You guys need a reality check | Bitcointalksearch.org

Bit_Happy

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A Great Time to Start Something!

Quote from: Razick on August 03, 2014, 01:44:42 AM

Quote from: Bit_Happy on August 02, 2014, 03:37:32 PM

Quote from: Edward50 on January 03, 2012, 01:58:19 PM

...
10) Last but not least, who the hell is stupid enough to pay $5.00 now for a bitcoin?

I will be "stupid enough to pay $5.00 now", are you still accepting offers by PM? Cheesy

Seriously, Edward50 was not the only one to feel this way in early 2012; The first "bubble" had a wicked crash (followed by a long slow Bear market), so $5 to $7.50 looked like the high end for BTC prices.

I found out about Bitcoin when it was $5 but didn't decide to buy until it was $12. I decided not to just yet because I was concerned that there might not be much room on the upside!

You did much better than a lot of people. I have never stopped "loving" BTC as a great project, but...
Bitcoin was way above $50 before I realized the "big bubble" is based on really strong fundamentals.

Razick

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Quote from: Bit_Happy on August 02, 2014, 03:37:32 PM

Quote from: Edward50 on January 03, 2012, 01:58:19 PM

...
10) Last but not least, who the hell is stupid enough to pay $5.00 now for a bitcoin?

I will be "stupid enough to pay $5.00 now", are you still accepting offers by PM? Cheesy

Seriously, Edward50 was not the only one to feel this way in early 2012; The first "bubble" had a wicked crash (followed by a long slow Bear market), so $5 to $7.50 looked like the high end for BTC prices.

I found out about Bitcoin when it was $5 but didn't decide to buy until it was $12. I decided not to just yet because I was concerned that there might not be much room on the upside!

lyth0s

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World Class Cryptonaire

Thanks for Necro'ing this post. It really was more of a reality check in the sense that bears always say the same things and yet here we are at 100x the price since the OP's statement. Along with that the use for bitcoin has grown significantly in terms of where it's spendable, public awareness and usefulness in accepting/sending irreversible payments around the global nearly instantly. Someone needs to necro this post in another 2 years for perspective

Bit_Happy

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A Great Time to Start Something!

Quote from: mr angry on August 02, 2014, 07:00:12 PM

What do you think the price will do in the short term?

Markets like to go both ways. Cheesy

The bounce off the recent low was strong; It seems really likely that BTC will go higher in the next 7 days.

mr angry

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What do you think the price will do in the short term?

Bit_Happy

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A Great Time to Start Something!

Quote from: giveBTCpls on August 02, 2014, 06:06:49 PM

Quote from: bitrider on August 01, 2014, 12:14:48 PM

Really fascinating. As a study in human "reality making". If you go back and read this guy's posts over the last couple of years, it is amazing how he had already made up his mind (years ago) about what "is true" about bitcoin. And no matter what data shows up over the years that actually conflict with his "truth" he can not accept it, and just keeps believing the same old story. We humans (I include myself in this) obviously mostly only let in data that matches what we already believe (when we are "certain") and only data which supports our current version of reality. It is hard to stay honest to facts, and be truly scientific - and impossible if you have already made up your mind and are "sure" Wink

As of RIGHT NOW, 10K seem insane, utterly nuts, ludicrious, mentally disturbed to think about. I want to visit this thread in 10 years and prove myself wrong. This is the last chance for me to get some good luck going. Until them im gonna be racking as much BTC as possible.

Last year, ~$1,200 "seemed insane" since the Bitcoin economy wasn't developed enough. Based on the strong fundamentals I think predictions of ~$25,000 within 5 years are very possible.

giveBTCpls

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Activity: 322

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Quote from: bitrider on August 01, 2014, 12:14:48 PM

Really fascinating. As a study in human "reality making". If you go back and read this guy's posts over the last couple of years, it is amazing how he had already made up his mind (years ago) about what "is true" about bitcoin. And no matter what data shows up over the years that actually conflict with his "truth" he can not accept it, and just keeps believing the same old story. We humans (I include myself in this) obviously mostly only let in data that matches what we already believe (when we are "certain") and only data which supports our current version of reality. It is hard to stay honest to facts, and be truly scientific - and impossible if you have already made up your mind and are "sure" Wink

As of RIGHT NOW, 10K seem insane, utterly nuts, ludicrious, mentally disturbed to think about. I want to visit this thread in 10 years and prove myself wrong. This is the last chance for me to get some good luck going. Until them im gonna be racking as much BTC as possible.

