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Author Topic: Stock market crash - 5 % overall  (Read 3690 times)
fastandfurious
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August 04, 2011, 08:06:05 PM
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The big indices in US are down around 5 % at closing. What kind of impact do you guys think this have on the bitcoin economy (if we think that the turmoil continues)?
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ampkZjWDQcqT
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August 04, 2011, 08:12:35 PM
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None.

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August 04, 2011, 08:18:01 PM
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Profit taking + panic = selloff

Sounds oddly familiar to something ..........
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August 04, 2011, 08:25:43 PM
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Meh...just went to the beerstore and beer is still the same price.  No effect here.

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August 04, 2011, 08:31:33 PM
 #5

wooo baby, nothing like the smell of a little panic and fear at the end of the day.

sure glad I doubled down on SDS a few weeks ago with the impending debt talks about 2nd quarter GDP.

Just wait until the chain of European defaults starts.....
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August 04, 2011, 08:33:18 PM
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I'm more curious to see what happens when the global fiat train wreck compiles at the bottom of the cliff.

That will be the real test for BTC.
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August 04, 2011, 08:34:12 PM
 #7

The big indices in US are down around 5 % at closing. What kind of impact do you guys think this have on the bitcoin economy (if we think that the turmoil continues)?

Impact could be on individuals who are long stocks. If they get wiped out / lost a lot of money in the stock market, and have a lot of BTC, they may sell some BTC to get back some cash.
But I doubt that so many BTC holders are also big Stock holders.

 

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August 04, 2011, 09:26:34 PM
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Impact could be on individuals who are long stocks. If they get wiped out / lost a lot of money in the stock market, and have a lot of BTC, they may sell some BTC to get back some cash.
But I doubt that so many BTC holders are also big Stock holders.

 


i fall into this category.....stocks are my major investment, and im definately long (buy and hold Smiley ). right now my positions are up 1% for the year...saw a lot of profit disappear this week   


BTC is more speculation for me (though i have no intention of cashing out anytime soon) and ive only invested a small amount due to risk....
HappyFunnyFoo
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August 04, 2011, 11:00:56 PM
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I'm super long stocks and have 95% of my assets in them.  I've more than doubled my initial investment since I started buying in Feb/March 2009 (held cash until the Citigroup memo leak that started the rally).

Bitcoin gains are like taking steroids - you might double or triple your size, but in the end you'll end up with nothing and disappointment.  Stock market gains are, well, awesome, and buying during historically 'bad' times for the market yields an average of 10%/year in return, even if you just randomly buy companies.  Anyone putting more than a couple of bucks in a technology which is in early beta and based upon encryption that's going to be obsolete in four years is nuts.
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August 04, 2011, 11:16:02 PM
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I'm super long stocks and have 95% of my assets in them.  I've more than doubled my initial investment since I started buying in Feb/March 2009 (held cash until the Citigroup memo leak that started the rally).

Bitcoin gains are like taking steroids - you might double or triple your size, but in the end you'll end up with nothing and disappointment.  Stock market gains are, well, awesome, and buying during historically 'bad' times for the market yields an average of 10%/year in return, even if you just randomly buy companies.  Anyone putting more than a couple of bucks in a technology which is in early beta and based upon encryption that's going to be obsolete in four years is nuts.
Agreed
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August 04, 2011, 11:55:50 PM
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Anyone putting more than a couple of bucks in a technology which is in early beta and based upon encryption that's going to be obsolete in four years is nuts.
You're a liar.
https://en.bitcoin.it/wiki/Myths#Quantum_computers_would_break_Bitcoin.27s_security
Bitcoins security mechanism can be upgraded at any time... It is SHA 256 at the moment because that is current industry standard.

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August 05, 2011, 02:00:21 AM
 #12

LOL @ anyone long stocks. You better pray for inflation, in which case your money would be better in PMs anyway. I agree it is silly to think of bitcoins as they currently stand as a good store of value, but if ppl want to think of them as a high risk high reward investment that's fine.

You do realize the entire global economy is on the verge of another large tailspin right (by which of course I mean we never actually left the first one, only ignored it for a bit). The longer you delay the inevitable, the more violent the contraction.
Bitcoin Swami
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August 05, 2011, 02:03:29 AM
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LOL @ anyone long stocks. You better pray for inflation, in which case your money would be better in PMs anyway. I agree it is silly to think of bitcoins as they currently stand as a good store of value, but if ppl want to think of them as a high risk high reward investment that's fine.

You do realize the entire global economy is on the verge of another large tailspin right (by which of course I mean we never actually left the first one, only ignored it for a bit). The longer you delay the inevitable, the more violent the contraction.

I feel the same.  Stocks are the last thing I'd be in, long. 
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August 05, 2011, 03:10:42 AM
 #14

Dow 4000 here we come.
indio007
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August 05, 2011, 03:28:05 AM
 #15

Bank of New York Mellon is charging to deposit money in an account.....

T-Bill's are paying ZERO interest....

Mutual Funds have the lowest cash on hand since .... ever....



Yesterday's Bitcoin panic was a blip compared to what is happening in other markets....


Viva la Bitcoin!

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August 05, 2011, 03:34:39 AM
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Bank of New York Mellon is charging to deposit money in an account.....

how rapacious is that?
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August 05, 2011, 02:42:21 PM
 #17

Been waiting for this POMO-Fattened market to roll over. We're getting some dip-buying early today, but it looks like the erosion will continue towards the close. Woe to anyone thinking equities is a 'safe' haven.

fortitudinem multis - catenum regit omnia
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August 05, 2011, 03:42:28 PM
 #18

Meh...just went to the beerstore and beer is still the same price.  No effect here.

For the first time, yesterday, I saw the new sized Folger's Coffee tubs. I first thought there was a sale till I reached for it. And I was only joking the other day when I posted about the individual ketchup packages soon to be priced the same as the old 12(16)oz GLASS bottled Hunts.
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August 05, 2011, 04:04:39 PM
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looks like to me they're trying to take down gold and silver...
finnthecelt
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August 05, 2011, 04:08:26 PM
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I'm super long stocks and have 95% of my assets in them.  I've more than doubled my initial investment since I started buying in Feb/March 2009 (held cash until the Citigroup memo leak that started the rally).

Bitcoin gains are like taking steroids - you might double or triple your size, but in the end you'll end up with nothing and disappointment.  Stock market gains are, well, awesome, and buying during historically 'bad' times for the market yields an average of 10%/year in return, even if you just randomly buy companies.  Anyone putting more than a couple of bucks in a technology which is in early beta and based upon encryption that's going to be obsolete in four years is nuts.

Taken a look at the Dow:gold ratio over the last 10 years? You think you're making money? lol
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