They don't evaporate, rust or rot. Ergo, a store of value. What is wrong with you guys?
I have a bunch of rocks in my yard. They formed long, long ago. And they will be with us for a long time to come. How much are they worth to you? |
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Baron Rothschild, an 18th century British nobleman and member of the Rothschild banking family, is credited with saying that "The time to buy is when there's blood in the streets."
everyone was waiting for the buying opportunity, well there you have it.
the only form of money better than gold in the last 3000 years is on sale at the same time as the entire world uses a paper money system that has never worked in the past,
if you don't see the stars aligning you don't deserve to be rich.
Unfortunately for you, there is not much blood in the streets right now. Most people are still at massive profits at these prices. Yes, I would not call this "blood in the streets" at all. I see lots of people holding steady, watching it drip down. Low volume. This has happened many times. Slow drip, slow drip, slow drip, massive capitulation selloff. ..... that's when you buy.  |
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What would be dead is the inflated expectations of a few overzealous people. That's all.
So it's greedy if a bitcoiner buys a bitcoin sometime, ANYTIME in 2014, and expects it to more or less retain it's value? Should no one have bought any bitcoins AT ALL in 2014 and held them? Honestly answer the question. 2014 is nearly over, it's been 10 months. Maybe not greedy but naive? Bitcoin went up x100 in 2013. Do you expect this to just maintain its value without major corrections? If you want to retain value short to mid term at least, then Bitcoin is not the asset to do that. Bitcoin is an asset to look for high growth, and with that growth comes the cost of RISK.
Sticky please. First post everyone should read who enters this forum. This is what frustrates me about the constant touting of bitcoin as a "store of value." Ask anyone who bought in during 2014 how that's working out for them. Now go ask the same question to those who bought in 2012/2013 and come back in a few years. Is that what a "store of value" is? Buy today, lose more than 1/2 the value in several months, and then hope we have a bubble that goes 10x my initial buy-in a few years later? Is that a "store of value"? scarsbergholden: You seem to be exaggerating a little bit and playing ignorant. I believe that store of value merely means that by the time you cash out, the asset is worth at least the same and potentially more than it was worth when you purchased it. Surely, with storage of value, you would probably like it to hold at least the value of relatively stable storage of value mechanisms... maybe expecting some appreciation of value between 3 to 5% per year. Of course, if it gains greater value than otherwise stable value storage vehicles, then that would be icing on the cake. Then we disagree on the definition of a store of value. While Wikipedia is shite, I think it has this sentence right -- "The point of any store of value is intrinsic risk management due to an inherent stable demand for the underlying asset." To act as if bitcoin can serve this role would be to play ignorant. Bitcoin is in its infancy. I'm not denying the potential, but I don't think we have the price history and historic demand to feel confident as a store of value at all. Using stores of value is a way to manage your risk. Buying bitcoin is, on the other hand, a very risky investment. That doesn't mean we can't go to the moon. But the point still stands. |
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NOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO, it's a store of value being built. Do you actually believe that because some monopoly money went into bitcoin the last few years, it's already a store of value? NO, but the potential of it becoming a store of value is there.
Agreed with that as well. I wonder why so many people in here are so binary in their thinking: Bitcoin is a terrible store of value currently (and a highly speculative asset), a not-too-shabby medium of transfer, and absolutely not a unit of account. If things go well, it might be a store of value in the future, and the likelihood of that happening is exactly what we're collectively determining/discovering here, through the markets. I bolded the key word. Anything can happen in the future. Bitcoin might be worth zero in the future as well. My point was that there is a prevalent attitude in this community that bitcoin is a store of value and that buying now is always a good idea. I'd not even consider such terms as "store of value" until bitcoin is much more entrenched. |
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NOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOO, it's a store of value being built. Do you actually believe that because some monopoly money went into bitcoin the last few years, it's already a store of value? NO, but the potential of it becoming a store of value is there.
Okay, great. Let me know when we get there. For now, it's simply silly to me to see so many touting it as such. There is also potential for buttcoin to be worth zero. |
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What would be dead is the inflated expectations of a few overzealous people. That's all.
So it's greedy if a bitcoiner buys a bitcoin sometime, ANYTIME in 2014, and expects it to more or less retain it's value? Should no one have bought any bitcoins AT ALL in 2014 and held them? Honestly answer the question. 2014 is nearly over, it's been 10 months. Maybe not greedy but naive? Bitcoin went up x100 in 2013. Do you expect this to just maintain its value without major corrections? If you want to retain value short to mid term at least, then Bitcoin is not the asset to do that. Bitcoin is an asset to look for high growth, and with that growth comes the cost of RISK.
Sticky please. First post everyone should read who enters this forum. This is what frustrates me about the constant touting of bitcoin as a "store of value." Ask anyone who bought in during 2014 how that's working out for them. Now go ask the same question to those who bought in 2012/2013 and come back in a few years. Is that what a "store of value" is? Buy today, lose more than 1/2 the value in several months, and then hope we have a bubble that goes 10x my initial buy-in a few years later? Is that a "store of value"? |
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This is what frustrates me about the constant touting of bitcoin as a "store of value." Ask anyone who bought in during 2014 how that's working out for them.
