re: Is it time to short Bitcoin ?

quote:

---

These types of posts are always hilarious. It's gonna crash 40% and then 4x from there in the next 2 years.

---

Yep

Like there’s some fundamental rationale that he knows about to warrant a massive sell off and then a massive run up in a relatively short time.
So much for a stable currency…

quote:

---

It’s fomo but you just can bring yourself to admit it

---

It is natural to feel like you missed out when you could have bought something for pennies and it is now worth over $90k

I promise you're overthinking it. Just make money until you cannot and then move on

quote:

---

My brother in Christ, i hope you feel the same about the USD if that is a concern of yours.

---

Ha! Nice try.
It’s all relative. Intent is key here. I’m not certain that bitcoin was created for the intended illicit use but it certainly is a convenient usage if someone wanted to.
I think we can agree that the intended purpose of the USD is not for illicit purposes. It can be traced and is widely accepted. I’m comfortable using it based on those criteria.
Also, I can’t avoid usage of the USD in my life. Everyone accepts it as valid currency. I’m not involved in illicit activity either.

Nonetheless, as long as bitcoin maintains a marketable value, it can attract underground uses many of which could be tied to illicit activity.

Also nonetheless, as long as there are people willing to buy something that they have no use for, but wild hopes for riches, I’m down to play along. I’m not resistant to fomo trades.

Again- nice try

quote:

---

I promise you're overthinking it. Just make money until you cannot and then move on

---

This right here. Work the trade until it doesn't work anymore and move on.

quote:

---

You engage because you cannot close the ends on bitcoin.

---

This makes no sense. On any level, it makes zero sense.

I engage because it's slightly entertaining, but also guys like you are something of a curiosity. Most people that are, you know, a bit on the dim side - they're not so enthusiastic about making their limitations so clear. I think it's related to the anonymity of an internet message board. Kind of like the internet tough guy, right?

quote:

---

You don’t have any use for it

---

JFC - are you still pretending to believe there are uses for gold bars (or bonds or stock certificates) that BTC can't be used for?

quote:

---

And just like that he ropes you back in

Sometimes I tend to think its an elaborate troll when he goes back to a disproven point for the 5th time in a thread. Then other times I just picture someone my dad's age being as dense as a brick on the internet

---

I'm a PT veteran. Probably too used to the enjoyment of debate or something.

I started frequenting this board (mostly reading and mostly the crypto thread) when my son got me interested enough in BTC a few years ago. That's one big difference between this board and PT - you can find quite a bit of good info in these threads.

quote:

---

JFC - are you still pretending to believe there are uses for gold bars (or bonds or stock certificates) that BTC can't be used for?

---

As I’ve explained before several times (and I’m the dumb one). I don’t own gold bars. I have before but sold them and traded some for some work after Katrina. They certainly had value and use.

Stock certificates- odd reference. Kinda reveals a lack of understanding of finance. I own lots of stocks in companies. I don’t buy these for their certificates. The stocks I own have value. They have value for various reasons. Market value and valued related to the assets of the company they represent. Many of the stocks I own pay dividends. That is very real. Many of the stocks I own are shares in companies that I patronize. AT&T, Chevron, Chubb, salesforce, nvidia, JP Morgan…. These are companies that have real earnings and I contribute to their financial picture by buying their products which are very real.

I have donated stocks to a school as a donation. Stocks and the markets I trade have been around for hundreds of years.
Are you equating bitcoin to stocks in a company?

Do you really think I’m stupid? Why do you engage with me?
Think hard on it and be honest.

Mature comments

My angle is to hopefully open some eyes and minds to the possibility that bitcoin is fraught with large risks to help those with less experience to possibly avoid some financial pain. I’ve been through some aweful investment periods and had to learn the hard way. I know how people can get caught up in the excitement of something like bitcoin.

I know that people can use message boards, social media and other media to hype things to keep the action going. They don’t want you to ask questions. Just keep buying. When you question, they’re quick to get personal and start the insults in hopes that you go away. I’ve been investing too long to have concerns about my understanding of value as it relates to investments. Bitcoin clearly has question marks all over it.

I think it’s fair to ask questions as to why the price goes up. Why would someone want to buy it? Where’s the real value?. It’s hard enough to find the value with traditional investments so it’s fair to question bitcoins value.

At this point, I am certain that bitcoin is a trade rather than an investment insofar as my interest. Maybe some day it becomes a viable currency and then it can enter the investment realm. if it were to become a viable currency though, stabilization would have to be a concern. We don’t see that today.

As I’ve said, I’ve owned bitcoin as a trade. It was based on fomo. I’d probably do it again. I think I’m not alone in that sentiment although for some reason, people want to apply some critical rationale to their ownership.

I just want folks to be cautious rather than dive in head first without questioning what they’re diving into.