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Bitcoin surges to new peak

By Patrick following x   2017 Oct 12, 4:10pm 215 views   11 comments   watch   quote     share  



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1 WookieMan   2017 Oct 12, 6:40pm   ↑ like (0)   ↑ dislike (0)     quote        
I know NOTHING about bitcoin. I know NOTHING about charts. If this isn't a bubble then someone please explain to me why it isn't. I'm not making a stand on one side or another, this just seems like a ridiculous chart.
2 anonymous   2017 Oct 12, 6:58pm   ↑ like (1)   ↑ dislike (1)     quote        
Almost certainly is, but on a smaller scale the chart looked just as ridiculous in early 2017 before it corrected...then doubled!

So likely yes a bubble but when it bursts nobody knows.
3 WookieMan   2017 Oct 12, 6:58pm   ↑ like (1)   ↑ dislike (1)     quote        
Plus the people I'm starting to hear talk about bitcoin almost seals the deal for me that it's a bubble. Reminds me of people "getting into" real estate in 2004-06. There was no logical reason for some of those people to do it. When logic starts escaping larger amounts of people I see a bubble. Any way to short this? I'll search, but just wondering if anyone has a strategy if it's possible.
4 Strategist   2017 Oct 12, 7:15pm   ↑ like (1)   ↑ dislike (1)     quote        
WookieMan says
Plus the people I'm starting to hear talk about bitcoin almost seals the deal for me that it's a bubble. Reminds me of people "getting into" real estate in 2004-06. There was no logical reason for some of those people to do it. When logic starts escaping larger amounts of people I see a bubble. Any way to short this? I'll search, but just wondering if anyone has a strategy if it's possible.


Bitcoin is 100% speculation. I'm sure you can short it, but whatever you do, it's a pure gamble.
Being in a bubble does not indicate the top. No one knows how much a bubble can expand.
5 WookieMan   2017 Oct 12, 7:24pm   ↑ like (0)   ↑ dislike (0)     quote        
Strategist says

Bitcoin is 100% speculation. I'm sure you can short it, but whatever you do, it's a pure gamble.
Being in a bubble does not indicate the top. No one knows how much a bubble can expand.

I understand. But from this time last year it increased roughly 10x in value, all on speculation as you mention. I'm just looking at that previous spike in 2013 and imagine it's going to look similar on the back end. I feel like it has a chance to drop back to 1,500. Again this is all based on gut and no knowledge of this market. This is not a prediction. I'm not taking any positions.

If I'm right, I will come back to pat myself on the back though. And wish I had the balls to mess around in this shit.
6 anonymous   2017 Oct 12, 7:42pm   ↑ like (0)   ↑ dislike (0)     quote        
Wookie said. "Reminds me of people "getting into" real estate 04-06."

I hear you.

Just to play devils advocate I may be a bit older than you but there was a definite speculative element when I bought my place in early 2002.

Sane people I respected (and still respect now) were urging me to wait. I disagreed and bought thinking would see a 10% drop but I could withstand that, and didn't want to wait for it to bottom in 2004.

Lol! In hindsight, despite me being sure I bought near peak, I had no idea what irrational speculation meant as I saw things explode in 03-06.

Granted you don't buy bitcoin to use like you do a house, but by definition you have no idea how close or far you are from the top.

Good luck either way!
7 WookieMan   2017 Oct 12, 8:16pm   ↑ like (1)   ↑ dislike (1)     quote        
While I was able to ride out the storm, I was at a suckers age when I bought my first place - 2006 @ age 23. While that was 11 years ago, I remember the hype and feeling of real estate. Yes, bitcoin in not even remotely as popular as real estate, I'm still hearing waaaaayyy too many people talking about it like they know what it is or wanting to get into it.

Could it double from here? Sure. My admittedly unacknowledged opinion is there's going to be a pull back. I mean we sit here today and this thing has been a 10 bagger over the last 12 months. This is the purest form of speculation at this point. Those that have made theirs and if shorting is an option, are going to pull this down big time in my opinion. I'd love to hear from someone on the board that plays this game though, if there is one.
8 anonymous   2017 Oct 12, 8:32pm   ↑ like (0)   ↑ dislike (0)     quote        
It's based principally of patterns, but Iwog is your best bet. He has a graph with inflection points I.e a "suckers rally" and "blow off top". It isn't perfect, but a good estimation of what to look for.
9 theoakman   2017 Oct 13, 10:26am   ↑ like (0)   ↑ dislike (0)     quote        
almost hit $6k today
10 Patrick   2017 Oct 13, 3:27pm   ↑ like (1)   ↑ dislike (1)     quote        
The pop in value seems to be a result of a rumor that Amazon will soon accept bitcoin:

https://allthepics.net/image/KoNqw
11 Dan8267   2017 Oct 14, 2:18am   ↑ like (0)   ↑ dislike (0)     quote        
Patrick says
The pop in value seems to be a result of a rumor that Amazon will soon accept bitcoin:


I wonder which trader started that rumor.

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