Remember: Bottoms are ALWAYS higher than your idealized entry point - page 2.

The Sceptical Chymist

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Quote from: cellard on December 08, 2018, 02:54:27 PM

Famous eternally mad nocoiners such as Peter Schift, Nourini, Mark T Williams, Krugman... you name them.

Love the term "nocoiners". I fully understand the concept of that.

I don't recognize any of the names in the above list except Peter Schiff, and I only know of him because he'd been telling people to buy precious metals back around 2011-12 right when they were peaking. Since then I've sort of lost respect for him because of that terrible advice, and the fact of the matter is that he was probably only telling people that in order to sell his own metals via pump & dump.

The fact is that nobody knows where the bottom is, or whether a recovery is just that or a dead-cat bounce. It all comes down to whether you have the balls to act on your beliefs. Me? I have the balls but not the money. I would have bought bitcoin at any point in the past 2 weeks because I think it's been beaten down too much--I just don't have the money, and not only that but I owe about $600 worth of bitcoin to someone, which is going to wipe out my sig campaign earnings for quite a while. It sucks, but whatever.

BitHodler

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If you would have asked people a few weeks ago if they would buy Bitcoin at $4000 if the opportunity presented itself, they would say yes. Currently we have gone far below $4000 and people suddenly no longer want to buy....

It seems that most of the people need a super duper confirmed end of the bear market by seeing the price break the $10,000 mark before they start buying. Rookies always buy when things are going up.

For me everything below $7000 was a worthwhile entry point to accumulate at once or twice a month, so you can understand how much I enjoy buying at current levels, because bear markets means more bang for your buck.

pixie85

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I hope that you all realize that in every game: gambling, trading, investing, the majority is always wrong! If it was that easy most people would be millionaires, but it's not easy and most people are poor. There average always consists of 1% of millionaires, 4% of smart people who make money, the average 35% that ends up with a small profit, or no profit at all, and the other 60% that loses money. It can vary from market to market but the majority always loses. To win you have to be lucky or be smart and patient because the majority is the opposite of that.

cryptocrusher

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Always is a really misleading word to use here. How often over the last year have we seen people calling the bottom only for the price to fall further? I'm sure plenty of them went all-in at that point thinking it was the ideal entry point. It's inevitable that some people will always be too bearish and miss the opportunity to buy but the flip side is that too many buy too early in to a bear market.

coinplus

legendary

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I honestly agree with this 100%, I had some coins at 8 thousand dollars and I had a lot in $6.5k days and now that it dropped I have almost 50% of my coins bought at $4.2k or so. I am still down from what I bought but it seriously doesn't look like it will be recovering anytime soon hence I will probably get some again and again. Instead of waiting until the price drops to a certain price point I think it is easier for us to just buy a little from each price, I do weekly ones and get whatever it is for that day, sometimes it is high and sometimes it is low but at the end of the day I basically average it.

I am still not hopeful that I will be profiting anytime soon but I know that I will be better than people who get in too late or never get in waiting for that bottom.

figmentofmyass

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Quote from: cellard on December 08, 2018, 02:54:27 PM

We've seen it throught the years. You can go and find all the posts, I don't need to do the homework myself for you, I already did. The truth is, you will ALAWYS find a bunch of people predicting bottoms that never arrive, ideal entry points to go all in that never happen.

i think it's a bit more nuanced than that. you'll also always find a bunch of people predicting bottoms too early, like everyone who believed $6000 was impenetrable. people usually aim too high or too low. they're just wrong most of time.

i think there's something to be said for waiting for an obvious trend reversal rather than trying to catch the bottom or waiting for the perfect entry. i know some good traders who don't go anywhere near crypto during bear markets. to each their own i guess.

in terms of bitcoin, i do think the triple digit and $1500 targets are overly greedy.

chairmanMao

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Yes, basic public forecasts must be inaccurate and the market is suspected of being manipulated. So don't expect to buy bitcoin at the lowest price, this opportunity is impossible. But buying coins in a down market is always the worst time.

mu_enrico

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Quote from: 1Referee on December 08, 2018, 05:12:04 PM

Dollar cost averaging while the market is tanking is the way to go.

Yep, dollar cost averaging is the safest way to invest, except of course, if you are some sort of psychic who can predict the bottom. The market is irrational and unpredictable for most of the people. Thus, the safest bet is to buy bitcoin in two or more batches to avoid the false bottom.

Long position + dollar cost averaging = more sleep Wink

davis196

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OP,I really doubt that people like Krugman or Roubini want to buy bitcoins or any other cryptocurrency.
They don't FUD bitcoin because of the frustration of missing out big profits.They FUD and hate bitcoin,because they are fanatic fiat money believers.

1Referee

legendary

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Dollar cost averaging while the market is tanking is the way to go. I did it the moment the price took a dive below yearly support and I'm happy that I did so, even knowing that the coins I bought above $5000 and $4000 resulted in paper losses. I honestly don't care. Even if the price went up directly after that, the coins wouldn't move. They are safely stored offline to not be touched again in the coming 5-10 years.

My biggest guns are saved for when we dip below $2000 this or next year. I don't expect it to happen, but I rather come prepared. You never know when sub $1000 buyers and potentially some OG's start panic and press the sell button. Things will go down fast. Most people feel comfortable seeing prices decline when it's far away, but start to panic seeing the price approach their initial entry point.

Quote

The stock market is a device for transferring money from the impatient to the patient.

Warren Buffett.

cellard

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We've seen it throught the years. You can go and find all the posts, I don't need to do the homework myself for you, I already did. The truth is, you will ALAWYS find a bunch of people predicting bottoms that never arrive, ideal entry points to go all in that never happen.

Those people are the ones that become demented nocoiners which begin FUDding Bitcoin pretty much forever, because they are extremely irate at the fact that they missed the boat because they gambled way too much hoping for a price that was way to low, so the market started going up, they assume it's another "suckers rally" or "dead cat bounce", until eventually it goes full FOMO and they feel suicidal, but it's even worse when the bubble bursts and bottoms above what they were expecting to get in at, so it's a never ending fractal cycle of people becoming salty at the fact that they didn't buy and they have too much of an ego to just get in and deal with it.

https://i.ibb.co/0ZqzLk5/123124123312.png

Famous eternally mad nocoiners such as Peter Schift, Nourini, Mark T Williams, Krugman... you name them.

So the moral of the story is, buy low, but not too low, you may die waiting.

Topic: Remember: Bottoms are ALWAYS higher than your idealized entry point - page 2. (Read 479 times)