Sold of My Entire Bullion Collection In Order To Purchase BitCoins

Hopefully not to may people followed the buy high sell low strategy.

 

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That happens all the time unfortunately. Their platform is not that stable and cannot handle heavy loads. Never has been able to.

I started buying bitcoin when it was under 2500 and litecoin under 40. But sold out. I was just going to get back in when litecoin was at $100 .. but then it shot up.

I've just been on the sidelines since as even thought it's based on the blockchain for security, it's just basically supply/demand with supply being mysterious. Unlike the Fed's monetary known policies, you never now how many new coins are being created and entered into the market. Someone could mine a bunch of coins, then sell all at once ballooning supply.

I think with all the big banks entering crypto they decided to sell and cash in. Just like they do with Mutual Funds etc at the end of the year.

 

It's been interesting to watch!

 

In some ways bitcoin seems a little like precious metals in that there are always people claiming market manipulation or pump and dump. if it is that easy to see then why is it not that easy to position yourself to go along for the ride and make some $?

 

At least one brokerage halted trading.
1 Bitcoin equals
13328.00 US Dollar

 

Because pump and dumps — if that is what’s going on — require a lot of people to get in on the high price end, those who are “trying to catch up.”

The pump and dump crowd waits for the suckers to jump in, boost the prices and then dump their holdings at big profits. Those who got in late are slaughtered. They never know when the ride will end — or, even worse, think the price will never correct itself.

 

I don’t think “they” have thought that far ahead. “They” are too busy now mopping up on the suckers.

 

Apparently, I need to repeat myself. The theory "this time is different" is NEVER TRUE. This is what asset bubbles graph like:



@baseball21 has ALREADY fallen for the "New Paradigm" phase in this chart. It's classic! We have just shifted into the initial "Denial" phase. This graph is NOT MY WORK! It is produced at Hofstra University. But I DID use this exact model to SUCCESSFULLY call the end of the great gold bull market of August 2011. It's PUBLIC RECORD that I did. How did I know? All asset bubbles behave similarly because the very same human emotions create all of them in the first instance, and those are NOT complicated or subtle emotions. They are "base", and I'm presently having a "ball" and I'm WAAAAY over "21".

Next? Yup, the "Bull trap". Sit, watch, and wait. It's coming.

In 2011, I got out of gold PRECISELY at the "New Paradigm" point, but only got out of silver at "Return to 'normal'".

The next time you're tempted to dismiss macroeconomic analysis and side with the Austrian School (...), remember this post.

 

Mr. Brightside would say the long term trend is still up.

 

I have nothing invested in bitcoin and wouldn't touch it at the old levels. What I've been saying is we really don't know the future of it and that the US wasn't the primary driver of the market Asia was. North Korea aggressively hacking the exchanges has certainly shattered confidence in some areas of the market which were major players which was always something I said would bring them down if they couldn't fend off the hackers.

Do I think cryto will have a future place in the world yes I do. Do I think it will ever be a place for people to use as a savings account instead of the USD, no I don't and never did. I can see why it could be more attractive than local currencies or appeal to the tech obsessed but I don't live in South East Asia which was the primary market driver and don't view crypto as anything more than an investment play.

It's been gaining and losing thousands at a time all month. I won't be surprised if it comes back nor will I be surprised if a different version becomes the new bitcoin. I've never had a dog in the hunt with it, but if it gets super cheap again of course I'll get some and see if a small investment can turn into life changing money again. I'd like it better as a stock but it's worth the risk at the right price as it sits today.

We do know that quite a few people changed their families position in life for several generations by not listening to the traditional economic investment advice. We also know that sentiment in the US about it hasn't really mattered lately and it has been living and dying off of Asia

 

==> https://www.bloomberg.com/news/arti...ies-pain-for-some-as-ransom-demands-skyrocket

 

1 Bitcoin equals
15253.64 US Dollar

 

"are they gonna make New bitcoin or just let it be come less and less?"



No, they will just start working further and further on the right side of the decimal point.
With a USD there can only be 100 parts to a whole, with a Bitcoin there can be billions or even trillions of parts to equal a whole.

 

1 Bitcoin equals
15630.80 US Dollar

 

Cleaned up a little. Promoting some economic theories while bashing others, oh well. But if that turns into an exchange of personal attacks ... Merry Christmas everybody.

Christian

 

But this okay?

"The next time you're tempted to dismiss macroeconomic analysis and side with the Austrian School (...), remember this post."

 

Now it is. We've had that before - it is not necessarily one single post that makes a topic take a bad turn. Sometimes, in fact fairly often and also here, it is an "escalating" row of posts and responses that becomes a problem.

Christian

 

Remember the Dragnet episode: "FREE MONEY"......Bitcoin is a pyramid scheme designed to make it's initial investors rich at the expense of the later ones on the scale....The whole thing is poised to take the fall sooner or later with the bulk of investors tanking. Other crypto currency scams are now starting up with the eventual same results as Bitcoin...complete demise.

 

A pyramid scheme??!!! Lol. Not even close. I suggest looking up what a pyramid scheme is, and reevaluating your previous statement. This whole thread reads like a bunch jealous people that hate on what they don't understand. Now I'm going back to stand in the corner.

 

No hate intended here...there are winners and losers in any gambling game...Hope you are one of the fortunate ones who do well!