The BITCOIN thread

Originally Posted by rong

I don't think we're anywhere near despair.

Agreed. The start of the Despair stage will be at $200. Bottom out around $100, or less as Eug mentioned.

Despite the price drop, I still wouldn't touch bitcoin (or any other digital "currency") with a 10 foot pole. With flash in the pan price increases, there will be even harsher drops. There are no fundamentals with a completely new, untested, no intrinsic value product like bitcoin. It is almost 100% driven by market psychology.

If one really wanted to try to make some money on bitcoin right now, it would be in shorting it. I wouldn't advise that though unless you are extremely risk tolerant.

12-18-2013 09:15 AM #1
rong View Profile View Forum Posts Private Message View Blog Entries Join Date Nov 2008 Posts 9,033 Location behind you with an axe	Originally Posted by eugmac and on kornholio's chart, are we are fear, or at we at capitulation? I don't think we're anywhere near despair.
	I'm the king of bongo, baby I'm the king of bongo bong.
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12-18-2013 02:33 PM #2
KoRnholio View Profile View Forum Posts Private Message View Blog Entries Join Date Jul 2005 Posts 2,938 Location Canada	Originally Posted by rong I don't think we're anywhere near despair. Agreed. The start of the Despair stage will be at $200. Bottom out around $100, or less as Eug mentioned. Despite the price drop, I still wouldn't touch bitcoin (or any other digital "currency") with a 10 foot pole. With flash in the pan price increases, there will be even harsher drops. There are no fundamentals with a completely new, untested, no intrinsic value product like bitcoin. It is almost 100% driven by market psychology. If one really wanted to try to make some money on bitcoin right now, it would be in shorting it. I wouldn't advise that though unless you are extremely risk tolerant.
	Some days it feels like I've been standing forever, waiting for the bank teller to return so I can cash in all these Sklansky Bucks.
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The BITCOIN thread

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