Topic: The inevitable collapse of hubris (Read 5668 times)

well, things don't look so bad now.. Just a setback with China. Op just has some issues

You are not helping, you are defending/apologizing hubris.

Electric, here, let me help you again:

His point, once again, was people's arrogance about Bitcoin in the setting of a $1200 Bitcoin price.

His point was not about general arrogance, a snooty attitude in a reply, or people expressing irritation about his trolling.

Nobody in this thread has proven his point yet.

You must like revans quite a bit to keep pointing to irrelevant things and calling them "proof of his point", accuracy be damned.

Yes you are doing a great job proving revans point over and over again.

I don't like debating you since you are referring to yourself in third person, and the thread is about the collapse of hubris.

What you have done here is posting more hubris, in this thread!!
So you can't complain if I make fun of you. Please continue I'm having a great time.

If you tried to understand what the author of a post was saying before critiquing it, debating with you would be more enjoyable.  

I was pointing out the fact that, (like you said) all the bitcoin owners can't cash out for dollars, the converse is also true: all the dollar owners can't cash out for bitcoin.  This is a fundamental property of money that I believe some people can't wrap their minds around.  My post made no inference to how likely either of these academic scenarios would be.    

 

The inevitable collapse of hubris

Bitcoin is like gold, silver and US dollars in this respect.

Gold is valued at $1200 / oz, but if everyone sold all their gold for fiat dollars, the last ones out wouldn't get anything close to that.  In fact, if everyone sold all their gold (or bitcoins or dollars or euros), who would they sell it to?

Alternatively, if everyone sold all their US dollars for bitcoins, the last ones out (of fiat) wouldn't get very many micro-bitcoins for their dollars either.  

This is a fundamental property of all forms of money.  

Anyone still believes it goes under 580 in the next 2 weeks?

He can't stop

Agreed. Not fair to Proudhon who served us well.

This OP guy is just angry and mean. He is so negative and hostile, I had to smile. Is he for real? And what's he still doing here? Almost a cartoon of a hurt, angry bear.



OP - get well soon.

Evidence?

Hey, I liked proudhon and never ignored his posts! So no, this one here does not belong to "bears with integrity" club.

I'm just happy I am not down overall like a lot of people.

Revans = Proudhon 2.0? Lol

No, this particular troll sold everything (not much) back at $20 when it was "overpriced" and now is just spitting his useless poison around, crying about how the whole world is dumb. You know the type. They don't realize who is actually dumb here, never will.

He means everyone in Bitcointalk, not everyone as in literally, everyone.

Those who benefit from the current system will also never support Bitcoin, you've said it yourself.
And that group is larger than you think. Not only in terms of wealth and political influence but also in terms of the number of people.

When it comes down to it only people who attribute themselves to Libertarianism think they don't or can't benefit.

Point Taken. It's not possible for everyone to be rich. In fact if bitcoin were to succeed and we were to cut out the international banking cartel, those that benefit from the current system that would stand to lose a great deal, but in the long run I think that most people would be richer.

Not sure how that's possible? Tell us more...

I bought $50 worth at $1200 to get a "bitcoin accepted here " sign from the US for my market stall on the weekends. #winning

a) the success of Bitcoin has nothing to do with people becoming rich.
b) everyone in that means everyone into the get rich quick cult.
c) the only people who actually got rich out of hoarding Bitcoins are those who already cashed out, there isn't enough money so that everybody can do it, it's a game of musical chairs.

OP sold at $380, now he is mad. *oink oink* piff paff wing wang..

I don't usually read revans' threads, but when I do, I'm prefer to find a diamond in the rough.


Totally destructive to the soul. I don't want bitcoin to succeed because I want to be rich, I want bitcoin to succeed so everyone can be rich.

'Executive decision'


LOL, even the nomenclature of the arch Bitcoin rampers is cargo cultish.

Bump.

The cultists can not allow knowledge of their delusion become publicly accepted, this is why they zealously attack anybody pointing that out.

One liners are for the truly smug.
(did i do it right?)

One-liners are key, here.

Everyone is now arguing with one another. Exactly what Revans wants.
I think that makes Revans the winner.

