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Author Topic: Bitcoin made rich just a few but it ruined many  (Read 9320 times)
the joint
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October 01, 2014, 09:11:38 PM
 #41

You don't lose until you sell.

Those who bought at $32 were saying the same thing until we crossed it, those who bought at $266 said the same thing until we crossed it, those who bought at $1200 said the same thing until....

"You don't lose until you sell" is wrong.  It's called unrealized loss.  And actually, this is bad for two reasons:  1) You can't realize a profit, and so your present purchasing power is lower, and 2) You can't even write off the loss on your taxes because it hasn't been realized yet.

Actually this idea of "you don't lose until you sell" was completely true since the birth of bitcoin until all the way to Nov 2013 which was the ATH. Will it still hold true now? Who knows. But if you believe there will be a new ATH in the future, then that statement is still true; it's better to be patient and gain money than to be scared and lose money.


The only problem is, the rise of bitcoin is never guaranteed

No, it still doesn't make it true even if BTC goes up in price.  If BTC goes up and he sells, he realizes profits.   Losing additional profits isn't a loss at all (unless you're a glass half-empty kind of person).

I'm guessing that you meant something more along the lines of "you don't profit until you sell" when the price of BTC goes up.  But, in this case too, you profit in terms of unrealized gains.

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NotLambchop
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October 01, 2014, 09:18:37 PM
 #42

...
i can assure you, that if you're trading bitcoins for some papers from a bank you are the greatest fool and probably deserve whats coming.

An assurance from you, Robert Paulson, isn't worth the paper it's not written on Undecided

how about an assurance from the US government, they will tell you they are bankrupt if you just ask them
http://budget.house.gov/news/documentsingle.aspx?DocumentID=387875

or how about an assurance from reality
http://www.usdebtclock.org/

anyone who trades bitcoin for fiat is a fool and probably deserves whats coming.

Robert Paulson, your daddy issues with US gov. are dull, repeated constantly by those more eloquent than yourself, & contribute nothing to the topic.

Just delete your posts and help us keep this thread tidy okthx.
Robert Paulson
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October 01, 2014, 09:24:27 PM
 #43

...
i can assure you, that if you're trading bitcoins for some papers from a bank you are the greatest fool and probably deserve whats coming.

An assurance from you, Robert Paulson, isn't worth the paper it's not written on Undecided

how about an assurance from the US government, they will tell you they are bankrupt if you just ask them
http://budget.house.gov/news/documentsingle.aspx?DocumentID=387875

or how about an assurance from reality
http://www.usdebtclock.org/

anyone who trades bitcoin for fiat is a fool and probably deserves whats coming.

Robert Paulson, your daddy issues with US gov. are dull, repeated constantly by those more eloquent than yourself, & contribute nothing to the topic.

Just delete your posts and help us keep this thread tidy okthx.

i disagree, i think its important for people to understand the current fiat system in an unsustainable scam.
there is no viable monetary system possible besides bitcoin, which is why sooner or later bitcoin will enrich a whole bunch of people.

anyone who trades bitcoin for bank papers today will look like a greater fool than the guy who traded 10,000 bitcoin for a pizza only four years ago.
Odalv
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October 01, 2014, 09:36:16 PM
 #44

...Would you advise that I not reduce my exposure to BTC?
...

I never told anyone to sell.  I simply told them not to buy your bag.

...
I used an analogy to illustrate that doing something stupid and profiting doesn't make it smart.  Bitcoin is clearly not a lottery ticket.

But let's go with your direct substitution, Bitcoin=scratch ticket.
I have not suggested anyone should sell their scratch tickets to greater fools.
Merely that they shouldn't be *BUYING* lottery tickets from those who are selling them.

TL;DR:  Don't be the greater fool.

Why does this need repeating?

P.S:  Though you may profit from selling your coin now, I do not advise you to do it.
You seem to be relatively well-off, and the ethics of unloading your bag on someone potentially less fortunate than yourself are questionable.

Do you want to help him with this bag ? It is really very light weight.
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October 01, 2014, 09:37:48 PM
 #45


i disagree, i think its important for people to understand the current fiat system in an unsustainable scam.
there is no viable monetary system possible besides bitcoin, which is why sooner or later bitcoin will enrich a whole bunch of people.

anyone who trades bitcoin for bank papers today will look like a greater fool than the guy who traded 10,000 bitcoin for a pizza only four years ago.

I'm not sure if a dollar collapse is good for bitcoin.
Maybe if it takes another 5 years but certainly not now.


