And again this mentality is why the whole crypto gimmick is a WEALTH TRANSFER and not a currency or store of value. Its true intent is being bastardized like anything else in this life. All people buying in now are doing is making the early adopters and miners richer. It's wild to me that the public could continue to be so stupid - but then again that's why they are the public.
@rock you are flogging a dead horse…you know that someone people have to be on the wrong side of the fence because they can't see through the bullshit but eventually they will become a squirrel who eventually finds a buried nut.
I'm still waiting for the big crash all of the armchair analyst are proclaiming is sure to happen. I find the "idiots on a fools journey" very amusing and laughable to say the least. Bless their wittle hearts. Someday when they grow up maybe they can become experts..
Exactly, on the other hand it's amusing to hear the doom gloomers chime in with their expert analysis, bubble,gimmick,tulip, scam jibberish, when in fact they are just making fools of themselves. Kinda like a young Banty rooster flapping his wings and crowing in a pen full of game roosters.
I'm just curious, why should I care if I'm making the early adopters/miners richer? As long as I can trade it short-term, take some gains, and move on, who gives a shit who is benefiting as long as I am? Just a hypothetical question, because I've never traded cryptos and don't plan to, too risky for me. Just found it funny that the post you were responding to said "Now I just trade them. I'm a believer in crypto but don't see any reason to buy n hold forever at this point when I can trade them 24/7."
You just described the stock market in general,my friend. Show us a Wyckoff setut w bitcoin and ripple and I might quit laughing at your rambling on.
You can see the pom poms oozing thru all of your posts. BTW this has nothing to do with what crypto is. You CLEARLY don't understand it.
Doesn't matter if you hold or day trade it - crypto is the largest wealth transfer than has ever happened. All in the name of noobs who want to make unimaginable gains like early adopters - with EXCEPT crypto was meant to eliminate the very thing they desire i.e. paper dollars. Seriously, people are being sold on FOMO and past gains.
@rock timbo reminds me of an old member who supposedly had a garage back in the day and ever few weeks would end up making some sure trade(to da moon) needless to say which would blow up his account $0.00 LMAO then come back with a new system and boom again and again. It's funny in the SPY thread post #19 he mention he only trades the SPY and VIX now he is the crypto analysis.
I haven't even looked at his post history but I thank you for pointing it out. I'm not shocked, lemme just put it like that.
w/b baz! nah, i haven't heard from simon since our move here. i suspect he, and a lot of the other old timers weren't too thrilled with the idea of starting the forums from scratch. that said, i've noticed a couple of old members slowly making their return back here lately...maybe we'll see simon back at some point too. btw, i was just looking through my HSM archives and managed to find your old profile as well as @hitman's. anyway, 'tis good seeing you back!
Think about it like this ..... Among filers who make less than $25,000 a year, only about 8% own stocks. Meanwhile, 88% of those making more than $1 million are in the market. That's a huge swath of money the crypto market just coaxed out of the public (who have largely been skeptical of the stock market after 2008). Sites like Coinbase are adding new accounts at a 3:1 pace compared to traditional ones. As the market cap of crypto continues to boom it has basically become digital Powerball. People hear stories of massive gains of the guys who bought/mined early and they want a slice of the dream too. That's the only reason they're jumping in. Most of the public doesn't understand the tech behind it.
New 'insane' ETF proposal for bitcoin generates worry on Wall Street Direxion Asset Management is looking to launch five bitcoin ETFs that seek up to double the moves of the cryptocurrencies daily futures trading. One Wall Street strategist said approving the funds would be "insane," while another called the proposals "eye-watering." However, some believe the application with the SEC is just part of the maturation process for bitcoin and its peer https://www.cnbc.com/2018/01/08/new...r-bitcoin-generates-worry-on-wall-street.html
Last I read online at one point they were adding 100,000 accounts a day. When you add this many per day the trend is up and can only go up. When people sign up they sign up to buy and as long as everyone is signing up to buy the cryptocurrencies can only climb. Now had there been huge Hedge funds behind them and earnings along with other news then they could go up or down as we have seen over the years. For the time being the trend is up and to buy the dips. Down the rod things may change but at the moment the cryptocurrencies are quite bullish.
Down the road these ETF's may have some effect on price but at the moment I think they will follow demand and cryptocurrency market demand and not lead it. Why..? Because at the time being miners will only sell at price they want and not price futures are asking. This is a new transition as we went from Gold and Silver` to cash then to credit cards followed by Mobile Payments on smartphones and now cryptocurrency which will in the future be embedded into Wallets on smartphones via apps or external storage devices. Things are still new. give them a little time to develop and you will see.
The price of bitcoin rose 1,221% in 2017. Everyone was talking about the cryptocurrency in December, and will continue to talk about it into 2018, even though the frenzy and general conversation has expanded to cryptocurrencies like litecoin, ether, ripple and beyond. For trading information, see http://www.digitcoins.net
