It's almost like everyone was trying to get rich quick and sold when they saw some profit.
FAAAAAAHHHKKKK.... I WAS a millionaire and just maxed out my cards, rented a jet and now I am in the shitter... what do i do?
Bitcoin and almost every other cryptocurrency crashed hard today
61–70 of 426 posts
Re: Bitcoin and almost every other cryptocurrency crashed hard today
#62I used to ask others in last few months, at what point would you be comfortable buying? Is it 20K, 15K, 10K, 5K, 1K, 500$, 100$, or 50$? or less? See, the story changes, what was nice months ago now is an extremely high risk. Myself, I probably woudln't buy unless it's under 100$. Even that is questionable. Reason being, blockchain is a pipedream and BTC is a dinosaur within that dream. What future BTC has but specul…
Why is blockchain a pipedream?
People keep thinking it’s going to revolutionize entire industries when really it’s a highly limited and inefficient database technology that no one who isn’t trying to make a buck would suggest using for data storage unless you have the very particular constraints of something like bitcoin.
There’s lots of mature, versatile database options out there: Postgres, SQLite, BerkeleyDB, and countless other NoSQL and CQRS solutions. Blockchain does one thing well, its immutability and intractability are not well suited to many applications.
Re: Bitcoin and almost every other cryptocurrency crashed hard today
#63Serious question: who didn't expect this? Did anybody think that the 19K high of last week was going to be the new normal?
Yes. https://news.ycombinator.com/item?id=15984381 (This commenter at least hedges at the end, but this kind of reasoning could be found all over the relevant sub-reddits and other corners of the internet this week. Every bubble has a "this time it's different" motivated-reasoning thing...)
Edit: Here's another from the same thread, with a motivated response to "sell when the shoe shine boy gives stock tips" on why "this time that's different" https://news.ycombinator.com/item?id=15983811
Re: Bitcoin and almost every other cryptocurrency crashed hard today
#64I do mobile software consulting. To give you an idea of the level of crypto currency mania: Every single one of my clients in San Francisco have some kind of slack or group chat devoted to crypto trading. I was waiting at the front desk of a client who has a floor in a fancy building downtown. Whilst waiting I overheard the end of a conversation between the door guy talking to the maintanence man: “I put in a bunch o…
The key moment of bubble insanity for me was overheating the security screeners at Heathrow talking about how they just signed up for “this new app called CoinBase” which was going to make them all rich.
Re: Bitcoin and almost every other cryptocurrency crashed hard today
#65time to cash in some bitcoins if you need to lower your income to get in a different tax bracket
Re: Bitcoin and almost every other cryptocurrency crashed hard today
#66It's almost like everyone was trying to get rich quick and sold when they saw some profit.
higher highs mean lower lows, probably...
Re: Bitcoin and almost every other cryptocurrency crashed hard today
#67Earlier quoted context omitted.
I've been avoiding buying for this very reason. I know bitcoin well enough to know it's going to crash, it's always going to crash, so never touch it on an upswing. Buying it now is fairly reasonable. Though, I wouldn't be surprised to see it crash yet again, even harder, but it felt like buying on that upswing to 20k was suicide.
> Buying it now is fairly reasonable. I'd wait few months. If it is actually crashing not just backing up before next silly raise then you'd be better off waiting till it settles after the crash. It usually takes few months or a year. If you don't want to gamble, bitcoin is rather long term investment.
no matter what term you invest on it's a gamble.
Re: Bitcoin and almost every other cryptocurrency crashed hard today
#68Buying on the way down, see you all on the upswing in about a year. I bought after the MtGox crash in 2013 and can't wait to buy this bear market!
Remember to sell before the Friday before 2018 Christmas
Re: Bitcoin and almost every other cryptocurrency crashed hard today
#69It's almost like everyone was trying to get rich quick and sold when they saw some profit.
When Coinbase became the #1 app in the App Store, you knew the bubble would soon burst.
https://coinbase.com/ is down.
Re: Bitcoin and almost every other cryptocurrency crashed hard today
#70This is why you buy over time, and not in one go (dollar cost averaging). Your gains are lower than if you coincidentally managed to buy at the bottom, but you won't be affected nearly as hard as if you put all your money in at the top. Does this suggest that people are dumping to fiat, rather than other coins? There was speculation that the reason Ripple shot up recently was because people were buying it with Bitcoi…
Dollar cost averaging makes sense, but does it work?
http://www.moneysense.ca/columns/does-dollar-cost-averaging-...