Awfully quiet here now

Science, Engineering, & Tech Cryptocurrencies
1

Where are all the people so certain that bitcoin price would reach $1,000 by date XYZ, stating that number repeatedly like it was a foregone conclusion (instead of just some wishful desire they were pulling out of thin air)???

Where are all the people who rudely dismissed my warnings about past performance being no guarantee of future results because it didn't jive with their delusional scenarios that had them getting rich by jumping on the bitcoin bandwagon????

Where are the jerk mods who deleted some of my posts for "content" simply because I was challenging the delusional belief around here that bitcoin price would forever go up, up, up because "this time it's different!"?????

Where are the people who made snarky comments and accused me of being a shill when I posted links to Schiller's "Irrational Exuberance" and a book list from a popular, FREE forum about a more conservative investment approach?


For those who lost their shirt, and those who didn't, LEARN something from these charts and this short article about how to spot people placing GREED and wishes for wealth over REASON and a willingness to listen to what others have to say:

http://cointelegraph.com/news/113277/when-will-the-price-of-bitcoin-bottom-out

I still think it's crap that some of my posts were deleted. This forum is far from the free, open-minded venue for the exchange of ideas/information that Logan and Wendell potray it as......... I hope very few of you actually lost a lot of money, but for those who lost their shirt, hopefully it will be a lesson you internalize that inoculates you against the next mania that promises huge returns for very little input of capital.

3

Not to be rude but this is what I am thinking when reading your post. 

You have some serious delusions of grandeur and seem to be desperately trying to prove yourself as smarter than others and especially those pesky mods who keep deleting your content simply because they are jealous or in denial. Trust me. That isn't what is happening here. 

Anyone with half a brain knows bitcoin is a risky and unstable investment. It is the nature of such an investment. It was obvious that when bitcoin was trading at over $1000+ it was just a bubble that was going to burst and it did. Then with all the hacks and other stuff that has been going on it was going to fall further. Not really hard to see. 

That being said we are seeing more acceptance of bitcoin and I do think the price will go up and stabilize sometime in the next few years and I think it is smart for anyone with bitcoin to just hang onto them for now. 

Sorry if I was rude but that was what I got from reading your post. Seems you feel like you were personally attacked and that all the mods are facists simply because they deleted your post. Which I strongly doubt was a result of you just trying to get the truth out about bitcoin. 

4

Bitcoin is not an investment, its a gamble, it relies solely on convincing new people that Bitcoin has value. Why isn't $300 a bubble? or $100?

My prediction: Bitcoin will be replaced. It will disappear. A fixed upper limit is a deal breaker.

6

I see you enjoy pictures, Kai. I do too.

After all, a picture's worth a thousand words....

 

 

http://www.businessinsider.com/bitcoin-price-drop-2015-1

http://www.bloomberg.com/news/2015-01-14/bitcoin-s-2-day-plunge-threatens-mainstream-adoption.html

http://techcrunch.com/2015/01/14/bitcoins-price-falls-further-amid-record-transaction-volume/

http://www.smh.com.au/digital-life/digital-life-news/bitcoin-in-freefall-as-virtual-currency-plunges-below-us250-20150114-12o7bv.html

 

case-shiller-chart-updated.png1017x778

7

who are you op? no one remembers you saying jack shit a bout anything.

8

I am somebody who posted on here on these forums warning against the mania of believing bitcoin price would always going up, up, up. A sentiment I was seeing on the forums (and there were some irresponsible advice in the earlier tek YT videos on the subject)... But, I was told to F off and some of my posts were deleted (and/or my earnest warnings and attempts to point people in the right direction as far as learning about investment and financial stuff were met with ridicule and skepticism)...

So yeah, it's no surprise that you don't know who I am, partially because if you click on my post history, some of what I said was deleted and the rest of it was ignored by people here who were too busy greedily counting their money and imagining outrageously unsustainable returns before they even understood the risks of what they were investing in (and that past performance is NO GUARANTEE of future results).

