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Author Topic: R.I.P Bitcoin  (Read 14288 times)
HeliKopterBen
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June 23, 2014, 02:22:41 AM
 #121

This is why you should ignore bears

If you would have been thorough, you would have noticed the context: that day the price dropped from 12$ to 9$, and the next days just below 6$.
During the next 3 months it dropped down to 2$. So his bearish views were confirmed on a medium term. Someone who ignored the bears back then made a big mistake.

The title of the thread is "R.I.P bitcoin", implying that the price would go to near zero and the experiment was over.  OP was wrong.

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June 23, 2014, 06:25:45 AM
 #122

Two can play at this game,


If you believe they are so valuable, why don't you buy mine at $15 a piece.

Does this offer still stand?  Grin

The more relevant question is does GeniuSxBoY have any BTC left to sell? One of the fears at the time was that pirateat40 would suddenly pay off his BTC debts sending the BTC/USD rate into the cents.

I stand corrected this was August 2011 not August 2012. The bears did have a point but only until November / December  2011. By the way this is just before when pirateat40 started his First Pirate Savings and Trust. For a while pirateat40 paying 7% a week on BTC deposits actually made sense since in the fall of 2011 the BTC/USD rate was on average falling more than 7% a week. When the bear market ended and there was no R.I.P. Bitcoin then pirateat40 got caught in a brutal short squeeze and he eventually went under in August 2012. The lesson here is that this Bitbear market did not last for ever, pirateat40 however went into denial and kept shorting BTC right to the bitter end in August 2012. Those of us who were long (I started buying in October 2011) profited handsomely purchasing BTC in the late fall 2011, winter 2011/2012 and spring / summer 2012 at depressed prices.

The peak of June 2011 at over 31 USD per BTC was the culmination of a bull market that started in late 2009 when New Liberty Standard starting trading. The rate in November 2009 went as low as 1630.33 BTC for 1 USD or 0.000613373 USD per BTC.

Concerned that blockchain bloat will lead to centralization? Storing less than 4 GB of data once required the budget of a superpower and a warehouse full of punched cards. https://upload.wikimedia.org/wikipedia/commons/8/87/IBM_card_storage.NARA.jpg https://en.wikipedia.org/wiki/Punched_card
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June 24, 2014, 03:41:25 AM
 #123

This is why you should ignore bears

If you would have been thorough, you would have noticed the context: that day the price dropped from 12$ to 9$, and the next days just below 6$.
During the next 3 months it dropped down to 2$. So his bearish views were confirmed on a medium term. Someone who ignored the bears back then made a big mistake.

The title of the thread is "R.I.P bitcoin", implying that the price would go to near zero and the experiment was over.  OP was wrong.

The fear of the bears is what led them to think that the price is highly inflated when in reality its super cheap and they are missing an opportunity

Internet of things.
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June 24, 2014, 03:48:12 AM
 #124

Two can play at this game,


If you believe they are so valuable, why don't you buy mine at $15 a piece.

What a grave dig Smiley.   Look at the above...how quickly do you think you would be able to sell $15 BTC...they would sell faster than nudie mags in a school locker room
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June 24, 2014, 04:13:33 AM
 #125

This is why you should ignore bears

If you would have been thorough, you would have noticed the context: that day the price dropped from 12$ to 9$, and the next days just below 6$.
During the next 3 months it dropped down to 2$. So his bearish views were confirmed on a medium term. Someone who ignored the bears back then made a big mistake.

The title of the thread is "R.I.P bitcoin", implying that the price would go to near zero and the experiment was over.  OP was wrong.

If you were around at that time you would have seen the discussions and many speculated that BTC would crash to zero, or at least go to cents.  Going from $31 to $2 for most poeple is pretty much the same as going to zero.  When it recovered to $5 I bailed and then got back in at $7.  You had to be there.

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June 24, 2014, 01:32:12 PM
 #126

Solid necro.  I love looking at the year of posts like this it's awesome. 

Ooooh poor OP could of retired by now.
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June 24, 2014, 03:19:49 PM
 #127

LOL, what a great thread! Imagine we could only go back to Aug 2011 knowing what we know now  Grin
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June 24, 2014, 03:22:17 PM
 #128

LOL, what a great thread! Imagine we could only go back to Aug 2011 Feb 2009 knowing what we know now  Grin

FTFY  Grin
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June 24, 2014, 03:49:03 PM
 #129

It is always fun to these old speculations. Tongue

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June 24, 2014, 04:33:58 PM
 #130

this has been one of the very few times in my life where I were right (in trusting bitcoins more than fiat fictional-debt-crap).
 
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July 11, 2017, 08:57:29 PM
 #131



Goodnight Sweet Prince

Just a reminder that this prediction was incorrect.
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July 11, 2017, 09:08:55 PM
 #132

If op bought bitcoin on the day when started this topic in the year of 2011 for sure he earn a lot of money because on that year the price of bitcoin i svery low so if you hold bitcoin and sell it today for sure you will become rich if you have thousands of bitcoin in your wallet.  And to those people bought bitcoin for sure they will become happy because yhey can earn a lot of money. So buy bitcoin now.