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October 01, 2014, 09:41:28 PM
 #46

@Odalv:  Nah, I actually practice what I preach.  Tough to believe on this forum, and I'm not expecting you to, but...  Take it for whatever you think it's worth Undecided
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October 01, 2014, 09:44:20 PM
 #47


i disagree, i think its important for people to understand the current fiat system in an unsustainable scam.
there is no viable monetary system possible besides bitcoin, which is why sooner or later bitcoin will enrich a whole bunch of people.

anyone who trades bitcoin for bank papers today will look like a greater fool than the guy who traded 10,000 bitcoin for a pizza only four years ago.

I'm not sure if a dollar collapse is good for bitcoin.
Maybe if it takes another 5 years but certainly not now.



Not in 5 yrs, not in 25. The idea that people are gonna flock to more ones and zeros on a screen in a mad max dollar collapse is quite absurd. That's a situation where tangible, hard assets will flourish.
Robert Paulson
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October 01, 2014, 09:48:05 PM
 #48


i disagree, i think its important for people to understand the current fiat system in an unsustainable scam.
there is no viable monetary system possible besides bitcoin, which is why sooner or later bitcoin will enrich a whole bunch of people.

anyone who trades bitcoin for bank papers today will look like a greater fool than the guy who traded 10,000 bitcoin for a pizza only four years ago.

I'm not sure if a dollar collapse is good for bitcoin.
Maybe if it takes another 5 years but certainly not now.



Not in 5 yrs, not in 25. The idea that people are gonna flock to more ones and zeros on a screen in a mad max dollar collapses is quite absurd. That's a situation where tangible, hard assets will flourish.

this isn't the 19th century, trade is global.
its not practical shipping gold to pay for goods and services anymore, which is why tangible hard assets will not flourish.
bitcoin is the only system that allows paying for goods and services almost instantly anywhere in the world and without trusting a third party.

it really is perfect money, nothing old even comes close.
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October 01, 2014, 09:49:34 PM
 #49


i disagree, i think its important for people to understand the current fiat system in an unsustainable scam.
there is no viable monetary system possible besides bitcoin, which is why sooner or later bitcoin will enrich a whole bunch of people.

anyone who trades bitcoin for bank papers today will look like a greater fool than the guy who traded 10,000 bitcoin for a pizza only four years ago.

I'm not sure if a dollar collapse is good for bitcoin.
Maybe if it takes another 5 years but certainly not now.



Not in 5 yrs, not in 25. The idea that people are gonna flock to more ones and zeros on a screen in a mad max dollar collapses is quite absurd. That's a situation where tangible, hard assets will flourish.

this isn't the 19th century, trade is global.
its not practical shipping gold to pay for goods and services anymore, which is why tangible hard assets will not flourish.
bitcoin is the only system that allows paying for goods and services almost instantly anywhere in the world and without trusting a third party.

it really is perfect money, nothing old even comes close.

Then you woke up from a dream...
Odalv
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October 01, 2014, 09:50:50 PM
 #50

@Odalv:  Nah, I actually practice what I preach.  Tough to believe on this forum, and I'm not expecting you to, but...  Take it for whatever you think it's worth Undecided

the more preachers the better :-)
Robert Paulson
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October 01, 2014, 09:53:13 PM
 #51


i disagree, i think its important for people to understand the current fiat system in an unsustainable scam.
there is no viable monetary system possible besides bitcoin, which is why sooner or later bitcoin will enrich a whole bunch of people.

anyone who trades bitcoin for bank papers today will look like a greater fool than the guy who traded 10,000 bitcoin for a pizza only four years ago.

I'm not sure if a dollar collapse is good for bitcoin.
Maybe if it takes another 5 years but certainly not now.



Not in 5 yrs, not in 25. The idea that people are gonna flock to more ones and zeros on a screen in a mad max dollar collapses is quite absurd. That's a situation where tangible, hard assets will flourish.

this isn't the 19th century, trade is global.
its not practical shipping gold to pay for goods and services anymore, which is why tangible hard assets will not flourish.
bitcoin is the only system that allows paying for goods and services almost instantly anywhere in the world and without trusting a third party.

it really is perfect money, nothing old even comes close.

Then you woke up from a dream...

you're right, that refutes everything i said.
findftp
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October 01, 2014, 10:03:49 PM
 #52


i disagree, i think its important for people to understand the current fiat system in an unsustainable scam.
there is no viable monetary system possible besides bitcoin, which is why sooner or later bitcoin will enrich a whole bunch of people.

anyone who trades bitcoin for bank papers today will look like a greater fool than the guy who traded 10,000 bitcoin for a pizza only four years ago.

I'm not sure if a dollar collapse is good for bitcoin.
Maybe if it takes another 5 years but certainly not now.



