Quote from: Lone Wolf on December 31, 2013, 06:50:39 AM

Quote from: bassclef on December 31, 2013, 06:41:45 AM

Quote from: Lone Wolf on December 31, 2013, 06:29:46 AM

Great post jballs, but I fear it will fall mostly on deaf ears. You see most of the bitcoin true believers are 20 somethings who have never traded professionally or for an extended period of time for that matter. They have never traded during a speculative bubble like the late 90's tech bubble or the 2008 oil bubble. They think they have everything figured out and that older people have no idea what they are talking and nothing to add to the conversation.

They think bitcoin will take over the world in short order and render the dollar, euro, yen, gold, Fed, ECB, BOJ, investment banks, hedge funds, stock and bond markets completely obsolete and useless. According to them bitcoin does not follow any of the old rules of trading. Charts, technical analysis, risk management, profit taking, trading experience are completely worthless. Bitcoin is a completely new animal. In short, "this time its different."

Jesse Livermore, one of the greatest speculators of all time, once said, "There is nothing new in speculating. There can't be because speculation is as old as the hills. Whatever happens in financial markets today has happened before and will happen again."

You couldn't be further from the truth.

And as to Livermore, I read his book. He was a smart kid that failed to overcome a gambling addiction and ultimately committed suicide.

I couldn't be further from the truth about what?

Please enlighten me about what kind of gambling addiction?

Livermore left behind a wife and two kids after blowing his brains out. Not exactly someone I'm prepared to take life lessons from.

It seems you and jballs don't really understand what Bitcoin and other digital currencies are, and are rushing to judgement. If you can explain how Bitcoin works under the hood without looking it up, or how digital currencies solve a 25 year-old computer science problem previously thought to be unsolvable, then you have my attention.