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BTC is PLUNGING

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Thread replies: 73
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Where is your god now?

Might be a good time to buy once this gets down to 290/280
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>>957259
I'd buy at 220 and hold until next time it goes up to 400+.
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>>957262
U think its gonna get all the way back down to that? I'm not so sure, there's been a lot of positive press about it recently (minus the whole Russian ponzi shit), and some business adoption
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>>957289
What ponzi shit? I must've missed it.

Idk if it will, but I could definitely see it going around 220 again. Really anything under 250 is a safe buy. If you don't panicsell it is almost guaranteed to go back to 400 or more at least once or twice per year.
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>>957292

goo gl/Q9YTZT

Many believe this MMM bizo was the cause behind the 500 bubble. But once press caught on and started alleging that it stank of a ponzi scheme the bubble burst alongside it; at the same time the smart coiners were cutting and running, which sadly I didnt do until I had made a 6% loss

:(

too greedy...
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>>957292
$220 is definetly a steal, unless something huge happens. At that level, you can make 10% just by exploiting the sporadical optimism.

>>957300
If you not taking an easy short-term 20% profit, you are a gambler, not an investor.
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>>957300
Should've just held it.
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I've been wondering if it is possible to short sell the thing. Anyone here know any institutions which would borrow me some coins?
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bitcoin auction coins being dumped. will climb after the dump
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>>957339
Well I knew it would end up back down at at least the $300 level and I could buy back in so it makes better sense to minimise the loss. Just FYI I bought in during the rush to bubble at around $400, didnt cash out at 500, by the time I realised the bubble was definitely done it was falling below 400.

I'm more organised now though. I won't miss out next time
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>>957348
Well in that case, I'd say 6% loss isn't bad since you bought at 400. I think that's the most salvageable move. I was still thinking of buying at 430. Really happy I didn't.
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>Bitcoin loses 30% of it's value in one week.
Truly, the currency of the future which will usurp all those nasty banking institutions!
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>>957259
Where is the guy that started 500000 threads telling all noncoiners that they were "coping"

Every post he had started with cope! Cope!
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I put £5000 in my coinbase vault last week, still untounched.

Now I'm not sure if I should buy btc wait a little longer to go down or withdraw my money back. This rollercoaster is too much.
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>>957449
When in doubt, do nothing.
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>>957300
BTC noob here

Why would one ever sell if it means making a loss? Why not wait until the price goes back up again? Isn't Bitcoin all about patience?
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>>957259
>implying im not going to wait til it drops to 180, buy in big time, and then resell in a month or two when it's up to 500

get fucking wrecked nocoiner shitters lmfao
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>>957475
it's never guaranteed to go back up again, it might go down further.
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Oh right I promised this guy to post the screencap of his failure
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>>957487
Post screen caps time?
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>>957491
says right there it was last thursday 8pm but I'm in AUS so in the US that would be morning or so?
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>>957462
isnt there always doubt?
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>>957491

Ohhhhh shit , I gotta get my hands on some coin.
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>>957491
>shoots straight past 500 before monday.
Hue.
How much of a deluded fuck do you have to be, to look at this and think "yep. This is sustainable, and will just go up up UP!"
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>>957995
I'm not saying it's going to the moon but there's a good chance the price is going to surge again within the next year or 2 ,it happened once already,now is a good time to buy.
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>>957342
It is possible actually
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>>957491
Technically that post was accurate, except that it hit 500 the NEXT DAY instead of 5 days later. Obviously there is no rational reason to believe that rise was going to be self sustaining however, so that part was BS.

Point is, if you had bought when that thread started, you could have made about 25% in 24 hours if you'd sold at 500.
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>>958034
>it happened once already
Because of Chinese panic buying to get their money out of the country (their government restricts them to a $50,000 per person per year bank transfer limit).
As soon as they stopped, the price plunged back down.
The Chinese are the only reason Bitcoin hasn't shit the bed and died already.
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>>957292
Think you might be right, new low < 300 this morning. Probably best to let this play out for another week or so.

