Bitcoins are officially donkdown

[varys]

They won't sell. They didn't sell at 1 million, 2 million, etc. Crypto is a religion to most folks. And in a bull market, people will believe anything. There is a saying about investing, especially pertains to gold mining exploration stocks: in the beginning the promoter has the vision and the investor has the money, in the end the promoter has the money and the investor has the vision. In the case of crypto, the promoters would be the miners.

Those that understand Game Theory, and many do not, would be wise to get out. There is no intrinsic value of Bitcoin except a belief system and those theories never last, ever. Currency is based upon value, and the reason the US Dollar is so coveted is because people come to America and see all these tall buildings, Hollywood, technology, companies, stable government, etc... and realize our currency is backed up by real things. Versus some currency in central Africa which is essentially worthless because their economies really don't exist.

Only very few internet companies from the 90s survived, and many had values in the billions only to dissolve. The net worth of the bankrupt internet companies far exceeded the value of bitcoin. Bitcoin has no value just like many of these 1990s dotcoms. The problem is before the masses realize it the crash will have started. It's not that Bitcoin is going to reduce in value, it's going to eventually go away altogether, as governments will simply outlaw its exchange. There will always be a black market, but as soon as the black market poses an threat to global currencies, it will cease immediately. Everyone thought Silkroad was unstoppable too. It ended as soon as it became a thorny issue for the Feds.

Hi botttomset. Care to explain to us morons how game theory applies to btc?

TIA

[snake_in_the_ass]

They won't sell. They didn't sell at 1 million, 2 million, etc. Crypto is a religion to most folks. And in a bull market, people will believe anything. There is a saying about investing, especially pertains to gold mining exploration stocks: in the beginning the promoter has the vision and the investor has the money, in the end the promoter has the money and the investor has the vision. In the case of crypto, the promoters would be the miners.

Those that understand Game Theory, and many do not, would be wise to get out. There is no intrinsic value of Bitcoin except a belief system and those theories never last, ever. Currency is based upon value, and the reason the US Dollar is so coveted is because people come to America and see all these tall buildings, Hollywood, technology, companies, stable government, etc... and realize our currency is backed up by real things. Versus some currency in central Africa which is essentially worthless because their economies really don't exist.

Only very few internet companies from the 90s survived, and many had values in the billions only to dissolve. The net worth of the bankrupt internet companies far exceeded the value of bitcoin. Bitcoin has no value just like many of these 1990s dotcoms. The problem is before the masses realize it the crash will have started. It's not that Bitcoin is going to reduce in value, it's going to eventually go away altogether, as governments will simply outlaw its exchange. There will always be a black market, but as soon as the black market poses an threat to global currencies, it will cease immediately. Everyone thought Silkroad was unstoppable too. It ended as soon as it became a thorny issue for the Feds.

Bitcoin is in a bull market. It doesn't matter why, it doesn't matter if it is a bubble. The name of the game is to make money. Who cares if it eventually goes to $0 if you can make money between now and then? This is a global phenomenon that has never been seen before. Nobody knows when the music will stop so take profits periodically. My long position is with house money, gonna suck if it crashes and burns but I am a gambler at heart.

[chinamaniac]

This is actually a pretty good time for the BTC millionaires to get out.

It becomes the law of diminishing returns -- and every day becomes a higher risk/reward.

Let's take BTC at $100. You decide you believe in it and sink $50k into it, and now you have 500 BTC.

Your greatest possible loss in that scenario was $50,000. Not chump change, but if you're at least somewhat well off, you can stomach it without it affecting your life.

Now BTC is at about $10,000. Your $50k has become $5 million. It's tempting to see how far it can go.... but at what cost?

There's no chance you're going to get another 100x return from this point. BTC isn't going to be worth a million per coin. It's also not likely at be worth $100k per coin. At some point it will crash back to earth. Where is "earth"? I don't know, but it's not going up indefinitely, and common sense says that a return to $1000 is far more likely at this point than a rise to $100,000.

Is $20,000 possible? Yes. But again, so is a catastrophic drop.

