Are people buying BTC @ $27000+ idiots?

[Battle1doom]

What I don't get is that people assume that bitcoin will climb forever. I'm sorry to disappoint you, but it probably wont.

Ask yourself this. How long will bitcoin be around. My assumption: for as long as nothing better will outcompete it.

Fact: bitcoin is no longer the leader techwise, it has been proven beyond any doubt that bitcoin is too slow, too expensive and has many other problems and flaws.

Result: bitcoin is mostly useless in replacing banks and even fiat when doing your grocery shopping at your local supermarket.

What is the situation in 2020: relegated to pump and dump and that's mostly it. Yes, you can use it to buy SOME items and services if you are prepared to pay expensive fees and wait forever.

It's just begging to be run over by a better coin - like the typewriter getting killed by the pc. And this shitcoin is worth $27K. For how long?

 

[anknok]

I don't think buying BTC at current price is a wise idea. Buy when everyone fears to buy and sell when everyone greedy to buy - Warren Buffet.
Like in Dec 2017, when BTC went upto 19k$ and people who bought at that price have to 3 years to get there money back with profit. While people who bought btc for 3500k$ in Dec 2018 have to wait few months to get that double. Buying when market is bullish is not a wise move and these are usually new comers who do this mistake.

[CryptoMobster]

I think it depends on how long they want to hold and what reward based on research, but also what has now influenced them to look at it.

Screaming buy below $6,000 this year, I bet a lot of people are kicking themselves.

[masterzino]

Could have bought it in March this year for sub $4000.

Downside risk is much greater now than it was earlier this year.

Is it the mentally challenged that are getting fleeced right now.

Most probably buyers are not people but institutional investors and companies. Also, there are new people in every area all the time, crypto is not an exception.

[gurunanakji777]

Yes, its very risky to buy bitcoin at a $27000 price, and its easy to said if we buy BTC this year in March even some people think that time Btc can drop to $1000 value. BTC is a Gem and we can not say where it will be stable as we all know there is a limited supply of BTC. I believe BTC will continue to grow year by year. If someone planning to buy BTC for the long-term then he/she can buy Btc at any level. 

[ChrisPop]

Downside risk is much greater now than it was earlier this year.

Is it? Would you call institutions "idiots"? Many of them are purchasing at this price. This is why we are sustaining these price levels.

Let's frame it in another way. When Bitcoin will be trading at $100k+ I'm sure you wouldn't call people who bought at $30k like that. The downside risk is still the same percent-wise. We're just dealing with bigger numbers. One can buy fractions of a Bitcoin and still be buying only $100 or $500 worth of Bitcoins. I hope you understand my perspective.

[ven7net]

Could have bought it in March this year for sub $4000.

Downside risk is much greater now than it was earlier this year.

Is it the mentally challenged that are getting fleeced right now.

I would not be so categorical to those people who are now buying BTC for $ 27,000. The fact is that 2021 will be the last year of the next cycle in the crypto market, which means that BTC may well grow very high. To do this, just remember the end of 2017, when BTC flew to the moon. Now we should expect a similar situation, which means that BTC may well grow up to $ 100,000 per coin and possibly even more. And probably those who buy it now believe in this big rise in the price of BTC.

[kentrolla]

Buy low and sell high is the common phenomena of the market, if you go against it then you are making a fatal error I am not saying you should not buy at all but it's very risky. If we have a look in the previous ATH of 2017 many bought in 19k+ but they waited for years to see more than the buying price this doesn't mean they are fools. If they are planning to buy for long-term well and good, need not to worry about that and move on.

[Battle1doom]

Downside risk is much greater now than it was earlier this year.

Is it? Would you call institutions "idiots"? Many of them are purchasing at this price. This is why we are sustaining these price levels.

Let's frame it in another way. When Bitcoin will be trading at $100k+ I'm sure you wouldn't call people who bought at $30k like that. The downside risk is still the same percent-wise. We're just dealing with bigger numbers. One can buy fractions of a Bitcoin and still be buying only $100 or $500 worth of Bitcoins. I hope you understand my perspective.

I think your perspective is that you would like to fleece the newbs as much as possible, and I get that. Not sure what the newbs get out of it, once again FOMO proves to be powerful.

It's clear to everybody that bitcoin is being actively pumped, question is for how long. One thing we do know for sure is that the higher the price, the higher the risk.

[Murtaza345]

Ofcource People Are interested to buy bitcoin yet, Because they  know the bitcoin current really which is not doing Stop.So people also doing more research about bitcoin and they are getting more interest in bitcoin.becsuse bitcoin in2020 has done people millionaire, And Thats the reason people want to buy  also on current price like 27k. And yes they observe the bitcoin in 2021 will hit easily 35k.

