Watching amateur finance types flail

[Prze_koles]

^That was my reaction when I entered downside.com  
And funny thing, OP says something about amateurs...

[1714816336]

1714816336

[1714816336]

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[Valhalla1]

I'm John Nagle, the person behind Downside.

http://img13.imageshack.us/img13/1680/comicsansm.png

[datguywhowanders]

I think some big important internet council somewhere needs to designate comic sans as the official sarcasm font of the internet.

[bitrebel]

Digicoin and Beenz failed because they were centralized, and had investments in the technologies and companies themselves.  Bitcoin cannot fail, because the technologies were developed for free and they are decentralized and open source.

It may devalue to the point of buying pizzas with 10k BTC again, but it will never fail completely.  Bitcoin can't file for bankruptcy.

It can never go that low again, because people like me will buy them all up before they ever get that low.

[bitrebel]

People are so stupid. No one cares about your pathetic analysis. You know nothing about this technology, and the reason for the speculation and market bumps is because people like YOU.AKA People who don't understand what this is, and will probably never will. Just keep "speculating", god knows that's what you do best.    

You do know that in order to be taken seriously outside of the geek circles, Bitcoin needs people like the OP, right?

Understanding the technology does not a viable currency make.

Bitcoin is NOT a currency!!!

It is USED as currency.

[elggawf]

(Missing my SEGA GameGear now... sigh!   )

I have one I'll sell for BTC.

[Superform]

as a daytrader for 12 years i know exactly what this guy is saying. I actually predicted my own demise when I bought at 30 bux but I took the gamble since this is not like stock trading...(i only invested around 10k which is fuck all in trading terms) this market acts as a share market with all the classic signs and follows, and also is different.. all i can say is if your not a professional trader i would suggest you sit on the sidelines for now or you WILL be fucked over.. I am waiting for gox to open and cash in on the panic selling. what i have lost so far is nothing compared to what I expect to make cashing in on inexperienced computer geeks or first time traders in this market. I will have your scalps.

The reason I am in the hole atm is because I didn't think a decentralised, deflationary currency would exhibit the same traits as a commodity, but it does. Human behavior is the single point of failure in this situation.

as stated in the OP my biggest worry is the exchanges, they are the next single biggest point of failure you people need recognise, more exchanges are needed that are backed by someone big.. or this will remain in the realm of a fantasy nerd currency..

[ElectricMonk]

I like how many these posts are just flaming the guy who started the thread. Great community!

I like how the guy who started the thread just flamed the community. What a cunt!

[bitrebel]

Dear Mr. Nagle,

I am not a financial expert, but like many here on this forum, I do have a lot of experience and knowledge in IT.

While your credentials and financial advice may be sound, as others have pointed out, your current website seriously discredits you. From the color scheme to the layout, it screams amateur and unprofessional. If you want people to take you seriously, it would be in your best interest to have someone fix it for you.

On to the matter of your post contents, if what you say is true, why would you bother to register on these forums and deign to even give an opinion to the Bitcoin community? I think we all have a hard time believing that you are doing it out of some notion of altruism toward your fellow man.

I think most of us here like Bitcoin, minus the occasional troll, and I wonder if you fall into the latter category. It's about more than just the economics. It's about the technology and the ideals that could potentially move us forward into something new and exciting.

If you don't want a part of it, please leave. No one will be sad to see you go. We probably won't be visiting your site anytime soon either


Sincerely,
One Bitcoin Community Member

Voted # 1 bitch slap
Voted # 1 humor

[Prze_koles]

as stated in the OP my biggest worry is the exchanges, they are the next single biggest point of failure you people need recognise, more exchanges are needed that are backed by someone big.. or this will remain in the realm of a fantasy nerd currency..

True. We all know this. But few months ago Bitcoin actually was only fantasy nerd  currency, so we need time before someone serious joins this game.

[cunicula]

Gold is tangible.  Bitcoin in intellectual property.  More specifically, intellectual property with no patent.  

For Bitcoin to be successful, it must not only provide a service that differentiates itself from other payment mediums, it must also protect it's business model or concept.  You can't create gold, alchemists have tried for thousands of years.  You can create an exact copy of Bitcoin and just slap some other name on it.  That's the real problem here, some of you are so amazed by this idea that you can't see the simple fact that while it may have been a really ingenious idea, it can be copied to infinity.

Gold has value because of its scarcity.  Everyone is so hung up on the fact that Bitcoin is naturally deflationary when in reality it's exponentially inflationary because anyone can copy this idea at any time.