For the guy holding 500 BTC, it's the right time to pat yourself on the back, take your $5 million, and not worry whether the $5 million will become $10 or $20 million one day. Because it very well might become $50,000 again... or perhaps zero.

I'm not certain we will ever see a 100,000 coin but I would not rule it out. Did you ever think in the earlier days there would be a runup to 10K?

As far as it going up nonstop it has had the same pattern for years moon/crash/moon/crash / recover etc.. I mean sure it could end at some point but it is also very possible we are not even scratching the surface here. it seems a lot of the guys that have made millions are selling off pieces but 100 % not getting out completely.

[chinamaniac]

This is actually a pretty good time for the BTC millionaires to get out.

It becomes the law of diminishing returns -- and every day becomes a higher risk/reward.

Let's take BTC at $100. You decide you believe in it and sink $50k into it, and now you have 500 BTC.

Your greatest possible loss in that scenario was $50,000. Not chump change, but if you're at least somewhat well off, you can stomach it without it affecting your life.

Now BTC is at about $10,000. Your $50k has become $5 million. It's tempting to see how far it can go.... but at what cost?

There's no chance you're going to get another 100x return from this point. BTC isn't going to be worth a million per coin. It's also not likely at be worth $100k per coin. At some point it will crash back to earth. Where is "earth"? I don't know, but it's not going up indefinitely, and common sense says that a return to $1000 is far more likely at this point than a rise to $100,000.

Is $20,000 possible? Yes. But again, so is a catastrophic drop.

For the guy holding 500 BTC, it's the right time to pat yourself on the back, take your $5 million, and not worry whether the $5 million will become $10 or $20 million one day. Because it very well might become $50,000 again... or perhaps zero.

They won't sell. They didn't sell at 1 million, 2 million, etc. Crypto is a religion to most folks. And in a bull market, people will believe anything. There is a saying about investing, especially pertains to gold mining exploration stocks: in the beginning the promoter has the vision and the investor has the money, in the end the promoter has the money and the investor has the vision. In the case of crypto, the promoters would be the miners.

I have talked to a few people who work in major financial sectors in major cities this week and while this is not 100% what is going to happen the general consensus seems to be this.

1. The government has been hesitant to get involved and that should be the case for a while

2. They are profiting HUGELY in taxes off of some exchanges as it is and they will profit even more when major financial investment firms start getting involved and more and more are likely to enter the market in 2018 offering all sorts of bitcoin stuff.


Surely also possible we could see a crash at anytime but we know this already. IMO we have yet to scratch the surface

[Daly]

I'll say the same thing I did when this was $100, $1000, 5000.... it's not impossible BTC will go to $1M a coin and it's equally possible BTC will go the way of the 1987 topps set so many of us owned. By all means go ahead and throw some money at this if you have done your homework. That being said if you have more than 25%of your net worth in this you should have your head examined.

If you can rebuild what you are putting up to invest or that 25 % will not kill you or you have very little going for you in life then this is potentially the "easiest" way for people to get ahead who will never ever be ahead in life or even people who want to take a shot to get ahead.

Some people just need to take some shots with more than much higher than 25% for potential changing life EV vs never being ahead or comfortable and living a shitty life.

We only get to do this one time. This is like the beginning of online poker in some ways although it could shoot to zero but bottom line is I do not see any way that is happening anytime soon.

If you are a 20 something year old and Uncle Bob left you $50K then I agree. If you are in your 40's worth between 250K-1M and "go all in" on this..... well pigs get slaughtered.

I'm not saying don't get involved. Just don't get out way over your skis.

[TheXFactor]

This is actually a pretty good time for the BTC millionaires to get out.

It becomes the law of diminishing returns -- and every day becomes a higher risk/reward.

Let's take BTC at $100. You decide you believe in it and sink $50k into it, and now you have 500 BTC.

Your greatest possible loss in that scenario was $50,000. Not chump change, but if you're at least somewhat well off, you can stomach it without it affecting your life.

Now BTC is at about $10,000. Your $50k has become $5 million. It's tempting to see how far it can go.... but at what cost?