I know it's tough, but the only way to win is to ignore him.

The simple fact is that "revans" started a thread based on the exchange rate .... yet I need to com up with a "better" way to refute his claim?

I could do better.  Believe me.  But this is "revans" ... the biggest troll on the site.

He doesn't respond to logic, arguments, or facts.

He posts inflammatory bullshit, based on temporary dips in exchange rates.

I made the executive decision to meet him on his level and respond to him as he came at us.

Of course I could do better.  Of course it had attitude.  But you are tossing Pearls to Swine when you try to write something intelligent to a dumb person..

You should know that by now.  

As the price continues to climb, on the aggregate, his first post will continue to be proven wrong.  That's all we've got for a fellow like him, who pops up when the price dips.

Based on his past posts, I don't believe he's capable of learning in other terms.

ElectricMucus you still have my favorite username.  :-P

How does he win?  Im not being arrogant nor smug.  Therefore he has "won" nothing.

Im telling revans that his insults must make him feel stupid, as we have gone up in price.

That isn't smug nor hubris.

ElecricMucous has a dark yellow highlight on his ignore.

I believe this is evidence  he has "lost" many ... many times in the past.  And now again.

 

ElectricMucus wins.

You have psychological problems comprehending the difference between an instigating troll and an irritated individual trying to show why the hubris of the instigating troll is factually incorrect.

The responder is allowed a bit of attitude, as they are responding to nonsense.

Lol you are so smug.

Hey nice avatar. I was seriously thinking about starting a "Mr Greedy coin" the other day. It's just the pic I need!  

Your statement would make 1 ounce of sense if I we were at 1200 and I was mindlessly bragging about how much money I'd made.

That was his point.

However his claim was that we've already been dashed to the rocks and look like fools.

Therefore, defending the total lack of "being dashed to the rocks" as well as "looking like fools" hardly proves the point *he* was making.

In short:  Correcting mis-perception does not equate to hubris.

The hubris was revans first post.

The responses refuting it, don't qualify as hubris.

Yeah, I think the bounce will be short lived. It looks way overpriced to me.

Your gloating pretty much proves his point.

I woke up today to see Bitcoin back up, pushing 700 again .... and first thing I thought of was ... "I wonder how stupid revans feels right now?"

Our "collapse of hubris" isn't panning out like you (prematurely) ejaculated.  I mean predicted.

Here is the thing: Noble causes aren't pursued by people after this kind of gain.
No, besides a very few exceptions nobody in this community even thinks about the betterment of mankind, even more with the recent wave.

The thing is in 2011 some people bought in at the top of the 'bubble'...it then crashed, they moaned and bitched but by April 2013 their investment had multiplied eight fold...which was when some other folk invested before it crashed again.  They bitched and moaned but the wise ones held and eight months later their investment had tripled.

So, if you bought in at $1200....just wait a while...you'll still get a better return than at your local bank.

Wait just a minute there.  What about...

http://www.youtube.com/watch?v=Qh2sWSVRrmo

When did Bitcoin "Collapse"?   Are you seriously retarded?

Its December 18.

We were at $208 ..... November 1.   That's what.  A whole month 1/2 ago?

China came .... we went up.

China left .... we go back down.   And not even all the way back down.

Common sense.

When Bitcoin hits $200, then crashes to $15 .....

At that point .... and only at that point ... will your words have any meaning.

Until then, a fucking $500 "stock" hasn't collapsed.

Unless you think Apple is in the shitter right now too ($550) .... Or Amazon.com currently at $375 .... surely they're going out of business.   You idiot ....

Your capability for rational thought is a total disaster "revans".

Please get some perspective.  

-Burger-

As I've been watching, it seems like there's a wall ~500 USD.

people don't get distracted by short term swings and emotions. Bitcoin always go up in long term.

agree, now think of the elderly.. Things are slowing down for them, maybe not running on all cylinders. They decided to invest in the hopes of making some money. It's hard not to feel bad, rather than being happy OP.

I'm not sure hoping that speculators lose everything is a particularly kind world view.  It's rather destructive to the soul.

