Fear of missing out

This is a discussion on Fear of missing out within the Cryptocurrencies forums, part of the Markets category; Cryptocurrency has no intrinsic value unlike traditional currencies. In simplistic terms, it is just a digitised medium to facilitate financial ...

Reply
 
LinkBack Thread Tools Search this Thread
Old Nov 28, 2017, 11:00pm   #31
Joined May 2012
Cryptocurrency has no intrinsic value unlike traditional currencies. In simplistic terms, it is just a digitised medium to facilitate financial transactions. In the case of Bitcoin, demand is fueled by speculation and since supply is capped this invariably drives the unit price upwards. However in any free market, opportunities attract threats in the form of surrogates e.g. Ethereum et al. Blockchain technology itself is not a barrier to entry for any commercial entity willing to commit resources in building an exchange. This means, the supply of exchanges offering crypto is only limited by the commercial opportunities. In other words, supply will eventually normalise pricing in the supply demand equation. Those holding a view that somehow Bitcoin would only have a one way trajectory should reexamine their rationale because when you have thousands of Bitcoin type crypto exchanges offering their own version of crypto what would happen to valuation? It simply boils down to supply and demand and the flip side is that the number of exchanges can be theoretically unlimited.

For those currently trading Bitcoin, I would ask just one simple question. What is your trade plan to exit your position be it to take profits or to protect your capital?
__________________
_______________


Those who know do not speak
Those who speak do not know
Since I have spoken, I do not know
Brumby is offline   Reply With Quote
Old Nov 29, 2017, 1:13pm   #32
Joined Sep 2010
brewski1984 started this thread
Quote:
Originally Posted by Brumby View Post
For those currently trading Bitcoin, I would ask just one simple question. What is your trade plan to exit your position be it to take profits or to protect your capital?
Nobody seems to want to answer that.

Like it or not though, as traders shouldn’t we be looking for opportunities to make money? Regardless of what Bitcoin actually is and how much it’s fundamentally worth it is surely being traded on emotion and herd mentality right now... isn’t there an opportunity to make money from that? It might be a bubble but if the whole world is driving the price up, shouldn’t us “traders” that have (hopefully) a little bit more knowledge than most of the world that hasn’t got a clue, use that to our advantage?

Which brokers offer Spreadbets on bitcoin? CMC don’t have it

Edit: I see etx capital offer it, does anyone use etx and what are they like?
__________________
Quote:
Originally Posted by Lee Shepherd View Post
Thats just b0llox trading. Its all b0llox Spencer.

Last edited by brewski1984; Nov 29, 2017 at 2:22pm.
brewski1984 is online now   Reply With Quote
Old Nov 29, 2017, 3:10pm   #33
 
piphoe's Avatar
Joined Oct 2015
I guess not profitable for a small timer to mine it anymore? That ship has sailed?
__________________
become part of the machine
-pin ball wizard
-the WHO
piphoe is offline   Reply With Quote
Old Nov 29, 2017, 3:22pm   #34
Joined Sep 2010
brewski1984 started this thread Smashed through 10k and now 11k, might not understand or agree with it but there’s got to be opportunity there right?
__________________
Quote:
Originally Posted by Lee Shepherd View Post
Thats just b0llox trading. Its all b0llox Spencer.
brewski1984 is online now   Reply With Quote
Old Nov 29, 2017, 3:45pm   #35
 
Quantt's Avatar
Joined Jul 2017
Quote:
Originally Posted by brewski1984 View Post

Which brokers offer Spreadbets on bitcoin? CMC don’t have it
That's the problem isn't it?

There are no regulated exchanges with the government protection where you can transfer let's say 6 digits account, so you can start to trade and make money...
Your risk is that the exchange can get hacked tomorrow or the owner can disappear with the money or worst you can be a victim of market manipulation and lose it all with no way of getting your money back...
Even the comparison with the dot com bubble is not good, because we traded on the regulated market and we were protected by the government and this is not the case here, so I don't care if it goes to 1 mil tomorrow or next year, I am not risking my hard earned money for this when I have much better choices...
__________________
"If you don't find a way to make money while you sleep, you will work until you die." Warren Buffett, CEO of Berkshire Hathaway.

Count de Money number 1 trading rule: EDUCATE YOURSELF!

Before you trade even single penny on the stock market, please spend the time and educate yourself by back testing different trading strategies and ideas - go to eBay and search for "historical stock market data", you can buy 20 years of data for less than $100 - that's all you need to start.
Quantt is offline   Reply With Quote
Old Nov 29, 2017, 3:48pm   #36
 
Quantt's Avatar
Joined Jul 2017
Quote:
Originally Posted by piphoe View Post
I guess not profitable for a small timer to mine it anymore? That ship has sailed?
Only if you have free electricity...
__________________
"If you don't find a way to make money while you sleep, you will work until you die." Warren Buffett, CEO of Berkshire Hathaway.

Count de Money number 1 trading rule: EDUCATE YOURSELF!