Bit_Happy

legendary

Activity: 2114

Merit: 1040

A Great Time to Start Something!

Quote from: Edward50 on January 03, 2012, 01:58:19 PM

...
10) Last but not least, who the hell is stupid enough to pay $5.00 now for a bitcoin?

I will be "stupid enough to pay $5.00 now", are you still accepting offers by PM? Cheesy

Seriously, Edward50 was not the only one to feel this way in early 2012; The first "bubble" had a wicked crash (followed by a long slow Bear market), so $5 to $7.50 looked like the high end for BTC prices.

Razick

legendary

Activity: 1330

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Quote from: TwinWinNerD on August 02, 2014, 03:05:56 PM

Quote from: Razick on August 02, 2014, 01:51:38 PM

Quote from: Edward50 on January 03, 2012, 01:58:19 PM

I see too much blind optimism. Everyone thinks bitcoins will rise to the moon again.

Remember some points.

1) Bitcoins are as useless now as they ever were

2) Bitcoins are not a commodity, they are not consumed. Everyone who bought on the way up, needs to eventually sell them.

3) The market is very tiny, and is growing slowly at best.

4) 5,000-7000 new bitcoins come into existence every single day.

5) Most people sit with bitcoins on a rally, but eventually it will stall and they will start selling. This will push the price back down.

6) Obvious signs of price manipulation for the pushes. Is it someone using the push, rinse and repeat strategy playing on many of blind optimist suckers?

7) Now that the price has been potentially manipulated higher, will the manipulators keep shelling out their cash to try and hold the price high?

Cool

Anybody who wants bit coins already owns a substantial number of these useless coins. Will they keep buying more to help maintain a high price? Who are the new suckers coming into the market now and buying them?

9) Market depth supporting the now $5.00 price is looking very weak on mt. gox.

10) Last but not least, who the hell is stupid enough to pay $5.00 now for a bitcoin?

I have always been a bear, but I've never been more optimistic:

1. You couldn't buy a Dell computer pay the TV bill 6 months ago.

2. New buyers are always entering the market. I sold my friend Bitcoin a few days ago. He's a first time buyer.

3. The market is small, with huge potential for growth.

4. Which is probably the only thing holding the price down.

5. What do you think has been happening the past few months?

6. Maybe, but that doesn't mean much long term.

7. No, and manipulators don't profit by holding the price up. They profit by creating volatility.

8. I don't own much, and neither does my friend. I am buying every month and I've bought three times my normal monthly amount this month.

9. Woah, I didn't realize how old this post was! I'm referring to the current $600 pricing. I guess they weren't so stupid, huh?

10. I'll buy up to 21,000,000 BTC at $5.00 if you are willing to sell.

Do you guys just plainly ignore that the original post is from 2012? Huh

??

Nope, see #9. I noticed, but only after I was nearly done writing.

TwinWinNerD

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CEO Bitpanda.com

Quote from: Razick on August 02, 2014, 01:51:38 PM

Quote from: Edward50 on January 03, 2012, 01:58:19 PM

I see too much blind optimism. Everyone thinks bitcoins will rise to the moon again.

Remember some points.

1) Bitcoins are as useless now as they ever were

2) Bitcoins are not a commodity, they are not consumed. Everyone who bought on the way up, needs to eventually sell them.

3) The market is very tiny, and is growing slowly at best.

4) 5,000-7000 new bitcoins come into existence every single day.

5) Most people sit with bitcoins on a rally, but eventually it will stall and they will start selling. This will push the price back down.

