Cryptocurrencies are currently the epitome of a "bubble"... V3

[Sherb]

Looks like Bitcoin has hit its max as of this morning and will likely begin the long drop to the basement in the next few days.

Those of you who are preparing to sell, what do you plan to do with your earnings? Those of you who are going to "hodl" as it freefalls, at what point will you give in and sell off your coins? What is your plan of attack as these exchanges freeze transactions when it hits freefall? Will you foray into the alts that don't crash in tandem with bitcoin, or will you invest in more stable options?

"That bubble is going to burst any minute."
- Sherbert Hoover, May 25 2017.

"That bubble is going to burst any minute."
- Sherbert Hoover, November 9 2017.

"That bubble is going to burst any minute."
- Sherbert Hoover, November 17 2017.

Those of you who plan to hold to a certain number, what is your confidence in that, and what information do you have backing that up that isn't "well it's gone up for a few months now, why wouldn't it keep going?" Also, follow up question, do you get concerned at all having money in such an unstable, non-backed, volatile medium? Hopefully, you've listened to the masses and only invested as much as you are willing to lose.

Arguments about crypto aside, I think it's been proven that investing in crypto is a gamble, much like investing in anything else. Its volatility, though, is painfully obvious.

Those of you interested in investing like rational adults, feel free to look into Vanguard index funds. Their stability and longevity has been proven for decades... unlike the months of crypto.

And those of you who plan to continue holding and hoping for the best, what keeps your delusions of crypto as an investment vehicle fueled? Anything besides line charts and speculations?

Anyway, enough of that. I'll be putting a few grand each into Chickencoin and BHWcoin, as I'm confident they can survive through the upcoming Bitcoin crash.

Let's ride it out together!

This thread is dedicated to our fallen brother AlumniAce. May his delusions of grandeur propel him forward into mediocrity.

 

[Deleted member 719276]

 

[imoneyboy1]

It is indeed going to pop, but it will go back up even higher afterwards. Every 30% rise will result in a 15% drop at least. If 40%, drops to 20%, etc. In at least a month's time.

I buy when it drops by 15% from the price I intended to buy in the first place (if wanting to buy now).

 

[waterworks]

That gif. ROFL

Already invested in Vanguard and indeed it has turned out to be a great long term investment.

Waiting for Bitcoin crash before buying. Seems dumb to buy right now because it's so ridiculously high. Would like to see a huge correction back down to moderate levels, and then a long steady and stable climb back up. This volatility feels like playing with fire.

 

[Sherb]

sir

It is indeed going to pop, but it will go back up even higher afterwards. Every 30% rise will result in a 15% drop at least. If 40%, drops to 20%, etc. In at least a month's time.

I buy when it drops by 15% from the price I intended to buy in the first place (if wanting to buy now).

I'm curious as to what you are basing these numbers off of. Is it that "it's happened twice, so it will surely happen again", or do you have further insight into forecasting than most?

That gif. ROFL

Already invested in Vanguard and indeed it has turned out to be a great long term investment.

Waiting for Bitcoin crash before buying. Seems dumb to buy right now because it's so ridiculously high. Would like to see a huge correction back down to moderate levels, and then a long steady and stable climb back up. This volatility feels like playing with fire.

VTSAX has been awesome for me this year. My company 401k is in VINIX as well, and it seems to be pretty stellar. Any company with almost $5 trillion under management is doing something right, and has been doing something right for a very, very long time.

 

[roman375]

I might sell a portion of my BTCs when you make version 100 of this thread, unless you plan to make these threads weekly now. Why did you lock the v2 thread anyways?

 

[SOCOM]

Where is the drop that you're seeing? From what I see, Bitcoin is up from $7,473 to $7,873 on CoinDesk. I don't know shit about Bitcoin though.

 

[Deleted member 719276]

Where is the drop that you're seeing? From what I see, Bitcoin is up from $7,473 to $7,873 on CoinDesk. I don't know shit about Bitcoin though.

if BTC goes up kind sir, it means that it goes down.

 

[Nut-Nights]

Agree. Sold it.

 

[justbrowsing1]

I've turned $10k into $200k in 4 months. I wouldn't really call it gambling tbh, maybe gambling with the odds in your favor rather than against.

I don't have much faith in crypto being used by many as a currency, maybe a 10% chance which would still make it undervalued.
Blockchain is where the real value is though, that will almost definitely be used by many companies.

 

[BassTrackerBoats]

Why did you lock the v2 thread anyways?

He didn't (he can't actually) I did as it was turning into a urination match.

 

[roman375]

He didn't (he can't actually) I did as it was turning into a urination match.

My bad. You think this thread will fare any better though?

 

[BassTrackerBoats]

My bad. You think this thread will fare any better though?

I'm not @pewep so I don't predict the future but I removed someone that had a lot of bodily fluids in that thread so if I were a betting man I would say yes.

 

[pewep]

I'm not @pewep so I don't predict the future but I removed someone that had a lot of bodily fluids in that thread so if I were a betting man I would say yes.

I'm still patiently waiting for the day Bass starts meditating and throwing chairs around his house .

 

[tb303]

Those of you who are preparing to sell, what do you plan to do with your earnings?

Ive sold some over the last few days but the thing is I cant just cash it all out like that. It would put me well into the 50% tax bracket and fuck that for a game of soldiers. So I sold some for usdt but thats not cashing out its just another crypto and good luck selling Tether if Bitcoin was to crash and burn like you say.

