Bitcoins are officially donkdown

[snake_in_the_ass]

Druff, first please let me admire and congratulate you for your savvy bitcoin investment. I'm sure the many hours you've spent researching, thinking about and talking about bitcoin was well worth it given your meager 60 or 70 percent loss. We can all learn from you and even if we became half the investor as yourself I think it would still be considered a major accomplishment. That said, why on god's green earth would anybody put any credence with what you have to say regarding bitcoin or any other investment? I swear you came in your pants last night during radio during the bitcoin segment and it was comical. The only thing I could think about was this guy actually bought bitcoins at $600 plus when they were once a buck and now he's droning on like he's Warren Buffet. Dude you lost your investment. And you sold out which is almost the bigger crime. We're talking about 1.5 fucking bitcoin, not 1000. Hold on and pray. It isn't like you'll be writing it off as a tax loss next year.

lol. Good ol Druff. Always good for a laugh when it comes to investment, business and real estate advice.

You won't find any time where I said Bitcoin has a long term or even medium term future.

I did say you could gamble and try to play the temporary ups and downs.

The fact that I bought a whopping 2 coins, instead of investing serious money, shows that this wasn't a serious attempt at investment, but rather just getting on board for a bit for fun.

I sold now because I see the writing on the wall that it's never coming back. So why not cash out $200 instead of zero?

People should take me seriously because I was right all along that Bitcoin was a fad that would eventually collapse, and that the "long term" players were going to be sorry.

The ones who should be criticized here are the Bitcoin fanatics who insisted that the fluctuations were just "volatility" and that it's here to stay.

With that said, if you don't believe me, we can do a bet where I will lay you 2:1 odds that we won't see Bitcoin at $400/coin again by Dec 31, 2015.

Let me know if interested.

Bump!

[snake_in_the_ass]

Do the opposite of Druff. If he is selling, you should be buying for a bounce. Bitcoin $300 shortly.

Bump. You sold at the exact bottom Druff. But you will be right in the long run, BTC will ultimately go to $0.

[Starbucks Spunk Bucket]

Do the opposite of Druff. If he is selling, you should be buying for a bounce. Bitcoin $300 shortly.

Bump. You sold at the exact bottom Druff. But you will be right in the long run, BTC will ultimately go to $0.

Shut the fuck up Donny.

[MumblesBadly]

Guess we forgot to list the halving that will occur next month.

There is a confluence of stuff that is pretty damn interesting.

The beauty about this bubble is the limited supply and global participation. I remember the baseball card bubble of the 90's and Upper Deck was printing cards as fast as possible and flooded the market with worthless cards, especially the 1991 Todd Van Poppel baseball card. The fact that bitcoin is not being "printed" to flood the market could send it to unimaginable levels. If it breaks all time highs, watch out folks. I recall that Druff sold one of his coins at the exact bottom near $200. I did say that it would go up from there because he threw in the towel. Happens the same way with stocks.

Also, the hard limit should contribute to bitcoin being perceived as a limited-supply asset, even more so than precious metals in the medium term given how much more can still be mined from the Earth.

And perhaps that, along with potentially more confidence with the tech among non-bitcoin enthusiasts, bitcoin has the potential to be perceive as a valid member of a new asset class.

http://www.coindesk.com/coinbase-ark...w-asset-class/

[Sidewinder]

BTC are an unbelievable pain in the ass, I don't care what anyone says.

Amazon, et al were crazy not to suck up some of that underground money earlier but from my extensive experience with bitcoins, they are never going to be more than an avenue to transport dark/shady sources of internet based revenue.

If you look at a site like Nitrogensports... Huge limits in the NFL. They never move their line (they just follow pinnacle), etc. If this place wasn't funded by some sort of dark market activity I would be shocked.

Whatever... BTC as a concept is great, but I can't see the youngest generation or the generation after them having anything to do with them.

Blockchain.info, coindesk, cold storage - I feel like I've run the gamut of the BTC experience and my conclusion is it's just a pain the ass. Illicit incomers around the world will gladly deal with the friction, anyone with "nothing to hide" is never going to go for this.

[snake_in_the_ass]

Bump. You sold at the exact bottom Druff. But you will be right in the long run, BTC will ultimately go to $0.

Shut the fuck up Donny.

What does Donny mean? $755 latest price. You can play bitcoins via GBTC on the stock market.

