Bitcoin "Freefall"

[virtusa]

Really? Every crash starts with a downtrend? Well duh have you ever seen a crash start with an uptrend. I've never seen a crash (stock market kind anyway) going uphill.

For the crypto fans a downtrend is just a small correction, a retracement before the next move up... that maybe one day will not come anymore.
They don't see a downtrend as start of a crash.

 

[Ed48]

Indeed, most will hodl just one time to much.

Then there will be others who are sitting on the sidelines waiting for the next 80% drawdown to back up the truck and hodl for 1000%+ gains.

Well, it's always worked before...

 

[SunTrader]

For the crypto fans a downtrend is just a small correction, a retracement before the next move up... that maybe one day will not come anymore.
They don't see a downtrend as start of a crash.

But you do all mighty one. When exactly?

LOL you can run but you cannot hide:-


[ QUOTE="virtusa, post: 5507768, member: 517719" ]
For the crypto fans a downtrend is just a small correction, a retracement before the next move up... that maybe one day will not come anymore.
They don't see a downtrend as start of a crash.
[ /quote ]

 

[deaddog]

Can you see money on your credit/debit card?

If you have greenbacks in your wallet you can.

Same thing. One is visible, one is virtual.

This is true. But I have a choice, I don't have to use a credit card to make a purchase. I know it would make my life that much more difficult but it is still a choice.

When the electric power is off for any reason I can't spend with my credit card but I can with cash.

 

[SunTrader]

This is true. But I have a choice, I don't have to use a credit card to make a purchase. I know it would make my life that much more difficult but it is still a choice.

When the electric power is off for any reason I can't spend with my credit card but I can with cash.

See I understand you are not a believer but you are making distinctions where there are none.

You have a choice not to buy/sell bitcoin too.

I like chocolate ice cream, some like vanilla. Choice is a good thing.

 

[deaddog]

See I understand you are not a believer but you are making distinctions where there are none.

You have a choice not to buy/sell bitcoin too.

Very true.

I'm just voicing my opinion that I don't think that crypto is a good investment at this time.

It's my opinion and I feel that everyone is entitled to it.

 

[virtusa]

When the electric power is off for any reason I can't spend with my credit card but I can with cash.

When the electric power is off for any reason you cannot do anything with your crypto's. And there are no real crypto coins so cash is impossible too.

 

[Sprout]

There is indeed a generational bias. Older people have in general more life experience, so more wisdom. I daytrade over 25 years, my son was trading crypto's for 2 years. It is clear who has more experience, although my son has a university degree and I have not.

Parents educate their children in thousands of different things and thanks to that these children make less errors, or bad decisions while growing up. So, in general, it is better to listen to the parents than to the childrens opinion. When I was young I also thought I was smarter than my parents. I know now it is mostly not true. The moment that you will realize that too, will one day come (hopefully).



I said many times on ET that I make more money daytrading the ES than I would have made with BTC. So I never missed the train, I caught the right one.

98% of all addresses are smaller than 1 BTC which shows that "BTC can make you rich" is not valid for these 98% of all addresses. These 98% should have much more than” less than 1 BTC” by now. These people missed the boat too, or rather were sitting on the wrong boat. I don't even speak about all the people that lost money, or all they had, on crypto's.
My son who is 25 years younger than me, quit trading crypto's after two years. He says now it was a very good decision. He is daytrading the ES, for which I gave him the knowledge.

If you analyze the addresses carefully you will see that only after the 2017 high, people started to join as from that moment on the number of addresses went up. So the majority of crypto trader/holders, started after the high in december 2017. From that high at around $20,000 we went to $47,600 today. So 2.38 times higher in 4 years. Up 138% in 4 years is just 34.5% a year. Not that spectacular.



The bagholders are the millions of 98% of small adresses from people who have no money and no experience or real knowledge about the financial markets, but dream to get rich starting from nickels and dimes. It is also the herd behavior. It is cool to have crypto's, just like it was, 30 years ago, cool to smoke when you were 15 years old, feeling you were a real man already. Like the Marlboro cowboy, who finally died from long cancer. Which proofs, after many years, that he took the wrong decision to become "a real man".

You seemed to have missed the distinction that John gave you about how BTC addresses are generated and used. Now you are repeating yourself based on a false premise and understanding.

Happy for your success and passing a vocation onto your son.

It's cool, crypto/trading is not for everyone.

 

[deaddog]

From Investopedia:

one common element in most bubbles is the willingness of participants to suspend disbelief and to steadfastly ignore the increasing number of cautionary signs.

 

[Sprout]

When the electric power is off for any reason you cannot do anything with your crypto's. And there are no real crypto coins so cash is impossible too.

This recently happened to me. Power went off. Com lines and data were still up and I could continue trading on my phone. Oh, no cell reception here, hop to another area where there is.

Have you recently checked PoS credit/debit terminals?

Newsflash: They all run on power and DON'T when there is none.


There are folks pre-emptively solving a non-existent problem;

https://www.wired.com/story/cypherpunks-bitcoin-ham-radio/

https://twitter.com/x/status/1095354354289135617