'Exact copies' are not a problem. Currencies exhibit network effects that protect them from competition with an exact copy. Bitcoin is not well-protected from copies that add improved features (e.g. built-in derivatives, opt-in protection from large coin transfers, people will think of more). Network effects could protect bitcoin if bitcoin is already too large when entrants emerge. That is a huge if. Bitcoin could also protect itself by copying features added by future entrants. Copying features in entrants will require forking the block chain. I worry that the developers will not respond quickly enough, especially because many bitcoin holders will not understand why they have to act to forestall collapse (if it ain't broken...).

[finnthecelt]

I am waiting for gox to open and cash in on the panic selling. what i have lost so far is nothing compared to what I expect to make cashing in on inexperienced computer geeks or first time traders in this market. I will have your scalps.



as stated in the OP my biggest worry is the exchanges, they are the next single biggest point of failure you people need recognise, more exchanges are needed that are backed by someone big.. or this will remain in the realm of a fantasy nerd currency..

True. There are many that have no biz trading here. Some of the really young see an exchange and participate.....why? They should just mine/buy and hold. Conduct biz if they can.

Traders are going to get shredded.

If the exchanges can keep it together BTC should evolve positively. If not............

[BCEmporium]

^That was my reaction when I entered downside.com  
And funny thing, OP says something about amateurs...

Well, the site is DOWNSIDE, why should it make you feel upside?

I'm thinking we should seize the opportunity here! From now on forget HTML5, CSS3, revert to Tables and use only Comic Sans, Arial and Times new Roman and sh*tty Windows 95 color scheme. When the customer says anything about how "great" it looks, just say: Back off man! This is the design they use in 20011! Want something more futuristic than this?! 

[hawks5999]

The points in this topic have been discussed to death many times, I don't understand why people keep putting up with it.

Because the forum doesn't use nofollow links, so anyone wanting to build backlinks can do so here with trollbait like this.
And after 11 years online, Nagle has only managed about 15 backlinks to his home page and <750 to his whole site.

And since BitCoin is a trending topic people like OP want to capitalize on that search volume.

He thanks any of you who quote the OP, btw.

[BCEmporium]

@hawks5999,

Talking of web statistics, does Alexa shows an "Average time on site" or an "Average time running away from the site" to his... thing?

[DonnyCMU]

Mr. Expert Financial Analyst,

As for your "track record", you begin writing in mid-2000. That is not well-before it happens. Simply echoing the bad news with a tweet-length article. Yes, it's ironic that you have 'Amateur Finance' in the title.

Also,

You have made 3 financial opinion piece over the past 2 years.
One of them is about a movie.

[finnthecelt]

@hawks5999,

Talking of web statistics, does Alexa shows an "Average time on site" or an "Average time running away from the site" to his... thing?

[andes]

You'd just ruining my day! Not only we come to find within 18000 years BTC will be a Ponzi scheme as we also found that 18000 years from now design will be that low  

LOL

[SgtSpike]

as a daytrader for 12 years i know exactly what this guy is saying. I actually predicted my own demise when I bought at 30 bux but I took the gamble since this is not like stock trading...(i only invested around 10k which is fuck all in trading terms) this market acts as a share market with all the classic signs and follows, and also is different.. all i can say is if your not a professional trader i would suggest you sit on the sidelines for now or you WILL be fucked over.. I am waiting for gox to open and cash in on the panic selling. what i have lost so far is nothing compared to what I expect to make cashing in on inexperienced computer geeks or first time traders in this market. I will have your scalps.

The reason I am in the hole atm is because I didn't think a decentralised, deflationary currency would exhibit the same traits as a commodity, but it does. Human behavior is the single point of failure in this situation.

as stated in the OP my biggest worry is the exchanges, they are the next single biggest point of failure you people need recognise, more exchanges are needed that are backed by someone big.. or this will remain in the realm of a fantasy nerd currency..

So now that you recognize that Bitcoins act like a commodity (only you have even more noobish and predictable folks in this market than you would in a typical commodity market), you're going to sell everything you have, buy back when the price hits rock bottom, and then play the market as if it were any other commodity?

I'm not a daytrader, but if I was, I'm sure I would be doing the same thing.  This is by far one of the best places for daytraders to make money, simply because so many people here are so new to commodity trading and rely on emotions more than anything else.

[Superform]

why whoudl i sell.. the price will go higher longer term, i will just average down and see what happens...