The inevitable collapse of hubris

[revans]

Looks like the great Bitcoin pump and dump swindle is coming to its inevitable conclusion. Soon, all the vested interests who were screaming at people to buy in at $1000, telling people to sell their houses, cars, shirt off their back to buy buy buy will be shouting 'SUCKERS!'.


I hope there are plenty of people who lose absolutely everything to this scam. And I hope their utter financial ruin will serve as a warning. Bitcoin was always going to collapse, and most of its most noisy supporters knew damn well it would. Do you really think the Winkledouche twins believe their price projections? Not a chance. What about Max Keiser, the guy who has spent a decade complaining about dodgy financial products like derivatives, next thing he's promoting a Bitcoin derivatives market! Shysters one and all.

[kireinaha]

This time it's different™

[the joint]

Looks like the great Bitcoin pump and dump swindle is coming to its inevitable conclusion. Soon, all the vested interests who were screaming at people to buy in at $1000, telling people to sell their houses, cars, shirt off their back to buy buy buy will be shouting 'SUCKERS!'.


I hope there are plenty of people who lose absolutely everything to this scam. And I hope their utter financial ruin will serve as a warning. Bitcoin was always going to collapse, and most of its most noisy supporters knew damn well it would. Do you really think the Winkledouche twins believe their price projections? Not a chance. What about Max Keiser, the guy who has spent a decade complaining about dodgy financial products like derivatives, next thing he's promoting a Bitcoin derivatives market! Shysters one and all.

You "hope" people lose "absolutely everything?"  What kind of sick person are you?

By the way, you realize that this wasn't the largest bubble to happen to Bitcoin right?

Here, http://bitcoincharts.com/charts/mtgoxUSD#tgSzm1g10zm2g25zvzl everything is looking just fine and dandy.  Yawn. 

[revans]

Looks like the great Bitcoin pump and dump swindle is coming to its inevitable conclusion. Soon, all the vested interests who were screaming at people to buy in at $1000, telling people to sell their houses, cars, shirt off their back to buy buy buy will be shouting 'SUCKERS!'.


I hope there are plenty of people who lose absolutely everything to this scam. And I hope their utter financial ruin will serve as a warning. Bitcoin was always going to collapse, and most of its most noisy supporters knew damn well it would. Do you really think the Winkledouche twins believe their price projections? Not a chance. What about Max Keiser, the guy who has spent a decade complaining about dodgy financial products like derivatives, next thing he's promoting a Bitcoin derivatives market! Shysters one and all.

You "hope" people lose "absolutely everything?"  What kind of sick person are you?

By the way, you realize that this wasn't the largest bubble to happen to Bitcoin right?

Here, http://bitcoincharts.com/charts/mtgoxUSD#tgSzm1g10zm2g25zvzl everything is looking just fine and dandy.  Yawn. 

It hasn't finished crashing yet. By the time it does it will be by far the biggest (and possibly final) Bitcoin bubble.

[chufchuf]

Kim Jong Un, is that you?

[glendall]

Wow folks have lost a lot of perspective.

Funny when there is a crash, always a big flood of posts, mostly from bitcoin newbs, saying the sky is falling.

Things really aren't that bad. 2 months ago we were less than 200, now it may stablize around 500? Oh boy ya what a nightmare, more than 200% in 2 months. Oh noes oh noes sell sell bitcoin is finished ! lol, this is pretty silly. A 250% gain in price! Whew what a crash !

The Chinese position change really hurts but overall it isn't like a death strike to bitcoin like many are making it out to be.

[MatTheCat]

You "hope" people lose "absolutely everything?"  What kind of sick person are you?

He is the kind of person who pops up every crash to say I told you so, and pops in now and again to call the absolute tops on the bubble at $300, $400, $500, $600.....u get the idea.

Not to be listened to.

An inverse form of a Bitcoin nutter.

Wow folks have lost a lot of perspective.

Funny when there is a crash, always a big flood of posts, mostly from bitcoin newbs, saying the sky is falling.

Things really aren't that bad. 2 months ago we were less than 200, now it may stablize around 500? Oh boy ya what a nightmare, more than 200% in 2 months. Oh noes oh noes sell sell bitcoin is finished ! lol, this is pretty silly. A 250% gain in price! Whew what a crash !

Nice to hear confirmation from such an expert that $500 is as low as it is going to go.

[the joint]

Looks like the great Bitcoin pump and dump swindle is coming to its inevitable conclusion. Soon, all the vested interests who were screaming at people to buy in at $1000, telling people to sell their houses, cars, shirt off their back to buy buy buy will be shouting 'SUCKERS!'.


