Wow. Bitcoin is almost $1,500

[Hugo Drax]

I've kept thinking about that, but fuck it, I'll HODL this bag. It's still in the green long-term, even if some of my more recent trades are in the red and overall portfolio value has dropped significantly from the highs, by somewhere in the whereabouts of 50% right now. Sucks, but the moment I go to try and hedge and/or cash out, the trading pairs will flip on me. And honestly I feel I've missed the boat on that, I'm putting my money behind the ride out the storm and catch the up slope later idea, as I don't think we're going much lower. It's fought strong at the 8k support level and it hasn't dropped like a rock yet.

There's honestly probably just as much pressure to FUD the hell out of crypto right now so more people can catch the next wave or ride it all over again. That's what my tinfoil hat is picking up right now.

See if all you Bitcoin Millionaires would have cashed those coins you guys mined or bought for pennies when it was on the news and every tom dick and harry wanted to get in at 19,000 dollars you would been driving Lambos instead of talking about driving Lambos on reddit.

You got to know when to hold 'em, know when to fold 'em,
Know when to walk away and know when to run.
You never count your money when you're sittin' at the table.
There'll be time enough for countin' when the dealin's done.


http://www.lyricsfreak.com/k/kenny+rogers/the+gambler_20077886.html

 

[WelshBloke]

See if all you Bitcoin Millionaires would have cashed those coins you guys mined or bought for pennies when it was on the news and every tom dick and harry wanted to get in at 19,000 dollars you would been driving Lambos instead of talking about driving Lambos on reddit.

You got to know when to hold 'em, know when to fold 'em,
Know when to walk away and know when to run.
You never count your money when you're sittin' at the table.
There'll be time enough for countin' when the dealin's done.


http://www.lyricsfreak.com/k/kenny+rogers/the+gambler_20077886.html

If everyone tried to cash out at the same time the value would plummet!

I suspect (and I'm very likely talking out of my arse here but it's quiet at work and I'm bored) that there is a small pool of people that hold a large proportion of the BCs and the only way they can keep the value up is to not sell in large amounts.

 

[Zeze]

I've kept thinking about that, but fuck it, I'll HODL this bag. It's still in the green long-term, even if some of my more recent trades are in the red and overall portfolio value has dropped significantly from the highs, by somewhere in the whereabouts of 50% right now. Sucks, but the moment I go to try and hedge and/or cash out, the trading pairs will flip on me. And honestly I feel I've missed the boat on that, I'm putting my money behind the ride out the storm and catch the up slope later idea, as I don't think we're going much lower. It's fought strong at the 8k support level and it hasn't dropped like a rock yet.

There's honestly probably just as much pressure to FUD the hell out of crypto right now so more people can catch the next wave or ride it all over again. That's what my tinfoil hat is picking up right now.

You actually convinced me to sit tight.

It's very tempting for me to try to get much VEN as I can by timing the dip. That's a gamble on top of a gamble.

This dip doesn't shake me. But if I got out and pray for it to drop further, I'd be a nervous wreck.

 

[ponyo]

You actually convinced me to sit tight.

It's very tempting for me to try to get much VEN as I can by timing the dip. That's a gamble on top of a gamble.

This dip doesn't shake me. But if I got out and pray for it to drop further, I'd be a nervous wreck.

One thing you guys are very lucky is you can't margin trade bitcoins. That's what kills people. 50% decline is 100% loss at 2:1. Lot of people would be completely wiped out and owing money if this was stocks on margin. But luckily, even the person who bought at $20k is only down like 67%. While that's terrible, that's infinitely better than being completely wiped out and in addition owing like 34% extra on top.

 

[IronWing]

One thing you guys are very lucky is you can't margin trade bitcoins. That's what kills people. 50% decline is 100% loss at 2:1. Lot of people would be completely wiped out and owing money if this was stocks on margin. But luckily, even the person who bought at $20k is only down like 67%. While that's terrible, that's infinitely better than being completely wiped out and in addition owing like 34% extra on top.

Unless they bought those coins with a CC.

 

[ponyo]

Unless they bought those coins with a CC.

There's like $500 a week purchase limit with credit cards at Coinbase. So they would've bought less than $1,000 at top. You're talking peanuts. The people who bought earlier with credit cards would still be up massive even at current prices.

 

[destrekor]

One thing you guys are very lucky is you can't margin trade bitcoins. That's what kills people. 50% decline is 100% loss at 2:1. Lot of people would be completely wiped out and owing money if this was stocks on margin. But luckily, even the person who bought at $20k is only down like 67%. While that's terrible, that's infinitely better than being completely wiped out and in addition owing like 34% extra on top.

Yeah you can, some exchanges offer margin trading.

