Topic: Lose all your capital fast, with MatTheCat and his TA 101A! - page 7. (Read 85774 times)

I didn't miss that Bitcoin demographic out you know.....

.......that was the "99% traders who are looking for a fast buck" category.

Bitcoin is a commodity. Bitcoin's utility, is fast wealth transfer. Unlike oil, wheat, copper, silver, or fucking Broiler chickens, only a tiny fraction of Bitcoin bought n sold is intended for 'consumption'. Vast vast majority is bought on speculative basis. Bitcoin is a castle built on stilts m8.

I am cheering Bitcoin on, at least up until the $1500 range, not cos I have anything to gain nor to lose, but cos I like being proven right which is the same reason why I shall be cheering on it's brutal collapse that will come in the wake of this totally manipulated ramp.......nothing to win nor to lose, but I like being proven right.

BITCOIN IS GOING TO $1500 (and probs popping a good bit higher), COS THAT IS WHERE THE CHINKIE BITCOIN COWBOYS WANT TO TAKE IT!

When/if the ramp starts to become self sustaining from Joe Public stampeding in, is when our Chinese friends will start letting the market have all the fucking Bitcoin that it can take, and when they will stop supporting the rise, and just let the whole house of cards come crashing right back down to the cost of production, and possibly below the cost of production to really shake out the weak hands....wash rinse repeat, until the whole mis conceived project blows up in everyones faces.



I don't quite understand all that side of things. I believe that right now, cost of production even for the most 'efficient' of Chinese miners is around $500 per coin. Cost of production got so high, so quick, because Bitcoin got over saturated with speculative capital, and exoribitantly manipulated to the upside during 2013. Bitcoin currently requires a massive amount of processing power to function. The only way that the processing power can come down, is if lots of miners go offline, and the difficulty lowers itself, and the only way that miners will go offline is if the price crashes and it is no longer worthwhile keeping their mining farms running, a bit like what the big Chinese miners done to all the small time Western miners through 2014-2015. But if the price crashes, and miners start to go offline, then the shortfall in processing power will lead to huge congestion in the system for a period of time, whilst the difficulty adjusts, which lead to transactions getting stuck in the system, which will lead to a collapse of faith in the Bitcoin network?

Bitcoin vs gold economics explained below.  The main takeaway point of the post is that bitcon value is not even based on scarcity, but on cost of production, which is the exact opposite of what most people think:




And another comparing metals vs bitcoin economics:

Information is useless and truth is worthless.

AKA

Bitcoin is vapor.

Someday, you may escape that box... but I doubt it.

With all that KYC/AML the WinkleVii have to do?  Sure Mat, keep telling yourself that. 

Traders.

Small time capital control evaders

Drug dealers

Some gamblers.

The odd online hooker.....


But 99% traders/investors looking for a fast buck. Doesn't take a genius to look at Bitcoin chart and see that this asset is driven by almost purely speculation.

Yep Mat's right, no one but day traders want these useless bitcoins:

https://gemini.com/auction-data/

Technically speaking, you aint wrong...

...but hindsight is 20/20 and you have been around long enough to know that the arse can fall out of Bitcoin with a moments notice.

Since bitcoin came out there has pretty much *never* been a time that was true.

A toxic asset is precisely what Bitcoin is. None of the major markets can be trusted and the vast majority of the Bitcoin are in very few hands, thus the market is cornered and controlled.

With that said. Whilst Bitcoins are in my view, worthless, the price action is the price action.

Do I think that 'they' are going to drive Bitcoin higher? For Sure! Fast profits to be had for shark traders with the stomach to tolerate the by now massive downside risk, but for anyone thinking about investing in Bitcoin for their retirement or kiddies college fund, i.e., the true believers, these people are going to get absolutely fucking slaughtered. When this worthless Chinese controlled flawed, bloated, manipulated digital token fails, it will fail very quickly.

To answer 'Ted E Bare':
In June 2016, I was correct to not want to buy Bitcoin, as significant downside was yet to come. Little was I to know that the downside target would be reached with news of the so called Bitfinex hacks. In Sept 2016, with Bitcoin in the $500 range, I called $1500 Bitcoin. Look back in this thread. It is there in black and white. I also stated that after having two Bitcoin accounts plundered, with the most likely culpritts being rats within the exchanges themselves, that I was finished trading, holding, and investing in Bitcoin, because aside from the entire Bitcoin sphere being utterly toxic and corrupt, Bitcoin is in the grander scheme of things, absolutely fucking worthless. Gold is real wealth. Bitcoin may cost more than an Oz of gold at the moment, but over the test of time, gold will always be valued as wealth whereas Bitcoin's destiny is to be revealed as the vapour that it really is.

A grand idea perhaps, but also the definition of a prototype.

Bitcoin is practically a toxic asset now with markets like this:

June 2016.

That was before I got my Kraken account emptied, and Before I got 'finexxed'.

Eh, Ted don't waste your breath.  