Before you trade even single penny on the stock market, please spend the time and educate yourself by back testing different trading strategies and ideas - go to eBay and search for "historical stock market data", you can buy 20 years of data for less than $100 - that's all you need to start.
Quantt is offline   Reply With Quote
Old Nov 29, 2017, 4:01pm   #37
 
piphoe's Avatar
Joined Oct 2015
Quote:
Originally Posted by Quantt View Post
Only if you have free electricity...
How many bitcoins are actually out there now? How many more can reasonably be mined?

I know NOTHING about it.
__________________
become part of the machine
-pin ball wizard
-the WHO
piphoe is offline   Reply With Quote
Old Nov 29, 2017, 4:38pm   #38
Joined Sep 2010
brewski1984 started this thread
Quote:
Originally Posted by Quantt View Post
That's the problem isn't it?

There are no regulated exchanges with the government protection where you can transfer let's say 6 digits account, so you can start to trade and make money...
Your risk is that the exchange can get hacked tomorrow or the owner can disappear with the money or worst you can be a victim of market manipulation and lose it all with no way of getting your money back...
Even the comparison with the dot com bubble is not good, because we traded on the regulated market and we were protected by the government and this is not the case here, so I don't care if it goes to 1 mil tomorrow or next year, I am not risking my hard earned money for this when I have much better choices...
If you've got 6 digits to put in an account, surely it's worth buying just 1 Bitcoin for a small punt? There are a few spread betting brokers that offer it and it seems a far less riskier way to trade it than actually buying one provided you don't abuse leverage (Brewski!). I haven't looked into how wide the spreads are or the costs involved to see if it's an efficient way but at least you won't get hacked. I fully understand that for people focusing on risk it makes absolutely no sense.

Quote:
Originally Posted by piphoe View Post
How many bitcoins are actually out there now? How many more can reasonably be mined?

I know NOTHING about it.
I thought there was only a certain amount but apparently there's hard forks where they can just decide to split it and double it?
__________________
Quote:
Originally Posted by Lee Shepherd View Post
Thats just b0llox trading. Its all b0llox Spencer.
brewski1984 is online now   Reply With Quote
Old Nov 29, 2017, 4:48pm   #39
 
Quantt's Avatar
Joined Jul 2017
Quote:
Originally Posted by piphoe View Post
How many bitcoins are actually out there now? How many more can reasonably be mined?

I know NOTHING about it.
https://en.bitcoin.it/wiki/Controlled_supply

The more interesting question is how many were given for "free" in the begging and how many are being held by Satoshi and others like him...

As you know by now, I am quite a bit paranoid when it comes to the internet security (part of the job description), so I wont be surprised one bit, if the whole thing is in fact a CIA operation in order to combat terrorist (and criminal in some cases) financing with the illusion of border/government free and untraceable currency (which is a quite a contradiction to the block chain technology powering the whole thing)... Very very similar MO to the dark web tor browser made by the US Naval intelligence
__________________
"If you don't find a way to make money while you sleep, you will work until you die." Warren Buffett, CEO of Berkshire Hathaway.

Count de Money number 1 trading rule: EDUCATE YOURSELF!

Before you trade even single penny on the stock market, please spend the time and educate yourself by back testing different trading strategies and ideas - go to eBay and search for "historical stock market data", you can buy 20 years of data for less than $100 - that's all you need to start.
Quantt is offline   Reply With Quote
Old Nov 29, 2017, 4:55pm   #40
 
Quantt's Avatar
Joined Jul 2017
Quote:
Originally Posted by brewski1984 View Post
If you've got 6 digits to put in an account, surely it's worth buying just 1 Bitcoin for a small punt? There are a few spread betting brokers that offer it and it seems a far less riskier way to trade it than actually buying one provided you don't abuse leverage (Brewski!).
It is against my principals to gamble like that, so buying or not one bit coin will not change my life one way or the other, not to mention if I bought 1 for let's say $30, I would have sold it already long time ago... for the ultimate gambling reward I am in my office lottery pool and diligently putting my $2 every week...

Frankly, I don't know how spread betting actually works, looks like English thing, so I cannot comment on it, I was talking about straight trading bit coins on actual exchange... not to mention one of my other rules is to not use leverage, so right here it is a no go for me...
__________________
"If you don't find a way to make money while you sleep, you will work until you die." Warren Buffett, CEO of Berkshire Hathaway.

Count de Money number 1 trading rule: EDUCATE YOURSELF!

Before you trade even single penny on the stock market, please spend the time and educate yourself by back testing different trading strategies and ideas - go to eBay and search for "historical stock market data", you can buy 20 years of data for less than $100 - that's all you need to start.
Quantt is offline   Reply With Quote
Thanks! The following members like this post: brewski1984
Old Nov 29, 2017, 8:52pm   #41
Joined Sep 2010
brewski1984 started this thread All kicking off right now aint it?

