Comment · Wed, November 20, 2013

How To for crash selling

Original post in this thread

billybobbit · 170 points

The more seasoned bitcoiners have seen what is happening now several times in a relatively short period, and I'm sure they are as frustrated as me watching the insanity repeat itself time and time again.

Bitcoin is valuable:

1. Bitcoin has been tested and attacked by the best and still stands strong.
2. Bitcoin brings freedom to an abusively regulated financial system.
3. Bitcoin offers a method to transmit funds that is WAY ahead of the current system.
4. Bitcoin is not susceptible to inflation by greedy govts or corps.
5. Bitcoin is a better store of value than both fiat (inflation), and precious metals (storage, transportation, etc).
6. Bitcoin is not susceptible to regulation. If the US regulates US companies (they cannot regulate anything else), they will inflict massive damage on their economy as business moves overseas.

So Bitcoin has value, it is not an abstract concept for gambling. Given that it has value for everybody, its value will only rise over time. The value will not rise automatically, but must be nurtured by the community. Of course evil actors may be able to sabotage it, but the entire community would have to be asleep while this happens.

Now a brief ex…

What they were answering

pyalot · 11 points

Worked so far... of course eventually the 300 spartans all died, so maybe that's a bad analogy mkay?

u/MisterYouAreSoDumb

I believe that is what he was insinuating. That Bitcoin is going to put up a good fight, but will eventually be overtaken. The, "hold no matter what" mindset is the same mindset the Spartans had when facing the Persians. That is an awesome way to look at it if you are defending your home. It's not so awesome of a mindset if you are investing in a commodity/currency.

Related in the archive

Commentr/BitcoinNov 22, 2013r/Nootropics years

@SUBWAY just retweeted me to their 1.6 million followers mentioning /u/techguy90's Bitcoin purchase in one of their stores, linking to his article.

Replying to BenSBernanke · Assuming this was tonight, it would have amounted to 0.023 BTC... I'll speculate this $18 Subway meal will become **The Million Dollar Sub**. Much like the infamous Million Dollar …

That would be a market capitalization of $924 trillion once we reach 21 million bitcoins. The current total capitalization of the entire planet is only $71 trillion. Seems plausible.

Commentr/BitcoinNov 20, 2013r/Nootropics years

This is how everyone new to bitcoin feels right now.

Replying to qrios · You can also buy local from someone face to face in a public place.

For 20% or more over the highest market price. Volatility is making that option not very useful at this point in time. Eventually the market is going to need to decide if this is a currency or a commodity. It can't be bo

Commentr/BitcoinNov 21, 2013r/Nootropics years

CNBC graphic on Bitcoin Performance (11/20 Fast Money)

Replying to OutaPlace · I really feel the same way. Unless you got on at the lowest point, its really expensive to get into. On top of that, I hear a lot of "get your friends into it" or "help spread the …

As the market expands, the same amount of bitcoin will be in the hands of many more people. If the market capitalization reaches high enough, most people will not be trading even close to a whole coin. Then volatility wi

Commentr/BitcoinNov 20, 2013r/Nootropics years

What most investors don't get about Bitcoin as a currency

Replying to ferretinjapan · Bitcoin is not a company, it is infrastructure. It is the equivalent of the internet's ipv4.

No, it's ARPANET. There's going to be a lot of CSNETs and NSFNETs before we see the internet. Bitcoin is merely the first cryptographic currency to gain acceptance. We can use analogies all day long. My point is that th

Commentr/BitcoinNov 20, 2013r/Nootropics years

If you've been waiting to buy at low prices and now decide that "meh, bitcoin's not that great" don't come back here in 6 months when we are over $1000 and lament over "how you nearly bought some in November"

Replying to [deleted] · More chances for us to buy some on the cheap. Trends show that Bitcoin always springs back up to new heights. I don't see why that would change now that China is in the game and th…

As the market expands, previous trends become less and less accurate. Be careful basing decisions off past tendencies, as the market demand and price drastically alter the way the market reacts to situations.