Where are the bitcoin lovers now?

Bible_Belt

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synergy1

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There is an anecdote about a famous trader in 1929 pulling out of the market when the shoe shine boy on the street offered him hot stock tips, and the crash hit just after that.
Joe kennedy is who you are referring to. The babson break wasn't long after.
 

taiyuu_otoko

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Even Sir Isaac Newton, the inventor of gravity and calculus, hailed as the father of modern physics, lost is a$$ in a market bubble.

 

switch7

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Heres my outlook on btc. I think we may see some buyers coming in at 3 k, then a move back towards 5k, which will be again sold into and then we make new lows to go towards 2k and so on until we hit long term support at around 1k. From there we re assess the world of crypto. By that point 99% of coins and tokens will have disappeared off the face of the earth and hopefully we will actually be starting to see some actual solid utility from whatever survives from this technology.
 

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Grewd

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don't ever trade crypto until you're pro at it
Problem is you'll never become a pro of you don't do it and gain the experience. Many newbies started with way too high amounts though. Simulations won't cut it, because you can't properly simulate and practice preparing for emotions knowing it isn't a real investment with real money. I think it's the mismanagement of emotions and wishful thinking that screws people over in that game.

I went in as a complete noob late November last year, I felt the panic of the short crashes. Was about to sell, but the Bitcoin network was too overloaded to process my transaction at the fee I set, by the time it was done the price bounced back up. Luckily within 3 weeks from the time I entered the price had doubled, I decided to sell half and secure what I had invested. At most I had 3 times my initial investment just in pure profit, a significant amount for me. Didn't sell then, I should have, but I wasn't so fearful knowing I couldn't possibly lose anything (compared to if I never entered the crypto markets). Bitcoin started to seriously crash and it became apparent to me that the bubble was over, but far from everyone had lost faith yet. I sold it all off. All in all I made a 70% profit from start to finish, I've had a nice 2018.

I'm eyeing the crypto prices and monitoring sentiments now, I think it could be nearing a good time to buy in again, but I also think it might still be too early. I'm happy to wait longer, don't have much to invest at the moment due to buying a new house. Maybe next year, people need more time to forget the huge events of last year before the cycle can repeat.
 

jaygreenb

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Still very bullish long term on bitcoin, expecting another big drop and some sideways action for the next year or two though.
 

jaygreenb

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Bitcoins is here to stay. Buy when the prices are really down and hold on to it with the view as a long term investment to be used when you retire.
People who say it's dead really have no clue what is going on this space. There has been major advancements and infrastructure is being put into place. It's just following normal cycles of an emerging technology.
 

sangheilios

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Big crypto investor here. I loaded up heavily on the big ones; bitcoin, bitcoin cash, ethereum and litecoin, all through the summer and fall. Last week started a part time job delivering pizzas and puting the money from tips into my crypto portfolio. I'll be starting a physical therapy program next fall semester and will have a solid career lined up that is guaranteed and can just let this stuff sit for the long term. Goal now is to accumulate as much as possible whilst the prices are low.
 

synergy1

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People who say it's dead really have no clue what is going on this space. There has been major advancements and infrastructure is being put into place. It's just following normal cycles of an emerging technology.
Care to explain how they plan to address the burdensome proof of work architecture, or the slow transaction speeds? If bitcoin is a true global currency, it will need to match at least Visa's processing speed which is orders of magnitude higher than bitcoins.

As for the infrastructure, you do realize that distributed software designs have been around for a long time, right? Right now the infrastructure is literally all the nodes running the client, or mining. I'll admit that the concept is a breakthrough. I have tried to study the bitcoin umls, and source code - no doubt very good developers. I very much doubt any people invested heavily in this space understand it better than some of its detractors though.
 

jaygreenb

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Care to explain how they plan to address the burdensome proof of work architecture, or the slow transaction speeds? If bitcoin is a true global currency, it will need to match at least Visa's processing speed which is orders of magnitude higher than bitcoins.

As for the infrastructure, you do realize that distributed software designs have been around for a long time, right? Right now the infrastructure is literally all the nodes running the client, or mining. I'll admit that the concept is a breakthrough. I have tried to study the bitcoin umls, and source code - no doubt very good developers. I very much doubt any people invested heavily in this space understand it better than some of its detractors though.
I am not a developer so I will not attempt to explain how it technically gets there. I do know there has been a lot of progress with the lightning network and additional payment layers can be added to address a lot of those issues in the future. It does not need to be a global currency that transacts as quickly as VISA to make huge gains. The market cap is relatively tiny right now. I do think it has the potential to get there over a long period of time though. Just the fact that it is a decentralized store of value under no governments control and easily transferable without a central bank provides immense value. Everyone knows the rules and unlike typical fiat it can't be printed into oblivion.

