Re: rpietila Wall Observer - the Quality TA Thread ;)
Bitcoiners want to get billionaires quick with their little scheme, call noobs that are trying to get out of the mess late "greedy".
It is no secret that I sold some at $675 in 2013. The next exit zone starts earliest at $3,000, probably higher.
It is no greed to sell at a bottom, it is just stupid. Stuff is as valuable as a year ago (or more, due to more adoption, etc.), yet 75% cheaper. This is a game and you are offered 4 times better odds than last time when you took them. Instead of taking them now, or holding, you decide to fold.
If anyone becomes a billionaire with bitcoin, he deserves it. So many chances of folding were offered but he held on.
There is voice of reason in the midst of so much babbling nonsense. Thanks Risto.
I am having to argue a bit with BitchicksHusband a little about not folding right now though. I guess it is hard not to get emotional. We did have to sell some of our holdings in December but bought back a little last week. I think the hardest thing to wrap my brain around is the fact that BTC should be so much more valuable with all of the infrastructure that has been put into place during 2014. Why hasn't some of the money used to build this infrastructure been used to boost the price up a bit? Aren't these companies at all concerned about BTC users getting disillusioned and leaving BTC completely?
What infrastructure? More merchants accepting bitcoin to immediately dump it via a third party payment processor is not infrastructure, it's just proof that bitcoin is not viable as a real currency. Your mistake is that you've convinced yourself that bitcoin should be worth so much more, when market forces are clearly showing you that it's not. This is how amateur investors lose fortunes. They might close a winning position some of the time, but when they find themselves in a losing position they are so emotionally committed that they can't admit they are wrong and ride it all the way down to destruction.
Merchants using Bitcoin and then "dumping it" just adds much needed liquidity. It is a clear part of the process. What do you expect merchants to do with a basically unknown new form of currency, store of wealth, etc? It takes time to find price discovery.
Perhaps you expect a government currency to become purely digital and be accepted through forced use, as is basically the case now with most currencies. There are valid reasons behind that, but enter decentralization. Remember, this is a disruptive technology, and it isn't so much about BTC but rather what it is slowly going to infiltrate, Trojan Horse, and disable.
And please give this currency more than 5 years to function. 5 years and still being around on the net is INCREDIBLE. It speaks for itself.
Many of us here are not "investors", we are people looking to make the world a better place. And we can start by having sound money that isn't inflated away so that governments can start war after war. Turning this planet around, at least in the short to midterm means WE HAVE TO GET RID of the corrupt money and banking systems still stealing our wealth in any form possible.
Some times you have to go with your heart, not your mind. And sometimes both, as with BTC.
Its about sharing, not attacking (again)