Sold of My Entire Bullion Collection In Order To Purchase BitCoins

Discussion in 'Bullion Investing' started by Tyler, Apr 1, 2013.

  1. -jeffB

    -jeffB Greshams LEO Supporter

    That's the thing that keeps convincing me not to buy in. Yeah, the supply of Bitcoin is finite, so it should have deflationary pressure (each BTC will buy more over time) -- except that the number of alternate cryptocurrencies is NOT limited. It's always possible to spin up another one, and I can imagine several advantages one could have over BTC. In the long term, say a generation from now, I think there's a significant chance that BTC will go to zero, or near enough to be irrelevant.
     
    Santinidollar and Michael K like this.
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  3. Michael K

    Michael K Well-Known Member

    That's just gambling. I try to stay away from that.
    I wouldn't buy BC long and I wouldn't short BC because I don't like it and I don't believe in it. That doesn't mean I'm not allowed to be fascinated by it, or offer my opinion on it.
    You're still in a very short term view of this thing. I am talking about long term instability. Over time it's not going to last. But, whatever.
     
  4. -jeffB

    -jeffB Greshams LEO Supporter

    Nope, shorting is for suckers. Your potential losses are unlimited, and so is irrational behavior. It could go way up before coming back down.
     
  5. itm389

    itm389 Member

    You guys are clueless :banghead: Every sell needs a buy my friend...when you close your short out you are buying...its healthy for the markets. Short btc on the way down...close it out...buy gold/silver/numismatic coins with your profit...everyone's happy.

    Do you not know what a stop loss is?
     
  6. Nathan401

    Nathan401 Quis custodiet ipsos custodes? Supporter

    Old dogs, new tricks. Ya know what they say about that.
     
  7. Bman33

    Bman33 Well-Known Member

    buy metals on the bullion websites with your Bitcoin. I think all of them take it now.
     
  8. -jeffB

    -jeffB Greshams LEO Supporter

    And what happens when it goes up before it goes down?

    Enjoy your BTC. We're probably a long way from running out of greater fools.
     
  9. Marshall

    Marshall Junior Member

    A fool and his money are soon parted. It's just taking a little longer with Bitcoin.
     
  10. itm389

    itm389 Member

    This newfangled technogadgetry must really confuse you guys, i know its hard. Stick to your rotary phones, vcr's and carburetors. This new technology (not really its 11 years old) must be tough...I mean if you guys are salty and missed the millions upon millions of dollars people made just say it, its alright.
     
    Nathan401 likes this.
  11. Nathan401

    Nathan401 Quis custodiet ipsos custodes? Supporter

    I’ve yet to hear of investors losing millions, but Ive definitely heard countless stories the other way. I understand perfectly why one would be hesitant, but I’m confounded by all the animosity towards it. You could almost call it anger! Weird. Oh well, to each their own, yes?
     
    xCoin-Hoarder'92x likes this.
  12. xCoin-Hoarder'92x

    xCoin-Hoarder'92x Well-Known Member

    Ironic to think that years ago this was first posted as a joke, now look how many more thousands of dollars BitCoins are worth.. Should have bought some at under $1 but who knew? Almost everybody I associate with in real life once made fun of this virtual currency.
     
  13. -jeffB

    -jeffB Greshams LEO Supporter

    Yep, understanding software can be hard. That's why I make a good living at it.

    I also took nearly a double major's worth of classes in psychology as an undergraduate, with a good bit of emphasis on perceptual and cognitive biases. That's a big part of the reason I'm a BTC and technical analysis skeptic.
     
  14. itm389

    itm389 Member

    So you took a double major in psychology and now you're an LEO or whatever job title that works with software? Not very good with making investment choices whether in real life or with btc or technical analysis LOL. You could've bought some bitcoin and made some money to pay off your loans...Apparently you didnt see the cognitive biases when bitcoin started getting popular to invest in it...
     
  15. desertgem

    desertgem MODERATOR Senior Errer Collecktor Moderator

    Itm389, You like Bitcoin, that's fine, but now you are starting to carry it to excess. You can make a market in unicorn horns or anything these days and you can make as much money as you can, but here it is just talk, you have expressed yourself views quite extensively, but may not in reality, and it is not anyone's business on here to question your worth or you theirs. Bitcoin is not a bullion, so calm it down. Thanks,
    Jim
     
    xCoin-Hoarder'92x likes this.
  16. itm389

    itm389 Member

    2 people made posts calling bitcoin investors fools...nothing said...I call them out on their EDited lack of knowledge on the subject to defend my views against theirs and I get a little talking to by a mod. I just call it like I see it and dont sugar coat things...sorry my bad for sticking up for my self after being called a fool.
     
    Last edited by a moderator: Sep 8, 2019
  17. -jeffB

    -jeffB Greshams LEO Supporter

    To clarify a couple of things:

    "Greater fools" was a reference to the well-known Greater Fool "theory". I didn't, and don't, intend to call any specific poster a fool. At most, I'll point out arguments or beliefs that I consider foolish.

    "LEO" means "Law Enforcement Officer", and my (joking) profile title is a play on the equally well-known Gresham's "Law". Maybe it's time to change it; apparently it's confusing for some.

    As for "defending your views", please do. I'm capable of changing my mind in the face of convincing evidence. But you're going to need to work on your argumentation -- the "newfangled technogadgetry" bit wasn't a supporting statement, it was an ad hominem attack, and a pretty lame one at that.
     
  18. desertgem

    desertgem MODERATOR Senior Errer Collecktor Moderator

    Yes, there were 2 people who called bitcoins fools,,,,,but your name was not directly mention , just the genera of such investors. Yes, you did get a talking to by the mod , and I don't sugar coat either. If you want to call it as you see it ( no matter the consequence, go to PARTISANLINES.com. or take your chances here; there are plenty there that will do the same, but not here. and cut the language. Jim
     
  19. itm389

    itm389 Member

    I made multiple supporting arguments a few post back and im sure you read them but apparently nothing sparked your interest. This debate/argument is going nowhere, you guys are set in your ways. If you thought bitcoin was anything more than just a passing fad/scam/ponzi scheme/whatever you wouldve done some research on your own, its been around for 11 years now. Just really dont understand the animosity towards it. Its not a scam, its a legitimatley accepted means of wealth transfer and means of purchase used all across the world. People buy goods and services using it. Its been accepted as a form of currency for years now. Its not going anywhere anytime soon.

    Not that I really care but this whole argument was started by people calling bitcoin investors fools. I was supporting bitcoin, I am an investor which therefore they were calling me a fool. Either way I'm moving on, its been real.
     
  20. desertgem

    desertgem MODERATOR Senior Errer Collecktor Moderator

  21. EdThelorax

    EdThelorax Well-Known Member

    EOS is a alternate cryptocurrency that transfers without fees in seconds.

    It has broken the blue shorter term trendline, which is a bullish signal. Similar to the downtrend line silver broke at $15.30 3 months ago.
    One could buy at $3.73 and use a $3.37 (purple line) stop loss (-$.37 -10%) and target $5.86(orange line) (+$2.13 +57%) for a risk/reward of 1/5.7
    A longer term target of $11.50 is within the realm of possibility. Basically triple, while only risking 10%
    One would only have to be successful 1 of every 3 trades with 1/5.7 RR to be way ahead of almost any other investment return. (net +37%)
    [​IMG]
     
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