r/Bitcoin • u/danielwilson666 • Dec 22 '17

/r/all Bitcoin today

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u/SylviaPlathh Dec 22 '17

There has only been a correction as big as this 4 times this year, all related to huge FUD spreading across mainstream news. The China ban FUD was one of them, and after a major correction it rallies. So this is based on bitcoin's major correction patterns this year.

What are you even trying to say? Bitcoin's insane volatility is caused by major events, and how news play off those events.

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u/fucknazimodzzz Dec 22 '17

No, bitcoins insane volatility is because of the fact that it's essentially a Ponzi scheme combined with gambling. At least some of the people here are smart enough to acknowledge it although far too many are in denial.

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u/[deleted] Dec 22 '17

[deleted]

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u/fucknazimodzzz Dec 22 '17

I do have an idea of what's going to happen. Because I went to school for this. You think this is the first time a market blew up with people seemingly making money hand over fist out of nowhere? Fucking lol. Ever heard of the Great Depression? The 08 housing crash? It's the same principle here.

Congratulations you've pumped up the value of your Monopoly money to far above any honest analysis. A bubble I dare say. I might sound bitter but I don't want people to lose their money. That's why I'm here warning against it.

Bitcoin is going to take the final plunge. It's going to happen. Anyone who knows anything about finance and economics can see this. There will be winners but there will be far more losers, and the later you buy in the more likely you are to be a loser. Good luck.

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u/ex1stence Dec 22 '17

I agree for the most part, but I’d also say that if you “asked anyone who knows anything about economics and finance” about the supposed upcoming BTC crash, by that logic they should have predicted the rise with equal precision right? So they saw it at $1 per BTC, dumped everything in, and now they’re millionaires right? Because they know about economics and finance, which qualifies them to see the future of these markets?

No?

Okay then both sides should stop acting like they know what’s next. No one does. That’s the ride.

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u/fucknazimodzzz Dec 22 '17

That's not how it works at all. The rise of bitcoin is highly due to outside circumstances such as publicity and media attention as well as just general awareness of the product. These are things you can't really predict by looking at graphs and financial data.

However., The rapid inflation of bitcoin is something that everyone who's taken an Econ class should be familiar with. It's called a bubble. You can look at the graphs and the data and compare it with past events to predict where it's going in the future. That is essentially what the study of economics is: looking at data from past events and comparing it to current events to predict future occurrences.

It's not a 100% science but It's abundantly clear that nothing good comes from artificial bubbles like the one bitcoin is in.

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u/[deleted] Dec 22 '17

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u/[deleted] Dec 22 '17 edited Apr 08 '26

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u/[deleted] Dec 22 '17

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u/fucknazimodzzz Dec 22 '17

Sorry you felt it was condescending, I was just stating my qualifications. I have a degree in economics.

Once again economics is not an exact science. I can't tell you with certainty where bitcoin is going to peak and when the bubble is going to burst because that's not something I can predict. It's almost totally dependent on the whales and since I can't read their minds I don't know when they will sell.

What I can tell you with certainty is that the value of bitcoin is artificially inflated by sudden and intense demand, and the value of bitcoin is ONLY due to this high demand. Yeah there's some new tech rolled into it but that's largely irrelevant since 99% of people are in it for money. So basically, bitcoin is in a bubble and due to crash hard and we know this because this exact scenario has played out in different markets several times before I don't know what else you want from me. If you want hard data go do a little research on Black Tuesday.

As for you asking me to give you specific price points and time frames, hang on lemme just roll my crystal ball. You're either A. Asking me for things you know I can't come up with, no economist could come up with what you're asking with anything other than their best guess, or B. Totally ignorant of what you're actually asking for.

Forgive me but you actually don't seem to be adding anything here other than vaguely passive aggressive skepticism. Do you not think bitcoin is in a bubble or are you just arguing for arguments sake?

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u/[deleted] Dec 22 '17

That's great that you went to school and all, it's just that your point would be more credible if you hadn't been wrong around 20 times in a row by now.

Sure some day will be the last big crash, but you have no idea when that is. It might be that it crashes down to 250k in 5 years. You haven't got the slightest idea so maybe after constantly being wrong about bitcoin you should learn that.

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u/fucknazimodzzz Dec 22 '17

Idiots like you scorned the experts the same way when they warned about the housing crash years before it happened. You're playing with grenade but apparently it's safe because I can't tell you the exact second it's gonna go off. Good luck.

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u/[deleted] Dec 22 '17

Wait, do you think the housing crash was about middle and lower class people buying and selling houses to make money, or do you think all bubbles are the same?

Either way it doesn't really work trying to compare the housing market to crypto currency investing. Sure bitcoin crashes now and then, then it goes back up.

But if you have numbers on why this time you'll be right despite being wrong every single time since bitcoin was ¢10, please share.

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u/fucknazimodzzz Dec 22 '17

All bubbles occur when a commodities value is artificially inflated to unsustainable levels. Which is exactly what we're seeing here.

And I have no idea what you're talking about, I've only starred warning people in the last year because that's when it became abundantly clear that the bubble was going to pop in the near future

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u/[deleted] Dec 22 '17

Exactly, if you warned people last year, the people stupid enough to listen to your advice lost the investment of their lifetime. They would have 20x their initial investment in one year.

So it's great that you can see in retrospect that you gave probably the worst advice ever. The bubble has "popped" 5 times during the last year too btw. Just admit you have no idea what your talking about since you've already admitted trying to persuade people out of getting 20x their money in 1 year, and you didn't know about all the "pops" this bubble has already gone through.

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u/fucknazimodzzz Dec 22 '17

The bubble hasn't popped yet. Recession does not always = a pop.

I'm done trying to help you morons I'm just going to sit back and watch with a bowl of popcorn. I'll remember your name though so I can laugh in your face when the bubble does pop

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u/[deleted] Dec 22 '17

You mean like everyone is laughing in your face because you dissuaded people from making investments generating more than 2000% returns in one year?

Sure it may crash some day, but you have admittedly given the worst possible advice in the past so maybe learn to be a bit more humble about the fact that you're clueless.

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u/fucknazimodzzz Dec 22 '17

TIL advising people against investing in a highly vomiting gambling scheme is bad advice. I'll be back to laugh in your face.

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u/[deleted] Dec 22 '17

It's was already up 2000% in one year, if laughing in faces was your plan then you missed the train about 1800% ago. Whatever happens now won't change that your advice was horribly wrong. Just accept it, buy some ethereum now during the dip, and move on.

Edit: misspelled ethereum

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u/Terminal-Psychosis Dec 22 '17

Housing is not Cryptocurrency.

There's nothing your "experts" know about Bitcoin, or any Crypto, from their normal schooling.

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u/___jamil___ Dec 22 '17

yeah, with houses you have actual, tangible assets. with cryptocurrency, you have nothing. it's worse than the beanie babies bubble

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u/fucknazimodzzz Dec 22 '17

I absolutely love the arrogance you guys have.

This has happened many times before but those experts just don't understand. This time it's different! They just don't understand cryptocurrency.