There's no chance you're going to get another 100x return from this point. BTC isn't going to be worth a million per coin. It's also not likely at be worth $100k per coin. At some point it will crash back to earth. Where is "earth"? I don't know, but it's not going up indefinitely, and common sense says that a return to $1000 is far more likely at this point than a rise to $100,000.

Is $20,000 possible? Yes. But again, so is a catastrophic drop.

For the guy holding 500 BTC, it's the right time to pat yourself on the back, take your $5 million, and not worry whether the $5 million will become $10 or $20 million one day. Because it very well might become $50,000 again... or perhaps zero.

Druff said the same shit when Bitcoin was at $100.

He is really pissed off because he could have bought in huge when Bitcoin was at $5.

Many Billionaires now say that Bitcoin will go to $100k and has an excellent chance of going to $1 million or more.

If Micon has $5 million in Bitcoin.

Why did he embarrass himself and his family by opening a GoFundMe account?

[sonatine]

If Micon has $5 million in Bitcoin.

Why did he embarrass himself and his family by opening a GoFundMe account?

he spent the lions share of his fortune on legal fees at around 150-200$ per btc.

[chinamaniac]

This is actually a pretty good time for the BTC millionaires to get out.

It becomes the law of diminishing returns -- and every day becomes a higher risk/reward.

Let's take BTC at $100. You decide you believe in it and sink $50k into it, and now you have 500 BTC.

Your greatest possible loss in that scenario was $50,000. Not chump change, but if you're at least somewhat well off, you can stomach it without it affecting your life.

Now BTC is at about $10,000. Your $50k has become $5 million. It's tempting to see how far it can go.... but at what cost?

There's no chance you're going to get another 100x return from this point. BTC isn't going to be worth a million per coin. It's also not likely at be worth $100k per coin. At some point it will crash back to earth. Where is "earth"? I don't know, but it's not going up indefinitely, and common sense says that a return to $1000 is far more likely at this point than a rise to $100,000.

Is $20,000 possible? Yes. But again, so is a catastrophic drop.

For the guy holding 500 BTC, it's the right time to pat yourself on the back, take your $5 million, and not worry whether the $5 million will become $10 or $20 million one day. Because it very well might become $50,000 again... or perhaps zero.

Druff said the same shit when Bitcoin was at $100.

He is really pissed off because he could have bought in huge when Bitcoin was at $5.

Many Billionaires now say that Bitcoin will go to $100k and has an excellent chance of going to $1 million or more.

If Micon has $5 million in Bitcoin.

Why did he embarrass himself and his family by opening a GoFundMe account?

Probably because he was facing a lot of legal turmoil. I mean didn't the articles etc.. on his arrest state that they grabbed like 3 bitcoins?

[GambleBotsChafedPenis]

druff is right...all about the marginal utility of a buck...

hurts A LOT more to go from $5M to $5K than it feels good to go from $5M to $10M...

granted you woulda never gotten to the $5M thinking like that, but it's never wrong to reevaluate a strategy when youre in the middle of a trade...

[simpdog]

Micon likely has a good hoard of them.

I wonder if he actually lost any offline btc when they seized his computers/etc?

But I'm guessing he also was able to move a bunch away and is sitting on a nice little sum of cash these days.

[chinamaniac]

Micon likely has a good hoard of them.

I wonder if he actually lost any offline btc when they seized his computers/etc?

But I'm guessing he also was able to move a bunch away and is sitting on a nice little sum of cash these days.

Doubtful, very very doubtful

If I had to guess I would guess Micon still has 100s of Bitcoins

[jsearles22]

Micon likely has a good hoard of them.

I wonder if he actually lost any offline btc when they seized his computers/etc?

But I'm guessing he also was able to move a bunch away and is sitting on a nice little sum of cash these days.

I dont understand this sentiment. I think he definitely at one point HAD a bunch of them. What reason is there to believe he or anyone for that matter held on all this time? If he got into Bitcoin at $1 or $5 and has saw his investment go up 1000x or even 10,000x, when would you sell if not then? If you invest $1 and dont jump ship when its worth $10,000 then when will you?