As bitcoin is so far up from when I started to buy i cant bring myself to sell the rest. I'll reconsider on a 50%+ drop till then Im hodling.

I might sell a portion of my BTCs when you make version 100 of this thread, unless you plan to make these threads weekly now. Why did you lock the v2 thread anyways?

I'd like an answer to this too. Why did you close that thread @Sherbert Hoover?

To be honest sherb Im starting to care more about Bitcoin proving you wrong than I do about its price. What I hope is we get enough time for Lighting Network to get off the ground before your prediction comes true. Trouble is I can see that being a couple of years yet. Im fully expecting a few 30/40% drops in the meantime though as its got previous for that.

EDIT: Missed the post by BTB above.

 

[tux]

I've turned $10k into $200k in 4 months. I wouldn't really call it gambling tbh, maybe gambling with the odds in your favor rather than against.

I don't have much faith in crypto being used by many as a currency, maybe a 10% chance which would still make it undervalued.
Blockchain is where the real value is though, that will almost definitely be used by many companies.

can you teach @Sherbert Hoover ?

 

[Sherb]

I've turned $10k into $200k in 4 months. I wouldn't really call it gambling tbh, maybe gambling with the odds in your favor rather than against.

I don't have much faith in crypto being used by many as a currency, maybe a 10% chance which would still make it undervalued.
Blockchain is where the real value is though, that will almost definitely be used by many companies.

Congratulations, those are incredible gains!

The bolded I 100% agree with. No matter the garbage value of cryptocoins, they pale in comparison to the value blockchain technology has for sectors far outside just crypto.

My bad. You think this thread will fare any better though?

I hope so. This is serious discussion for serious people. Although I definitely am doing my fair share of antagonizing, this was never meant to be a pissing match, but instead an informed debate on the impending demise of bitcoin.

I'm hopeful that nobody comes sprinting in here spouting out their resume again like we care.

Ive sold some over the last few days but the thing is I cant just cash it all out like that. It would put me well into the 50% tax bracket and fuck that for a game of soldiers. So I sold some for usdt but thats not cashing out its just another crypto and good luck selling Tether if Bitcoin was to crash and burn like you say.

As bitcoin is so far up from when I started to buy i cant bring myself to sell the rest. I'll reconsider on a 50%+ drop till then Im hodling.


I'd like an answer to this too. Why did you close that thread @Sherbert Hoover?

To be honest sherb Im starting to care more about Bitcoin proving you wrong than I do about its price. What I hope is we get enough time for Lighting Network to get off the ground before your prediction comes true. Trouble is I can see that being a couple of years yet. Im fully expecting a few 30/40% drops in the meantime though as its got previous for that.

EDIT: Missed the post by BTB above.

I would be thrilled if I was incorrect. Again, this is all complete speculation, as is "bitcoin is going to 10k by Christmas". I don't have any further insight into the matter than the information everyone else has access to and the charts and volatility that has been a permanent fixture in crypto.

Congratulations to you as well on your gains. Seems like crypto has been very profitable for you.

can you teach @Sherbert Hoover ?

I plan to start investing in publicly traded companies incorporating blockchain technology into their platforms in 2018. I have no interest in further investments into crypto coins, see almost all of them as massive pump and dump schemes, and am not a fan of the inherent risk and volatility, even if investing disposable funds.

 

[waterworks]

can you teach @Sherbert Hoover ?

Yes do tell. Four months ago it was roughly between $3,000 and $4,000 so it's roughly doubled in price since that time. I'm assuming you invested the $10k at a much earlier point?

 

[roman375]

I hope so. This is serious discussion for serious people. Although I definitely am doing my fair share of antagonizing, this was never meant to be a pissing match, but instead an informed debate on the impending demise of bitcoin.

I am curious why you are so steadfast in your belief that BTC's demise is right around the corner?

Even though I am a firm believer in BTC, I realize there are risks and many challenges in its path. However, I do not believe these challenges have the ability to destroy BTC overnight, relatively speaking. Moreover, many of the problems plaguing it today (primarily relatively high fees and slow transaction times) are actively being worked on by a very large group of extremely talented people. One of the solutions currently being worked on has the potential to allow BTC to process more transactions per second than Visa/Mastercard. Adoption rate is also growing, more companies and organizations are jumping on the network (granted I admit we also lost some merchants in 2017 due to the aforementioned problems). Financial institutions are only now beginning to take a serious interest in it as well (see CME Group, a financial market company with assets upwards of $60 billion, launching BTC futures in December). If this is a bubble, I don't think we are anywhere near the top of it.

However, if BTC successfully scales to be able to handle the same level of transaction volume as VISA/Mastercard with relatively low fees, I do not see how it will ever be stopped from that point forward. Adoption would explode at an exponentially higher rate than we have seen so far.

Having said that, I am not a crypto maximalist. I do not believe that it will replace fiat. But I do not see how the two cannot successfully co-exist alongside each other.

 

[TeslaFan]

it's not a bubble at 8K if it goes to 80K is it?? It might be at 80K but it's not a bubble at 80K if it goes to 800K. Euro is a bubble it goes down and down and down and down each and every year without excheption I would call Euro a bubble. BTC could be a bubble but not at 8K I think maybe later. Would you rather have Euro or BTC?