Bitcoin Bubble


#2349

Going back to the popping BTC bubble (according to @wuqijun), it’s interesting that all 4 cryptocurrencies that are traded on CoinBase had a sharp drop and quick rebound on 2/2/2018 at 4:48am PST.

All 4 dropped and recovered simultaneously…

here the graph for Bitcoin:

and for Ethereum:

Maybe @tomato can weigh in with a theory why everything moved synchronously.

Edit: I guess in other exchanges, people buy the alt-coins by paying with Bitcoin, that’s why they’re somewhat in sync.


#2350

Nothing special about it, assets of the same type rise and fall together.


#2351

Everything is going down except interest rate and housing price


#2352

Two words: Beanie Babies


#2353

The other 2 words: tulip bulbs.


#2354

Dot Bomb


#2355

So, today, someone started a thread pointing to an archived post on reddit.

The following was posted ‘some time’ in 2014 - it gives some insight into the mindset of a HODLer (someone who buys and holds, never sells for fiat):

"On average, every year so far, the value of Bitcoin has increased by about a factor ten. From 0.1 dollar in 2010, to 1 dollar in 2011, to 10 dollar in 2012, to 100 dollar in 2013. From now on, there’s a slight slowdown, as the value increased by a factor ten every two years, to 1,000 dollar in 2015, to 10,000 in 2017, 100,000 in 2019, and 1,000,000 in 2021. From here onwards, there’s no good way of expressing its value in dollars, as the dollar is no longer used, nor is any central bank issued currency for that matter. There are two main forms of wealth in today’s world. Land and cryptocurrency. "

Now, this article is not about perceived value in $ or anything like this. That’s a minor detail along the way. The prediction includes

"The four institutions with the largest still accessible Bitcoin balance are believed to be as following:
-ASICminer - 50,000 Bitcoin
-The IMF’s “currency stabilization fund” - 70,000 Bitcoin
-Government of Saudi Arabia - 110,000 Bitcoin
-The North Korean government - 180,000 Bitcoin"

The article is far from praising Bitcoin. It goes on to describe a plan to destroy Bitcoin (which would involve destroying the internet across all continents) and ends in a request to kill this project in its infancy stages.

"Of course, this outcome will likely lead to billions of deaths. This is a price we are forced to pay, to avoid the eternal enslavement of humanity to a tiny elite.
This is also the reason we contacted you.
It doesn’t have to be like this. You do not have to share our fate. I don’t know how, but you must find a way to destroy this godforsaken project in its infancy. I know this is a difficult thing to ask of you. You believed you were helping the world by eliminating the central banking cartel that governs your economies.
However, I have seen where it ends."

Archived thread from 2014:


#2356

I think you have been living in Santa Cruz too long. Maybe it is the ambient level of pot smoke in the air… lol
I assume you posted this as a joke… but why get anywhere near shitcoins?
The whole fiat conspiracy theory stuff is up there with chemtrails and the crazy where is the missing $21trillion?
What’s your position on Bigfoot, UFOs, and the Easter Bunny?

I invested in Smith and Wesson when Obama was elected. Pure misery index stock. Went from $4 to $24
Has dropped since Trump was elected. Is bitcoin a similar hedge. I think not. I think it is just being manipulated by a few big players.

Classic bubble
https://www.worldcoinindex.com/coin/ripple


#2357

Well, I did not say that I make the same predictions. Once you read beyond the Dollar valuation, it is not a pretty scenario at all. I hope he’s wrong.

Note how my posting starts with “it gives some insight into the mindset of a HODLer”

“Chemtrails” - I had heard of. The “missing $21 trillion” - first time I read about it. For someone who’s not living in an elevated pot smoke environment, you sure know this stuff.


#2358

I know but why are wasting your time and money on it… I figure you are probably the most successful guy on the forum.I truly don’t understand the bitcoin craze.
I understood the 2008 gold, guns and bullets craziness and made a bit of money. Understood the gold silver bubble…But this thing escapes me.
BTW Tahoe is pretty much just like Santa Cruz but with snow.
In fact the house next to me was once occupied by the Mayor. He was busted as the cocaine king of Tahoe in the early 80s

I have met Ciro Mancuso, the pot smuggling king of Tahoe…His daughter Julia is an Olympian.
I have known his ex girl friend who raised Julia for 20 years


#2359

Reason: Bitcoin does not have any investment qualities, such as revenue, sales, profit generating attributes like stocks or real estate.

It is purely speculative driven. Demand and supply are speculative interest with no real supportive evidence.

People were buying madly when it is going up to make profit. When it came down from $18000 to $8000, every speculators tries to take profit and run away as holding does not give them any benefit. This includes big brothers, hedge funds , like ARKW and ARKK etc.

The selling pressure will be higher until the value becomes worthless any more. Expected steep drops and surprises will be more in future!

In short, whatever 1630 Tulip has value now, bitcoin will have same value in future as more and more websites/corps block bitcoin trading/exchanges etc.


#2360

Bitcoin price down to $8k again… hello @ptiemann but now is still not the time to buy… :wink:


#2361

Today’s low is 7859. :scream:


#2362

Getting close to under 6500! within a month.


#2363

I bought a bit at 7960


#2364

Trying to catch the fallin knife?


#2365

Nobody want to make a bet?


#2366

People here are too negative on bitcoin. I need to read some Chamath to psych myself up… :thinking:


#2367

Read this somewhere: “Desaster! Run for the hills! Panic sell all fiat!”


#2368

Please send all your fiat to me.