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Author Topic: R.I.P Bitcoin  (Read 12943 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.

Counterfeit:  made in imitation of something else with intent to deceive:  merriam-webster
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ArticMine
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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
Benjig
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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, 04:44:03 AM
 #126

Wow - Old thread
Thought I was going mad when I saw the dates posted on page 1 then checked last few pages.

See you all here again in 4 years.

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June 24, 2014, 01:32:12 PM
 #127

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
 #128

LOL, what a great thread! Imagine we could only go back to Aug 2011 knowing what we know now  Grin
bitcoinsrus
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June 24, 2014, 03:22:17 PM
 #129

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

FTFY  Grin
Shogen
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June 24, 2014, 03:49:03 PM
 #130

It is always fun to these old speculations. Tongue

conspirosphere.tk
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June 24, 2014, 04:33:58 PM
 #131

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).
 

DoctorG
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June 25, 2014, 04:41:34 PM
 #132

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

FTFY  Grin

Yep I was too busy playing with my balls and scratching my arse to notice BTC in 2009. 5 Years later it takes all my grey matter and 1 nuclear power station to make 1 BTC.

If I had gone the other way about it I could of employed someone to scratch my ass for me today.

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