-14 upvotes, 5 direct replies (showing 5)
View submission: Don't invest recklessly
No. It's exactly the type of advice coming from a trader that sees Bitcoin just as a black box money maker. This is a new technology, an amazing protocol that will change the way we do our savings and interact with value. It's not a buy/sell commodity you can analyze with the same tools, curves and charts to predict how it's "price" is going to evolve like a regular stock out there. If you trade, you are gaming with those who know your cards and can front run the market, and you will lose money. If you buy bitcoins, you should spend bitcoins, and while you wait for retailers to accept it, you will see a deflationary effect on it's value due to increased demand. That's all you have to do.
edit: so sad to see this is theymos
Comment by BashCo at 30/11/2017 at 08:10 UTC
6 upvotes, 1 direct replies
This is a new technology, an amazing protocol that will change the way we do our savings and interact with value.
What you're saying certainly is proving true, but it doesn't change the fact that Bitcoin is *still an experiment*. You don't know where this rocket is going and neither does anyone else.c
Is Bitcoin revolutionary technology? Yes.
Should you get a 2nd mortgage and max out your credit cards to buy BTC at $11,000? That's your decision, but doing so would be financially imprudent at best.
It's unavoidable that some people are going to get rekt trying to trade Bitcoin. This post serves as a reality check against the euphoria that inexperienced newcomers are feeling.
Comment by StarMaged at 30/11/2017 at 05:25 UTC
11 upvotes, 2 direct replies
Ah, yes. The classic "New Paradigm".
https://blogs-images.forbes.com/jessecolombo/files/2014/02/stages_bubble.jpg
Just because Bitcoin is an amazing and revolutionary technology (perhaps even quite literally "revolutionary" in that it might cause entire countries to collapse!) doesn't prevent it from having classic bubbles. It only means that the resulting crash *probably* won't send the price back below the initial base of the bubble, in this case ~$1000. Everything down to that point is *highly likely*, not because Bitcoin isn't totally incredible, but because there is currently a massive gap between what the changes to the fundamentals would indicate the price to be and the insane speculative levels we are at right now.
Comment by Mortimer452 at 30/11/2017 at 05:14 UTC
2 upvotes, 0 direct replies
Totally agree on your point about this being an amazing protocol, it truly will change the way our economy works.
Disagree about the charting & analysis. Market analysis is more psychology than anything and it doesn't matter if it's trading soybeans or tech or oil it follows very similar patterns. Cryptos are no different, all the same algorithms and trends apply except everything is dialed up to eleven. What you see on the daily chart for stocks on the NYSE happens on the 15-minute chart in Bitcoin. Everything reacts 20x faster.
Comment by jaumenuez at 30/11/2017 at 04:31 UTC
1 upvotes, 2 direct replies
Edit: so sad to see this is theymos
Comment by Elderman at 30/11/2017 at 05:13 UTC
1 upvotes, 0 direct replies
I think you are both correct. Your point about buying BTC and then using it as a currency is spot on...this is a currency we’re talking about, which people trade for other currency. I could switch my USD for EUR, and increase my purchasing power if the currencies fluctuate correctly. However, nobody takes EUR in the states and I don’t see the fluctuations I can capitalize on like BTC.
It is still reckless to drop everything into a brand new thing.
