarians and general non-believers such as myself, might just find themselves standing hold thier dick, staring at the rocket as it takes off. But my rule remains. No Bitcoin buying until significant pull back. I just can't do it.
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I give you an A+ for owning your mistake as we all make them and a good trader owns it and learns from it.  I think you hit the nail on the head.  I managed a small hedge fund through the 90s and I got crushed 9 out of 10 times when I tried to play against the prevailing trend.  I would try to rationalize and sometimes even put more equity to work in a bad position.  The trend is your friend (I know it's a tired saying), but shorting Bitcoin at this point makes zero sense/cents.  You might get lucky scalping a little here and there, but the risk/reward isn't in your favor.  Buy the dips and scale into the current trend.  The trend can run for a long time s you know.  Bitcoin spent two years digesting the 2013 rocket ship ride, and I suspect it's now on it's way to eventually challenge the old highs.  Good luck!

Bitcoin may pump, but it will dump. The dump is the only guarantee in crypto. Why? because nobody with any sense holds this vapor - they only use it to make more fiat. Fiat - you know, the stuff that actually buys things we want and need.

Except everyone in finance already knows all metal backed currencies have failed, turned into fiat, or are backed by 1 gram of silver per trillion dollars (Brits).  It's a non-solution.  It's the equivalent of the USD collapsing and saying, "we're going to add another two zeros to the currency and call it USD2!  Don't worry, it's backed by a shoebox of gold."  Debt based money expansion through fractional reserve is a scam.  They're implementing a for-profit scam that's destined to collapse, it does collapse, then here's MatTheCat lining up saying, "More sire, where can I sign up for more!  Let's clear the Monopoly board and start again!"

People aren't buying Bitcoin solely to try and flip for 1% day trade profit.  They're buying because it's the only sound money on the planet besides metals (actual coins circulated in an economy, not gold "backed" paper).  The problem is that metals have lack of granularity, high friction in use, difficulty to secure, etc, so don't work above a stone age barter type civilization.  I sure as hell can't spend gold anywhere either.  Gold has been around trillions of years, yet the only thing I can do with it is mail it back to the dealer for fiat.  You can at least spend Bitcoin at businesses.

So let's look at this checklist.  I don't want to be a victim of a fractional reserve debt-based currency scam.  My options are gold and Bitcoin.  I can't spend gold anywhere so it has literally no utility for me.  Hmm which one do I pick?  The fact that Bitcoin has a microscopic market cap compared to gold while currently having more utility than gold means there's a massive correction in Bitcoin price coming and it's going to be upwards.


You think this because you don't understand what the words Nash equilbrium means and how it applies to currency, international trade, and governments.  If a country like China and the US trade and both have their own currency, they both constantly do currency wars, devaluing to export, etc.  The person on the losing side of the trades would eventually demand the Nash equilibrium option and force the other into it if such an option existed.  The only way such a Nash equilibrium can be formed is if no single nation has a monopoly on the currency and it's accessible to all.  The only options for this on the planet are Bitcoin and gold (not closed entropy proof of stake systems).

The fact that I don't have to send a barge of gold to China over a time span of weeks to do a payment to utilize such a Nash equilibrium means it is fundamentally an extremely valuable system when the market cap of gold is trillions and less efficient in most ways.  You do not have the computer science background to do fundamental and cost benefit analysis of these systems.

Yep. He is delusional and a purveyor of the finest Bitcoin Kool-Aid, just like loads of others on here and chance are, that you like myself, have at one time allowed yourself to get drunk on the Kool Aid that is freely offered around here, have experienced the full impact of the hangover, when it turns out all the Kool Aid merchants were dead wrong, and you woke with a sore head, and a whale's dick slapping you on the side of your cheeks. I know have, and for this reason, it is very emotionally temtping to adopt a perma-contrarian stance, in 'protest' at all the bulltard nonsense around. I am def guilty of this as well.

Of course, in the event of a USD collapse, Bitcoin is going to become worthless. As though all the holders of real wealth in the world (i.e. commodites, means of production, and means of military might) are going to turn around and say;"Oh well, that is the petrodollar game up, we are all going to have to turn to Bitcoin now, I pledge two oil fields and 25 drilling platforms for 500 BTC!". If the USD goes, then currency the world over becomes worthless, and nations will be forced to either relaunch their currencies, and/or back their currencies with tangible assets. In the event of a USD collapse, the world will have no appetite for currencies backed by nothing except government promises and Bitcoin is worse than that. Bitcoin is nothing. In the case of a financial reset, the holders of *real* wealth will be the ones setting the terms, not the holders of some digital token. If those holding the real wealth wish to make use of a digital currency, then they will create their own, which will be controlled by them, and backed by their *real* wealth.