[MumblesBadly]

BTC are an unbelievable pain in the ass, I don't care what anyone says.

Amazon, et al were crazy not to suck up some of that underground money earlier but from my extensive experience with bitcoins, they are never going to be more than an avenue to transport dark/shady sources of internet based revenue.

If you look at a site like Nitrogensports... Huge limits in the NFL. They never move their line (they just follow pinnacle), etc. If this place wasn't funded by some sort of dark market activity I would be shocked.

Whatever... BTC as a concept is great, but I can't see the youngest generation or the generation after them having anything to do with them.

Blockchain.info, coindesk, cold storage - I feel like I've run the gamut of the BTC experience and my conclusion is it's just a pain the ass. Illicit incomers around the world will gladly deal with the friction, anyone with "nothing to hide" is never going to go for this.

I generally agree. But since governments are generally incompotent in shutting down highly-demanded illicit activity, BTC could be a means to indirectly invest in/speculate on the vitality of the "global black market" given that BTC is traded around the globe for various illicit reasons. For the Western economies, that probably most prominently means the market for recreational drugs, while in China it likely means, shady investment schemes, moving wealth out of the reach of the CCP and/or circumventing currency exchange restrictions.

[sonatine]

This is a pretty incredible run up.

[sonatine]

Lets see if I can crash it...

[MumblesBadly]

Lets see if I can crash it...

That would so awesome! (Well, after Druff sells his holdings, of course.)

And if you can sufficiently document how you did it, and report it first on PFA, imagine the press coverage PFA would get for hosting your Internet illustriousness! (And think of how many more folks would become aware of my epic shitposting. The thought is bringing tears to my eyes....)

...

Do it, Tine! Do it now! And screw Druff if he can't unload in time! It would serve him right for ignoring your recent advise to sell them all when it was in the $500s!

[sonatine]

Ok mumbles, I'll prove my point.

 

Pray I dont prove it further.

[MumblesBadly]

Ok mumbles, I'll prove my point.

 

Pray I dont prove it further.

Wow! You took a pic of a relatively small decline in the price and are claiming that you caused it?

Seriously. Why don't you pull out all the stops to make it really crash? Like below, say, $400. Over the next week. 'Cause that would be a crash. This is just a blip!

(Plus, I don't own any bitcoin. The lot lizards aren't that tech savvy. Yet.)

So, fire away, champ! Show us what you really have!

* * *

(Now, now, Mr. Toast. We both know that Tine is a demi-god of all things Internet. And is damn good at predicting when bitcoin is going to crash. He's just being coy with us about when that is going to happen beyond "in the long run". (Cue John Maynard Keynes.))

[Sidewinder]

I tried Circle.com, which if anyone cares, is infinitely better and cheaper than Coinbase.

[lewfather]

I tried Circle.com, which if anyone cares, is infinitely better and cheaper than Coinbase.

Agreed 100% with this

Also I just was looking through my email and noticed that Circle shipped me $5 free. So if you have Circle accounts you probably have free money in them right now.

[sonatine]

Ok mumbles, I'll prove my point.

 

Pray I dont prove it further.

[Dan Druff]

Since I'm holding 22 BTC, this crash was disappointing.

Actually considered selling last night when it was 662, but was too tired to start with it.

It has bounced back a bit from its 550-ish low point, currently at 592.

Some are claiming it will spike back up if Britain exits the EU.

[Starbucks Spunk Bucket]

Since I'm holding 22 BTC, this crash was disappointing.

Actually considered selling last night when it was 662, but was too tired to start with it.

It has bounced back a bit from its 550-ish low point, currently at 592.

Some are claiming it will spike back up if Britain exits the EU.

Which isn't going to happen.

[MumblesBadly]

Ok mumbles, I'll prove my point.

 

Pray I dont prove it further.

Good job! But can you get it to crash to, say, $400? Or even $450. Which is about where it was before it started bubbling over the past few months. Because bitcoin is essentially worthless, right?



But, then again. That would still leave bitcoin up by about 70-80% since we started pissing on each other about this matter here on this forum.

[sonatine]

if i do, will you stop posting here for 6 months?

[FlyPaper]

if i do, will you stop posting here for 6 months?

If you can drive it below $400 and keep it below that amount, MumblesBadly should not be able to post here other than to praise you on your skill at manipulating the bitcoin universe. But we will need proof that you actually caused it.