The best FUD always comes at the bottom
http://qz.com/193931/bitcoin-looks-like-the-worst-investment-in-the-world-this-year/
http://qz.com/193931/bitcoin-looks-like-the-worst-investment-in-the-world-this-year/
Indeed, I loled hard. That "redactor" is really epic ; can't even plead incompetence, he's really doing it on purpose... or maybe :
- he just took a random range : 3 months (yeah 3 is good),
- from hmm let's say since the ATH and oh surprise after an ATH we got a correction. Ok so it's "a crash", -38% value OMG worst investissement ever ! (So why not the title, really shinny)
- let's not check the 4 years before with around +10000%/year instead of -38%.
I guess some of the words in his Twitter description needs to be switched : "I write about finance, markets and economics for Quartz. Decent guitarist. Terrible banjo player." !
We could also measure BTC from late November 2013 to its present price, and achieve more than 60% loss in value.
Funny thing also, is currently, when I look up the November 2013 time-frame on bitcoincharts.com. Regarding Bitstamp, I find a BTC price high of about $1150; however, I bought my first BTC on 11/29 through Localbitcoins for $1200 per BTC. We already know that Localbitcoins can have a very wide range of prices, and frequently the sellers thereon are able to sell at much beyond the price in other venues. I recall that I did NOT buy from the highest vender or on the highest day. And I recall between November 29 and December 5 -ish seeing that there were advertisements on localbitcoins for nearly $1600 per BTC. I do NOT know whether many BTC were transacted at prices between $1200 and $1600, yet with all the hype at the time, I would imagine that there would have been quite a few BTCs transacted in that price range.
I do NOT mind flash crashes, but hovering and lingering in the $480 range for too long causes me to begin to believe that it is going to take a while for BTC prices to return to ATH... and maybe, just maybe we will NOT see another ATH this calendar year. A lot of us were banking on another BTC ATH this calendar year.. but maybe that new ATH will be put off until 2015? If I were a betting man, I would need to be given fairly decent odds before I would take the new ATH in 2014 bet.
in other words... currently, blood is beginning to seep into the streets... and if BTC prices were to go to the $300s and then linger in the $300s... that would increase perceptions of BTC doom and gloom... though ATM, I would place the odds of reaching $390 in the next month to be greater than the odds of reaching a new ATH before August 2014... that is my current thinking... but I am talking out of my ass somewhat b/c I am like a cave dweller in plato's allegory of the cave... with very much incomplete information and I realize that if some big ass investor (anything of 100 million or greater) were to come into BTC at any minute.. that new entrance into BTC could cause a real high demand for BTC and a rippling effect beyond any lines on any charts.. and suddenly considerable volume would materialize where, at the moment, LITTLE volume seems to be in sight.
Good thing you don't play real stocks or forex...because 6 months is a tiny blip on the radar in the real financial world.
I am NOT sure about your point in response to my post.
My post was intended to provide an assessment and description of the BTC situation from my perspective, experience and at this point in time... maybe you can perceive some naivette in my description of the situation, yet seems to me that I ventured out and put some time into making a description. No?
So what is your point, then in making your response? Is BTC NOT part of the real financial world? Sure it is a different animal in some ways, but likely there is some similarities as well.
Do you have some real financial world experience that you believe will provide insight to this situation? Then, please feel free to contribute and add perspective. My post is NOT about me, even though I was adding some of my experience and perspective..... but I wrote it out as part of an intended interactive process to whatever extent the information contained therein may or may NOT be valuable or helpful to some reader(s) of such information.
I look forward to hearing more from you... I think