We've seen bubbles come and bubbles go, with each one inflating to a much higher price than before.  Maybe this one will reinflate too, but I'm thinking we're running out of suckers to tap.  We've had a go at the Chinese and they said 'mei you' pretty quickly.  If anything the Chinese have done us a favour and proven the long held theory that an effective way to destroy the value of bitcoin is not to attack the commodity directly, but to cut off the money supply to exchanges that trade in it.  Other governments have surely taken note.

LOLOLOL

Bubbles, bubbles, so many bubbles.



Mmmm, Cheap coins.

 

Bitcoins were worth cents many years ago, but 1200 dollars recently. So more appropriate is to say Bitcoins are cheap now

Reality check: Bitcoins are only "cheap"  when compared to the pyramid high price of 1200 dollars. They are nose bleed territory expensive, when compared to the few cents they were worth originally.

totally

People like the OP don't realise that the exchange rate is not bitcoin itself, but only one small part of it. It's currency speculation. That's it. It doesn't matter at all to bitcoin itself. In fact, every bubble brings more and more media attention and participation in the larger bitcoin world.

I think the problem is that the USD/BTC exchange rate is the only thing ever reported on by the media, and so people get an extremely skewed view of what exactly Bitcoin is about. Bitcoin isn't an investment fund or a company, and it really doesn't matter if the exchange rate is $1 or $1000.

An analogy is if I told you that I speculated on oil futures and lost heaps of money, then ran around telling people that oil was just useless and stupid and everybody is going to stop using it in their manufacturing processes because of all the bad publicity.

The final bubble? That'd be nice. Wishful thinking, though; as much as I'd prefer a relatively stable valuation, people will surely overreact to new technology/infrastructure coming online.

Do you really think that everyone who got excited about Bitcoin late and made a big bet on it was some kind of face-stomping villain? That's an awfully cold assessment, in a world where nearly every cause - even noble ones - could stand to benefit from some extra cash in the bank.

You forget those are the people calling for the collapse of modern civilization while they think to be Lord Humongous in the resulting dystopia.

A good deal of Schadenfreude is well deserved.

I forgot people had the ability TO KNOW WHAT THE PEAK PRICE IS

/sarcasm

regardless of people's decision. Whether it is greed or not. I wouldn't be happy for someone in financial ruin (if that happens).

You probably hate yourself, so your happy when other people are in despair..

The type of person who if you didn't like the neighbor and his house burnt down. You would be happy.

If anyone bought at $1200 then they should have only done so if they fully understood there was a chance that they may have to hold through a serious decline.

Funny thing is you could say the same about any entry price.

Mostly though, in every case just waiting 6-12 months on whatever price you entered has usually worked out ok. I don't see this time being any different.

Past performance not necessarily a future indicator yada yada.

Of course if you invested only what you could afford, there isn't a problem right?

If you're into bitcoins for short term profit, and aren't very good at day trading, prepare your anus.

The funny thing is it's actually the reverse. In my humble opinion they are the most likely to win. As long as they are only "quite greedy" and therefore decide to go "long" (one year) then they are looking at a dream investment by any standards.

Its the people who so badly want to double their money in an hour who are off their rockers.

No

Ladies and gentlemen, we have located a bag holder that bought at $1200.  

You don't honestly believe it's the end of Bitcoin do you? I think we both know that's not true.

*sniffs OP*

smells like despair

I have been calling a downturn right from $1000, and get insulted and called clueless all the way down.

I consider that I have done quite well overall. After all, I jumped in right at the manic stage of the bubble, and traded around the delusional 'New Paradigm' double top. As far as market direction goes, I give myself 9/10.

Market entry and exit timing on the otherhand leaves much to be desired.

Right now, I am looking at the chart, and there is absolutely nothing about it that might incentivise me to re-enter, save for a further crash down to $200 followed by a definite sharp bounce back that I might be able to profit from. Aside from the what the charts are saying, there is this China thing which is far from over yet.

I mean, anyone would have to be off their fkn rocker to buy in here, right?