9

rofl, are you the one who got all upset about the one guy who stole all the bitcoins?

10

He is clearly a financial genius and an economist. Imagine John Maynard Keynes crossed with Milton Friedman- if such a thing was possible. 

No offense to OP just messing with you but I honestly don't remember you either and your insight that bitcoin would crash isn't exactly groundbreaking.

12

 if you click on my post history

I was not aware of this functionality on the site. do tell.


13

Well here is a couple of posts you made a while back, not sure if this informations is even relevant besides the fact that you fought the the idea for the bubble.

https://teksyndicate.com/forum/books/financial-planning/137538

https://teksyndicate.com/forum/bitcoin/wtf-happened-bitcoins/137522

14

Bitcoin won't be "replaced", the other virtual coins are merely a cheaper bitcoin at the moment.  

Bitcoin is not a currency. It's an investment tool. Atleast that's what the vast majority of people use it for. A very volatile tool at that. Bitcoin will be replaced in the sense that another better less volitile and more stable cryptocurrency will come to be. Bitcoin was merely the first big crypto-currency. It's not perfect and not the solution. I am patiently waiting for a better system for digital money

15

Funny you'd pick only two of many, and two of the least relevant and shortests posts, at that....

 

Why not include this one (found at the bottom... other people's posts included for context":

 

The price of one Bitcoin was roughly $260 USD now at around $150 USD, WHAT HAPPENED?? ~Brown

 

 

It was not a crash. What happened was some people were pumping the price up, then they had a large dump. Dont worry BTC is goign to stabalize back to normal prices which is around $170-180. ~StormSurge

 

 

"Dont worry BTC is goign to stabalize back to normal prices which is around $170-180. " ~StormSurge

 

 

And you're so certain of this why? In other words, how are some of you able to speak with such certainty about this? Experienced FX traders can't predict with any great accuracy currency trends, so how come so many of you can do just that when it comes to bitcoins?

Speculative bubble if I ever saw one....... ~Sproxz

 

 

Because we have seen it happen time and time again. Its a cycle. People pump up the price. Then after they are happy with the price they all collectivly dump, causing it to fall. Then what happenes is everyone sees the new all time low price so they all buy at the low price. After a ton of people buy it at that low price it goes back up. Then people sell again. Causing it to stabalize. It happens all the time. Several times just in march we have seen this happen. ~StormSurge

 

 

I'm amazed you guys are playing with fire like this.

Just because "we have seen it happen time and time again. Its a cycle" is no guarantee it will continue to work that way. The only reason it has repeated this "cycle" as you call it is because people like you continue to believe that it will always go back up and stabilize. This is by definition speculative investing and there is absoultely NO fundamentals justifying this kind of valuation or certainty except that you guys are convinced of its value.

The most basic disclaimer given by any reputable financial advisor that MANY of you are not giving two shits about: Past performance is no guarantee of future results. <--- I think each and every one of you dabbling in this FX trading needs to swallow your hubris, step back from the precipice, and admit you don't know WTF you are doing before someone bites off way more than they can chew.

To put it more bluntly, there is a such thing as "smart money" and "dumb money"... the "dumb money" follows the "smart money", it is a herd mentality that runs the price up (and the smart money exits as soon as they notice the dumb money rotating in). With these insane numbers of noobs joining the party (see: http://techcrunch.com/2013/04/11/bitcoin-price-drop-caused-by-rush-of-in... ), it's only a matter of time before the whole house of cards comes tumbling down. Maybe it will be in a week, maybe several years, but it *will* happen and it won't be pretty when it does.