Im guessing Micon sold a huge chunk of his coin back when he had big fines to pay. He may have hung onto a small amount and slowly sold them in order to pay rent. I mean the guy has been living essentially job free and income free for years. To think he hasnt liquidated a ton is pretty silly. Id be shocked if Bryan Micon had $500,000 worth of Bitcoin this very minute

[chinamaniac]

Micon likely has a good hoard of them.

I wonder if he actually lost any offline btc when they seized his computers/etc?

But I'm guessing he also was able to move a bunch away and is sitting on a nice little sum of cash these days.

. Id be shocked if Bryan Micon had $500,000 worth of Bitcoin this very minute

There is no way we could find out but I would bet a large amount on the over

[simpdog]

Micon likely has a good hoard of them.

I wonder if he actually lost any offline btc when they seized his computers/etc?

But I'm guessing he also was able to move a bunch away and is sitting on a nice little sum of cash these days.

I dont understand this sentiment. I think he definitely at one point HAD a bunch of them. What reason is there to believe he or anyone for that matter held on all this time? If he got into Bitcoin at $1 or $5 and has saw his investment go up 1000x or even 10,000x, when would you sell if not then? If you invest $1 and dont jump ship when its worth $10,000 then when will you?

Im guessing Micon sold a huge chunk of his coin back when he had big fines to pay. He may have hung onto a small amount and slowly sold them in order to pay rent. I mean the guy has been living essentially job free and income free for years. To think he hasnt liquidated a ton is pretty silly. Id be shocked if Bryan Micon had $500,000 worth of Bitcoin this very minute

Doesn't his wife make decent cash? And he had a job at the drone store?

I don't recall his fines, but weren't they under 50k?

100% Micon has > 50 BTC currently which is $500k. Guessing he has 100-300 at a minimum.

[BeerAndPoker]

Druff's strategy of getting out now could be decent. If you want to keep money in crypto then get into other ones on a smaller amount scale hoping we see another crazy boom from something.

How many people really got into btc at $5 and never sold off at some point? When BTC hit something like $50 you know early investors cashed out but did they come back for more later on or feel like exited the ride too soon?

The amount of money smart investors could have made shorting the coin for years now is where someone could be really rich even people who got in at 1k, 2k,etc...

I've never been big into crypto investment wise besides btc but their are so many of them out there right now that have boomed if you got in at the right point so I'm looking to invest a few grand next year as some little project splitting it into 5 cheap upstarts that I read about which have potential and see what happens. If just one 10x and the others nearly bust I'd at least double my money but who knows maybe I get a 100x+ winner or a few that go up 10x,etc...

A lot of people say crypto is a risky investment but spreading it out can decrease variance and you could hit that home run you just have to sit on it long enough. I'm sure some of these early btc investors have moved on to other cryptos but I also hear so many talk as if they are super loyal to btc to the point their heart is into bitcoin so much they refuse to look into others.

[Tellafriend]

Druff's strategy of getting out now could be decent. If you want to keep money in crypto then get into other ones on a smaller amount scale hoping we see another crazy boom from something.

How many people really got into btc at $5 and never sold off at some point? When BTC hit something like $50 you know early investors cashed out but did they come back for more later on or feel like exited the ride too soon?

The amount of money smart investors could have made shorting the coin for years now is where someone could be really rich even people who got in at 1k, 2k,etc...

I've never been big into crypto investment wise besides btc but their are so many of them out there right now that have boomed if you got in at the right point so I'm looking to invest a few grand next year as some little project splitting it into 5 cheap upstarts that I read about which have potential and see what happens. If just one 10x and the others nearly bust I'd at least double my money but who knows maybe I get a 100x+ winner or a few that go up 10x,etc...

A lot of people say crypto is a risky investment but spreading it out can decrease variance and you could hit that home run you just have to sit on it long enough. I'm sure some of these early btc investors have moved on to other cryptos but I also hear so many talk as if they are super loyal to btc to the point their heart is into bitcoin so much they refuse to look into others.

Would you mind sharing the 5 ideas you are thinking of investing in?

[BeerAndPoker]

Druff's strategy of getting out now could be decent. If you want to keep money in crypto then get into other ones on a smaller amount scale hoping we see another crazy boom from something.