>>957336
Nah, just a total n00b. Never traded currency before, didn't have any price alerts/alarms in place, my hurriedly-arranged shitty exchange & bank setup could not do realtime transactions and I was fast asleep when the bubble peaked and plunged. So basically I was nowhere near organised enough to time entry/exit. I've learned. That's the best thing you can do from a loss, aside from minimising it as well.
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>>958083
>The Chinese are the only reason Bitcoin hasn't shit the bed and died already.

Well that and the fact that the entire worldwide darkweb narcotics blackmarket depends upon it, and lets not forget that it's definitely becoming more mainstream. Check the news from the last month, banks are getting onboard. I think it's only a matter of time before you see big & permanent gains in BTC value. How long till? Hard to say, but I think 5-10 years is not a bad guess.

Yeah the Chinese caused the most recent bubble, but they're hardly the reason BTC is still around. As long as people need to do shifty shit with their personal wealth, BTC has a home. And people have always needed to do shifty stuff with their money, I don't see that changing.
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>>958324
As if banks will be held hostage to Chinese miners.
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>>958326
>>958326
I'm not sure what you mean, but I'm not suggesting BTC will become the defacto global currency, but I do think it will happily coexist.
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>>957289
>>957262
150+ to 200$
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>>958335
It is next to useless for more than drugs or ransom demands. It won't cope unless block size increased.
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>>958364
>next to useless for more than drugs

Uhhh, do you have even the slightest idea how much the international blackmarket in drugs is worth?

Let me give you a hint. El Chapo, the leader of one of the more powerful cartels in Mexico mostly involved in trafficking cocaine, weed and meth was previously ranked as the 67th most powerful person IN THE WORLD. Annual revenue from his cartel's operations are estimated to be around $4bn. His cartel is so powerful they dug a 1.6km long tunnel to his cell to help him escape prison this year; it is generally accepted that they had also bought off the entire prison security staff to facilitate this. The Mexican government and military have been unable to capture and keep him imprisoned for more than 2 decades since he is basically better funded, equipped and protected than they are. In fact, most of his top lieutenants are ex Mexican special services who defected to his cartel upon offers of exorbitant wealth they simply couldn't refuse.

He is the leader of just ONE of these cartels in just one country primarily responsible for just one type of narcotic (Coke).

And thats just a small sample of the blackmarket for narcotics. There's an awful lot more than drugs on the market, all increasingly being paid for by bitcoin. We're talking a market worth more than $600bn annually.

financedegreecenter com/black-market/

>It won't cope unless block size increased.
So increase it we shall. There is no reason that this is out of the question.
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>>958378
S U R E all in USD. Jesus.
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>>958378

This is the most retarded reason given ever for investing in bitcoin, Jesus christ.

>mexicans dug a hole in the ground
>and thats why you should invest in bitcoin!
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>>958429
>Being this autistic.

If you noticed the "mexicans digging a hole in the ground" part, but missed the $600bn annual market turnover part, do yourself a favor and don't invest anyones money in anything, ever.

You fucking dunce.
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>>958413
Part of it is in USD, but you might have heard of this crazy new thing we have these days called the darkweb.

Why, I even heard there was a website called Silk Road that turned over 9.5 million bitcoins in only 2.5 years operation before it was taken down; and now there are more than 30 well-known vendors that have filled the vacuum that was left behind! They are all handling the retail-end of the business, and it's global and all in bitcoin genius.

>Believing the -ONLINE- WORLDWIDE drug trade is done in USD.
How retarded are you?

Most of the worlds meth is cooked in India and China for starters, all the Opium comes from the middle east and the golden triangle...ah fuck it, It's like trying to teach algebra to a 3 year old. You're just not going to get it.
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>>958440
>being this autistic

FFS. The cartels will not touch your magic beans, get over it.
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>>958506
The cartels don't sell drugs retail. Do you understand the difference? The wholesale part is USD, the online retail is BTC, all across the planet, and it's only getting bigger.
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>>958541
Holy shit, you are more retarded than I thought. Good luck.
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>>957259
bitcoin is overrated and the digital currency market is pretty much fucked for the time being.It is not lucrative anymore, trust me.
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>>958575
Good comeback. Logical, well thought out rationale based on strong evidence.

