Bitcoins/Litecoins/Virtual Currencies

Cad said:

So your hunch/feeling about the thing is correct/valid but the other guys is made up bullshit?

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I didn't make a living for 30 odd years sitting in meetings and billing by the hour. I also lived and survived previous melt ups and melt downs, how about you?

Khane said:

Man, you're changing your story quite often today. Sounds like you're starting to invest emotionally here.

On one hand you're saying you're confident the market will rebound and it will be back up. On the other hand you're saying shorting is the safer bet? How do you reconcile those two statements? Are you saying you'll know the bottom when you see it and buy back in so you can cover your short before it rebounds? Good luck man.

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I'm not changing my story at all. I said it would bounce at 7.8-8k, and it did. I said that I would only hold it if it rallied hard, and it did not. It's not unusual for derivatives traders to hold a position for hours or even minutes or seconds in crazy moments. Failing to survive 8k again is a strong signal to traders-- if it had rallied hard it would have provided confidence, but it did not so they now all assume lower lows.

I closed my short quickly when it hit 7.8 again; I didn't hold it very long. I just figured that it would fall to that level because the 8k buy orders were all chewed up and the 7.8 orders mostly were not, and that's what happened. It's 7.5k now regardless.

I'll mention that I'm trading with 10% of my crypto holdings, and I use low leverage. (well, it used to be 10%, but became more like 20%) Anybody who trades with any significant amounts of their holdings like this is a crazy person. BitMEX in particular is a brutal arena where it's EXTREMELY easy to lose all your money in an instant. That's why it's fun.

Bitcoin will see new highs one day; I'm confident of that. The lower this goes, the more insane the next bull run will be. The market is merely providing a better and better entry point for long term holders.

Bitcoin Blood Bath Typical Burst Bubble

Try making an out going phone call Cad where you don't get paid. Where you have to reason with people's emotions as their money evaporates.

Pops said:

Bitcoin Blood Bath Typical Burst Bubble

Try making an out going phone call Cad where you don't get paid. Where you have to reason with people's emotions as their money evaporates.

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Funny watching this house of cards collapse. Can't wait to see the fallout.
Suspect the bubble was caused by illegal manipulation.

We are now at mid November levels. The horror

5k is mid October level

3k is mid September level

I'll buy with USD again at 3k, but I really doubt it drops that far

Lots of salt here. One reason I haven't been posting much here in recent years

I think the naysayers equate Bitcoin with traditional assets far too much. The reason why I'm nowhere near rich or retirement even when I bought my first coins years ago is because I spent very little on it to begin with. Laughing at me for buying it is kind of silly. Why is this any worse than buying comic books, baseball cards, or any other given thing that might appreciate? I also get enjoyment out of Bitcoin other than watching it appreciate, since I'm a geek. Mark Cuban likes bitcoin, but warns people that you must 'pretend like the money is gone' because it's a long shot. Nobody ever said that this wasn't high risk. People who are crying over the phone invested too much and were warned. (unless they get their investment advice from CNBC)

Traditional markets are hardly devoid of fraud and abuse. Not sure traditional investors should be throwing stones.

Torrid said:

Lots of salt here. One reason I haven't been posting much here in recent years

I think the naysayers equate Bitcoin with traditional assets far too much. The reason why I'm nowhere near rich or retirement even when I bought my first coins years ago is because I spent very little on it to begin with. Laughing at me for buying it is kind of silly. Why is this any worse than buying comic books, baseball cards, or any other given thing that might appreciate? I also get enjoyment out of Bitcoin other than watching it appreciate, since I'm a geek. Mark Cuban likes bitcoin, but warns people that you must 'pretend like the money is gone' because it's a long shot. Nobody ever said that this wasn't high risk. People who are crying over the phone invested too much and were warned. (unless they get their investment advice from CNBC)

Traditional markets are hardly devoid of fraud and abuse. Not sure traditional investors should be throwing stones.

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My mockery is purely the people who bought in at 3-5K. They are likely about to see their hopes and dreams profits nuked because they got greedy. I pulled out when it was still > 15K.

Huh? I made several hundred dollars worth of BTC yesterday

wormie said:

Tech analysis says there is support here! Wall at 8k! Short at 7.8k! This will be at 5k! Going to 3k now. Going to the moon after! All within 24 hours. But why do you guys mock????

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Don't worry. Once it hits 100, it's going to bounce right back up to 20k.

Torrid said:

Huh? I made several hundred dollars worth of BTC yesterday

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My guess is that people are mocking because in a market this volatile, it might as well be just gambling. All your talk of 8k walls, which you change to 5k walls, etc, it sounds like you really have no fucking idea what is happening.

Also, gamblers are notorious for doing things like talking about how they are "up" and how much they won "last week" when being down massively over longer timeframes. So they probably also assume you are full of shit.

khalid said:

My guess is that people are mocking because in a market this volatile, it might as well be just gambling. All your talk of 8k walls, which you change to 5k walls, etc, it sounds like you really have no fucking idea what is happening.

Also, gamblers are notorious for doing things like talking about how they are "up" and how much they won "last week" when being down massively over longer timeframes. So they probably also assume you are full of shit.

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Bitcoin is gambling. Its an ecological disaster in the making being hyped up by people trying to make a quick buck.

I think there is some confusion since I didn't explain that the futures contracts on BitMEX settle in BTC, not dollars. So when I say I'll buy at 3k with USD, it doesn't mean I'm not currently already holding BTC and I'll be opening longs around 5k using my existing BTC equity which I will close if it starts looking bad, as any trade.

A large buy wall at a price point that traders have been talking about for weeks is indicative of an intention to buy, so I bought. All trades are gambles; the trick is to get the odds in your favor so you win more than you lose. Yesterday was just taking a quick profit in a (relatively) low-risk trade on the way down. I thought there was a chance at recovery there, but I stated clearly that I was going to sell quickly unless it rallied hard.

Regardless, lets say Bitcoin is totally gambling. Do you also ridicule gamblers who enjoy themselves at Las Vegas? Bitcoin could go to 0 and it wouldn't affect my lifestyle. This is a game to me.

Also, I didn't say bitcoin 'is going to the moon'; I merely said that it will recover eventually. It could take years. Frankly 20k was already pretty fucking moonish.

Torrid said:

Regardless, lets say Bitcoin is totally gambling. Do you also ridicule gamblers who enjoy themselves at Las Vegas? Bitcoin could go to 0 and it wouldn't affect my lifestyle. This is a game to me.

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I absolutely would ridicule a gambler who said something like "its hit red 3 times in a row, time to start betting on black" while playing roulette.

So when traders are all talking about 8k on social media, and there is a mountain of buy orders at 8k, and the price just fell considerably, my thinking that there is a better than 50/50 odds of a lot of buying at that price level is equivalent to the gambler's fallacy? I'm going to have to disagree

That's very solid research. I honestly can't find a fault in your logic and therefore must disagree with Khalid. You are certainly not gambling sir.

Monero is currently under attack by a mining botnet, which has absolutely tanked the mining rewards for regular users.
There's some concern that if the botnet gets enough control, they could force a fork and effectively take control.

Botnet Infects Half a Million Servers to Mine Thousands of Monero - CoinDesk

Torrid said:

So when traders are all talking about 8k on social media

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Well shit dawg, I didn't know you were doing that kind of indepth research. Carry on.