I hope there are plenty of people who lose absolutely everything to this scam. And I hope their utter financial ruin will serve as a warning. Bitcoin was always going to collapse, and most of its most noisy supporters knew damn well it would. Do you really think the Winkledouche twins believe their price projections? Not a chance. What about Max Keiser, the guy who has spent a decade complaining about dodgy financial products like derivatives, next thing he's promoting a Bitcoin derivatives market! Shysters one and all.

You "hope" people lose "absolutely everything?"  What kind of sick person are you?

By the way, you realize that this wasn't the largest bubble to happen to Bitcoin right?

Here, http://bitcoincharts.com/charts/mtgoxUSD#tgSzm1g10zm2g25zvzl everything is looking just fine and dandy.  Yawn. 

It hasn't finished crashing yet. By the time it does it will be by far the biggest (and possibly final) Bitcoin bubble.

Even if it drops to $75 it won't be the biggest bubble.

For it to be the final bubble, price needs to hit $0.  This will never happen because I will always be willing to buy BTC at some price.

Did you even look at that link I pasted?  At current prices we're up >400% in the past 6 months, and we're following the logarithmic trendline just dandily.

TL;DR:  This isn't anything out of the ordinary.  You must be new.

[revans]

Wow folks have lost a lot of perspective.

Funny when there is a crash, always a big flood of posts, mostly from bitcoin newbs, saying the sky is falling.

Things really aren't that bad. 2 months ago we were less than 200, now it may stablize around 500? Oh boy ya what a nightmare, more than 200% in 2 months. Oh noes oh noes sell sell bitcoin is finished ! lol, this is pretty silly. A 250% gain in price! Whew what a crash !

The Chinese position change really hurts but overall it isn't like a death strike to bitcoin like many are making it out to be.

People who bought in at $1200 probably disagree with you.

[the joint]

Wow folks have lost a lot of perspective.

Funny when there is a crash, always a big flood of posts, mostly from bitcoin newbs, saying the sky is falling.

Things really aren't that bad. 2 months ago we were less than 200, now it may stablize around 500? Oh boy ya what a nightmare, more than 200% in 2 months. Oh noes oh noes sell sell bitcoin is finished ! lol, this is pretty silly. A 250% gain in price! Whew what a crash !

The Chinese position change really hurts but overall it isn't like a death strike to bitcoin like many are making it out to be.

People who bought in at $1200 probably disagree with you.

People lose money sometimes playing the markets?  Really?  You're blowing my mind, man!

[SuperHakka]

hubris come, hubris go. i is been around a lot and bitcoin right now has hubris off the charts heehe. bitcoin is good, maybe even great, but its not THAT great. don't be forgetting bitcoin is still in beta and there are a lot of things which stop it from hitting mainstream.

[glendall]

Wow folks have lost a lot of perspective.

Funny when there is a crash, always a big flood of posts, mostly from bitcoin newbs, saying the sky is falling.

Things really aren't that bad. 2 months ago we were less than 200, now it may stablize around 500? Oh boy ya what a nightmare, more than 200% in 2 months. Oh noes oh noes sell sell bitcoin is finished ! lol, this is pretty silly. A 250% gain in price! Whew what a crash !

The Chinese position change really hurts but overall it isn't like a death strike to bitcoin like many are making it out to be.

People who bought in at $1200 probably disagree with you.

Anyone who bought at 1200 is not very wise.  You never buy anything at the peak of a bubble. It's no surprise to lose money if so, that's a really dumb idea.

I told my friends who wanted to get into Bitcoin to wait until after Xmas where I predicted the price would be around $600. And I still think I'm going to be right.

[glendall]

Wow folks have lost a lot of perspective.

Funny when there is a crash, always a big flood of posts, mostly from bitcoin newbs, saying the sky is falling.

Things really aren't that bad. 2 months ago we were less than 200, now it may stablize around 500? Oh boy ya what a nightmare, more than 200% in 2 months. Oh noes oh noes sell sell bitcoin is finished ! lol, this is pretty silly. A 250% gain in price! Whew what a crash !

Nice to hear confirmation from such an expert that $500 is as low as it is going to go.

I'm not an expert but I definitely know a lot more than a lot of people posting in this thread.  I'm generally right in my predictions of price movement.  I bought in around $15 a bitcoin initially and mined before that, so I've seen it go up and down since then. My comments still stand, I think they are reasonable... if you don't agree that's okay, but no need for petty sarcasm.

