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Email this8:45 am
January 12, 2019
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.
Has anyone here been watching Bitcoin's latest Catastrophic Fall ?
.
In one year's time, it's gone Down ~ 34%, and Down almost 50% from
it's Peak.
- Chart Link ➡️ https://www.google.com/finance.....?window=1Y
.
I don't invest in the stuff (maybe I should 
), but from-time-to-time
I do follow its 'Wild Ride'.
- Dean
" Live Long, Healthy ... And Prosper! "
9:45 am
April 27, 2017
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Pretty sure it's been down by over 90% in 2011 and by over 50% several times since. It's a speculative and volatile product. 215% 5-year return should help some of the bitcoin investors to deal with this catastrophe.
12:43 pm
April 21, 2022
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mordko said
Pretty sure it's been down by over 90% in 2011 and by over 50% several times since. It's a speculative and volatile product. 215% 5-year return should help some of the bitcoin investors to deal with this catastrophe.
If it went to zero, it wouldn't surprise me as there are no underlying assets that give it any value. Now if it's a question of sentiment, that's another story. It's the ultimate pyramid scheme and a great way to make a lot of money.
1:46 pm
January 12, 2019
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.
Bitcoin has always reminded me of the ⬇️
It seems to Fit ... No❓
- Dean
" Live Long, Healthy ... And Prosper! "
5:12 pm
September 11, 2013
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Pretty sure nobody's buying it for long-term retirement investment, etc, it's purely for gambling and the volatility makes it perfect for that.
At my age I'm all set but if I was younger I take a basket of instruments in various notoriously volatile sectors, one being bitcoin, put a few thousand in the basket, and then proceed to buy whatever is out of favour at the moment, sell whatever is hot at the moment, and go forward rotating investments on that basis. Probably do quite well over long period of time.
5:24 pm
April 27, 2017
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Well… It's been a while now so I won’t bet against bitcoin. Has not been long as with gold though (another asset with actual value completely divorced from the “underlying” value).
6:19 am
March 15, 2019
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Bitcoins remind me of the tulip fiasco.
https://en.wikipedia.org/wiki/.....ulip_mania
7:01 am
April 27, 2017
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COIN said
Bitcoins remind me of the tulip fiasco.
https://en.wikipedia.org/wiki/....._mania
There was no “tulip mania”. It's a 19th century story which has no factual basis behind it. None at all. Cool story though about a supposed 3-year mania.
If you want an old example of a speculative bubble then pick the South Sea company one. Lasted for most of 1720. By comparison, the bitcoin “bubble” has been going strong for more than 15 years. Nowhere near as long as gold but is it really a bubble?
7:02 am
September 11, 2013
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What people ignore in these manias is that all those people who cashed out before the crash made money, many become very rich. All those who enjoyed the ride for a while and then got off (which could be most people involved) did quite well, but it's only those holding the bag at the end that people focus on.
These things should not be viewed as buy and hold investments, no idea why people would do that, it's gambling, but it seems a lot of people can't handle the thing continuing to rise after they've sold so they stay in for too long. I've had my share of stock market losers, but I've also done quite well by riding updrafts for a while and then getting out or mostly out. Hard to watch them continue to rise, sometimes to quite higher levels and for long times, what I could have made, but that's part of the deal.
mordko, so that wikipedia article and other writings, including books, I believe, about that event are pure fiction? That's very interesting.
7:24 am
April 27, 2017
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Bill said
mordko, so that wikipedia article and other writings, including books, I believe, about that event are pure fiction? That's very interesting.
While wiki is obviously a superficial source, you should probably read the full wiki article beyond the headline.
If you want something more comprehensive then you can read this: https://press.uchicago.edu/ucp.....14939.html
Good book.
9:19 am
November 5, 2022
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It's simple to try some bitcoin in an ETF like IBIT. (up over 5% today alone)
It seems to me to be like trading sea shells except it doesn't exist, and its pump and dump gambling.
I have tried to explain to those who "use bitcoin" they are getting absolutely ripped off on fees, and are losing money on their home bitcoin miners.
But they don't care, cause the gubbermint bad and stuff.
9:43 am
September 11, 2013
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Well, the books about tulipmania before were also seen as good books, hard to know anything about anything from one book, no matter how lauded, seems to me.
I've done a bit of research and the consensus seems to be that it happened but was restricted to small group of speculators and that its impact on the general population and society in fact have been greatly exaggerated in pop culture depictions. Much like all manias even during our times, Bre-X, NorTel, bitcoin, etc, etc, etc, basically these things just affect a small group of people and not society at large even though everybody's talking about it.
10:55 am
April 27, 2017
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Bill said
Well, the books about tulipmania before were also seen as good books, hard to know anything about anything from one book, no matter how lauded, seems to me.I've done a bit of research and the consensus seems to be that it happened but was restricted to small group of speculators and that its impact on the general population and society in fact have been greatly exaggerated in pop culture depictions. Much like all manias even during our times, Bre-X, NorTel, bitcoin, etc, etc, etc, basically these things just affect a small group of people and not society at large even though everybody's talking about it.
Very small number of transactions, no evidence for the claims, nobody lost money, the 19th century legend is based on comparing prices for apples and oranges, etc. It was a very interesting story but not a financial bubble.
There are multiple books by modern historians looking into economics of the past; all saying the same thing about the Tulip Mania. Its consensus.
You really can’t compare it to bitcoin at all; and its not just because there are hundreds of millions of people who own bitcoin.
5:04 pm
September 11, 2013
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Nobody lost money say the books? Better tell google AI, which has also read the books: "While it resulted in broken contracts and financial losses for some, recent research suggests it did not cause a widespread, severe economic crisis for the entire Dutch nation."
Apparently lots of people worldwide own crypto (not just btc), about 7% of people, but ownership appears to be concentrated in far fewer holders, e.g. if you own 1/10 of a bitcoin (about CDN $9500) you're in the top 10% of holders. So relatively few would be affected more than mildly if it collapsed to zero. At least according to google AI.
10:00 pm
January 10, 2017
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~ 20 million coins already mined (out of 21 million maximum)
~ 4 million coins are lost forever
~ 3 million coins held by top 10 wallets - MEGA X Whales
~ 6.5 million coins held by 20,000 wallets - MEGA Whales and Large holder
~ 6.5 million coins held by millions of small fry wallets
BTC is a manipulated perpetual ponzi scheme, where ~20,000 holders with 60% of the circulating coins manipulate the price through coordinated buying and selling at the expense of small frys.
Next bottom ~ $40k USD, before the rise starts again.
10:55 pm
April 27, 2017
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Bill said
Nobody lost money say the books? Better tell google AI, which has also read the books: "While it resulted in broken contracts and financial losses for some, recent research suggests it did not cause a widespread, severe economic crisis for the entire Dutch nation."Apparently lots of people worldwide own crypto (not just btc), about 7% of people, but ownership appears to be concentrated in far fewer holders, e.g. if you own 1/10 of a bitcoin (about CDN $9500) you're in the top 10% of holders. So relatively few would be affected more than mildly if it collapsed to zero. At least according to google AI.
Evidence for half a dozen people who got into financial trouble but not at all clear if it was specifically because of tulips. Source: https://press.uchicago.edu/ucp.....14939.html
No, google AI has no means of reading copyrighted academic books. It's a language model. It's trained on wiki, social media and whatever is freely available.
6:56 am
March 15, 2019
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One of my former bosses used to boast that he was a Lloyd's of London "name". We never knew if he knew that he was personally exposed for losses.