Does the price differ depending on what exchange or site you look at? Literally everywhere I look is a different price right now.
__________________
Quote:
Originally Posted by Lee Shepherd View Post
Thats just b0llox trading. Its all b0llox Spencer.
brewski1984 is online now   Reply With Quote
Old Nov 29, 2017, 9:35pm   #42
 
Quantt's Avatar
Joined Jul 2017
Quote:
Originally Posted by brewski1984 View Post
Does the price differ depending on what exchange or site you look at? Literally everywhere I look is a different price right now.
Another major red flag right there...
__________________
"If you don't find a way to make money while you sleep, you will work until you die." Warren Buffett, CEO of Berkshire Hathaway.

Count de Money number 1 trading rule: EDUCATE YOURSELF!

Before you trade even single penny on the stock market, please spend the time and educate yourself by back testing different trading strategies and ideas - go to eBay and search for "historical stock market data", you can buy 20 years of data for less than $100 - that's all you need to start.
Quantt is offline   Reply With Quote
Old Nov 29, 2017, 9:41pm   #43
Joined May 2012
Quote:
Originally Posted by brewski1984 View Post
Nobody seems to want to answer that.

Like it or not though, as traders shouldn’t we be looking for opportunities to make money? Regardless of what Bitcoin actually is and how much it’s fundamentally worth it is surely being traded on emotion and herd mentality right now... isn’t there an opportunity to make money from that? It might be a bubble but if the whole world is driving the price up, shouldn’t us “traders” that have (hopefully) a little bit more knowledge than most of the world that hasn’t got a clue, use that to our advantage?
I don't disagree if some see it as an opportunity to trade Bitcoin and make money in the process. However trading a parabolic phase is not as simple as assuming one can just make money without considering the elevated risk.

In a parabolic phase, one can easily define the parabolic anchor points that defines the curve. If the ascending anchor point is taken out then the phase is likely over. Currently that stop point is around $5400. Exhaustion is impossible to determine until after the fact. Unless you are stopped out or elect to take profits during the exhaustion move (impossible to be optimal), then whatever profits that you may be sitting on is simply on paper and can easily disappear.

Therefore the question - what is the trade plan?
__________________
_______________


Those who know do not speak
Those who speak do not know
Since I have spoken, I do not know
Brumby is offline   Reply With Quote
Old Nov 29, 2017, 10:00pm   #44
Joined Sep 2010
brewski1984 started this thread
Quote:
Originally Posted by Quantt View Post
Another major red flag right there...
I have to admit, I was checking a few places and thinking I'm so glad I'm not trading it. Seems like each site was just quoting whatever price they wanted and if I'd had any money on it I would have been twitching


Quote:
Originally Posted by Brumby View Post
I don't disagree if some see it as an opportunity to trade Bitcoin and make money in the process. However trading a parabolic phase is not as simple as assuming one can just make money without considering the elevated risk.

In a parabolic phase, one can easily define the parabolic anchor points that defines the curve. If the ascending anchor point is taken out then the phase is likely over. Currently that stop point is around $5400. Exhaustion is impossible to determine until after the fact. Unless you are stopped out or elect to take profits during the exhaustion move (impossible to be optimal), then whatever profits that you may be sitting on is simply on paper and can easily disappear.

Therefore the question - what is the trade plan?
I think the only plan anyone can have with Bitcoin is to just buy it with money that they don't mind losing and hope for the best - a pure gamble. Anyone who's invested a significant amount of money (relative to them) is just asking for trouble. Judging from what I've seen today and to be fair I've only really taken an interest in it the last couple days so it might not be a fair conclusion, it just seems untradeable.
__________________
Quote:
Originally Posted by Lee Shepherd View Post
Thats just b0llox trading. Its all b0llox Spencer.
brewski1984 is online now   Reply With Quote
Old Nov 29, 2017, 10:05pm   #45
 
Quantt's Avatar
Joined Jul 2017
Quote:
Originally Posted by brewski1984 View Post
I think the only plan anyone can have with Bitcoin is to just buy it with money that they don't mind losing and hope for the best - a pure gamble.
LOL, the good old "buy and hope" trading plan :-)
__________________
"If you don't find a way to make money while you sleep, you will work until you die." Warren Buffett, CEO of Berkshire Hathaway.

Count de Money number 1 trading rule: EDUCATE YOURSELF!

Before you trade even single penny on the stock market, please spend the time and educate yourself by back testing different trading strategies and ideas - go to eBay and search for "historical stock market data", you can buy 20 years of data for less than $100 - that's all you need to start.
Quantt is offline   Reply With Quote
Reply

Thread Tools Search this Thread
Search this Thread:

Advanced Search

Similar Threads
Thread Thread Starter Forum Replies Last Post
Article: On Fear T2W Bot Educational Resources 23 Jun 24, 2017 9:54am
Fear bbmac Psychology, Risk & Money Management 3 Jun 25, 2012 11:24am
Where has all the fear gone? Dommo General Trading Chat 18 Dec 4, 2010 9:30pm
Fear of missing a move Joe Ross Psychology, Risk & Money Management 0 Nov 27, 2009 8:37pm
Fear of missing “the big one” Joe Ross General Trading Chat 33 Nov 1, 2006 9:41pm

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)