Simply using the past two bubble and crash scenarios as a template, there is absolutely nothing to suggest that this is the bottom and nothing to suggest that the absolute bottom will not be dragged through the mud over a stagnatory period of time, allowing those who still believe in the fundamentals to jump on board for the next ride up. Of course, one cannot use past events as a template for projection of future happenings, as perhaps their will not be another Bitcoin ride up, although for the time being, I imagine that there will be.

I aint calling a bottom and I will re-enter the market when I think it might be beneficial to do so, and that certainly isn't right now.

I'm not an expert but I definitely know a lot more than a lot of people posting in this thread.  I'm generally right in my predictions of price movement.  I bought in around $15 a bitcoin initially and mined before that, so I've seen it go up and down since then. My comments still stand, I think they are reasonable... if you don't agree that's okay, but no need for petty sarcasm.

Okay you think a 500 bottom is dumb. (So far it seems reasonable to me.) What do you think the bottom will be?

It's really easy to sit back and point out how some folk's speculations are wrong while not contributing any thoughts on what a 'correct' speculation is.

Reading your OP I can only think of two reasons why you'd post it:  a) you are really bad trader or investor, and got butt hurt about losing money recently (whereas I made a good profit)     b) you are just trying to spread fear in some weak attempt to push prices down further so you can buy back in.

Anyone who bought at 1200 is not very wise.  You never buy anything at the peak of a bubble. It's no surprise to lose money if so, that's a really dumb idea.

I told my friends who wanted to get into Bitcoin to wait until after Xmas where I predicted the price would be around $600. And I still think I'm going to be right.

hubris come, hubris go. i is been around a lot and bitcoin right now has hubris off the charts heehe. bitcoin is good, maybe even great, but its not THAT great. don't be forgetting bitcoin is still in beta and there are a lot of things which stop it from hitting mainstream.

People lose money sometimes playing the markets?  Really?  You're blowing my mind, man!

People who bought in at $1200 probably disagree with you.

Even if it drops to $75 it won't be the biggest bubble.

For it to be the final bubble, price needs to hit $0.  This will never happen because I will always be willing to buy BTC at some price.

Did you even look at that link I pasted?  At current prices we're up >400% in the past 6 months, and we're following the logarithmic trendline just dandily.

TL;DR:  This isn't anything out of the ordinary.  You must be new.

He is the kind of person who pops up every crash to say I told you so, and pops in now and again to call the absolute tops on the bubble at $300, $400, $500, $600.....u get the idea.

Not to be listened to.

An inverse form of a Bitcoin nutter.


Nice to hear confirmation from such an expert that $500 is as low as it is going to go.

Wow folks have lost a lot of perspective.

Funny when there is a crash, always a big flood of posts, mostly from bitcoin newbs, saying the sky is falling.

Things really aren't that bad. 2 months ago we were less than 200, now it may stablize around 500? Oh boy ya what a nightmare, more than 200% in 2 months. Oh noes oh noes sell sell bitcoin is finished ! lol, this is pretty silly. A 250% gain in price! Whew what a crash !

The Chinese position change really hurts but overall it isn't like a death strike to bitcoin like many are making it out to be.

Kim Jong Un, is that you?

It hasn't finished crashing yet. By the time it does it will be by far the biggest (and possibly final) Bitcoin bubble.

You "hope" people lose "absolutely everything?"  What kind of sick person are you?

By the way, you realize that this wasn't the largest bubble to happen to Bitcoin right?

Here, http://bitcoincharts.com/charts/mtgoxUSD#tgSzm1g10zm2g25zvzl everything is looking just fine and dandy.  Yawn. 

This time it's different™

Looks like the great Bitcoin pump and dump swindle is coming to its inevitable conclusion. Soon, all the vested interests who were screaming at people to buy in at $1000, telling people to sell their houses, cars, shirt off their back to buy buy buy will be shouting 'SUCKERS!'.


I hope there are plenty of people who lose absolutely everything to this scam. And I hope their utter financial ruin will serve as a warning. Bitcoin was always going to collapse, and most of its most noisy supporters knew damn well it would. Do you really think the Winkledouche twins believe their price projections? Not a chance. What about Max Keiser, the guy who has spent a decade complaining about dodgy financial products like derivatives, next thing he's promoting a Bitcoin derivatives market! Shysters one and all.