nav[aria-label="Primary Navigation"] { padding: 0; & ul { list-style: none; width: 100%; display: flex; flex-direction: row; justify-content: start; align-items: start; gap: 30px; padding: 0; & li { margin: 0; } & ul li { list-style: none; } } }

Child Item

Breaky Bitcoin Blues

Slideways

I was having the porridge this morning with a few colleagues, and the chat came around to cryptocurrency. Turns out they all got roasted buying bitcoin, Ethereum and other coins during the bubble in November and December of last year. Two of the lads are going to sell their remaining coins this week, and put the whole thing down to getting greedy and falling for a classic pyramid scheme. One other lad (a hard-living Scot) was threatening to track down an ex-colleague of ours and ‘put the slipphery wee kunt in a grave’ for talking the group into buying these coins in the first place.

One of them was worth almost 900k Aussie dollars at the height of the bubble. He was boasting back in December about buying a yacht, moving to Puerto Rico, and shacking up with some local bird with his epic crypto gains. His investment is now worth less than 3k.That’s shocking stuff. You’d hear very little these days about the space in the papers, or on the telly. Did anyone here lose the arse of their trousers gambling on these coins, and did you learn a lesson? Has it any future at all? Was it greed, stupidity, or a mixture of both that caused young lads to throw their savings into this stuff? You’d have to stroke your chin and wonder what they were thinking.

Find more posts tagged with

Quick Links

Comments

IK09

im up about 700%

JohnnyFlash

Donovan Shapely Adventurer wrote: »

Sell and realise a load of losses? No thanks. Much rather ride it out and wait for the recovery no matter how long it takes.

Classic sink-cost fallacy and the escalation of commitment principal. The alt-coins are dead. Useless scams designed to extract money from people who thought this get rich scheme was different than all the other get rich quick schemes.

Bitcoin might take a bit longer to die because some of the nutters who believe in it actually believe in it. They don’t care about the environmental impact, how it doesn’t scale, how it’s deeply centralised and controlled by a few early sorts who took on all the reward and none of the risk.

The only value of this whole period is as a psychological test bed with real life experiments into greed, stupidity, and ego.

kerplun k

seamus wrote: »

BTC is not going to recover. It will revert to its historical normal value, i.e. zero.

That's a very bold statement to say BTC will never recover from this, of course it will. I've set a reminder to poke you when it hits 5.5 again. :pac:

Alun

Anyone want to buy any tulip bulbs? I hear they're the next "big thing".

Woke Hogan

kerplun k wrote: »

One thing I am sure off, if you wait long enough, the value will bounce back to the same point you entered. The big question is when....

This is very dangerous advice.

seamus

kerplun k wrote: »

That's a very bold statement to say BTC will never recover from this, of course it will. I've set a reminder to poke you when it hits 5.5 again. :pac:

5.5 is a very soft target. It could bounce up to that (and back down again) next week.

Nevertheless, I'm pretty confident you'll never receive that reminder.

In 2025 there'll be a thread entitled, "Who remembers Bitcoin? Did you make any money out of it?"

Moonjet

seamus wrote: »

BTC is not going to recover. It will revert to its historical normal value, i.e. zero.

If you're so sure, why don't you short it on margin and make a huge profit from your knowledge? Or futures if you want to play the long game.

JohnnyFlash

Moonjet wrote: »

If you're so sure, why don't you short it on margin and make a huge profit from your knowledge? Or futures if you want to play the long game.

Playing the long and short game in a market as rigged as bitcoin? Nah. Fake Tether dollars, Bitmex closing positions on their customers using their own trading bots, wash trading, spoof orders, insider trading. It’s an unregulated mess. It’s gambling really. For mugs.

Moonjet

JohnnyFlash wrote: »

Playing the long and short game in a market as rigged as bitcoin? Nah. Fake Tether dollars, Bitmex closing positions on their customers using their own trading bots, wash trading, spoof orders, insider trading. It’s an unregulated mess. It’s gambling really. For mugs.

I agree but the poster seems certain that bitcoin price will fall to $0 by 2025.

If I had that knowledge I would make a huge profit from it, pay off the mortgage and retire.

[Deleted User]

Moonjet wrote: »

I agree but the poster seems certain that bitcoin price will fall to $0 by 2025.

If I had that knowledge I would make a huge profit from it, pay off the mortgage and retire.

You think you sound smart but you don't. Someone being sure that bitcoin won't worth anything in a decade is very different to shorting an extremely volatile asset where you could get squeezed.

We get that you're a fanboy. No need to act like a pathetic one while you're at it.

Moonjet

Deleted User wrote: »

You think you sound smart but you don't. Someone being sure that bitcoin won't worth anything in a decade is very different to shorting an extremely volatile asset where you could get squeezed.

You don't have to short it, like I said there's futures markets to profit from if you're that confident it will be X price on Y date.

Shanotheslayer

Deleted User wrote: »

You think you sound smart but you don't. Someone being sure that bitcoin won't worth anything in a decade is very different to shorting an extremely volatile asset where you could get squeezed.

