Originally Posted by Dan Druff
This is an incredibly coge point; the instincts that made a lot of people btc-paper-rich right now are the same instincts that are going to gut them.
This is an incredibly coge point; the instincts that made a lot of people btc-paper-rich right now are the same instincts that are going to gut them.
"Birds born in a cage think flying is an illness." - Alejandro Jodorowsky
"America is not so much a nightmare as a non-dream. The American non-dream is precisely a move to wipe the dream out of existence. The dream is a spontaneous happening and therefore dangerous to a control system set up by the non-dreamers." -- William S. Burroughs
Anyone who does not book some profits is a fool whether they are right or wrong in this scenario.
I know some people as well like you describe but they have all either diversified or sold some profits off.
Reminds me of a discussion I had with people last decade about neverwin.
This is an incredibly coge point; the instincts that made a lot of people btc-paper-rich right now are the same instincts that are going to gut them.
People asked me, "Why can't neverwin hold onto a bankroll? I think he could have a lot of money if he just displayed some responsibility. I've seen his fearless heads-up play and he just crushes people."
I replied, "What's good about neverwin is unfortunately what's bad about neverwin. The same fearless qualities which make him a great heads up player are also the same qualities which make him irresponsible."
I agree, but using the same logic they should have sold at 1k, 5k, 8k, 10k, 15k.
This is an incredibly coge point; the instincts that made a lot of people btc-paper-rich right now are the same instincts that are going to gut them.
I would hope anyone has sold at least half by now at these absurd prices.
CES 2018: Kodak soars on KodakCoin and Bitcoin mining plans
http://www.bbc.com/news/technology-42630136
This is getting ridiculous.
Eastman Kodak is an old, washed-up company.
They make money from really old patents and by being a patent troll.
They also still make cash from selling old film for cameras that old guys have that are 30 years old.
This is a scam.
I agree, but using the same logic they should have sold at 1k, 5k, 8k, 10k, 15k.
I would hope anyone has sold at least half by now at these absurd prices.
and it was based on exactly this simple truism that the Council determined bitcoins were donkdown.
"Birds born in a cage think flying is an illness." - Alejandro Jodorowsky
"America is not so much a nightmare as a non-dream. The American non-dream is precisely a move to wipe the dream out of existence. The dream is a spontaneous happening and therefore dangerous to a control system set up by the non-dreamers." -- William S. Burroughs
CES 2018: Kodak soars on KodakCoin and Bitcoin mining plans
http://www.bbc.com/news/technology-42630136
This is getting ridiculous.
Eastman Kodak is an old, washed-up company.
They make money from really old patents and by being a patent troll.
They also still make cash from selling old film for cameras that old guys have that are 30 years old.
This is a scam.
fun fact; the amount of energy used to mine bitcoins will exceed the aggregate electricity used by electric cars in the next year by a huge margin.
"Birds born in a cage think flying is an illness." - Alejandro Jodorowsky
"America is not so much a nightmare as a non-dream. The American non-dream is precisely a move to wipe the dream out of existence. The dream is a spontaneous happening and therefore dangerous to a control system set up by the non-dreamers." -- William S. Burroughs
remember in 2000 when everytime a company announced an ecommerce expansion they got a 5% stock boost?
It's just like the dotcom era and housing flippers in the mid 2000s. The Fear of Missing Out is such an incredible pull, it distorts people. I fully remember in early 2000 I was freaking out because all my roll was already 'invested' and I had no access to any more cash. I even considered taking advances on credit cards, taking loans, etc...The mania of missing out is contagious. Thankfully the dotcom market began to implode before I did anything really catastrophic, but I knew plenty of people refinancing homes and taking out high interest loans because they could not resist becoming an overnight millionaire.Reminds me of a discussion I had with people last decade about neverwin.
People asked me, "Why can't neverwin hold onto a bankroll? I think he could have a lot of money if he just displayed some responsibility. I've seen his fearless heads-up play and he just crushes people."
I replied, "What's good about neverwin is unfortunately what's bad about neverwin. The same fearless qualities which make him a great heads up player are also the same qualities which make him irresponsible."
I heard someone the other day at a restuarant talking about Bitcoin. It was at an IHOP and they were speaking in such vague generalities I knew they had no idea what they were talking about. One guy was making a compelling argument on opening up an online account in that you can buy pieces of bitcoin, he was already up 400%, blah blah blah. I turned around when I left and it was three construction workers, Nothing wrong with being a construction worker, but the guy pimping bitcoin was obviously putting every last penny he had in it.
Just like in the dotcom era where you heard the logic 'profits don't matter this is the new economy', you hear basically the same except new economy is replaced skillfully with new currency. Another term I like is 'early adopter'.
You try to explain a contrary view of crytpo to anyone who is an early adopter you get shut down immediately, just like you would telling someone a MLM is a scam who is knee deep, they won't hear it.