[aoluain]

Could have bought it in March this year for sub $4000.

Downside risk is much greater now than it was earlier this year.

Is it the mentally challenged that are getting fleeced right now.

eh, we did buy earlier at $4000, and again at $8000, and again at $16000 and again today!

I spent my last available $'s today and bought 22,890 satoshi's, its called dollar cost averaging.

Come back to us when Bitcoin is $60000 when we are buying more.

[DarkDays]

It’s the start of the next bull cycle, do your research. Sure people buying now won’t make as much profit as somebody who bought in March but even buying now it’s likely they’ll make at least 2 or 3 x what they invest now by late 2021.

I absolutely agree with you. If people thought buying BTC at 27K is mad, what would they think when they'll realize that in a few years to buy BTC they'll need to spend at least 50K to get not 1 whole BTC but a fraction of a BTC? This type of event is not just fantasy, if BTC continues on this trend of doubling or go more than triple in value in 1 year, this is indeed very plausible.

With this in mind, clearly the idiots aren't those who buy now at 27K but those who were laughing at those buying at 27K when they themselves missed the train and would have no option but to buy in at 30K and above.

[tsaroz]

There are different types of investors and traders. The ones that plays with the prices in intraday trading watching technical analysis makes profit however the market is.
But there are also new and naive investors that hears about the records bitcoin's making and the investors brought in what multiple of profit and jump into without consideration.
There even are regular investors who on the fear of missing out buys them at a larger price.

[Josefjix]

Would you have believed it was going to surpass $4k since March? it is not idiocy to buy bitcoin at any price since everyone weighs his or her gain and loss before embarking on a buying spree.

[serjent05]

Could have bought it in March this year for sub $4000.

Downside risk is much greater now than it was earlier this year.

Is it the mentally challenged that are getting fleeced right now.

Well, I don't think that those who are buying at 27k+ idiots.  Looking at the history of Bitcoin, someone had seen a 4 year cycle wherein after a 2 year bear market Bitcoin will start its bull market, that said, the year 2020 is the first year of that bull market so if history repeat itself, we will see more insane market surge of Bitcoin next year.  And if that happens, do you think those people who bought at 27k idiot?

[bassbity]

big risk and does not guarantee big profits. This will only eat up 1% of the profit. even then if the price continues to rise, what if it goes down. It's a shame if you buy when the bitcoin position is high, so be careful when making decisions. because without doing research first it will have a bad impact. Follow the hype, but you must still be wise in making decisions.

[Khaos77]

Could have bought it in March this year for sub $4000.

Downside risk is much greater now than it was earlier this year.

Is it the mentally challenged that are getting fleeced right now.

Yep. 

[o_e_l_e_o]

As somebody who’s been constantly buying & HODLING (selling nothing) since 2014, there is never a bad time to buy bitcoin if you have patience.

I remember getting called an idiot in December 2017 for buying at $15k on the way up to the $20k peak. I also remember getting called an idiot in January 2018 for buying at $15k on the way down from the $20k peak.

Both times I was being called an idiot by someone who said bitcoin was dead and going to zero. The value of those coins has almost doubled since I bought them. Sure, if I had saved all that fiat and bought bitcoin at $4k instead (incidentally, I did buy bitcoin at $4k, and $5k, and $6k...) I would have more, buy hey, hindsight is 20/20.


When I made this post (Re: Missed the golden opportunity, now what??), I had a feeling I would quote it in future when threads like this one showed up. I just didn't think I would be quoting it so soon. A mere two months ago this user was complaining they had missed their opportunity to buy bitcoin, and now that it was $13k, there was no point. They could have more than doubled his money in under 2 months. And so the cycle repeats, with the next used complaining the current price is too high to buy. Wonder how long it will be before we quote this thread and laugh at how low a price $27k was.

[goldade]

I wouldn't call them idiots. It is absolutely normal for them to buy at the any price bitcoin might be. I know it's the same for them just as it was when bitcoin was $4000. Everyone who bought bitcoin at $4000, its peak price then, must have bought it with the hopes of bitcoin getting even higher in price.
I believe those who buy now are buying with the hopes that bitcoin will be higher in price than what it is now.
Although, those that bough at $4000 are already in so much profit now, I do not think it's too late to get on the moving train to get the most of bitcoin.

[sterle]

Could have bought it in March this year for sub $4000.

Downside risk is much greater now than it was earlier this year.

Is it the mentally challenged that are getting fleeced right now.

lmao, like you brought at 4000$ that deep was instantly brought.