MattD will still be here in this forum 2-3 years from now, when bitcoin is like $10K/btc, still whining "I wouldn't hold this worthless cra...." 

Had you followed my advice you would be rich now. It took only ± 6 months and no effort.

Same applies today, buy and hold. Don't look at it. Store your coins away. We talk again a year from now.

Already have some gold and a bunch of silver.....

.....bought it years ago....watched it all double in value and then come right back down again.....but the big BIG pump* is yet to come.....
Shouldn't really call it a pump, cos unlike Bitcoin, the massive precious metals ramp is not going to come about due to the machinations of a few strong hands controlling the market, but despite those strong hands controlling the market.


übrigens.....

looks like Bitcoin is on it's way to $1500.....ATH and Gann arc taken out, and no signs of any blow out top, be sure to take profits though, cos what goes up, must come down.

I predict that if you ever do buy a bunch of gold, half of it will turn out to be tungsten. And you will blame other people yet again.

When you know how to work with Gann Squares, they can offer a fantastic 'road map' (no good for taking trade setups off, though..need other tools for that) for any given market. The trick is getting the scale correct. i.e. how many units of price = 1 Gann unit of price (I just scale so that 45 degree line represents average price at point off swing high). There is obviously no arguing with the unit of time, which Gann himself stated should be weekly trading intervals, although Gann Squares can be applied to shorter time intervals and still provide good price road maps.



I did actually buy at $240 Torque. And held all through 2015, watching position increase by around 35%, then crash right back down, before recovering.....I sold at $335, just prior to the Nov 2015 ramp....then bought back in at $390......then despair sold at......$300! At this point, I decided to learn to trade and was gradually improving and was getting to the point where I was regularly turning out a profit.....and then I got robbed on two different exchanges. On Kraken, I got my account emptied by a 'hacker', with Kraken support offering nothing more than 'sorries for your losses, but you must have had your computer hacked, not our fault, now fuck off' (even though small scale Kraken thefts of this nature happen regularly), and then of course the Bitfinex scam came shortly thereafter.

This was the point, that I decided that I was finished with Bitcoin for good, even although I was very confident that Bitcoin was going to $1500 in the fullness of time. I stated as much in this thread when Bitcoin was still in $500 range (although obviously, I had no clue as to which course Bitcoin would take to finally get up there....with hindsight, seems like Bitcoin opted for a pretty direct route, in the face of some ugly fundamentals i.e. increased heat from PBOC).

Over the piece, I have lost thousands in Bitcoin and other cryptos. I am not stupid, in fact, I am quite smart, but I have to concede that somehow, my karmic blueprint is just not well adapted to the whole 'get rich quick' trading game and I seem emotionally compelled to repeatedly do the wrong things at the wrong time. Sept 2016. Whacked out Mescaline hit that was so strong, it sent me into a DMT entities world. It was coming down off that, that I seen Bitcoin being driven up to $1500 and no mistake about it. At the time was totally confident in this prediction due to where it came from. Told everyone in real life, and posted it on web forums......but I didn't give a fuck. I was 100% through with Bitcoin and all the sharks and crooks swimming around pretty much anything to do with Bitcoin.

I reasoned, and still do reason, that even if my nominal wealth gets wildly pumped through holding Bitcoin, the nature of Bitcoin is such, that you can lose everything, pretty much at the click of a finger. The exchanges pull whatever stunts they wish with utter impunity and the whole project can be turned off overnight by the PBOC.

In the long run, all the current crop of crypto is gonna fail, and in the long long run, global currencies are either gonna fail, or experience some kind of reset or 'consolidation' event. If Trump and his cronies get their way (and I suspect that Trump may prove to be an even bigger dark horse than he has already proven himself to be), he is going to hyperinflate the USD, bringing all those trillions of stored up M0 from post 2009 QE, into Main Street. Crypto good prove very interesting through this period, but at the same time, ever so fragile. Only safe place to be in the end will be in physical gold. Russian and Chinese governments are stock piling gold, not Bitcoin.

Holding was and still is the best advice there is. If you need something and you can buy it with Bitcoin just convert the fiat at the spot.

Is MatTheCat out of the game? to bad for him, it must be a major pain in the ars watching Bitcoin rocket to new highs.

Greed oh yes greed!

Even if Matt had held on to his bitcoin that he bought in 2013 @ ~$800 (which wasn't a great entry point), he'd still be up right now 43% in basically 3 years.  Which by any relative accounts is an outstanding return. Now guys would kill to enter at $800. Go figure.

But no, he sold then. Then he didn't buy @ ~$200-ish (a bottom that he actually called).  Or $300. Or $400. Or even $800 again.

He didn't even try to DCA over the last couple of years.  What a pity.

Shit, I'm up 260% on bitcoin I bought years ago.  And I don't even trade, never will.  Don't need to.

The rules of bitcoin are, people who are short on bitcoin lose. Even my mom has made four times what she started with. That's how fucking hard it is to make money in bitcoin, even little old ladies can do it.