The way that China is ramping up its production and purchasing of gold, suggests to me that one day, gold will be a big part of any global financial reset, BUT, this may not happen for another 40 year cycle. Could well be, that we go through this looking 'fear' cycle, live through all the 'end of capitalism' hysteria that will likely abound, and then emerge into another 40 year business cycle, starting with a 20 year period of growth, same as happened after the Great Depression, and at the end of the last fear cycle in 1979/80.

However, this is all entirely hypothetical. What has happened, right now, is that Bitcoin has broken out of any indentifiable resistance trendline and keeps pushing higher against the grain of all the standard 'range market' reversal signals, which is why my short trades have been failing miserably, and why even shorting Bitcoin now, when it is so clearly overextended and in need of correcting, is a dangerous game, with stop runs always being likely in the face of a steady push of bullish pressure, which can and will be harnessed by the Market Makers to trigger stops (into their iceberg sell walls).

Remember when I sent you this chart:



Well, Bitcoin done it and I got run over trying to short the trend break attempt, twice! And now I am in a very bad position looking up at a market that has left me way behind. Of course, I simply cannot go long here, and will not go long until Bitcoin corrects significantly and puts in bullish market structure. I may get lucky, and get long at $430, on retest of old resistance levels, or this may just take right off, and I may find myself not entering Bitcoin until $500 plus. It sucks, but that is what happens to people who bet against the prevaling trend.

Bitcoin is now a bull, and those who aren't already long, need to be looking for pullbacks in my opinion and those people like yourself (or myself for that matter), shouldn't allow their judgement to be clouded by forming contrarian opinions in the face of bitcointalk.org bulltardedness.

Market statistics say, that now Bitcoin has resolved that large symettrical triangle bullishly, there is a 75% chance that Bitcoin will hit around $800 sometime this year and perhaps this is one reason why contrarians and general non-believers such as myself, might just find themselves standing hold thier dick, staring at the rocket as it takes off. But my rule remains. No Bitcoin buying until significant pull back. I just can't do it.

Probably a roach talking to Cointelpro, JIDF, and Zionist banker shills on the Bitcointalk forum.  Thankfully they're too busy with Trump right now to flood this forum with goons who are a sad parody of the phrase:  "What good is it for a man to gain the world at the expense of one's soul"...

^^Fancy that, a cockroach posting pictures on the internet
What will they think of next?
Stock up on BTCeanies and ethers, household insect. You'll thank me later!

Due to the fact that there's no Bitcoin "bank holidays", and it's immune to cascading default, deflationary collapse, unlike fractional reserve fiat is, it would likely play out more like this:

-Mr. President, our financial system is lying in smoldering ruins, the streets run red with the blood of Fortune 500 execs, WHAT DO WE DO?!!
-Calm down, Janet! We're prepared for such contingencies. Quick, log into your eBay account! Time for  Plan B: BTCeanie BTCabies!! And also Ethers!
Ethers will be the silver to BTCeanie BTCaby gold!

The system I described was cascading defaults of digital fiat USD.  Since all banks are fractional reserve, the money supply vastly decreases in a liquidity crunch during this scenario.  People who are all in on digital USD would get a massive haircut because money is literally destroyed in such a process.  It could be 30%, 50%, 90%, or maybe the cogs would just cease to continue turning with permanent bank holiday.  In a scenario like this, the paper money circulating would continue to have value (at least for a while), while the digital USD would probably just cease being traded.  So, no, I did not describe a situation where the USD goes to 0, just the only way a deflationary collapse can play out in a system that utilizes fractional reserve fiat currency.

Due to Gresham's law, the paper money would still be everywhere, but the digital USD would not be trusted.  People will trust digital BTC a hell of a lot more in such a situation.  There's no bank holiday in Bitcoin.  There's no "woops, we destroyed 90% of the money supply because you were literally trading debt and the debts were all defaulted".

The Bernanke solution to prevent deflationary death spiral, "helicopter money", was just an unfunded tax cut.  This would do absolutely nothing to stop it.  You would need to literally give away free money in the form of "basic income" to everyone in an effort to try and cause inflation.  The act of doing this would provide short term relief, but would likely rubberband into hyperinflation, or completely kill all confidence in the currency where people just abandon it.  If you've gotten to this point, the fiat game is already over.  You have to switch to another currency.  Instead of an instant collapse, you *might* be able to turn it into a long drawn out process of collapse with people just constantly fleeing to some other more sound money over the course of a few years.

After people lose their entire life savings, hundreds of thousands of dollars, you're not going to be able to force them back into an identical fiat currency, even at the end of a gun.  There's really nowhere for anyone to go besides land, metals, and Bitcoin.  In a monetary collapse like this, assuming society still functions at some level, which it likely will, you can still buy things like food, you just can't trade land for food at the grocery store.  The most valuable thing will be liquid currency.  This is the point where you buy land, houses, cars, and everything else for pennies on the dollar with Bitcoin and gold, but Bitcoin will see higher returns than gold due to being a much smaller market.  That and gold doesn't actually function as currency in any modern civilization due to lack of granularity and high friction in use.