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July 12, 2017, 12:44:39 AM
 #133

If op bought bitcoin on the day when started this topic in the year of 2011 for sure he earn a lot of money because on that year the price of bitcoin i svery low so if you hold bitcoin and sell it today for sure you will become rich if you have thousands of bitcoin in your wallet.  And to those people bought bitcoin for sure they will become happy because yhey can earn a lot of money. So buy bitcoin now.
OP would definitely regret on seeing today's bitcoin price.He has definitely lost a great opportunity.He has said bitcoin as prince.Bitcoin is no more prince.It has become the king of crypto currency.We could see from op's post that how much people at that time have under estimated bitcoin.

INVALID BBCODE: close of unopened tag in table (1)
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July 12, 2017, 01:37:27 AM
 #134

If op bought bitcoin on the day when started this topic in the year of 2011 for sure he earn a lot of money because on that year the price of bitcoin i svery low so if you hold bitcoin and sell it today for sure you will become rich if you have thousands of bitcoin in your wallet.  And to those people bought bitcoin for sure they will become happy because yhey can earn a lot of money. So buy bitcoin now.
OP would definitely regret on seeing today's bitcoin price.He has definitely lost a great opportunity.He has said bitcoin as prince.Bitcoin is no more prince.It has become the king of crypto currency.We could see from op's post that how much people at that time have under estimated bitcoin.

It isn't about underestimating bitcoin. In 2011, it was still very much uncertain on the future of Bitcoin. Maybe a couple Million forward thinking soles worldwide even knew what it was, and it was still considered an experiment. If he never got back in, would he regret all the same? Oh yeah! But you have to understand what it was back then. A lot of lab rats have died in making Bitcoin what it is today. However uncertain all this fork/block size/centralized mining drama is now, it never would have gotten this far if not for the research subjects earlier on, before you and most of the regulars here today even had a glint in your eye of the tech which we call blockchain. Smiley

But ya, he pissed now

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July 12, 2017, 08:32:14 AM
 #135

If op bought bitcoin on the day when started this topic in the year of 2011 for sure he earn a lot of money because on that year the price of bitcoin i svery low so if you hold bitcoin and sell it today for sure you will become rich if you have thousands of bitcoin in your wallet.  And to those people bought bitcoin for sure they will become happy because yhey can earn a lot of money. So buy bitcoin now.
OP would definitely regret on seeing today's bitcoin price.He has definitely lost a great opportunity.He has said bitcoin as prince.Bitcoin is no more prince.It has become the king of crypto currency.We could see from op's post that how much people at that time have under estimated bitcoin.

It isn't about underestimating bitcoin. In 2011, it was still very much uncertain on the future of Bitcoin. Maybe a couple Million forward thinking soles worldwide even knew what it was, and it was still considered an experiment. If he never got back in, would he regret all the same? Oh yeah! But you have to understand what it was back then. A lot of lab rats have died in making Bitcoin what it is today. However uncertain all this fork/block size/centralized mining drama is now, it never would have gotten this far if not for the research subjects earlier on, before you and most of the regulars here today even had a glint in your eye of the tech which we call blockchain. Smiley

But ya, he pissed now
You are right.Its not under estimated.It was an experiment at that time and no body actually knew whether bitcoin would succeed or not.But some brave came forward to take risks and bought bitcoins and they now deserve the profits which they get today from bitcoins.
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July 12, 2017, 09:14:03 AM
 #136

Long term savers not gonna worry Cool Cool Cool

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July 12, 2017, 09:32:39 AM
 #137

Long term savers not gonna worry Cool Cool Cool

   Long term savers should not read threads like this one, where this stories about bitcoin death are coming from? Why bitcoin has been called
dead 100 times before. and bitcoin transaction volume is now at an ath, and couple weeks ago price made a new ath?
   I made a little research on internet and tried to find out why some people talking about bitcoin death, and after reading a few articles I find
something similar for all of them, they advertise some other money service, or some other alt-coin and in the same time they talks about bitcoin
death to attract people to move to them from bitcoin, but that strategy is very bad one.

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July 12, 2017, 09:35:03 AM
 #138

LOL, what a great thread! Imagine we could only go back to Aug 2011 knowing what we know now  Grin

what is funny is that in another 6 years, to compare with this "rip" thread 6 years ago versus current 2017, bitcoin will be so high that another user like you will repeat the same thing

basically nothing is lost there is still a chance to have your fortune in the future, just keep buying, we will play with at least another zero on the market

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July 12, 2017, 09:51:17 PM
 #139

I can't remember who wrote the article, and I am trying to find it, but someone wrote an article documenting all of the times that bitcoin has "died."   

It has definitely died according to news reports more times than a 9 lives cat. 

The part that baffles me is that we hit record highs this year amongst all the worries of scaling.   I really thought we were headed towards a bear market coming in to 2017.  I am really happy to have been wrong though.
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July 12, 2017, 11:50:24 PM
 #140

I can't remember who wrote the article, and I am trying to find it, but someone wrote an article documenting all of the times that bitcoin has "died."   

It has definitely died according to news reports more times than a 9 lives cat. 

The part that baffles me is that we hit record highs this year amongst all the worries of scaling.   I really thought we were headed towards a bear market coming in to 2017.  I am really happy to have been wrong though.

This will always remind me of the World of Warcraft situation, where with every new expansion coming out, someone smart writes "WoW is dead/dying" and it's a common thing for everything. I don't even pay any attention at all at statements like these. Cheesy
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