Okay you think a 500 bottom is dumb. (So far it seems reasonable to me.) What do you think the bottom will be?

It's really easy to sit back and point out how some folk's speculations are wrong while not contributing any thoughts on what a 'correct' speculation is.

Reading your OP I can only think of two reasons why you'd post it:  a) you are really bad trader or investor, and got butt hurt about losing money recently (whereas I made a good profit)     b) you are just trying to spread fear in some weak attempt to push prices down further so you can buy back in.

[MatTheCat]

Reading your OP I can only think of two reasons why you'd post it:  a) you are really bad trader or investor, and got butt hurt about losing money recently (whereas I made a good profit)     b) you are just trying to spread fear in some weak attempt to push prices down further so you can buy back in.

I have been calling a downturn right from $1000, and get insulted and called clueless all the way down.

I consider that I have done quite well overall. After all, I jumped in right at the manic stage of the bubble, and traded around the delusional 'New Paradigm' double top. As far as market direction goes, I give myself 9/10.

Market entry and exit timing on the otherhand leaves much to be desired.

Right now, I am looking at the chart, and there is absolutely nothing about it that might incentivise me to re-enter, save for a further crash down to $200 followed by a definite sharp bounce back that I might be able to profit from. Aside from the what the charts are saying, there is this China thing which is far from over yet.

I mean, anyone would have to be off their fkn rocker to buy in here, right?

Simply using the past two bubble and crash scenarios as a template, there is absolutely nothing to suggest that this is the bottom and nothing to suggest that the absolute bottom will not be dragged through the mud over a stagnatory period of time, allowing those who still believe in the fundamentals to jump on board for the next ride up. Of course, one cannot use past events as a template for projection of future happenings, as perhaps their will not be another Bitcoin ride up, although for the time being, I imagine that there will be.

I aint calling a bottom and I will re-enter the market when I think it might be beneficial to do so, and that certainly isn't right now.

[rampantparanoia]

*sniffs OP*

smells like despair

[Buffer Overflow]

I hope there are plenty of people who lose absolutely everything to this scam. And I hope their utter financial ruin will serve as a warning.

Ladies and gentlemen, we have located a bag holder that bought at $1200.  

Looks like the great Bitcoin pump and dump swindle is coming to its inevitable conclusion.

You don't honestly believe it's the end of Bitcoin do you? I think we both know that's not true.

[GigaCoin]

Looks like the great Bitcoin pump and dump swindle is coming to its inevitable conclusion. Soon, all the vested interests who were screaming at people to buy in at $1000, telling people to sell their houses, cars, shirt off their back to buy buy buy will be shouting 'SUCKERS!'.


I hope there are plenty of people who lose absolutely everything to this scam. And I hope their utter financial ruin will serve as a warning. Bitcoin was always going to collapse, and most of its most noisy supporters knew damn well it would. Do you really think the Winkledouche twins believe their price projections? Not a chance. What about Max Keiser, the guy who has spent a decade complaining about dodgy financial products like derivatives, next thing he's promoting a Bitcoin derivatives market! Shysters one and all.

No

[T.Stuart]

I mean, anyone would have to be off their fkn rocker to buy in here, right?

The funny thing is it's actually the reverse. In my humble opinion they are the most likely to win. As long as they are only "quite greedy" and therefore decide to go "long" (one year) then they are looking at a dream investment by any standards.

Its the people who so badly want to double their money in an hour who are off their rockers.

[Hunterbunter]

If you're into bitcoins for short term profit, and aren't very good at day trading, prepare your anus.

[sgbett]

Wow folks have lost a lot of perspective.

Funny when there is a crash, always a big flood of posts, mostly from bitcoin newbs, saying the sky is falling.

Things really aren't that bad. 2 months ago we were less than 200, now it may stablize around 500? Oh boy ya what a nightmare, more than 200% in 2 months. Oh noes oh noes sell sell bitcoin is finished ! lol, this is pretty silly. A 250% gain in price! Whew what a crash !

The Chinese position change really hurts but overall it isn't like a death strike to bitcoin like many are making it out to be.

People who bought in at $1200 probably disagree with you.

If anyone bought at $1200 then they should have only done so if they fully understood there was a chance that they may have to hold through a serious decline.

Funny thing is you could say the same about any entry price.

Mostly though, in every case just waiting 6-12 months on whatever price you entered has usually worked out ok. I don't see this time being any different.

Past performance not necessarily a future indicator yada yada.

Of course if you invested only what you could afford, there isn't a problem right?