6) Obvious signs of price manipulation for the pushes. Is it someone using the push, rinse and repeat strategy playing on many of blind optimist suckers?

7) Now that the price has been potentially manipulated higher, will the manipulators keep shelling out their cash to try and hold the price high?

Cool

Anybody who wants bit coins already owns a substantial number of these useless coins. Will they keep buying more to help maintain a high price? Who are the new suckers coming into the market now and buying them?

9) Market depth supporting the now $5.00 price is looking very weak on mt. gox.

10) Last but not least, who the hell is stupid enough to pay $5.00 now for a bitcoin?

I have always been a bear, but I've never been more optimistic:

1. You couldn't buy a Dell computer pay the TV bill 6 months ago.

2. New buyers are always entering the market. I sold my friend Bitcoin a few days ago. He's a first time buyer.

3. The market is small, with huge potential for growth.

4. Which is probably the only thing holding the price down.

5. What do you think has been happening the past few months?

6. Maybe, but that doesn't mean much long term.

7. No, and manipulators don't profit by holding the price up. They profit by creating volatility.

8. I don't own much, and neither does my friend. I am buying every month and I've bought three times my normal monthly amount this month.

9. Woah, I didn't realize how old this post was! I'm referring to the current $600 pricing. I guess they weren't so stupid, huh?

10. I'll buy up to 21,000,000 BTC at $5.00 if you are willing to sell.

Do you guys just plainly ignore that the original post is from 2012? Huh

??

Razick

legendary

Activity: 1330

Merit: 1003

Quote from: Edward50 on January 03, 2012, 01:58:19 PM

I see too much blind optimism. Everyone thinks bitcoins will rise to the moon again.

Remember some points.

1) Bitcoins are as useless now as they ever were

2) Bitcoins are not a commodity, they are not consumed. Everyone who bought on the way up, needs to eventually sell them.

3) The market is very tiny, and is growing slowly at best.

4) 5,000-7000 new bitcoins come into existence every single day.

5) Most people sit with bitcoins on a rally, but eventually it will stall and they will start selling. This will push the price back down.

6) Obvious signs of price manipulation for the pushes. Is it someone using the push, rinse and repeat strategy playing on many of blind optimist suckers?

7) Now that the price has been potentially manipulated higher, will the manipulators keep shelling out their cash to try and hold the price high?

Cool

Anybody who wants bit coins already owns a substantial number of these useless coins. Will they keep buying more to help maintain a high price? Who are the new suckers coming into the market now and buying them?

9) Market depth supporting the now $5.00 price is looking very weak on mt. gox.

10) Last but not least, who the hell is stupid enough to pay $5.00 now for a bitcoin?

I have always been a bear, but I've never been more optimistic:

1. You couldn't buy a Dell computer pay the TV bill 6 months ago.

2. New buyers are always entering the market. I sold my friend Bitcoin a few days ago. He's a first time buyer.

3. The market is small, with huge potential for growth.

4. Which is probably the only thing holding the price down.

5. What do you think has been happening the past few months?

6. Maybe, but that doesn't mean much long term.

7. No, and manipulators don't profit by holding the price up. They profit by creating volatility.

8. I don't own much, and neither does my friend. I am buying every month and I've bought three times my normal monthly amount this month.

9. Woah, I didn't realize how old this post was! I'm referring to the current $600 pricing. I guess they weren't so stupid, huh?

10. I'll buy up to 21,000,000 BTC at $5.00 if you are willing to sell.

BigOrangeBee

newbie

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I guess the real reality check is that we make our own reality.

bitrider

full member

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Really fascinating. As a study in human "reality making". If you go back and read this guy's posts over the last couple of years, it is amazing how he had already made up his mind (years ago) about what "is true" about bitcoin. And no matter what data shows up over the years that actually conflict with his "truth" he can not accept it, and just keeps believing the same old story. We humans (I include myself in this) obviously mostly only let in data that matches what we already believe (when we are "certain") and only data which supports our current version of reality. It is hard to stay honest to facts, and be truly scientific - and impossible if you have already made up your mind and are "sure" Wink

giveBTCpls

sr. member

Activity: 322

Merit: 250

Haha, great bump from this post. Really puts things into perspective. I hope we can bump posts like this 10 years from now about people talking how paying 10K per coin was an insane idea.

spazzdla

legendary

Activity: 1722

Merit: 1000

The market is very tiny.

