Revisiting Bitcoin and Crypto's....
Well you can see below (depending on what chart you use) that Bitcoin has hit a major support area. Not that I believe it will hold as I suspect it is headed down to 4297 area or lower but it may bounce from here or slightly lower.
To those who bet the farm that Bitcoin was going to 40 or 50,000 well you could have been right. However as it stands now, you are wrong. Dead wrong!
The problem when you make a senseless bet at the top and stick to your belief in the face of irrefutable data that tells you that you are wrong is the stuff of legend. More fortunes have been lost this way than I care to comment on. Don't feel too bad because some very smart people have lost a fortune doing the exact same thing. In other words we all make mistakes.
Like any other bubble you hope that the good news pundits are going to eventually be right and that price will recover to previous highs or beyond. This is a very dangerous gamble my friends. The market could and may very well fall even lower and stay there for a long time. It may recover or it may not. Perhaps not in your life time. I really don't know.
What I did know is that there was no way in hell I would have bought the crypto mania when it was frothing at the mouth like it was six months ago. Things have cooled quite a bit since then and there are not as many people saying you are missing the boat but it is going to be a lot like gold from here on in. What that means is that any time it hick ups back up a few hundred dollars you are going to hear the cheerleaders start to tell you that it is heading back to the highs and beyond. Don't believe it ok. Not for an instance.
Blockchain may very well be here to stay and it may have a lot of potential but how it will be used and whether a new or improved version of it may surface is anyone's guess. After all it is only computer code. How difficult is it to devise something just as good in the near or far future.
The people telling you to buy the dips are the same ones who would tell you to load up on gold when in reality there is really no indication that it is going anywhere soon. It has stayed sideways for a long time and there is no indication that this is not the direction it will follow for the forseeable future.
Like I said to you long ago. I bought bitcoin when no one really cared about it. Long ago. I cashed out when it appreciated to what I thought was fair value and that was that. No I did not get involved in the recent nut case mania. That is not who I am. In truth it should not be who you are either with your retirement funds. That is a fools paradise and there is enough studies done that says you are more likely to lose it all in high risk than to make a fortune. So keep that in mind.
If crypto currency was really the be all end all then the Venezuelan one with oil backing it might have been the play of a life time. However you can see that with a morally and fiscally bankrupt government it didn't fly. It probably won't. I wouldn't buy it, would you? Would you trust that government to pay? I rest my case.
I really don't see this field as being one that will blossom back any time soon. Like egold and its online currencies before it I suspect that when all is said and done maybe five years from now they will be nothing more than a memory. For most who got in at the top and are wincing every time it dips now the memory will be painful indeed. Cheers!
To those who bet the farm that Bitcoin was going to 40 or 50,000 well you could have been right. However as it stands now, you are wrong. Dead wrong!
The problem when you make a senseless bet at the top and stick to your belief in the face of irrefutable data that tells you that you are wrong is the stuff of legend. More fortunes have been lost this way than I care to comment on. Don't feel too bad because some very smart people have lost a fortune doing the exact same thing. In other words we all make mistakes.
Like any other bubble you hope that the good news pundits are going to eventually be right and that price will recover to previous highs or beyond. This is a very dangerous gamble my friends. The market could and may very well fall even lower and stay there for a long time. It may recover or it may not. Perhaps not in your life time. I really don't know.
What I did know is that there was no way in hell I would have bought the crypto mania when it was frothing at the mouth like it was six months ago. Things have cooled quite a bit since then and there are not as many people saying you are missing the boat but it is going to be a lot like gold from here on in. What that means is that any time it hick ups back up a few hundred dollars you are going to hear the cheerleaders start to tell you that it is heading back to the highs and beyond. Don't believe it ok. Not for an instance.
Blockchain may very well be here to stay and it may have a lot of potential but how it will be used and whether a new or improved version of it may surface is anyone's guess. After all it is only computer code. How difficult is it to devise something just as good in the near or far future.
The people telling you to buy the dips are the same ones who would tell you to load up on gold when in reality there is really no indication that it is going anywhere soon. It has stayed sideways for a long time and there is no indication that this is not the direction it will follow for the forseeable future.
Like I said to you long ago. I bought bitcoin when no one really cared about it. Long ago. I cashed out when it appreciated to what I thought was fair value and that was that. No I did not get involved in the recent nut case mania. That is not who I am. In truth it should not be who you are either with your retirement funds. That is a fools paradise and there is enough studies done that says you are more likely to lose it all in high risk than to make a fortune. So keep that in mind.
If crypto currency was really the be all end all then the Venezuelan one with oil backing it might have been the play of a life time. However you can see that with a morally and fiscally bankrupt government it didn't fly. It probably won't. I wouldn't buy it, would you? Would you trust that government to pay? I rest my case.
I really don't see this field as being one that will blossom back any time soon. Like egold and its online currencies before it I suspect that when all is said and done maybe five years from now they will be nothing more than a memory. For most who got in at the top and are wincing every time it dips now the memory will be painful indeed. Cheers!
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