I would agree that it's very speculative at this point, all emerging tech is. I do see incredible upside though and have no issues taking a calculated risk on it. There is a lot of attention, money and talent moving into this space and believe with that pressure being applied a lot these problems will get solved. This is a long term play for me and think you need to take larger view of this than the last year and a half. Only time will tell though but we can revisit this in a few years and see how things start to shake out.
 

synergy1

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I am not a developer so I will not attempt to explain how it technically gets there. I do know there has been a lot of progress with the lightning network and additional payment layers can be added to address a lot of those issues in the future. It does not need to be a global currency that transacts as quickly as VISA to make huge gains. The market cap is relatively tiny right now. I do think it has the potential to get there over a long period of time though. Just the fact that it is a decentralized store of value under no governments control and easily transferable without a central bank provides immense value. Everyone knows the rules and unlike typical fiat it can't be printed into oblivion.

I would agree that it's very speculative at this point, all emerging tech is. I do see incredible upside though and have no issues taking a calculated risk on it. There is a lot of attention, money and talent moving into this space and believe with that pressure being applied a lot these problems will get solved. This is a long term play for me and think you need to take larger view of this than the last year and a half. Only time will tell though but we can revisit this in a few years and see how things start to shake out.
Governments can control it if they chose it. Heck they can simply outlaw its use. People use exchanges to buy and sell bitcoin. you can get transactions corresponding to the unique addresses for each transaction and determine who has bought and sold blocks of bitcoin. All the US needs to do it go after exchanges. A good book on digital currency suggests the government will create its own digital currency as Russia and China are likely pursuing it.

I liken bitcoin to the first Wright flyer. revolutionary, but its design will be modified numerous times before it is used at scale. I think the aformentioned problems will need to be resolved before it can be used at scale. As you said, it still has a relatively tiny market cap presently. I think its telling of the times where people are more and more mistrustful of governemnts. They have a reason to be. While I might have a negative bias towards bitcoin, I can totally understand why the concept is very appealing when compared to the central bank cartel that has slowly eroded the wealth of the population.
 

jaygreenb

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Governments can control it if they chose it. Heck they can simply outlaw its use. People use exchanges to buy and sell bitcoin. you can get transactions corresponding to the unique addresses for each transaction and determine who has bought and sold blocks of bitcoin. All the US needs to do it go after exchanges. A good book on digital currency suggests the government will create its own digital currency as Russia and China are likely pursuing it.

I liken bitcoin to the first Wright flyer. revolutionary, but its design will be modified numerous times before it is used at scale. I think the aformentioned problems will need to be resolved before it can be used at scale. As you said, it still has a relatively tiny market cap presently. I think its telling of the times where people are more and more mistrustful of governemnts. They have a reason to be. While I might have a negative bias towards bitcoin, I can totally understand why the concept is very appealing when compared to the central bank cartel that has slowly eroded the wealth of the population.
You are mistaken, If it is not on an exchange the government can not do a thing without the private keys. I agree they will be able to track it but they will not have access to it. We will just have to agree to disagree on the value and potential. Only time will tell
 
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synergy1

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You are mistaken, If it is not on an exchange the government can not do a thing without the private keys. I agree they will be able to track it but they will not have access to it. We will just have to agree to disagree on the value and potential. Only time will tell
Not private keys, but addresses. And its not that they can't , they already have. Government or starups are efficient when there is a reason to be.

https://www.technologyreview.com/s/608763/criminals-thought-bitcoin-was-the-perfect-hiding-place-they-thought-wrong/

As for potential, there is no doubt this technology will change currencies ( be it decentralized or otherwise). its one of the few things I am certain of.
 

Bible_Belt

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It is the US government's position that converting bitcoin into US currency is money laundering. So they can certainly regulate converting it to cash, if not btc itself.
 

Spaz

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Anyhow guys, only invest into bitcoins with money that you could afford to lose.

Chances are you'll make some money down the road but if it doesn't then it's no big deal to begin with.

It's like buying the lottery, those money you could afford to lose on the off chance of striking it big - only bitcoins offers a higher chance.
 

jaygreenb

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It is the US government's position that converting bitcoin into US currency is money laundering. So they can certainly regulate converting it to cash, if not btc itself.
They could if they wanted to but they won't. It is already being integrated into the current financial system and would really just be shooting themselves in the foot if they tried now. Like Spaz said, they just want to tax it. Only put in what you are willing to lose or in your case none at all. It does come with a risk but also high upside.
 
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