Not in 5 yrs, not in 25. The idea that people are gonna flock to more ones and zeros on a screen in a mad max dollar collapses is quite absurd. That's a situation where tangible, hard assets will flourish.

this isn't the 19th century, trade is global.
its not practical shipping gold to pay for goods and services anymore, which is why tangible hard assets will not flourish.
bitcoin is the only system that allows paying for goods and services almost instantly anywhere in the world and without trusting a third party.

it really is perfect money, nothing old even comes close.

It just depends what TPTB allow to be money.
*if* they pull the plug out of the internet, gold will be the medium of exchange.
If they allow the world to turn around another 100 years, it could be bitcoin that saves the day.

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October 01, 2014, 10:13:43 PM
 #53


i disagree, i think its important for people to understand the current fiat system in an unsustainable scam.
there is no viable monetary system possible besides bitcoin, which is why sooner or later bitcoin will enrich a whole bunch of people.

anyone who trades bitcoin for bank papers today will look like a greater fool than the guy who traded 10,000 bitcoin for a pizza only four years ago.

I'm not sure if a dollar collapse is good for bitcoin.
Maybe if it takes another 5 years but certainly not now.



Not in 5 yrs, not in 25. The idea that people are gonna flock to more ones and zeros on a screen in a mad max dollar collapses is quite absurd. That's a situation where tangible, hard assets will flourish.

this isn't the 19th century, trade is global.
its not practical shipping gold to pay for goods and services anymore, which is why tangible hard assets will not flourish.
bitcoin is the only system that allows paying for goods and services almost instantly anywhere in the world and without trusting a third party.

it really is perfect money, nothing old even comes close.

What you don't understand is, nobody wants a currency that isn't backed by a government or other type of major institution. They want guarantees... as it is, if they lose their bitcoin due to computer security failures or hardware problems, then they're fucked. That's why there is very little interest in it now, more than 5 years after conception, and there will always be low interest.  A worldwide economic collapse on the level that you dream of will not happen within our lifetimes, and even if it did, the idea that everyone will have a device capable of storing and transmitting bitcoin securely, over a global and well maintained computer network, is laughable.
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October 01, 2014, 10:24:30 PM
 #54

I dont get it? The OP has been around since 2010. If he bought $10 worth of BTC he would have made hundreds of thousands, crash or no crash. Price is up about a million percent since then?
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October 01, 2014, 10:27:15 PM
 #55

I dont get it? The OP has been around since 2010. If he bought $10 worth of BTC he would have made hundreds of thousands, crash or no crash. Price is up about a million percent since then?

It's not easy to hold through that much gain.

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October 01, 2014, 11:04:48 PM
 #56

I dont get it? The OP has been around since 2010. If he bought $10 worth of BTC he would have made hundreds of thousands, crash or no crash. Price is up about a million percent since then?

It's not easy to hold through that much gain.

same goes for the miners he was talking about though....and he definitely shouldn't have lost money
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October 01, 2014, 11:18:04 PM
 #57

bigger fool == Bitcoin is a Ponzi bubble

There is nothing guaranteeing your fiat dollars, in fact they are almost guaranteed to depreciate due to incessant monetary inflation. All circulating money derives value from social psychology, i.e. is in a semi-permanent state of bubble. Choose your bubbles poison wisely.

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October 01, 2014, 11:39:23 PM
 #58

BItcoin will have had its last ATH only if it has reached its full potential role in the global economy. Such a game changing technology at a market cap of only $5 billion? I don't believe it, we have a lot more to come. When? Only when idiot get rich quick speculators GTFO and let bitcoin do its thing in its own time.

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October 01, 2014, 11:54:04 PM
 #59

I'm a newcomer to Bitcoin, but I got interested in it for online gambling purposes, not as an investment vehicle.

Is it possible that with more and more people getting into Bitcoin and more and more services accepting it, the price will continue to go down as people are now actually using them for things instead of hoarding them?

I mean, say Bitcoin goes back to dollar parity and pretty much the whole world is using it. It would still be considered a gigantic success.
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October 01, 2014, 11:57:08 PM
 #60

I'm a newcomer to Bitcoin, but I got interested in it for online gambling purposes, not as an investment vehicle.

Is it possible that with more and more people getting into Bitcoin and more and more services accepting it, the price will continue to go down as people are now actually using them for things instead of hoarding them?

I mean, say Bitcoin goes back to dollar parity and pretty much the whole world is using it. It would still be considered a gigantic success.

A $21 million market cap isn't going to be of much use to the entire world. One fancy house purchase would swallow the global supply.  

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