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Ask HN: Your Thoughts On The Present Bitcoin Rally?

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Ask HN: Your Thoughts On The Present Bitcoin Rally?

#1

Post by cdvonstinkpot »

Hi,

I remember recently seeing a poll on HN & seeing that many of us hold bitcoin, and I'm wondering what HN'ers opinions are on the recent bitcoin price rally.

I'm personally of the opinion that it's not going to be a bubble but rather a new normal in terms of a higher value in bitcoin overall. I have no idea where it's likely to level off however, and am enjoying watching my portfolio increase in value.

Re: Ask HN: Your Thoughts On The Present Bitcoin Rally?

#6

Post by charlesism »

The rally was great until around yesterday. Now it's growing far too fast.

When we peak, it will be for 30 seconds at some arbitrarily insane high. If you intend to "cash out" at the peak, good luck.

And I'm far from anti-bitcoin. I own some btc, and also ltc. I'm optimistic about their long term future.

If you don't realize that we're in for a major correction soon (within days) I have to assume you're a bit inexperienced.

There are parallels between bitcoin and the early days of the web.

Believe me, it's not "different this time." It's always the same story.

The bubble will pop, even though, like the internet bubble, bitcoin has real potential, and won't disappear entirely.

I could see it losing perhaps half its value, before ramping up again next year.

I'd urge anyone thinking about buying bitcoin this weekend to hold off. Wait a couple days until the crash.

Re: Ask HN: Your Thoughts On The Present Bitcoin Rally?

#7

Post by Avalaxy »

I think the price is increasing way too fast at the moment, but I'm 100% sure it will keep going up, and will do so for years. More and more people will want to buy them, but there's a max of only ~21 million of them. If you do the math, the real value of these things should be much much higer (assuming that everyone accepts it as a real currency of course, but more places accept it as a currency every day).

Edit: I own 2 BTC, bought them last week at €150/each. My investment of €300 was worth €550 this week, but it's mostly a long-term investment for me so I'll keep them.

Re: Ask HN: Your Thoughts On The Present Bitcoin Rally?

#8

Post by charlesism »

charlesism wrote: post #6

The rally was great until around yesterday. Now it's growing far too fast. When we peak, it will be for 30 seconds at some arbitrarily insane high. If you intend to "cash out" at the peak, good luck. And I'm far from anti-bitcoin. I own some btc, and also ltc. I'm optimistic about their long term future. If you don't realize that we're in for a major correction soon (within days) I have to assume you're a bit inexper…

...and the wait is over. An adjustment has started (although I doubt we'll see a full-fledged crash tonight), so far it's plummeted almost $100. On the bright side, it might buy a couple weeks of time, continued rallying, before the real crash.

Re: Ask HN: Your Thoughts On The Present Bitcoin Rally?

#9

Post by pearjuice »

I remember when it was a currency. Now, it is just something which is only viable for selling to the next guy in town; he is hoping he won't be the one buying before it pops and you selling hoping you won't be the one regretting it in a week. Unless it stabilizes and is not hoarded for the sake of selling at a higher value, Bitcoin will be a bubble.

Its value is changing too rapidly to properly use it as a currency.

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