Bitcoin Price Thread

Maybe I'm a glass half-full kind of guy, but I'm more than happy with bitcoin price at anything above $5,000, lol. If you look at the very first post of this thread, you can see my excitement at those threads I was posting until they were consolidated here, 6K, 7K, 8K.

We (myself included) thought $5,000/bitcoin was still a couple of years away. Anyway, carry on with your parties, but please do short some CME or CBOE bitcoin futures so you can make $$$ on this crash. Don't waste this opportunity, my friends :rolleyes:
 
Reading r/bitcoin is an interesting study in human psychology. This post's thinking is that since the previous 4 more than 50% crashes (I wouldn't even count anything less than a 50% drop) all ended in a new high, this 5th crash should do the same.

The only problem with that thinking is that this time cryptos were truly global and possibly driven by the tether fraud. But we shall see, lots of holders will puke their positions up before buying in again at higher prices just to get burnt again:

https://www.reddit.com/r/path%3D%252Fr%252FBitcoin%252Fcomments%252F7uqa54%252F

Also you don't get extra points for holding through 2017 if you also hold through the 2018 meltdown.
 
The HODLer mentality is if everyone keep buying and HODLing, then there are fewer and fewer coins in circulation which creates scarcity and makes price rises. Therefore, every HODLer is now richer. Whenever someone mentions selling, they all gang on him, tie him up and burn him like a medieval witch. It's about as rational as being able to fly by throwing yourself at the ground and miss.
 
Tibster said:
It's about as rational as being able to fly by throwing yourself at the ground and miss.
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Did you here about the crypto day-trader that jumped out a 50 floor window with his laptop?
He made $6000 on the way down.
 
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Tibster said:
The HODLer mentality is if everyone keep buying and HODLing, then there are fewer and fewer coins in circulation which creates scarcity and makes price rises. Therefore, every HODLer is now richer. Whenever someone mentions selling, they all gang on him, tie him up and burn him like a medieval witch. It's about as rational as being able to fly by throwing yourself at the ground and miss.
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I'm literally shaking my head at this post... I don't think you understand how cryptos (bitcoin) work. It's decentralized, so no one can force anyone, unlike centralized systems you're used to where they can freeze your money, or take it and give it to someone else.

No one knows how much anyone has unless they disclose it and even then the person could be lying unless she/he proved by signing a message with her/his private key, like right now, I could be lying, maybe I don't have any cryptos or maybe I sold them all at $19K, so how is anyone going to gang up on me? lmao :rolleyes:
 
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johnarb said:
I don't think you understand how cryptos (bitcoin). It's decentralized,
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I don't think you understand human behavior. Tibster was correctly describing how bubbles and people buying into them work. And Bitcoin has been an investment vehicle for most people, decentralization has nothing to do with it.

But exactly because of the sheep mentality, sell offs are so violent because people tend to sell off in masses thus dumping supply on the market.

In short: BTC's technology has nothing to do with its price, on the way up or on the way down.
 
Pekelo said:
I don't think you understand human behavior. Tibster was correctly describing how bubbles and people buying into them work. And Bitcoin has been an investment vehicle for most people, decentralization has nothing to do with it.

But exactly because of the sheep mentality, sell offs are so violent because people tend to sell off in masses thus dumping supply on the market.
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Decentralized. Do you know what it means? I'm sure you do, Pekelo, you've been around for a while since bitcoin was less than a few hundred $. IF I sell tomorrow, or today, or last month, no one would be able or would have been able to stop me. I have my private keys. I control the coins. Do I need to go on?

Don't make statements that are incorrect such as gang up on someone for selling as it's not true, unless you want to be labeled liars :D
 
johnarb said:
I'm literally shaking my head at this post... I don't think you understand how cryptos (bitcoin) work. It's decentralized, so no one can force anyone, unlike centralized systems you're used to where they can freeze your money, or take it and give it to someone else.

No one knows how much anyone has unless they disclose it and even then the person could be lying unless she/he proved by signing a message with her/his private key, like right now, I could be lying, maybe I don't have any cryptos or maybe I sold them all at $19K, so how is anyone going to gang up on me? lmao :rolleyes:
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Funny how you refute your first paragraph statement in the second one.
 
johnarb said:
Decentralized.
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Again, irrelevant. That is why eventually you are going to lose money on cryptos. Technology has nothing to do with their price. Otherwise Monero and ETH would be the highest priced. Maybe in the future when it is all settled. (like ETH finally gaining on shitty BTC) BTC didn't go up to 20K because it was superior to other cryptos. Other cryptos are also decentralized yet they too are falling. (and that should show you that it is just get rich quick schemes for the masses, they don't give a shit about technology)

Fear and greed and FOMO are driving price, not characteristics. Don't you get it??? Technologically nothing changed in the last 6 weeks, yet price is 55% lower. Tides go in, tides go out, you can't explain that.
 
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