I missed a great short opportunity and knew it, but at Poloniex the margin trading is limited to a select group of coins, none of which I was actively holding at the time. I wanted to short BTC when it was about $12K as I knew it was dropping lower. That was correct, but I just couldn't bring myself to trade in coins like NEM when I thought the overall market had more upside for NEM in the near term. So I didn't want to throw any more cash into my portfolio as I was satisfied with my current investment, and I didn't dare trade in the other coins that I had that couldn't be put into the margin account, so I was to sit it out and see how my market read fared. That's one lesson I learned from some dangerous penny stock trading I once did - when I can afford to, sit out some swings and see if I can even see the moves before they happened. Well that, and a lot of the swing trading I'd like to do, I just can't do efficiently as I don't have enough skin in the game to make anything significant when the daily swings are so tiny.

 

[AdamK47]

I'd like to think I know a thing or two about this crytocurrency market. What you guys should do is buy as many coins (in the flavor of your choosing) as possible in the earliest of the AM.

You guys can trust me on this.

 

[destrekor]

I'd like to think I know a thing or two about this crytocurrency market. What you guys should do is buy as many coins (in the flavor of your choosing) as possible in the earliest of the AM.

You guys can trust me on this.

lol

Facetious or not, I hope you're right. It's been bad news piled atop bad news, a shitstorm of a bloody January, all of it heaped upon a healthy correction. It's going to have a real recovery, the question is, when does the bloodletting cease? It has had successive bullish reversal patterns but the bad news has been ill-timed, killing any momentum. That and the second bottom bounce the first go around, on the daily chart (started 12/31), just continued the extraordinary growth yet again, so that one begged for a reversal. Bad news around the 16th (likely) broke the formations, then bad news has continued to interrupt the all the formations.

 

[Ns1]

I hope y'all cashed in some coins to pay for the big balls required to ride crypto to da moon.

 

[Red Storm]

I hope y'all cashed in some coins to pay for the big balls required to ride crypto to da moon.

Time to buy the dip!

 

[FIVR]

Scam coins will come back. Beanie babies are on their way back. I wonder if there are any coins with truth in advertising. maybe a PonziCoin or MadoffCoin?


i guess it's not really so bad. there is stuff you can buy on the Nasdaq that is just as bad. just ask anybody who was all in XIV today

 

[pete6032]

I hope y'all cashed in some coins to pay for the big balls required to ride crypto to da moon.

Charge your phone

 

[OverVolt]

Hilarious....just hilarious...

I don't think millennials ever had the chance to actually experience a speculative bubble before, even globally. I really think this is going to be a total bloodbath. My 0.02cents.

 

[Elixer]

I wonder if I should still launch my Blockchain coin, TASBEM?

Spoiler

I know, it is a catchy name, and yes, it is complete coincidence that that just happens to be the first letter in every word in P.T Barum's saying.

 

[Hugo Drax]

Sounds like some folks here are trying to Martingale themselves out of the hole buy putting more in at lower and lower dip and doubling down hoping to break even on a retracement.

Bitcoin just made new lows.

 

[Sonikku]

My balance is showing $0.01 atm... Was $56 yesterday.

 

[FelixDeCat]

Bitcoin low $5925 a few hours ago. I suspect it may touch $2,500.

Too bad you cant make money shorting this thing.

 

[SKORPI0]

https://www.investing.com/charts/cryptocurrency-charts
So in 1 month, from Jan 6 ($16,675.3) to today Feb 6th (6386.3) Bitcoin hast lost about 61.7% it's value.
Has this ever happened before?

 

[zinfamous]

Hilarious....just hilarious...

I don't think millennials ever had the chance to actually experience a speculative bubble before, even globally. I really think this is going to be a total bloodbath. My 0.0000148546 BTC.

FTFY

 

[Zeze]

https://www.investing.com/charts/cryptocurrency-charts
So in 1 month, from Jan 6 ($16,675.3) to today Feb 6th (6386.3) Bitcoin hast lost about 61.7% it's value.
Has this ever happened before?

Many times. It's lost 80-90% of ATH before.

What concerns me about this dip is there has been a huge mainstream exposure and these kids are cashing out.

I suspect it may take much longer to recover. Hopefully not years.

 

[Pick2]

Time to throw the towel in ... put a pickle fork in it ... it's done

 

[Charmonium]

Sounds like some folks here are trying to Martingale themselves out of the hole buy putting more in at lower and lower dip and doubling down hoping to break even on a retracement.

Bitcoin just made new lows.

 

[SKORPI0]

Reminds me of this, Sept 2014.

American Bitcoin exchange CEO, 28, researched suicide methods before jumping from a Singapore high-rise due to 'work and personal issues'
https://en.wikipedia.org/wiki/Mt._Gox

 

[momeNt]

Bitcoin low $5925 a few hours ago. I suspect it may touch $2,500.

Too bad you cant make money shorting this thing.

You can short sell on Bitfinex. Go do it you pussy.