We get that you're a fanboy. No need to act like a pathetic one while you're at it.

He's not trying to sound smart, he's basically telling the poster to put his money where his mouth is if he's so confident.

If he's so certain that X is going to happen why not put money on it if it's so easy? The fact is, it's not.

[Deleted User]

Shanotheslayer wrote: »

He's not trying to sound smart, he's basically telling the poster to put his money where his mouth is if he's so confident.

If he's so certain that X is going to happen why not put money on it if it's so easy? The fact is, it's not.

He told him to short it. Shorting requires a date. An extremely volatile asset like Bitcoin is hard to short because while there can be a trend downwards, the mad ups and downs means you could get ruined because it spikes up the day your short expires.

That doesn't change the fact that he believes it will go down. He'd short it if it was a straight line down, but it's not.

grindle

Deleted User wrote: »

He told him to short it. Shorting requires a date. An extremely volatile asset like Bitcoin is hard to short because while there can be a trend downwards, the mad ups and downs means you could get ruined because it spikes up the day your short expires.

That doesn't change the fact that he believes it will go down. He'd short it if it was a straight line down, but it's not.

If you can't be bothered reading posts properly why bother replying?

Moonjet wrote: »

Or futures if you want to play the long game.

seamus

Moonjet wrote: »

If you're so sure, why don't you short it on margin and make a huge profit from your knowledge? Or futures if you want to play the long game.

Because I've no idea how to do that.

Also I dont have spare money to throw away for a decade

[Deleted User]

grindle wrote: »

If you can't be bothered reading posts properly why bother replying?

I replied to someone else?

grindle

Deleted User wrote: »

I replied to someone else?

Oof. Nabbed.

Option of futures still stands either way and I see he's not confident enough to even place any amount of a bet on it. I'm not a bitcoin bull by any stretch but there are millions who are at this stage. Thinking it's trending to zero based on nothing and with no mention of what would replace it? Odd.

[Deleted User]

grindle wrote: »

Oof. Nabbed.
Option of futures still stands either way and I see he's not confident enough to even place any amount of a bet on it. I'm not a bitcoin bull by any stretch but there are millions who are at this stage. Thinking it's trending to zero based on nothing and with no mention of what would replace it? Odd.

Ah..why does it need to be replaced?..apart from lads like yourself that might have to take up a hobby or something to amuse yourselves, what exactly does it do in the world?

Ahorseofaman

grindle wrote: »

Oof. Nabbed.
no mention of what would replace it? Odd.

Replace what?It's just fantasy numbers on a computer screen.Maybe I'm slow but no one was ever explain to me in a way that made any sense the value in made up currencies.

Spleerbun

I'm not going to do it (obviously), but can anyone explain for dummies how one would "short" something? How exactly does it work?

paw patrol

i'm lobbing on as much as I can.
buy when it is in the sh1t, vulture fund style.

tbh I'm litecoin , not a bitcoin.

average hero

I have made a good bit of profit from Bitcoin (well, millibits really) but nothing too much. Enough to buy a small second-hand car. I have a good few millibits leftover so I just use it for gambling with on sportsbetting websites as I have mentioned before.

Is this the end for Bitcoin BTC? I am not so sure. I do think it will lose a lot of value or it's current price but I can see it shoot upwards before the next financial crash, which I believe is imminent (less than 18 months) away.

Moonjet

seamus wrote: »

Because I've no idea how to do that.

Also I dont have spare money to throw away for a decade

So you don't vunderstand even the basic concepts of bitcoin trading yet you're confident the price will hit zero within the next 6-7 years?
I never trust people who say they can predict markets with any degree of accuracy, especially ones as volatile as cryptocurrency.

[Deleted User]

grindle wrote: »

If the spread is good you can solidify a hefty fiat loss to use against any possible gains. Would recommend doing this.

Down about 75% on original investment I don’t see the point in selling now. Might as well hold on and see what happenes. Worst case scenario as you say I sell when they are worth nothing at all and have a nice tax offset for profits on other investments.

Ipso

Spleerbun wrote: »

I'm not going to do it (obviously), but can anyone explain for dummies how one would "short" something? How exactly does it work?

You are basically betting the price will drop, usually you buy low and sell high. But with a short you sell high first, by "borrowing" stock from a broker which they charge you interest for.
Then you have to Cover the sale by buying the stock back to return to the broker. When buying it back you are hoping the price will be lower.

Feisar

as above, buy low, sell high. Where do you buy bitcoins?

bri007

GDAX or coinbase but the coinbase are expensive.

Jesus it’s currently like a bloodbath in crypto

Feisar wrote: »

as above, buy low, sell high. Where do you buy bitcoins?

bri007

Bitcoin down over €14,500 from this time last year madness!

[Deleted User]

Good time to lower your average price per coin..

JohnnyFlash

[Deleted User] wrote: »

Good time to lower your average price per coin..

The fundamentals are strong, and institutional money is waiting in the sidelines to enter the market. This is a correction orchestrated by whales to shake weak hands out of the market. HODL and don’t be a wagecuck all your life.