The easy money has been made. There is still money to be made but it is going to be made by the professionals. The amateurs are going to get slaughtered.It's just like the dotcom era and housing flippers in the mid 2000s. The Fear of Missing Out is such an incredible pull, it distorts people. I fully remember in early 2000 I was freaking out because all my roll was already 'invested' and I had no access to any more cash. I even considered taking advances on credit cards, taking loans, etc...The mania of missing out is contagious. Thankfully the dotcom market began to implode before I did anything really catastrophic, but I knew plenty of people refinancing homes and taking out high interest loans because they could not resist becoming an overnight millionaire.
I heard someone the other day at a restuarant talking about Bitcoin. It was at an IHOP and they were speaking in such vague generalities I knew they had no idea what they were talking about. One guy was making a compelling argument on opening up an online account in that you can buy pieces of bitcoin, he was already up 400%, blah blah blah. I turned around when I left and it was three construction workers, Nothing wrong with being a construction worker, but the guy pimping bitcoin was obviously putting every last penny he had in it.
Just like in the dotcom era where you heard the logic 'profits don't matter this is the new economy', you hear basically the same except new economy is replaced skillfully with new currency. Another term I like is 'early adopter'.
You try to explain a contrary view of crytpo to anyone who is an early adopter you get shut down immediately, just like you would telling someone a MLM is a scam who is knee deep, they won't hear it.
Did every .com company go bust? You guys really think paper money is gonna be used forever? Most things now a days are digital, why would money be any different?
Last edited by big dick; 01-11-2018 at 05:43 PM.
95% of dotcoms went under.
5% remained and most were purchased or absorbed before they imploded. The few that remain today had a history of making money like Priceline and Amazon. But they make money, are self sufficient and have projected earnings for many years.
If crypto is going to make it, its going to have earning power as an asset, because its already being universally dismissed as a currency. That I guess could change in a few years, but I doubt it. No government is going to want a currency they cannot trace to illegal activity or terrorism.
So then its exclusively an asset, and since it produces no value it cannot produce earnings. The only reason it's gone the way it has (which is up), is because the same reason dot com stocks went up in the 90s: people think its the next big thing and fear missing out. Once people realize its worthless its over.
This might explain it better from 17 years ago:
NEW YORK (CNNfn) - Call it the $1.755 trillion dot.com investing lesson.
It's hard to think of a publicly traded Internet company that is not down at least 75 percent from its 52-week high and that hasn't trimmed its expenses or laid off workers. While industry groups have always drifted in and out of favor on Wall Street, it's rare to see an industry evaporate as quickly and completely as Web stocks did.
CNNfn.com asked the market data and research firm Birinyi Associates of Westport, Conn., to calculate the market value of the 280 stocks in the Bloomberg US Internet Index at their respective 52-week highs and their current market value. The combined market values of the 280 stocks had fallen to $1.193 trillion currently from $2.948 trillion at their peak, a loss of $1.755 trillion, most of which occurred between March and September of this year.
Of the 280 stocks in the index, 79 are down 90 percent or more from their 52-week high. Another 72 are down 80-89 percent. Only five are down less than 5 percent.
Right, 5% are still active, and very profitable.The shit coins will fade, the top coins will remain.
remain donkdown, that is.
"Birds born in a cage think flying is an illness." - Alejandro Jodorowsky
"America is not so much a nightmare as a non-dream. The American non-dream is precisely a move to wipe the dream out of existence. The dream is a spontaneous happening and therefore dangerous to a control system set up by the non-dreamers." -- William S. Burroughs
Time will tell but so far you been about as wrong as you could possibly be
I did not say 5% dot coms remained indefinitely. Most got eaten up and absorbed for pennies on the dollar. The very few made it, but because they had potential for huge earnings.
Crypto has no value. Gold has value because it is a precious metal that is horded by countries because it has historical value going back 10,000 years and used for jewelry and like 3 billion wedding rings. Same with diamonds. A sequence or random numbers has no value to anyone, except FOMO.
If you want to argue it's going to replace paper money, that is LOL. No government is going to allow this to continue, it's only use if for illegal activity. Let me put it like this, until you can walk into Bank Of America with a flash drive of 10 bitcoins and walk out with a suitcase full of cash you got nothing as far as currency goes.
I have said this before, if you want to trade something with no value, go to a casino and start playing roulette. You'll have a better time and get comps and in a couple days its over one way or the other.
BD - look at ipay. Exactly what you need. Fair warning, it like everything else is at an all time high.
and yet youre in this thread, looking for what exactly?
why is it that somehow, the people evangelizing bitcoin the hardest seem to be the ones with the saltiest tears right now?
"Birds born in a cage think flying is an illness." - Alejandro Jodorowsky
"America is not so much a nightmare as a non-dream. The American non-dream is precisely a move to wipe the dream out of existence. The dream is a spontaneous happening and therefore dangerous to a control system set up by the non-dreamers." -- William S. Burroughs
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