Bitcoin (BTC) is up by +22% in a single day, valued at over $14,600 • Hacker News Board

Re: Bitcoin (BTC) is up by +22% in a single day, valued at over $14,600

#31

Post by nostrademons » Thu, Dec 07, 2017, 1:18 AM UTC

lossolo wrote: post #19

I anticipate that a lot of comments about "bad bubble" and "bad bitcoin" will emerge like on every thread about bitcoin on HN. I think people just don't understand that most participants in "Bitcon boom" knows this is a bubble. Every major news outlet says it's a bubble every couple of weeks. This is a common knowledge, everyone are saying it's a bubble. I know it's a bubble too and I have bitcoins but I don't care t…

"I am holding BTC from the time it was worth couple of times less when everyone was saying it's a bubble also. Even if it goes down below 10k now I will still make money."

It sounds like you haven't been through a bubble before.

In the dot-com bubble, the losing stocks didn't see their value cut by 3-5x. That was the winning stocks - Amazon lost 93% of its value between 2000 and 2001, EBay lost 75%, Cisco lost 80%. The losers saw it cut to zero. In a very short period of time, too - slower flameouts took a matter of months, quick ones were literally overnight. One day a company would have 3000 employees and be worth $5B, the next day the company would be bankrupt and everyone would be laid off.

I've got a few grand in Bitcoin too (a remnant of the last Bitcoin bubble in 2013 that I never bothered to dispose of), and it's been a fun ride, and it wouldn't surprise me if this is still near the beginning of the Bitcoin bubble and we have a while to go. But please, for the love of god, do not invest money in Bitcoin that you can't afford to lose. Because when bubbles pop, they don't just drop a couple percent or even a couple times. They usually go to zero, and everyone who was burned avoids that asset class for at least the next decade if not for life.

Re: Bitcoin (BTC) is up by +22% in a single day, valued at over $14,600

#32

Post by zeep » Thu, Dec 07, 2017, 1:18 AM UTC

mjfl wrote: post #11

celdon25 wrote: post #10

Earlier quoted context omitted.

If you're buying in order to speculate, why not sell gradually into the gains? Your strategy seems like it is taking what is already a high-risk, and artificially making the risk higher than needed... Also, the time to buy is almost never after/during a large boom, heh.

buy high, sell low!

I tried to do that on coinbase and it won't let me

Re: Bitcoin (BTC) is up by +22% in a single day, valued at over $14,600

#33

Post by juanmirocks » Thu, Dec 07, 2017, 1:21 AM UTC

darawk wrote: post #21

juanmirocks wrote: post #2

This is becoming a joke. Meanwhile, transactions times in both BTC and ETH are getting ridiculously slow.

Transaction times are slow because there are so many of them. What you're saying is sort of equivalent to "look at how much traffic there is at that mall, it's going to fail".

The number of transactions is close to nothing compared to credit card transactions. The current blockchain networks have to improve a lot.

Re: Bitcoin (BTC) is up by +22% in a single day, valued at over $14,600

#34

Post by xiphias » Thu, Dec 07, 2017, 1:21 AM UTC

panarky wrote: post #27

It's obvious to nearly everyone that this is the world's biggest pump-and-dump scam. Sentiment on HN, Twitter and the financial press is nearly unanimously negative. Co-workers and family members are convinced this will end in tears for the foolish speculators. But one thing bugs me about all this. Historically, bubbles burst after long-time critics finally capitulate. Pyramids and Ponzis collapse when most people ha…

Isn't the thing that really bugs you that you didn't buy Bitcoin a few years ago? And maybe you're thinking that it's worth the risk-reward ratio (even if I agree, that it's a risky investment)

Re: Bitcoin (BTC) is up by +22% in a single day, valued at over $14,600

#35

Post by zazpowered » Thu, Dec 07, 2017, 1:22 AM UTC

panarky wrote: post #27

It's obvious to nearly everyone that this is the world's biggest pump-and-dump scam. Sentiment on HN, Twitter and the financial press is nearly unanimously negative. Co-workers and family members are convinced this will end in tears for the foolish speculators. But one thing bugs me about all this. Historically, bubbles burst after long-time critics finally capitulate. Pyramids and Ponzis collapse when most people ha…

If 98% of the population think it's in a bubble then it's probably not in a bubble

Re: Bitcoin (BTC) is up by +22% in a single day, valued at over $14,600

#36

Post by thisisit » Thu, Dec 07, 2017, 1:25 AM UTC

panarky wrote: post #27

It's obvious to nearly everyone that this is the world's biggest pump-and-dump scam. Sentiment on HN, Twitter and the financial press is nearly unanimously negative. Co-workers and family members are convinced this will end in tears for the foolish speculators. But one thing bugs me about all this. Historically, bubbles burst after long-time critics finally capitulate. Pyramids and Ponzis collapse when most people ha…

People are also seeing their co-workers and families asking about how to "invest" in Bitcoins.

