Quote from: mmitech on March 31, 2014, 10:03:50 AM

I would like to remind people about these charts:

Bitcoin Price movements:

http://i.imgur.com/ejrTU8r.jpg

I'd like to remind people that 2011's bear market is conveniently left out from this chart. Can't possibly happen again after all, can it? Cheesy

Quote from this same thread:

Quote from: Blitz on January 30, 2014, 04:01:06 AM

Quote from: BitChick on January 29, 2014, 07:19:12 PM

We have seen the ups and downs and have realized it all works out in the end. Wink

This is the great delusion that markets bestow upon people, that a trend is invulnerable and "it all works out in the end" almost sounds like religious faith. I know that nothing I can say could possibly make you think otherwise, but still, please consider how you would react if Bitcoin slid 80% or 90% from here during the next 6 months. Even if the probability is small, are you ready for it?

Because this has happened before, and it happened in this very asset (even if you tell me that times are "different" now well, to compensate, the price is higher to begin with!). I remember that time well. At the time, there was a long-term log support trendline, too, that was being drawn by everyone in this forum. It was violently BROKEN:

And guess what? That break ended up being the best time to buy. But few bought, for few had money to spare, and many of those who did have given up on Bitcoin. I will tell you that all along this decline, there was plenty of good news as well. I believe Bitpay was created amidst the bear market for example.

All I want to say is that eventually, all trends break. Prepare yourself for the improbable, because it is devastating to lose almost all of your wealth. Do not let your mind be compromised by Bitcoin cultists. Let this be a lesson from a former Bitcoin cultist who has made a fortune off Bitcoin by turning himself into a Bitcoin pragmaticist.