Honestly, why do you shitposters even bother?
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>>959267
>BitCoin good because drugs.
Sound argument.
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>>959309
Then don't buy any. Stay poor. I mean, just because it made 200% gains in 60 days because of a russian fraudsters ponzi scheme, well obviously a $600bn industry can't do shit to it, right?

10/10
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I mean fuck if you had bought when I started this thread, or better yet, bought at the 290 dip as I suggested 2 days ago right now you would be up almost 15%

In two fucking days.

If you can't see money making potential in bitcoin, I can't help you.
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>>959375
>If you can't see money loss potential in bitcoin, I can't help you.
You forgot this part.
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>>959377
All investment has risk. But the simple fact is that since it's inception overall bitcoin is still trending upwards, and there's more reason to believe that will continue than not.

Plus it's volatility can bring you decent short term wins if you like to gamble a bit, keep a tight stop loss, and watch the support/resistance lines. It wasn't a fluke that I suggested buying at 290/280.
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>>959452
>since it's inception overall bitcoin is still trending upwards
no
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>>959367
You literally said that bitcoins are promising and guaranteed growth because of the drug trade. Those are words that's you typed with your fingers. How is him commenting on that a strawman?
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>>959460
He literally quoted me as saying "bitcoin good because drugs". Which is not what I said.

First of all the online drug trade is only part of my argument which more broadly is the online blackmarket in anything, a market worth billions. The MMM ponzi scheme is a perfect example of how relatively small uptake of bitcoin can massively increase it's worth in a very short amount of time.

But seriously, I'm not shilling this shit I just see the potential. I don't hear anyone giving me a rationale as to why I'm wrong. Does anyone really think the online blackmarket is suddenly going to "go away"? The bitcoin miners (including the 5 or so who are about to go IPO in my country alone) are just going to shelve it? Or that the entire world will suddenly decide to make a universal currency to trade online with? It's already happened, and it's called Bitcoin. It comes down to simple demand; people always have and always will need to do shifty shit with their money - everyone in the world, not just your country. And bitcoin is a great vehicle for doing shifty shit, in fact, it's the best. With bitcoin you can easily work around government law, avoid tax and literally keep your fortune on a thumb drive in a safety deposit box. And that's my rationale as to why it will get better before it gets worse.

There's going to be bumps in the road, the main one is obviously the blocksize issue, but that's all it will be, a bump. Because there's already too much invested in it and it's usage too widespread for it to implode in the short term; and besides - there's no indication that this uptake is shrinking, there's plenty to suggest the opposite.

So by all means, if you've got a rationale beyond
>ur retarded lol bitcoin sucks

I'm all fucking ears.
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>>959456
Yes. Or maybe you need to check your definition of "trend line", you're either wrong or stupid.

I'll let you decide which.
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>>959490
>"bitcoins used to be worth nothing when it first started and now theyre not worth nothing!"
>totally disregards how much they have crashed from the ATH in 2013
>totally disregards that since 2013 the trend has been a slow spiral downwards with small pumps
>totally disregards that bitcoin has not trended upwards in a looooong long time
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>>959490
Well memed.
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>>959490
Sure is "upward trend " in here. Kek
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>>959499
>Totally disregards the fact that BTC is inherently volatile due to it's tight bond with demand
>Totally disregards the downward trend was only for one year
>Totally disregards the downward trend started after a huge bubble burst
>Totally disregards the downward trend ended almost a year ago
>Totally disregards the value has since been steadily climbing to make time-averaged gain of over 17% in 11 months.
>Totally disregards that an ATH on a timeline of < 2 years means approximately fuck all.

Past performance is no indication of future performance. Give me some actual reasons, if you have any.