How many people really got into btc at $5 and never sold off at some point? When BTC hit something like $50 you know early investors cashed out but did they come back for more later on or feel like exited the ride too soon?

The amount of money smart investors could have made shorting the coin for years now is where someone could be really rich even people who got in at 1k, 2k,etc...

I've never been big into crypto investment wise besides btc but their are so many of them out there right now that have boomed if you got in at the right point so I'm looking to invest a few grand next year as some little project splitting it into 5 cheap upstarts that I read about which have potential and see what happens. If just one 10x and the others nearly bust I'd at least double my money but who knows maybe I get a 100x+ winner or a few that go up 10x,etc...

A lot of people say crypto is a risky investment but spreading it out can decrease variance and you could hit that home run you just have to sit on it long enough. I'm sure some of these early btc investors have moved on to other cryptos but I also hear so many talk as if they are super loyal to btc to the point their heart is into bitcoin so much they refuse to look into others.

Would you mind sharing the 5 ideas you are thinking of investing in?

I've got a lot of research homework to do yet and decide if this is my final strategy but the intent is research a bunch of cryptos and put 20% of my investment into each to see what happens.

Once I figure out which ones and after I've pulled the trigger I'll try to remember to come back in here to say what I've bought into but I have a lot more research to do.

[Gordman]

Micon likely has a good hoard of them.

I wonder if he actually lost any offline btc when they seized his computers/etc?

But I'm guessing he also was able to move a bunch away and is sitting on a nice little sum of cash these days.

I dont understand this sentiment. I think he definitely at one point HAD a bunch of them. What reason is there to believe he or anyone for that matter held on all this time? If he got into Bitcoin at $1 or $5 and has saw his investment go up 1000x or even 10,000x, when would you sell if not then? If you invest $1 and dont jump ship when its worth $10,000 then when will you?

Im guessing Micon sold a huge chunk of his coin back when he had big fines to pay. He may have hung onto a small amount and slowly sold them in order to pay rent. I mean the guy has been living essentially job free and income free for years. To think he hasnt liquidated a ton is pretty silly. Id be shocked if Bryan Micon had $500,000 worth of Bitcoin this very minute

I'm not surprised, but you can't even keep your fucking lies straight

I got an email today from Coinbase alerting me to an upcoming Bitcoin fork event. Anyone care to explain? The email said after the event I'll have 5 Bitcoin and 5 Bitcoin2x.

True


...But we're also talking about Searles here

Believe what you want. I was given free Bitcoin by Micon back in the day. I invested about $200. I played on SWC. I've cashed out close to $14,000. I don't have 5 Bitcoin, I actually have almost 3. I'm in it for the long haul and honest to God pay almost zero attention. Im confused by the fork. Say I have 3, it forks and I now have 3 and 3. I assume each is worth 1/2 as much so really my value is the same?

[sonatine]

I dont understand this sentiment. I think he definitely at one point HAD a bunch of them. What reason is there to believe he or anyone for that matter held on all this time? If he got into Bitcoin at $1 or $5 and has saw his investment go up 1000x or even 10,000x, when would you sell if not then? If you invest $1 and dont jump ship when its worth $10,000 then when will you?

Im guessing Micon sold a huge chunk of his coin back when he had big fines to pay. He may have hung onto a small amount and slowly sold them in order to pay rent. I mean the guy has been living essentially job free and income free for years. To think he hasnt liquidated a ton is pretty silly. Id be shocked if Bryan Micon had $500,000 worth of Bitcoin this very minute

Doesn't his wife make decent cash? And he had a job at the drone store?

I don't recall his fines, but weren't they under 50k?

100% Micon has > 50 BTC currently which is $500k. Guessing he has 100-300 at a minimum.

his legal fees were something around 100-300k'ish.

[simpdog]

Doesn't his wife make decent cash? And he had a job at the drone store?

I don't recall his fines, but weren't they under 50k?

100% Micon has > 50 BTC currently which is $500k. Guessing he has 100-300 at a minimum.

his legal fees were something around 100-300k'ish.

And his wife's parents likely helped pick that up??

Could he really have been cashing out tons of btc to pay lawyers when his bank accounts/etc were likely being monitored?