What are your thoughts on BitCoin?

[Narz]

Wow, just went back up by $2000 in 5 minutes...

 

[Archbob]

This stuff happens all the time, I'm just holding, coinbase is down anyways.

 

[Kozmos]

I'm very colon three, things have gone as my friend and I have foreseen.

 

[Narz]

Coinbase seems to have gifted me a bunch of bitcoin cash which more than compensates for the drop in btc

 

[metalhead]

Is there any chance that Bitcoin is not currently the target of a large scale pump-and-dump operation?

 

[Narz]

That's my plan

I wil always keep a little in case crazy spikes keep continuing. This bitcoin cash is interesting

 

[cardgame]

Is there any chance that Bitcoin is not currently the target of a large scale pump-and-dump operation?

This post on reddit spells it out pretty nicely.

When the crash comes, it's going to be spectacular. Bitcoin exchanges are so much more fragile than conventional financial exchanges. Even now, it can take an hour for a Bitcoin trade to resolve. Here's what will happen.

Some day soon, a big player will cash out. The precipitous drop that results will spike transaction volume.

Under heavy load, transaction resolution time extends from the optimal fifteen minutes, to the often-occurring 60 minutes, to two hours.

Word spreads as the skittish investors who sold at first aren't getting receipts that their trades go through. My trades won't go through here, maybe I'll try another exchange. People sell from all their accounts, eager to insure that at least SOME go through in time. Meanwhile the price is dropping faster as people become more and more panicked that their sell orders aren't being executed...even as they watch the price drop.

This is where Bitcoin adds its special sauce. Special bitcoin things will happen, like a exchange founder's bitcoin transactions somehow jumping the transaction processing queue, or groups starting DDOSing exchanges. Some but not all exchanges will freeze trading -- some of those won't even notify customers. You finally manage to log into your account and find that there's no record of your sell from six hours ago. False rumors start trending on forums like Reddit, and then Facebook and Twitter.

Now people are selling not only because of the crashing price, but also because they've lost trust in the Bitcoin infrastructure.

CNN covers it. Now even your father-in-law, who got in at 16k, is trying to log into his Coinbase account. He gets a 403 error and starts yelling at the screen.

24 hours later only half of the exchanges are contactable. At least one has completely vanished without a trace. The people who got out with their investments include: the massive wallet holders who coordinated their initial sell-off, exchange founders/insiders, and not you.​

 

[Archbob]

Eh, I think Bitcoin still got year and a half or two years before it crashes if it does.

 

[Hygro]

Now if you'll just tell me when that's going to be, I don't need bitcoin to make money!

Something something interest rates go up unemployment stays low we see the hint of inflation and something something more mergers after series of layoffs, enrollment in grad school hits decade lows, something something.

 

[Lexicus]

Something something interest rates go up unemployment stays low we see the hint of inflation and something something more mergers after series of layoffs, enrollment in grad school hits decade lows, something something.

When that private debt to GDP ratio starts poking up to where it was in the 2000s we'll know the conditions are there for a crash.

 

[Broken_Erika]

My thoughts on the Bitcoin:
1: Bubbles are Fun
2: Bubbles are pretty
3: People are stupid

 

[Commodore]

This post on reddit spells it out pretty nicely.

When the crash comes, it's going to be spectacular. Bitcoin exchanges are so much more fragile than conventional financial exchanges. Even now, it can take an hour for a Bitcoin trade to resolve. Here's what will happen.

Some day soon, a big player will cash out. The precipitous drop that results will spike transaction volume.

Under heavy load, transaction resolution time extends from the optimal fifteen minutes, to the often-occurring 60 minutes, to two hours.

Word spreads as the skittish investors who sold at first aren't getting receipts that their trades go through. My trades won't go through here, maybe I'll try another exchange. People sell from all their accounts, eager to insure that at least SOME go through in time. Meanwhile the price is dropping faster as people become more and more panicked that their sell orders aren't being executed...even as they watch the price drop.

This is where Bitcoin adds its special sauce. Special bitcoin things will happen, like a exchange founder's bitcoin transactions somehow jumping the transaction processing queue, or groups starting DDOSing exchanges. Some but not all exchanges will freeze trading -- some of those won't even notify customers. You finally manage to log into your account and find that there's no record of your sell from six hours ago. False rumors start trending on forums like Reddit, and then Facebook and Twitter.

Now people are selling not only because of the crashing price, but also because they've lost trust in the Bitcoin infrastructure.

CNN covers it. Now even your father-in-law, who got in at 16k, is trying to log into his Coinbase account. He gets a 403 error and starts yelling at the screen.

24 hours later only half of the exchanges are contactable. At least one has completely vanished without a trace. The people who got out with their investments include: the massive wallet holders who coordinated their initial sell-off, exchange founders/insiders, and not you.​

I really, really hope this happens. I know it sounds terrible to wish a bunch of people lose massive amounts of money, but all these Bitcoin investors are just acting so smug and full of themselves right now. When people start acting that way, I can't help but hope for something really bad to happen to them just to knock them back down a few pegs and make them humble again.

 

[metalhead]

At this point, if you're into Bitcoin for any serious amount of money and are sitting there thinking it is just going to keep going up, you kind of deserve to lose your shirt.

Bad things happening to people because of greed-induced stupidity is always a good time. Don't beat yourself up over it

 

[Lexicus]

At this point, if you're into Bitcoin for any serious amount of money and are sitting there thinking it is just going to keep going up, you kind of deserve to lose your shirt.

Bad things happening to people because of greed-induced stupidity is always a good time. Don't beat yourself up over it

I believe in a robust social safety net in part because it's easier to make fun of such people with a clean conscience.

 

[Narz]

At this point, if you're into Bitcoin for any serious amount of money and are sitting there thinking it is just going to keep going up, you kind of deserve to lose your shirt.

Bad things happening to people because of greed-induced stupidity is always a good time. Don't beat yourself up over it

Aww, someone didn't make any money. at

 

[Narz]

I believe in a robust social safety net in part because it's easier to make fun of such people with a clean conscience.

Don't you make fun of folks for believing stupid things and being wrong rather than making 1000% return and being right?

It's like mocking people who bought Amazon.com stock in the 90s, like wat?

 

[Archbob]

Today was quite the slide, but I'm pretty sure it'll be back up over what it was after the new year.

 

[metalhead]

Don't you make fun of folks for believing stupid things and being wrong rather than making 1000% return and being right?

It's like mocking people who bought Amazon.com stock in the 90s, like wat?

If your strategy was basically to make money by dumb luck, then yeah, that deserves to be mocked. Being "right" is kind of hollow when being "right" was based on a guess. Just don't guess wrong on when the whole thing is going to come crashing down.

I have no use for speculative investing.

 

[Archbob]

Still waiting for Amazon to crash these days.

 

[Lexicus]

Don't you make fun of folks for believing stupid things and being wrong rather than making 1000% return and being right?

I'm talking about making fun of people who lose lots of money.