>>959504
see >>959502
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>>959511
>random volatility is good for investments?
>downward trend has lasted almost 2 years
>exactly. the bubble burst
>downward trend is still ongoing
>cherrypicking the most select data. most bitcoiners have lost money this last year
>ATH 2 years ago for a technology 6 years old. in technology terms bitcoin is a dinosaur.

If past performance is no indication of future performance why were you the one that initially posted a trend graph? The fact that you need to reiterate this means inside you really agree with me that the graphs dont look good for BTC.
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>>959504

Looks pretty upward to me kek
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>>959518
Whether or not a graph "looks good or bad" is completely dependant on how frequently you trade against it. A flat graph that has an upward trend of 5% means total possible best-case-scenario profits are 5%. In a volatile market a bouncy graph with an overall downtrend of 5% can potentiate profits >10000%, assuming your only option is to long, and double that if you can short it too.

Whether or not you make a profit depends on how smart you are with timing entry & exit. When the price pops through a resistance line, buy. When it pops under a support, stay in cash and buy at the bottom. You would have had to have been a complete retard to buy into BTC at $1000 on the heels of Silk road collapsing. And that's what that bubble was all about, but it's resolved now. Online drug marketplaces are here to stay, and they trade in bitcoin, and we're cool with that; and the price has remained about the $250 mark for about a year. In my opinion it's stabilised (Let's say a pessimistic true value is about $220) and there's good reasons to believe it will increase, which I've already mentioned.

I don't think it's a clever investment strategy to look at a graph like BTC's and not think about the market conditions which caused it's ridiculous spike. At the end of the day you have to put a $ value on an investment, give a rationale as to why it will grow or shrink and act accordingly. I see potential for long term growth in BTC, but I also see it possibly going absolutely spastic at some (or multiple) stages in the next 5 years, just like it did with Silk Road, just like it did with this MMM thing, just like it did with the Chinese trying to smuggle their wealth out. These things will keep happening, because people need to do shifty shit with their money. I don't know about you, but when that happens I'll be glad to have had 10% of my capital in BTC, bought in at true-value and sold off at the height of irrational conditions.
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>>959504
Obviously when something starts at $0 everything is going to look like an upward trend. If Bitcoin were a stock in an actual real company, this graph looks more like a flimsy failing penny stock than anywhere near a Fortune 500. Everyone knows something as volatile as a penny stock is a crapshoot and total gamble, so I don't understand why they don't realize Bitcoin is too. Anyone that has made any return at all in the last couple years with Bitcoin just got really really lucky. Most people have not.
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>>959536
You can take any graph with a starting point of $0 and make a case that the entire graph is an "upward trend" unless the value falls to $0 again. It's a terrible argument. You can't totally disregard the piss poor performance of Bitcoin for the last couple years just because the price isn't back to $0. Realistically, Bitxoin could go up from here, or down even more. It totally depends on you. You bagholders are the ones controlling the price, just like tulip bulbs or beanie babies. Bitcoin itself does not need to be worth $300 dollars. It is a random number decided on by how many people are willing to hoard.
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>>959529
>>
BTC trading pro tip:

When the 4chan threads are freaking out.... LMAO NOCOINERS XD

>sell

When they change to ....

LMAO BITCOIN BTFO.....

>buy
>>
>>959618
Bitcoin has been BTFO so much over the past 2 years it must always be time to buy...
>>
All you fuckers are just as bad as lotto fucking players. The odds are against you and you think that you can beat them with superstition.

You can not forecast the price it's all at random...
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Buy Ethereum!
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>>959623
Id say its easier to predict how the market will turn with bitcoin that it would be with a major currency,for example the recent spike was predicted before it happened by reading into current events.
>>
is the value of this currency ENTIRELY based on speculation
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>>959529
Gotta suck not selling your 10c coins for $1200.
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>>959529
Are you fucking stupid? They started with 0 value. Having any value whatsoever is "trending upwards since their inception" for bitcoin. What the fuck is the matter with you?

Also, exactly what >>959499 said
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>>960538
there are use cases:
gambling, online retail, gaming and anything peer2peer.
Thread posts: 73
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