So the old story about Joe Kennedy and the shoe shine boy applies too? The saying " You know it's time to sell when shoeshine boys give you stock tips. This bull market is over."

Re: Bitcoin (BTC) is up by +22% in a single day, valued at over $14,600

#37

Post by lossolo » Thu, Dec 07, 2017, 1:25 AM UTC

nostrademons wrote: post #31

lossolo wrote: post #19

I anticipate that a lot of comments about "bad bubble" and "bad bitcoin" will emerge like on every thread about bitcoin on HN. I think people just don't understand that most participants in "Bitcon boom" knows this is a bubble. Every major news outlet says it's a bubble every couple of weeks. This is a common knowledge, everyone are saying it's a bubble. I know it's a bubble too and I have bitcoins but I don't care t…

"I am holding BTC from the time it was worth couple of times less when everyone was saying it's a bubble also. Even if it goes down below 10k now I will still make money." It sounds like you haven't been through a bubble before. In the dot-com bubble, the losing stocks didn't see their value cut by 3-5x. That was the winning stocks - Amazon lost 93% of its value between 2000 and 2001, EBay lost 75%, Cisco lost 80%. T…

> It sounds like you haven't been through a bubble before.

I had bitcoin in 2012 also. I've sold it when it hit 1000$ just before Mt Gox collapsing.

> and it wouldn't surprise me if this is still near the beginning of the Bitcoin bubble and we have a while to go

Agree.

> But please, for the love of god, do not invest money in Bitcoin that you can't afford to lose.

I also agree here 100%, unfortunately some people bet a lot more, anyway, I can't stop someone from going into casino and betting all they have on red.

Re: Bitcoin (BTC) is up by +22% in a single day, valued at over $14,600

#38

Post by mirimir » Thu, Dec 07, 2017, 1:27 AM UTC

jurajmasar wrote: post #4

Seems like a significant portion of the capital is coming from Asia, mainly South Korea, with just Bithumb BTC/KRW trades making almost 11% of today's volume. https://coinmarketcap.com/currencies/bitcoin/#markets

Yes, I've been reading about the South Korean frenzy for a day or two. This morning, a Bloomberg article[0] pointed to fear of war with North Korea, and fear of financial chaos around ongoing corruption scandals.

But there's little doubt that immanent trade in Bitcoin futures is the major driver. From a recent Coindesk article[1], I get that sellers of futures contracts are hedging in case the price falls. There's no requirement to own Bitcoin for selling futures contracts. But there is the expectation that they will hold Bitcoin at settlement.

So maybe some are buying now, and expect to win big in the futures crash.

0) https://www.bloomberg.com/news/articles/2017-12-06/bitcoin-f...

1) https://www.coindesk.com/bitcoin-futures-make-way-new-kind-w...

Re: Bitcoin (BTC) is up by +22% in a single day, valued at over $14,600

#39

Post by thisisit » Thu, Dec 07, 2017, 1:28 AM UTC

watoc wrote: post #30

Futures on Bitcoins will be introduced next week on CBOE and the week after on CME. I wonder if we will still see this kind of crazy rallies as it will be easier to short it.

Given the futures will be cash settled there is going to be a disconnect. So it will be interesting to see if the crazy rallies do end.

Re: Bitcoin (BTC) is up by +22% in a single day, valued at over $14,600

#40

Post by mirimir » Thu, Dec 07, 2017, 1:32 AM UTC

celdon25 wrote: post #10

zeep wrote: post #5

Earlier quoted context omitted.

I just bought some and I will sell when it reaches 5x if it ever does.

If you're buying in order to speculate, why not sell gradually into the gains? Your strategy seems like it is taking what is already a high-risk, and artificially making the risk higher than needed... Also, the time to buy is almost never after/during a large boom, heh.

That's the only way to win long-term in gambling. Cash out winnings over your stake.