Amazing Moves said:You're still good on other cryptos.bedofbrass33 said:
Couple guys at work put $5k each into a joint BTC account 5 years ago. Now worth over $400k.
I told myself I would regret not buying BTC when it was $300 and then again at $600. I was right.
I guess those were times where it was about to hit a bubble too. Right, naysayers? I love these predictions when this currency trading is still in it's infancy with plenty of room to grow. Not to mention it's a different animal. Plenty of options out there with more being developed everyday.
Also, these comments are made mostly by people who don't have a stake in it. Too late to the party (in their mind). "Well the party sucks anyway!" Negative discouraging comments.. yada, yada.
Similar to when a recruit decommits.
Increases of over 1,000% in a year, without a correlated increase in value of an underlying tangible asset, means the increase is pure speculation. People aren't buying bitcoin to use it, they're buying it in hopes its meteoric rise continues and they can sell it for profit. At some point, the rise will stop, ans all thlse speculators will be trying to sell at once amid fears that the value will plummet, which is a self-fulfilling prophesy, as the sellers marked becomes a buyers market, pushing the price lower and lower until the speculators are all out of the game.
Lots of folks have made a lot of money. There is probably still money to be made. And bitcoin may eventually become an integral part of the global economy, but the current skyrocketing price is not based on those predictions, and there will almost certainly be a big fall in the short to mid-term.
