Why Bitcoin Is Worthless: The Definitive Guide

wrbtrader said:
My grandpa has issues with the Dow when it was at 6,000. I remember people saying "buy the dips" or "easy money" or "you're not going to get rich but you can make a little money" and so many other cliches. He himself once stated they are stealing our money.

I didn't care if he was right or wrong...I thought it was funny to watch so many people get "emotional" about it. Some even coming to blows about it, threatening each other, lawsuits and many other crazy stuff...pure hysteria.

Like everything else, if the government decides it too can make money on Bitcoin or think it can be used for something else that's profitable...these message posts will become like those newspaper articles I saw in the museum documenting the Dow history since 1920 about the hysteria involving the markets.

If someone is a true fanatic about crazy price movement...watching this go Up or Down is worth a good seat with popcorn and a candy bar. Should be a good movie.
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I could see the usg adopting the technology, but I think they would clone it so they could enrich the preferred insiders instead of the Bitcoin holder. Greed rules.
 
Well, I said it was worthless back at 3,000... now look 4,000
I still think it is nothing but a craze/mania... but I guess enjoy the ride while you can. I still say when it is over, it will be very ugly. Like a flash crash.
 
Jdesey said:
Well, I said it was worthless back at 3,000... now look 4,000
I still think it is nothing but a craze/mania... but I guess enjoy the ride while you can. I still say when it is over, it will be very ugly. Like a flash crash.
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I myself believe the same...even back when it was around 500. :wtf:

Yet, regardless if its going Up or Down...nothing illegal about trying to take advantage of it. In fact, if I had a strong bias its going to collapse, drop significantly or anything like that...that too can be taken of advantage.

Simply, its ok if we have strong opinions either way. The issue is can it be exploited considering we're traders and capitalists unless those that have strong opinions are not traders.
 
Jdesey said:
Well, I said it was worthless back at 3,000... now look 4,000
I still think it is nothing but a craze/mania... but I guess enjoy the ride while you can. I still say when it is over, it will be very ugly. Like a flash crash.
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And in 2013 I said it's an invention worth a nobel-price. Said it would be worth $7000, at the moment it was still $100. And now after being in this crypto-scene for 4 years I'm even more optimistic that this will never go away. Just like the car replaced the horses, the television replaced the radio, the Internet replaced the Fax.

Just your "said" against mine....
 
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wrbtrader said:
nothing illegal about trying to take advantage of it. In fact, if I had a strong bias its going to collapse, drop significantly or anything like that...that too can be taken of advantage.
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Nothing wrong about trying to trade it. It's good to have some additional liquidity. But be very cautious to Short it, as the forces are up for 9 years already.
 
NominalSpeculator said:
Right now the situation looks like this either btc goes to 30k ? or btc goes to 0
x % chance bitcoin goes from 4k to 10? even 30k, that's a 6.5x return
1-x% chance bitcoin goes to < 1 or 0 that's a min 4000x return if you short it.
how much do you think that x is ? let's just try 50%
your probabilistic gain is 3.25x if you go long or 2000x if you short it.
Heck, even if x was 90% which it def is not
your gain would still look like 5.85 vs 400
hence my temptation to short it if i had 1k to spare.
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Correct me if I am wrong, but if you go short and it goes to 0, you can only make 100% unless you pyramid.
 
I'm a trader first, never gonna short something in an uptrend. Even if this signaled a short to me I wouldn't trade it, the counterparty risk is unacceptable. I've said it before if I want make a super risky bet I will do it on options or futures. At least I know I'll get paid if I win big.
 
Visaria said:
even so, your risk is also magnified by the same multiple. your original post still does not make any sense to me.
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you're right i was just rambling in my mind: i was comparing long bitcoin with 1x leverage to shorting a small margin of btc with 40x and bracing through the vol till it happens.
 
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