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all 53 comments

[–]bluethunder1985 14 points15 points  (42 children)

This is the most important chart that you should absolutely ignore as it has NOTHING to do with crypto markets at all.

[–]_NMH_ 9 points10 points  (28 children)

The Titanic is unsinkable eh?

[–]bluethunder1985 3 points4 points  (24 children)

Your ignorance is showing.

[–]Deskinspin 8 points9 points  (1 child)

Oh the irony.

[–]SpeedflyChris[S] 5 points6 points  (0 children)

I know right? It's a great demonstration.

[–]_NMH_ 5 points6 points  (10 children)

Believing something with such a meteoric rise may be a bubble with a larger drop pending is ignorant?

[–]SpeedflyChris[S] 4 points5 points  (4 children)

People don't want to hear it, it was the same right before the 2013 crash, it was the same with the housing market in late 2006, it was the same with tech stocks in 1999. This sort of herd psychology is something everyone with even a passing interest in crypto should make themselves familiar with.

[–]Thewumbles 3 points4 points  (0 children)

The problem is predicting where we are on the chart. Care to humour us and pin the tail on the donkey?

[–]rushawa20 0 points1 point  (2 children)

But it wasn't the same in many other cases where something revolutionary genuinely occurred and changed the market. How can you tell which is which?

[–]SpeedflyChris[S] 1 point2 points  (1 child)

But it wasn't the same in many other cases where something revolutionary genuinely occurred and changed the market. How can you tell which is which?

Even when something does change the market we have a tendency to go towards mania. See tech stocks as a great example. The internet has definitely been a revolutionary technology, but that didn't stop the tech boom of the late 90s from completely overshooting the mark.

[–]rushawa20 1 point2 points  (0 children)

I see. Thanks for the help.

[–]bluethunder1985 -1 points0 points  (2 children)

its not a stock. you are thinking about it the completely wrong way.

[–]_NMH_ 0 points1 point  (1 child)

Very clear it’s not a stock- firmly believe this applies evern more to bitcoin— its rooted in greed/fear & pleasure/pain of the value of ones investment changing in regards to entry.

[–]bluethunder1985 -1 points0 points  (0 children)

its actually rooted in safety and security of one's wealth. But you don't seem to have spent any time studying the tech and are just screaming nonsense.

[–]BlackBeltBob -1 points0 points  (1 child)

That's not what he is saying. He's saying your chart has nothing to do with crypto markets, and it doesn't. It's just a chart generally depicting one of the multitudes of possible behavioral patterns the price of something can exhibit.

[–]_NMH_ 2 points3 points  (0 children)

Look don’t beat me up black belt bob- I just think this chart applies even more so to bitcoin because this chart is of human emotion & greed/euphoria/fear

Look at the board echo it - every drop “omg what’s happening guys” every rise “should I buy?? Will it go up tomorrow”

[–]_NMH_ 1 point2 points  (10 children)

Is it ignorant to think the government/ fees/ massive energy waste / lack of ability to use it easily as a currency / regulation could effect bitcoin price in a negative way?

[–]bluethunder1985 -1 points0 points  (5 children)

open source development will improve all those things. lightning.network is extremely promising. Think of the internet in 1994. You are the one saying "THIS WILL ALWAYS BE THE WAY IT IS." Like I said, your ignorance is showing. do some research.

[–]_NMH_ 2 points3 points  (4 children)

Gosh- I guess there’s no chance price will decline in a meaningful way ever then! Forget investing what I can afford to lose- let me take out loans and buy!

[–]bluethunder1985 -2 points-1 points  (3 children)

youre a moron. of course there will be speculation causing dips and corrections. doesnt mean its going to zero.

[–]_NMH_ -1 points0 points  (2 children)

No need for name calling. Thank you for sharing your wisdom with me.

One question.

Hypothetically speaking, big crash comes.... Of course we all know this can’t ever happen right, but let’s pretend price crashed hard—

[–]Hark- 0 points1 point  (0 children)

Since I already took out my initial investment, probably just let it ride to wherever it bottoms out to - otherwise I risk selling at the bottom before the next pump

[–]bluethunder1985 0 points1 point  (0 children)

millions will buy the dips. this will never happen.

[–]castorfromtheva -1 points0 points  (3 children)

It's even narrow minded and indicates you don't have any clue what you're talking about. If you're full of doubts, it's better to leave bitcoin.

[–]_NMH_ 1 point2 points  (2 children)

Please enlighten me. Is it narrow minded to be cautious with an investment in an unprecedented, meteoric rise in value? Narrow minded to think, maybe there is more risk in it than people here realize? Narrow minded to not blindly hodl?

Or I guess that’s just FUD right?

Doubt shouldn’t be in any investors mind right?

[–]castorfromtheva -2 points-1 points  (1 child)

That's the difference between us: I don't invest. I get rid of the dirty fraudent dollars that enslaved mankind for plenty decades.

