Ok, I've done a lot of these bubbles. So for the n00bs and the people that have only done it once, let me give you some sober advice.
Get your Bitcoin out of exchanges during a bubble. If you're an active trader, you're probably an idiot and won't listen to this advice. But at least I can say I warned you.
Bitcoin price will go to the moon, and Bitcoin price will drop. The pain of drops gets worse and worse and worse. When we hit $30 after Schumer told the world you could buy drugs with Bitcoin, there were tons of people who bought, and were sad and lonely and depressed after it crashed back to just below $1. Think about how much worse that will be when people put their life savings in at $10,000 and the price crashes to $1,000. There is going to be a bad multiplicative effect here if the bubbles get bigger and bigger.
You don't know anything, you don't know how high it will go, you don't know how far it will crash. Don't play the game. Just ride. If you belieb this experiment will work, then just hold. You will be sad you didn't sell at the top, but you will be glad you ended up better than you were when it was low.
Don't invest more than you can lose.
Stop trying to explain why the price is going up. There is almost no reason that it should be mooning right now, which should tell you that this is very likely just irrational exuberance. Many of you will be given to it. You will dump your money in, exacerbate the bubble, and we will see a rash of news reports, more and more people will pour in, and more and more money will be on chain. It will be good for Bitcoin, as it will bring with it a large number of new beliebers. But it won't be easy when we hit another long lull where Bitcoin sits for a long period of time at some small number.
Don't tell your family to get in.
Don't tell your friends to get in.
Avoid pumping generally. Answer questions about Bitcoin, but give everyone the caveat: "I never recommend anyone buy unless they first understand the technology and beliebe that it will work." Or something like that.
With a new rash of people there will be new scams. If you have not yet been scammed, you will be, and if bitcoins are worth a lot, it will hurt now worse more than it ever has. You will hear people say, "I wish I bought when it was $200." The appropriate response is: "Bitcoin never goes up, only down."
Remember, in the aftermath of every price increase, is a deep regret from everyone who did not buy before the price increase. Do not live with regrets, just keep marching forward. We are here because Bitcoin as a technology works. If you don't belieb that the Bitcoin will only work if you get rich, you should probably get out. Because this is a very slow, long play.
Everyone who comes to Bitcoin now will come with an arrogance you will not realize you had when you came. You probably don't realize how much you have learned since you got here. Be kind, but be a dick. Now that you have seen it, you need to save the n00bs from giving their money away. Be highly critical of their wrongheaded ideas. Also, remember to point to history when they start to tell you all the ways in which they want to repeat it: "I don't think Bitcoin will work because... 10 minute transaction times... no one accepts it... it's too hard to use... it's not scalable... it's not anonymous enough... you can buy drugs with it... only criminals use it... Bitcoin companies are all scams... it has no intrinsic value... and on and on and on." For them we have a meme:
http://imgur.com/t2sfuot When all is said and done, many of you will have a lot more money than you have ever had before. Spend a little, have some fun. Hold the rest and save it for a rainy day, because Bitcoin could go to $0. You never know.
Get your money out of exchanges.
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