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Old 14th August 2018, 02:42 AM   #3001
Roger Ramjets
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Originally Posted by PartSkeptic View Post
Headed down again after struggling to recover.
Day to day price movements don't mean much. If past trends are anything to go by the next big rally is 2-3 months away.

Or not. But one thing's for sure - it's not headed for the Moon any time soon.

Originally Posted by psionl0
The other comparisons are Euro at 0.009% (11111.11 days or 30 years), AUD at 0.003% (33333.33 days or 91 years) and CAD at 0.005% (20000 days or 55 years). I don't think we have enough empirical data to make those conclusions.
We have historical data that shows those currencies haven't collapsed over longer time frames. You may think this suggests the estimates are a bit high, and you may be right. However if so that is actually not good news for Bitcoin.

One of Bitcoin's main attractions and purported reason for its existence is that fiat currencies are 'worthless' and not safe stores of value. So if it can be shown that fiat currencies such as the Euro and AUD are actually very safe and extremely unlikely to become worthless then Bitcoin loses one of its main selling points.

OTOH, where a currency is in trouble Bitcoin stands to gain. This is happening in Venezuela and Turkey right now, and probably also in other countries with weak currencies. Perversely, some bitcoiners are cheering it on in the hopes of driving the price up, and some even think currency crashes are a good thing because it validates their ideology. If the Euro or the AUD or USD actually did crash to nothing they would be dancing in the streets. Luckily for us the chances of that happening are virtually zero, but it's still not a nice attitude (and for people in troubled countries it's not just a theory).
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Last edited by Roger Ramjets; 14th August 2018 at 02:45 AM.
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Old 15th August 2018, 12:27 PM   #3002
applecorped
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On Tuesday, one of the top posts on the popular bitcoin forum of Reddit was information for suicide prevention hotlines.
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Old 15th August 2018, 12:42 PM   #3003
SuburbanTurkey
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Originally Posted by applecorped View Post
On Tuesday, one of the top posts on the popular bitcoin forum of Reddit was information for suicide prevention hotlines.
The bitconnect subreddit is a blast to read through. Tons of old posts of people trying to warn everyone that it was an obvious ponzi scheme, but plenty of people gloating about how rich they were going to get. Newer posts are all gnashing of teeth when the market collapsed and everyone lost everything, and then silence. Worth a read.
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Old 15th August 2018, 01:46 PM   #3004
Dr.Sid
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How could anyone lost everything on BTC ?
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Old 15th August 2018, 03:22 PM   #3005
fromdownunder
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Stupidly putting all their eggs in a single basket, and/or borrowing to buy into futures.


Like going all in on a pair of twos.


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Old 15th August 2018, 07:47 PM   #3006
phiwum
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Originally Posted by fromdownunder View Post
Stupidly putting all their eggs in a single basket, and/or borrowing to buy into futures.


Like going all in on a pair of twos.


Norm
Surely, a few people have invested unwisely, but I can't see evidence that many have lost everything. Could be so, but I'd wait and see.
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Old Today, 01:09 AM   #3007
LlamaDrama
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Originally Posted by phiwum View Post
Surely, a few people have invested unwisely, but I can't see evidence that many have lost everything. Could be so, but I'd wait and see.
Lots of anecdotes from people who bought during the 10k-20k FOMO rush, quite a few posts can be found on various Reddit threads. Some may be trolling, but some stories seem honest. More than a few people borrowed heavily to get in a market they did not understand.

We're in the middle of another bounce, but the volumes continue to be very low, and BTC is benefiting from the death spiral of most other coins, with ETH really suffering.
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Old Today, 04:41 AM   #3008
SuburbanTurkey
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Originally Posted by fromdownunder View Post
Stupidly putting all their eggs in a single basket, and/or borrowing to buy into futures.


Like going all in on a pair of twos.


Norm
I'd also add in investing money that never should have been invested at all. FOMO is strong and many believed that Bitcoin was a "sure thing". Anyone investing responsibly won't have their life turned upside down by a drop in value, but if you've gambled the mortgage money one could easily see themselves having an intense cash flow problem.
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