Checkmate, I'll let you figure out why this is perfect for a speculator. EVEN more so with bitcoin believers that are stronger than gold bugs. People underestimate what our love for bitcoin will result in.

BuildTheFuture

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Due to the continual growth of mining hashpower, the halving will be earlier than expected, perhaps March 2016:

http://www.reddit.com/r/Bitcoin/comments/290prw/reward_halving_is_approaching_fast_due_to/

RyNinDaCleM

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Merit: 1009

Legen -wait for it- dary

Quote from: mr angry on July 31, 2014, 07:45:44 PM

Quote from: Raystonn on July 31, 2014, 07:29:30 PM

Quote from: BittBurger on July 31, 2014, 07:20:06 PM

Quote from: Edward50 on January 03, 2012, 01:58:19 PM

4) 5,000-7000 new bitcoins come into existence every single day.

This is evidence that Bitcoin is doing quite well for its youth. Nearly $4 Million in new bitcoins flood the market *every day* and yet the price is stable.

That means demand is meeting supply. That means people are buying $4,000,000 worth in bitcoins every day, doesn't it?

When the next halving hits, that supply will be cut in half, and price should go up.

When is the next halving likely to hit, and how many Bitcoins will the block reward go down to?

http://bitcoinclock.com/

12.5BTC
Reward-Drop ETA: 2016-08-10 02:26:47 UTC (105 weeks, 5 days, 5 hours, 40 minutes)

mr angry

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Activity: 298

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Quote from: Raystonn on July 31, 2014, 07:29:30 PM

Quote from: BittBurger on July 31, 2014, 07:20:06 PM

Quote from: Edward50 on January 03, 2012, 01:58:19 PM

4) 5,000-7000 new bitcoins come into existence every single day.

This is evidence that Bitcoin is doing quite well for its youth. Nearly $4 Million in new bitcoins flood the market *every day* and yet the price is stable.

That means demand is meeting supply. That means people are buying $4,000,000 worth in bitcoins every day, doesn't it?

When the next halving hits, that supply will be cut in half, and price should go up.

When is the next halving likely to hit, and how many Bitcoins will the block reward go down to?

TwinWinNerD

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CEO Bitpanda.com

Quote from: Raystonn on July 31, 2014, 07:29:30 PM

Quote from: BittBurger on July 31, 2014, 07:20:06 PM

Quote from: Edward50 on January 03, 2012, 01:58:19 PM

4) 5,000-7000 new bitcoins come into existence every single day.

This is evidence that Bitcoin is doing quite well for its youth. Nearly $4 Million in new bitcoins flood the market *every day* and yet the price is stable.

That means demand is meeting supply. That means people are buying $4,000,000 worth in bitcoins every day, doesn't it?

When the next halving hits, that supply will be cut in half, and price should go up.

ceteris paribus yes, but there is no "should" only probable. Also there will be anticipation for this, so the months before the halving should see a price increase, not the day after.

Raystonn

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Activity: 364

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Quote from: BittBurger on July 31, 2014, 07:20:06 PM

Quote from: Edward50 on January 03, 2012, 01:58:19 PM

4) 5,000-7000 new bitcoins come into existence every single day.

This is evidence that Bitcoin is doing quite well for its youth. Nearly $4 Million in new bitcoins flood the market *every day* and yet the price is stable.

That means demand is meeting supply. That means people are buying $4,000,000 worth in bitcoins every day, doesn't it?

When the next halving hits, that supply will be cut in half, and price should go up.

Topic: You guys need a reality check (Read 9480 times)