[–]_NMH_ 0 points1 point  (0 children)

Fascinating. Sounds like we have many differences. Enjoy the ride!

[–]10nmTransistor 0 points1 point  (2 children)

The ocean is unsinkable.

[–]_NMH_ 1 point2 points  (1 child)

Bitcoin is the ocean now?!

[–]10nmTransistor 0 points1 point  (0 children)

Since when did ocean become Titanic?

[–]bitcoinhope2redditor for 2 days 3 points4 points  (0 children)

This is the most important chart that you should absolutely ignore as it has NOTHING to do with crypto markets at all.

Bubble confirmed.

[–]SpeedflyChris[S] 3 points4 points  (11 children)

Because it's different this time right? A new paradigm?

[–]wouldyafuckup 6 points7 points  (1 child)

Nothing less than all out fellatio of btc is tolerated on this sub

[–]SpeedflyChris[S] 3 points4 points  (0 children)

Sorry, I'll remember to tickle the balls next time.

[–]CrazedIndividualredditor for 2 months -2 points-1 points  (6 children)

This chart is out of date and applies to a trading element that is not any crypto.

[–]_NMH_ 7 points8 points  (5 children)

Applies to anything humans speculate on.

[–]SpeedflyChris[S] 4 points5 points  (0 children)

Yep, it's also been startlingly applicable to multiple boom and bust cycles in the BTC market since 2010

[–]bluethunder1985 -1 points0 points  (3 children)

and what about those of us that dont see bitcoin as speculation but as a the new asset class that it is?

[–]_NMH_ 4 points5 points  (1 child)

Those are the group that usually sell in the capitulation phase.

[–]Deskinspin 4 points5 points  (0 children)

And they are the group that buy at a ATH.

[–]SpeedflyChris[S] 3 points4 points  (0 children)

and what about those of us that dont see bitcoin as speculation but as a the new asset class that it is?

https://www.investopedia.com/terms/n/newparadigm.asp

[–]rushawa20 -1 points0 points  (1 child)

Do you think that this chart applies to every investment, share price, commodity, etc that has ever been created?

[–]SpeedflyChris[S] 5 points6 points  (0 children)

Do you think that this chart applies to every investment, share price, commodity, etc that has ever been created?

More or less. This is about psychology, not one specific asset.

[–]h4nc0 1 point2 points  (0 children)

We are in take off phase. :P

[–]healthytitsredditor for 7 weeks 0 points1 point  (0 children)

Here we go with this fucking chart again

[–]hodltaco 0 points1 point  (1 child)

A good chart is where would that mean line be for support.

[–]SpeedflyChris[S] 1 point2 points  (0 children)

If I had to guess at this point, low thousands. It's impossible to say for sure though.

[–]realpatrickstar 0 points1 point  (0 children)

I wrote following on another thread but I will copy the relevant parts here also.

Cypto can not be compared with Stock exchange at the moment, there is no holiday, there is no closing and opening, even the price of BTC changes dramatically between different exchanges. no one country can screw up BTC completely. It can not be compared to foreign exchange, commodity bacause unlike currency there is no one ruling country, unlike commodity there is no season, draught and etc... Law makers are confused about how to evaluate it and which laws apply to it... Comparing it with previous performance is also nonsense because it is still in development phase. BTC is not in its final form we are still having soft and hard forks... No one knows what will happen. You can not make fundamental analysis because fundamentally it is basically a distributed database, you can not make technical analysis because rules of technical analysis mainly work on stable and saturated markets. Crypto is run by FUD and FOMO at the moment... if it breaks 10K it can run to 100 Kin 3 months or it can pull back to 300 USD in 3 months... The rules are different than any other thing that you ever seen...

If you want to invest just invest burning money in crypto and wait... When you reach your moon (what ever that is) take out your money and leave... If you think block-chain is the future, than loosing money doesn't mean anything for you, because you believe in this "revolution"

[–]Headspacer 0 points1 point  (2 children)

This scenario already happened in 2013, now the price might be in a bubble but that doesn’t mean bitcoin itself is in a bubble.

[–]SpeedflyChris[S] 0 points1 point  (0 children)

now the price might be in a bubble but that doesn’t mean bitcoin itself is in a bubble

What do you mean by that?

[–]bluethunder1985 0 points1 point  (0 children)

“Bitcoin represents a fundamental transformation of money. An invention that changes the oldest technology we have in civilization. That changes it radically and disruptively by changing the fundamental architecture into one where every participant is equal. Where transaction has no state or context other than obeying the consensus rules of the network that no one controls. Where your money is yours. You control it absolutely through the application of digital signatures, and no one can censor it, no one can seize it, no one can freeze it. No one can tell you what to do or what not to do with your money. It is a system of money that is simultaneously, absolutely transnational and borderless. We’ve never had a system of money like that.” ― Andreas M. Antonopoulos, The Internet of Money

[–]koffeemachine -1 points0 points  (0 children)

Very important chart...blow off phase huuhhh huuuhhh