Oh, and when the SHTF, trust me... each and every one of you will belly-ache about how it was impossible to see it coming and nobody warned you. Yet here I am (and historical example after historical example) warning you about the perils of the path you are taking, and yet you will make the same mistakes every investor in a "sure thing" does because, after all, "this time it's different!" =/ ~Sproxz

 

 

And just for you, because you seem to have a problem with cherry-picking the posts I made, here's a couple of more that were relevant (minus the several that were delted by overzealous mods for "content"):

https://teksyndicate.com/comment/1378948#comment-1378948

https://teksyndicate.com/comment/1608653#comment-1608653

 

16

We have no quarrel with you. calm down.

17

Not really nitpicking, nor am I trying to get into the discussion. Those were the only two posts I could find through the sites search function. You mentioned your post history which is something we do not have access to.

18

I never said I was the only one to predict it. Where did I say that? You keep discrediting what I am saying on that basis, but not once did I say I was the only one who thought it was a speculative bubble.

My problem, is that 1year 9months ago when I saw Logan (and Wendell) irresponsibly hyping up this electronic COLLECTIBLE, I took offense with how unprofessional and misguided they were being. So, I came on here to the forums, where people were totally enamored with Bitcoin. Where people attributed every drop to "pump n dump" and were certain the price would go back up because it always had. Where people were so busy catching falling knives and congratulating themselves on dead cat bounces that they weren't thinking rationally.

And when I posted warnings and my dismay that a group of relatively smart people were making a sucker bet, I was dismissed and my integrity was questioned (when I posted links to Schiller's book about the housing bubble and the diehards group's booklist about investing).

My bitterness stems from the fact that I thought this place had many intelligent, open-minded people who would listen to reason over hype. Instead, when I came here and tried to sound the alarm and warn people not to get too crazy, what I had to say was met with ridicule and snarky comments from people like ykou who posts gifs of guys dancing and images of people flipping me off. So yeah, that's why I'm bitter..... wouldn't you be bitter if you felt like a lone voice in the wilderness when you came here to post nearly 2 years ago, and then when you come back to point out the price now is plummeting and "capitulation" is very real, more denial from you guys and nothing but minimizing the effort I made before to try to steer people away from losing their shirt in this ponzi scheme fiasco.

And amazon and paypal? Keep drinking the Kool-Aid, man. People were buying bitcoins bc it was the next hottest thing. It was like Beaney babies in the 90's, or penny tech stocks in the late 90's. People weren't buying those things to hold them and create a real system of anything. They were looking to get rich off of buying a hot commodity at a low price and then selling it at a much higher price.

19

why you gota bring up old chit?

20

Sorry, I wasn't aware that this forum/site didn't have that functionality.

I guess I will amend the statement then: "if you look through the bitcoin threads for my posts..."

21

DerKrieger's comment sums you up.

You have some serious delusions of grandeur and seem to be desperately trying to prove yourself as smarter than others and especially those pesky mods who keep deleting your content simply because they are jealous or in denial. Trust me. That isn't what is happening here. 

...

Sorry if I was rude but that was what I got from reading your post. Seems you feel like you were personally attacked and that all the mods are facists simply because they deleted your post. Which I strongly doubt was a result of you just trying to get the truth out about bitcoin. 

the problem, is that you are 1yr 9months late to claim credit for something that has been told time and time again.

22

Because the points I made back then, that were so casually dismissed by many of the people on the hype train, are now coming to fruition.

I post now just to remind people of what was said before, that there were plenty of people warning against speculative investment in bitcoin, and we were ignored.

My hope is that a FEW of the kool-aid drinkers will learn from the experience and the next time another speculative bubble comes along, they will be less susceptible to the mania and hype that surrounds it.

I think a big problem around here is many of you are very smart when it comes to technology and "new" stuff, but you haven't lived through things like the Savings and Loans Scandal (mid-80's), dotcom bubble burst, housing bubble burst, etc.

Being smart without experiences that temper your enthusiasm with a sober dose of skepticism is a very dangerous thing.

23

Problem is, I (and many others) was warning of this 1 year and 9 months ago... And we were warning people about just blindly jumping on the bandwagon without knowing wtf they were doing.

It's only now that "capitulation" is finally rearing its ugly head.