Major fall in BTC price (16th Jan)

Currently at $11,850. Whether this is a dead-cat bounce or a permanent recovery I must say I am surprised people are buying in at this price..
 
Interesting graph here : https://www.coindesk.com/price/

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RETIRED2017 said:
Someone making a few euro/Pound now and again every day,
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There are traders who are buying and selling for short periods of time thinking that they can predict short term movements.

No one can. We can predict the long term price of it. But we don't know when it will reach that or the path it will take.

Brendan
 
Brendan Burgess said:
There are traders who are buying and selling for short periods of time thinking that they can predict short term movements.

No one can. We can predict the long term price of it. But we don't know when it will reach that or the path it will take.

Brendan
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Thanks I already know , What is interesting people who have 400000 in the stock markets growing slowly over several generations panic faster than people who built up 400000 in bitcoins which has grown by 1500% over a very short time frame may be slower to panic ,
 
In fairness people that have been in Bitcoin since 2010 to 2013 will have been very well accustomed to drastic price movements.
 
RETIRED2017 said:
people who have 400000 in the stock markets growing slowly over several generations panic faster than people who built up 400000 in bitcoins which has grown by 1500% over a very short time frame may be slower to panic
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Interesting point, but is it based on any evidence? It does seem that way, but I am not sure if it is or not.

Most long term stock market investors don't panic during falls.

There doesn't seem to be a sense of panic among Bitcoin owners. There should be, though.

Brendan
 

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Brendan Burgess said:
Interesting point, but is it based on any evidence? It does seem that way, but I am not sure if it is or not.

Most long term stock market investors don't panic during falls.

There doesn't seem to be a sense of panic among Bitcoin owners. There should be, though.

Brendan
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A person who bought 20000K worth of bitcoin in January 2017 the same bitcoin still worth 200000K today lots still think of it as a 20000K investment they are not going to sell unless there 20000K is in trouble,
 
Brendan Burgess said:
It's about $9,500 now which is 50% of its peak of $19.343.

Brendan
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That's true Mr. Burgess,

But it's also worth a massive multiple of what it was "worth" when it was first launched.

What's really important is not the current price, but the price that someone paid when they bought their Bitcoin, and the price they get when the sell it, just like buying and selling any other currency (albeit, Bitcoin is far more volatile than most other established currencies, and doesn't have governments supporting it's price etc.).
 
My gut tells me there was significant resistance at the 10-11k mark but I think this is now coming to an end. $9,324 at the moment.
 
The price has dropped, momentarily, below 9k twice in the past hour. Me thinks 9k is a new resistance point..
 
It’s below $9k now ($8,800).

I have encountered some morons over the last number of weeks who have borrowed to buy this garbage and whose entire wealth is tied up in it.

Madness, but they’re like a cult and think that nobody “gets it”.

Guess what? That Kool Aid was actually poison.
 
Gordon Gekko said:
I have encountered some morons over the last number of weeks who have borrowed to buy this garbage and whose entire wealth is tied up in it.
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Anyone who borrows money to 'invest' or 'speculate' is a moron - full stop. That isn't an exclusive deal related solely to cryptocurrency. Paddy Power sees 'investments' on a daily basis in Ireland. The same people exist in conventional stocks. Bear in mind these companies who's share price has gone up because they changed the name and included some buzzword related to cryptocurrency. That's some research that goes into stock picks by those individuals!

The segment of people you're talking about exist in every space where someone can 'take a punt'. The media have hyped up these outliers - like the guy in Holland that had remortgaged everything and gone 'all in' on bitcoin, similar example in Australia, yada, yada. I visited Vegas twice and spent about $1 on the slots - it really didn't interest me (and only went back to show it to some relatives that were visiting me). That said, I cashed out the other day having made a 4275% gain on a modest initial investment.
 
tecate said:
That said, I cashed out the other day having made a 4275% gain on a modest initial investment.
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Well done.

Would you be prepared to tell your story in a new thread. Why you bought? When you bought? How much you decided to spend? What caused you to get out?

It could be very interesting generally for people reviewing this mania after the bubble bursts completely.
Brendan
 
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