Ask anyone who bought in during 2014 how expectations of higher growth are working out for them too. So what's left.... currency usage? Yeah ok. What exactly would you like to hear?  Possibility for high growth -- at great risk. Buttcorn is a high risk, illiquid market. It's a brand new asset class. Few people know what to make of it. The potential for massive growth is there, as we have seen. But chasing after bubbles is very risky business. |
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Shorts are decreasing as price is decreasing.
The dumps are real panic sellers.
Not even a short squeeze can save us right now.
Yep, I've closed 80% of my short. Letting the rest ride or will stop it out above $440. I don't plan on entering longs until $300-360 range. Very ugly time to be going long. |
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What would be dead is the inflated expectations of a few overzealous people. That's all.
So it's greedy if a bitcoiner buys a bitcoin sometime, ANYTIME in 2014, and expects it to more or less retain it's value? Should no one have bought any bitcoins AT ALL in 2014 and held them? Honestly answer the question. 2014 is nearly over, it's been 10 months. Maybe not greedy but naive? Bitcoin went up x100 in 2013. Do you expect this to just maintain its value without major corrections? If you want to retain value short to mid term at least, then Bitcoin is not the asset to do that. Bitcoin is an asset to look for high growth, and with that growth comes the cost of RISK.
Sticky please. First post everyone should read who enters this forum. This is what frustrates me about the constant touting of bitcoin as a "store of value." Ask anyone who bought in during 2014 how that's working out for them. |
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What would be dead is the inflated expectations of a few overzealous people. That's all.
So it's greedy if a bitcoiner buys a bitcoin sometime, ANYTIME in the year 2014, and expects it to more or less retain it's value? Should no one have bought any bitcoins AT ALL in 2014 and held them? Honestly answer the question. 2014 is nearly over, it's been 10 months. You think most people buying bitcoin did so because they "expect it to more or less retain its value"? That's mistake #1. I'd re-frame the question.... |
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back to 440?
Possible, I think we may have a small bounce to retest that resistance before heading back down. Bulls' last line of defense broken, all hope for a near-term bullish scenario crumbled, it's time to capitulate.  Agree, more or less. This kind of grind down has high volume capitulation written all over it. Nothing is set in stone, obviously, but I've certainly seen this before and felt this sentiment..... |
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You guys with your "if the price goes below xyz, then Bitcoin is DEAD" are the real weak hands if you truly believe that.
Seriously. I've been a huge bear for months and am loving every minute of this. But I also love bitcoin and know that this sort of thinking is total nonsense. |
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Yes volume is a bit low imho
Hodlers be hodling. We have all seen this before, though. Eventually the dam breaks and we get a high volume selloff. It's a good thing -- it's something we may actually be able to rally from. This never-ending bottom fishing will never allow a base to rally from. |
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I guess we're now re-testing a very very long term support line. This is worrying! If we break below $350 - I don't like this saying at all usually - we're doomed!
I truly think we're fucked if we cross that point. It simply shouldn't go that low if Bitcoin is healthy. If we cross it then there is something seriously wrong and there will be a good chance it won't go up anymore. Actually, I would look at it differently. If we go that low, and people really do start cashing out at a major loss, then we're looking at another 2+ years before even getting near the last ATH. Because no matter how revolutionary bitcoin may be, the Average Joe just doesn't care enough to continue to lose money. Period. we're playing hot potato with ourselves. This whole year IMO has been traders sloshing funds back and forth, trading with one another, with little new money entering. Annnd BTCE is back retesting 400.  |
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That's basically a big underlying problem. No trustable, big and known exchange.
Totally. I loathe keeping so much funds spread across these exchanges. I can't trust a damn one. But bitcoin is also a horrible store of value. So.....  |
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I guess we're now re-testing a very very long term support line. This is worrying! If we break below $350 - I don't like this saying at all usually - we're doomed!
I truly think we're fucked if we cross that point. It simply shouldn't go that low if Bitcoin is healthy. If we cross it then there is something seriously wrong and there will be a good chance it won't go up anymore. If we go below, I hope I'll get to buy some of your coins. Fucked? Hehe. $350 is a good buy, there should be some upside to trade off that. But I think the down trend could continue and soon enough we'll find ourselves wondering if we'll be truly fucked if/when $260 breaks. That'll probably break, panicky buttcoiners will panic sell the bottom and then maybe we can have us a rally. |
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You should be looking at this in a positive way, like a second chance to buy before it climbs again.
It's time to buy!!
People been saying that before every support became resistance on the way down here. People were saying it in 450s and 460s just days ago. I love bitcoin, but averaging down in a strong bear market is just not a good way to enter a trade. I want to see a strong upwards breakout OR a strong panic selloff that we can rally from. |
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I guess we're now re-testing a very very long term support line. This is worrying! If we break below $350 - I don't like this saying at all usually - we're doomed!
I am very, very confident that we will bounce ~ $340-360 (maybe wick a bit lower), and I do think that we will go there. Still may not be bottom by any means, but we should rally off there methinks. |
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Ah, good. It has been an eventful evening. Hopefully this turns into a real panic selloff that we can base and rally from. Give me a nice V bottom. 300s, please.
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Personally, I think we're heading for $300s. Not sure on the range, depends on the kind of panic we see. But it seems a retest of that $340 level is almost inevitable at this point. I think we'll definitely be back above these levels eventually, though.
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