If your digital currency relies on governments accepting a competing currency their own currency - you are going to have a bad time.
China bans new Bitcoin deposits
61–70 of 131 posts
Re: China bans new Bitcoin deposits
#62I present, for your satisfaction, my comment from two weeks ago: https://news.ycombinator.com/item?id=6829180 Along with this gem: https://news.ycombinator.com/item?id=6858258 In summary, I invested $11k @ $1106/coin, predicting it'd rise to $1,500. Shazam! I've transmuted that $11k into... let's see ... $5,100. I feel pretty ill. Thought you'd all enjoy the schadenfreude, and perhaps learn from my example: "How to i…
I'm not a financial expert, but I might suggest that paying off you credit card debt is probably the strongest investment you can make right now.
Re: China bans new Bitcoin deposits
#63This move seems obvious. Bitcoin's popularity has far more negative consequences for Chinese government (or any other government) than benefit. Bitcoin might topple the dollar hegemony if popularized, which might be what China wants, but central banks lose their power to control the money flow in the system. Why would any government want that? Any money goes into Bitcoin is essentially money gone offline right now so…
This. I can see many governments banning Bitcoin before it rises to it's full potential and then the governments accepting it.
Re: China bans new Bitcoin deposits
#64I present, for your satisfaction, my comment from two weeks ago: https://news.ycombinator.com/item?id=6829180 Along with this gem: https://news.ycombinator.com/item?id=6858258 In summary, I invested $11k @ $1106/coin, predicting it'd rise to $1,500. Shazam! I've transmuted that $11k into... let's see ... $5,100. I feel pretty ill. Thought you'd all enjoy the schadenfreude, and perhaps learn from my example: "How to i…
Forgive me but why would you save money in a mutual fund and not pay off a car loan. Surely the interest on the loan is much higher than the interest you were getting from the fund.
Prior to buying the coins that is.
Re: China bans new Bitcoin deposits
#65I present, for your satisfaction, my comment from two weeks ago: https://news.ycombinator.com/item?id=6829180 Along with this gem: https://news.ycombinator.com/item?id=6858258 In summary, I invested $11k @ $1106/coin, predicting it'd rise to $1,500. Shazam! I've transmuted that $11k into... let's see ... $5,100. I feel pretty ill. Thought you'd all enjoy the schadenfreude, and perhaps learn from my example: "How to i…
I anticipate your feelings being quite widespread. I only had $200 in them after cashing out, but I've still felt terrible when the price drops. It's rather odd. This is the first time I have ever participated in an actual exchange market with volatility and all. I built a trading bot, and was making a couple of dollars a day trading my 0.17 BTC. A few weeks ago I was feeling suicidal based on not buying some a coupl…
You can't change the past, man. I also regret not buying them years ago, but I can't change that. Look to the future.
Personally, my future looks good enough even if I never buy any bitcoin. If buying bitcoin makes you worry and possibly risk depression and suicide, you'd better stay out. Yes, other people are getting rich somewhere, but that doesn't have to mean anything to you.There's always someone getting rich somewhere. There's always someone winning the lottery. Do you terrible when someone bought a lottery ticket and won millions? That stuff just happens. Let it go.
If you've got a job paying more than $50k per year, you're still in the richest 1% of the world. Don't worry so much. You're doing very well.
Re: China bans new Bitcoin deposits
#66I present, for your satisfaction, my comment from two weeks ago: https://news.ycombinator.com/item?id=6829180 Along with this gem: https://news.ycombinator.com/item?id=6858258 In summary, I invested $11k @ $1106/coin, predicting it'd rise to $1,500. Shazam! I've transmuted that $11k into... let's see ... $5,100. I feel pretty ill. Thought you'd all enjoy the schadenfreude, and perhaps learn from my example: "How to i…
I anticipate your feelings being quite widespread. I only had $200 in them after cashing out, but I've still felt terrible when the price drops. It's rather odd. This is the first time I have ever participated in an actual exchange market with volatility and all. I built a trading bot, and was making a couple of dollars a day trading my 0.17 BTC. A few weeks ago I was feeling suicidal based on not buying some a coupl…
Be here now.
Re: China bans new Bitcoin deposits
#67I present, for your satisfaction, my comment from two weeks ago: https://news.ycombinator.com/item?id=6829180 Along with this gem: https://news.ycombinator.com/item?id=6858258 In summary, I invested $11k @ $1106/coin, predicting it'd rise to $1,500. Shazam! I've transmuted that $11k into... let's see ... $5,100. I feel pretty ill. Thought you'd all enjoy the schadenfreude, and perhaps learn from my example: "How to i…
Think that Bitcoin is a zero-sum game. For anyone to gain a dollar, somebody has to lose it. So it's a risky business.
Re: China bans new Bitcoin deposits
#68I present, for your satisfaction, my comment from two weeks ago: https://news.ycombinator.com/item?id=6829180 Along with this gem: https://news.ycombinator.com/item?id=6858258 In summary, I invested $11k @ $1106/coin, predicting it'd rise to $1,500. Shazam! I've transmuted that $11k into... let's see ... $5,100. I feel pretty ill. Thought you'd all enjoy the schadenfreude, and perhaps learn from my example: "How to i…
BTC will hit ~$400 before it stabilizes and resumes upward progression.
That sounds reasonable. I've got some money sitting here waiting for something to invest in. I didn't want to get into bitcoin at $1000, but $400 looks pretty reasonable considering past performance.
Still, if China is really getting out of bitcoin, how much does that past performance still eman?
Re: China bans new Bitcoin deposits
#69This move seems obvious. Bitcoin's popularity has far more negative consequences for Chinese government (or any other government) than benefit. Bitcoin might topple the dollar hegemony if popularized, which might be what China wants, but central banks lose their power to control the money flow in the system. Why would any government want that? Any money goes into Bitcoin is essentially money gone offline right now so…
[deleted]
Re: China bans new Bitcoin deposits
#70Earlier quoted context omitted.
Who knows, maybe the example to learn from is not getting scared when you go from $11k to $5.1k and waiting for a month until it's up to $20k. On the other hand, maybe it's that you should sell having only lost $5.9k rather than wait until that $5.1k drops to $5.10.
Depends on your wager. If you think bit-coin will never rise again sell now and walk away wounded. But that wager makes no sense at all since people accidentally delete there wallets all the time and there's a limited supply of bit-coins. If you factor in time bit-coin can only go up as long as people are still using it and i have confidence bit-coin will reach wide adoption.
A case where it would make sense, if bitcoin ends up worth nothing. It doesn't matter if they're scarce when they're still worth nothing.
I hope it doesn't end up so, luckily I'm not in a position where I need to try and work it out!