My Conversation with Mark Karpeles of MtGox
- Thread starter Jon
- Start date
TimBL made his contribution to the WWW in 1989. By 1991, we had all kinds of tech like BBS systems and even email. It really didn't take a genius to see what was going to happen to the world if you saw email in 1991.
In fact we all thought the post office would be a memory by 1995. Funny how things can be bigger than you guessed they'd be, but still not go in the direction you'd think they would.
Bitcoin may not 100% completely obliterate Western union, but what it's going to do will bring orders of magnitude more change to the world.
Wow, they went through with it:
http://www.coindesk.com/bitcoin-price-crashes-chinese-exchanges-stop-bank-deposits/
That should wring out the last of the casual bitcoiners in China... Only the die-hards left now.
Hopefully $400 is the new absolute floor.
More than 1 billion people in this world excluded of Bitcoin ....
Actually what i hope for is Bitcoin to go back to 100 USD and stay that way for a year or two at least cutting down speculation on it and giving time to the infrastructure to be builded around bitcoin.
If you guys want the price to go back up just say so, and I'll sell my bitcoin now. If you want the price to keep going down then I'll just keep holding the bag. It's up to you guys, just let me know.
BTC far below $400 now, falling like a rock
Well now i would love to see it hit $10 and stay there for about six or more months.
It would for sure clean the weak hands and wannabes.
The December 2011 crash at less than $2.00 was a great time for buying.
ROFLMAO
Hopefully you are not keeping all your life's savings in bitcoin...
Why do you even need bitcoin for this kind of trading? Penny stocks are just as good for this purpose...
That quote is far from silly. And now I have bought today @ $400 and just bought some more @$350. And will do the same @$300, $250, and $200.
Well I'm no 100% doomer for BTC but I'll say this.. I forget who came up with the quote but I'm pretty sure they weren't describing every asset under the sun when they said it. I know they weren't talking about BTC as much as i know they weren't talking about tulips.
Do you really think that quote should be used for every asset out there?
It was warren buffett. And it is very much applicable to bitcoin. Look around and see all the integration that is going on right now. A year from now (assuming the .gov doesn't kill it) we will more than likely be kicking ourselves for not buying more at this price.
9x% of the time, yes. Ice box makers at the time of mass refrigerator adoption, video rental stores now, etc are all a big exception. These might never make a profit if you invest during the 'fear'.
Even during the 9X% of the time, the problem is, as guerilla would say: Define when is greed happening? Define when is fear?
You might interpret $200 BTC as 'fear', while it might still be greed if it is heading to $1. If it bounces to $1k, then it was fear.
I'm aware of it's potential if all goes right and the .gov decides to willingly give it's power away (lol).
But what we're seeing now is the result of China finally realizing what bitcoin means and it saying 'NO'. If America and others follow it will be back to what it was before it became much more main stream.
There's also many other things that can take bitcoin down including other better more functional crypto-coins. I'm sure you know that.
Anyway the quote will always be used by anyone who hopes it's true for their asset. But if it was said by Buffet he was talking about stocks, and probably the market as a whole like the time-tested S&P500 and DJIA which have an impeccable record.
Anyway I might jump in at some point just to speculate but the whole time expecting it could easily vanish.
Yup exactly I was going to mention the quotes inherent subjectivity too
Oh also, it's not 9X% of the time because believe it or not there have been many many stocks to fall and never come back.. maybe even most (i don't have the stats).. but most companies don't survive forever.
If you believe the price is going to fall further then rise again, you should not be buying at these prices. You are just throwing away money by buying into the crash, unless you are actively trading. Wait until there is a bullish reversal if you are going to buy and hold.
Litecoin is going buck right now. I have an algorithm running that has multiplied my BTC holdings in the past 5-6 hours. Shit is wild.