SlumTodd_Millionaire
Most Hated Member
And now the excuses and rationalizations begin.
Bitcoin/Ethereum/Litecoin
- Thread starter mrivc211
- Start date
Stryker172
Well-Known Member
Tell me why the price is going down.
bimmerphile
Sidestick Wiggler
Nicely done! I sold my BCH after the fork and some BTC at the beginning of the year. Made around 10k total, with some BTC left. But I bought in a couple years ago for a few hundred so I'll let it ride some more. Feel bad for anyone that bought the bubble, and crypto is certainly going to leave a bad taste in one's mouth if you got some during the hype at the end of 17Damn BTC down to $10,981! I sold around $18,000! I guess that’s about the only thing good I’ve accomplished in my life!
SlumTodd_Millionaire
Most Hated Member
It’s not very difficult to outlaw something.
z987k
Well-Known Member
Because Korea, one of the biggest markets is working on banning the exchanges. China has it's own crackdown going on.
No it's real easy to regulate. No one accepts bitcoin or any other currency to pay the mortgage or to buy almost anything. So you have to trade your worthless crypto for money people accept. If Korea bans banks from sending/receiving money from exchanges, it is effectively regulated from existence in Korea.
smack300
Well-Known Member
how do you mine them?
Prino
Well-Known Member
From what I understand Korea wasn’t going to ban crypto. The problem was that there was no way of knowing who was trading. As a result the Korean government wasn’t/isn’t getting their cut of people’s profits (read taxes). And we all know if the government (no matter what country you live in) can’t get a piece of the profits then they’re going to come in and be the fun police. I do believe they are working to change/regulate the information people are required to give to sign up for an exchange.
Cherokee_Cruiser
Bronteroc
Stryker172
Well-Known Member
So bitcoin is down about 12,000 bucks in a little over a month. I hope no one is still holding on to this crap.
And it still has a ways to go to the downside. Outside of the crypto market, IF the feds can't get a hold of the bond market sell off, anyone with long positions in the stock market, housing market, etc., will get their faces ripped off. Everything is in a bubble right now. When there is no real price discovery mechanism behind any of these markets, well.... we know how that ends.
D
Deleted member 27505
Guest
LOL! I think I might be a gazzillionaire. Back in 2010-2011 several of my students paid me in bitcoin. I was actually trying to help them out financially. I got paid when the exchange was something like $2-$4 per coin and mentally wrote it off as a donation with a possible upside, someday. I think I had about 550 bit coin when I decided my charity work was done, and promptly forgot about the whole BC craze. About a year ago I got an email from the software company that produced my wallet notifying me of a software fork. So I looked up the old wallet file and tried to open it. I couldn't get it to open. I assumed the system had been hacked in one of the several hacking incidents, and promptly forgot about it again. Then recently with all the hype I tried again. Still no joy. I've gotta get into the thing. Even at today's "lower" valuation, I think I'm rich, biatches!
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z987k
Well-Known Member
I mean... if you're long on something you'll generally just weather the storm. It only took like 2 years to recover the losses from the 08 crash. Unless you really think the market is going to tank and stay down forever. It has never done that in history.
I have a fairly large amount of money in an S&P index. If it dropped 30% this year the value itself wouldn't bother me at all, because that money is all for 30 years from now. That's what long means. Not 3 months from now.
I hear you and I agree. I was mainly referring to the buyer who makes a purchase purely on emotions, those who follow the herd and buy in for the first time at the top of these bubbles. Those are the same folks who usually sell at the bottom because they just got hurt. I suppose using the term "long" is subjective to each person and their individual investment/trading technique. I could have clarified in greater detail.
Another thing to think about. Who bought up all of those losses and covered their short positions from the 08 crash? The retail investor like you and I, or the institutional money and large hedge funds? The cycle then repeats itself over and over and over. Is that sustainable in the "long" term? I don't know
D
Deleted member 27505
Guest
IT. IS. STILL. THERE.
Except in the ancient days of Jubilee, debt doesn't go away. It just hides in dark corners.
Cessnaflyer
Wooooooooooooooooooooooooooooooo
It's interesting watching the consumer debt climb quickly higher. I am wondering if it is new consumers doing this or the original bunch going back to their ways.
Good point
Cherokee_Cruiser
Bronteroc
So? Did you cash them out? If it's 12,000 per bit coin, you should be getting 6.6 million in cash. Let us know if actually get that.
It is super interesting. I've wondered the same thing. The socioeconomic theory and finances. The patterns are there, but when do you say enough is enough? Market producers obviously know there is a disconnect with the consumer and their detrimental ability to rationalize purchases based on emotions vs logical decision making. Maybe lack of education. I know that was the case for myself before I sought out proper guidance.