Who said anything about a dollar collapse ... think about a systemic monetary lock-up scenario where SWIFT gets hacked in a retaliatory cyber-strike by Iran/China/Russia for being shut out by bully-boy USA/UK/Israel axis.

Which system are you going to use for global bank settlement transfers on the day SWIFT can  no longer be trusted?

I'm the same person who started this account, retard.

All of your posts are the same garbage saying the price is going to collapse to 0 any second.  Clearly a bought account.  Probably the same guy as "Talks_Cheap".  Please short with your entire life savings banker shills, you'll be doing us a favor when you have to cover at a loss.  Do it, put your money where your mouth is.  You won't?  Didn't think so.  Mat is basically a banker shill that's off the payroll and we already saw what happened to him.  After his shorts, he now wakes up in the middle of the night sweating, having nightmares about losing more money.

You are fucking delusional. Nobody is going to give a flying fuck about some crypto bullshit monopoly play money if the dollar collapses. If that happens, you better run for your life to the hills. Do you honestly believe bitcoin is going to save the world from societal collapse following economic collapse? if so, you should really see a shrink. The ONLY thing bitcoin does well is serve as a betting tool, nobody in the real world uses it or gives a shit about it. The fact there is no way to reverse a charge or appeal to somebody in the event you get scammed is reason enough it will never be a major currency - let's not even get into the issues of scaling to any real usage vs transaction time.
Btw, this uptrend is very low on volume, I seriously doubt it will continue without a correction.

So, when it hits $500, do you just make a new chart and pretend the last one doesn't exist?  Also, Bitcoin as a physical currency is going to be yuge.  All technically unsavy people will be using this stuff like crazy in place of $100 bills:  https://opendime.com/

Bitcoin is far too risky an asset to be seen as a 'safe haven' in the event of a global economic collapse, and by global economic collapse, I am assuming you mean the outright death of the US dollar, to be replaced at some point in the future by fuck knows what.

Bitcoin could however have a lot of appeal, to those in stricken economies seeking to get their wealth out of the country, and into USD, or at least USD denominated assets. Any serious amount of capital flight from China for example, would make Bitcoin pump a lot, but then there all the attendant hazards that have bitten Bitcoin in the past. For example, if the Chinese authorities consider that capital flight via Bitcoin is getting out of hand, they could just ban it outright overnight. They could make it a punishable offense to own it, and order all the Bitcoin miners to cease operations. The fear, uncertainty, and doubt, not to mention the glut of Chinese held Bitcoins likely to hit the market, would cause Bitcoin to tank. This is just one hypothetical scenario of many that rules Bitcoin out as a 'safe haven' asset.

In my view, Bitcoin's worth relies upüon, and is defined by it's convertability into fiat currencies, primarily, the USD. If such a global crash were to occur, I would assume it would occur in stages, and during the capital flight from vulnerable economies stage, I could see Bitcoin shooting up a lot, but if the market ultimately losses faith in the credit worthiness of the US government, and the entire Petrodollar system goes down, then humanity will be back towards looking at things of real tangible value. Wealth will be derived from those holding what real wealth actually is. Land, resources upon or within that land, the means of production, and pretty much all commodities, a very important one of which is gold.

Chinese government are the largest importer of physical gold, and China is also the largest producer of gold, yet they don't export any of it. I think it is pretty clear that Chinese see gold as a vital strategic asset, in preparation for what is to come and unlike Bitcoin, the Chinese encourage their citizens to buy precious metals.

That's the problem with your thinking.  Everybody knows there's going to be systematic, global financial collapse in the near future.  It could happen at any time.  Whether you believe Bitcoin will exist or not 100 years from now doesn't matter.  All that does matter is, it's definitely going to exist when JP Morgan, Citibank, BoA, Deutsche Bank, and everything else all implode.  The price of Bitcoin will go through the roof and likely outdo gold gains by a few orders of magnitude.  

No matter what happens, Bitcoin will play a large role in the transition process of whatever is to come.  There's nothing much to doubt.  It's already existed for 7 years and the financial system will implode before another 7 happens.  There's my playbook of the financial implosion explained:

https://bitcointalksearch.org/topic/m.14624054

Yep she is a bull alright.

But it would also be entirely textbook stuff for BTC to now go and retest the trend line which it just breached, and if it doesn't happen.....then that is tough titties for all the doubters like me.

80% chance that she does, 20% chance that she doesn't, although these odds may be lessened somewhat by the fact we have been in a range for the past 5 months (not out of range until $475 is breached, and arguably also not until $500 is breached.

I love it.