How soon until Bitcoin crashes?

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This is not a parody...

Ex-NFL star Ricky Williams studies astrology ? and it?s telling him to invest in Bitcoin
Williams has spent a chunk of his post-football life studying everything from holistic medicine to astrology and he tells CNBC Make It that the studying the cosmos actually informed his decision to invest in the recent cryptocurrency boom.

"When I look at things, I tend to look at astrology to get insight," says Williams, who tells CNBC Make It that his readings of astrological charts have pointed him in the direction of Bitcoin.

"The insight that got me interested in Bitcoin was the planet Uranus is about to enter into Taurus," says Williams.

Uranus, he explains, "is about revolution; it's about a change in the way we do things; it's about innovation." And Taurus "is about resources and finances," says Williams.

The revolutionary aspect of Uranus in astrology, combined with Taurus' focus on wealth and finance, is leading Williams to predict that, in the near future, "we're going to totally change the way we view and understand" finances, he says.

What's more, Pluto is passing through the astrological sign Capricorn which, Williams explains, "is about our structures, like banks for instance."

Williams bills himself as a professional astrologer, and he even has a website where you can book a personal astrology reading with the former NFL star (at $300 for a 90-minute session). Williams also turned his passion for holistic medicine into a post-NFL career with the launch of Real Wellness, a line of cannabis-based products, in March.
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https://www.cnbc.com/2018/05/09/ast...invest-in-bitcoin.html?recirc=taboolainternal
 
Liar Loan said:
This is not a parody...

Ex-NFL star Ricky Williams studies astrology ? and it?s telling him to invest in Bitcoin<snip>
Click to expand...

Stepping off bitcoin for a moment have you looked at how much of our economy  and small business is actually driven by stuff like that?  Peer to peer selling, debt your way to wealth plans,  etc.  We all like to think Apple, Google and Facebook but it seems like that our information social platforms have really done is legitimize snake oil.
 
Liar Loan said:
This is not a parody...

Ex-NFL star Ricky Williams studies astrology ? and it?s telling him to invest in Bitcoin
Williams has spent a chunk of his post-football life studying everything from holistic medicine to astrology and he tells CNBC Make It that the studying the cosmos actually informed his decision to invest in the recent cryptocurrency boom.

"When I look at things, I tend to look at astrology to get insight," says Williams, who tells CNBC Make It that his readings of astrological charts have pointed him in the direction of Bitcoin.

"The insight that got me interested in Bitcoin was the planet Uranus is about to enter into Taurus," says Williams.

Uranus, he explains, "is about revolution; it's about a change in the way we do things; it's about innovation." And Taurus "is about resources and finances," says Williams.

The revolutionary aspect of Uranus in astrology, combined with Taurus' focus on wealth and finance, is leading Williams to predict that, in the near future, "we're going to totally change the way we view and understand" finances, he says.

What's more, Pluto is passing through the astrological sign Capricorn which, Williams explains, "is about our structures, like banks for instance."

Williams bills himself as a professional astrologer, and he even has a website where you can book a personal astrology reading with the former NFL star (at $300 for a 90-minute session). Williams also turned his passion for holistic medicine into a post-NFL career with the launch of Real Wellness, a line of cannabis-based products, in March.
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https://www.cnbc.com/2018/05/09/ast...invest-in-bitcoin.html?recirc=taboolainternal
Click to expand...

when was the last time he was checked for CTE?
 
nosuchreality said:
Liar Loan said:
This is not a parody...

Ex-NFL star Ricky Williams studies astrology ? and it?s telling him to invest in Bitcoin<snip>
Click to expand...

Stepping off bitcoin for a moment have you looked at how much of our economy  and small business is actually driven by stuff like that?  Peer to peer selling, debt your way to wealth plans,  etc.  We all like to think Apple, Google and Facebook but it seems like that our information social platforms have really done is legitimize snake oil.
Click to expand...

This is a good topic...

I would even include driving for Uber in that category.  Once you factor in vehicle wear-and-tear, maintenance, and gas drivers are making less than minimum wage in many cases.

Another area that you mentioned - peer to peer selling - is incredibly prevalent with stay at home moms.  They guilt their friends into coming to "parties" to buy their wares, but in reality they are working for tiny commissions or even just free merchandise.  It barely qualifies as a side income.

There seem to be more and more businesses built on the concept of convincing people to work for almost free, while all of the revenue and economic benefits accrue to the sponsoring corporation. 

Even franchise opportunities are a lot like this where they expect you to put in long hours every week with no guarantee of success, but the franchise company simply collects the franchise fees + marketing fees, etc. with really no skin in the game.  Of course, they provide some training and ongoing support, but their revenues are guaranteed while the franchisee takes all the risk.
 
Liar Loan said:
nosuchreality said:
Liar Loan said:
This is not a parody...

Ex-NFL star Ricky Williams studies astrology ? and it?s telling him to invest in Bitcoin<snip>
Click to expand...

Stepping off bitcoin for a moment have you looked at how much of our economy  and small business is actually driven by stuff like that?  Peer to peer selling, debt your way to wealth plans,  etc.  We all like to think Apple, Google and Facebook but it seems like that our information social platforms have really done is legitimize snake oil.
Click to expand...

This is a good topic...

I would even include driving for Uber in that category.  Once you factor in vehicle wear-and-tear, maintenance, and gas drivers are making less than minimum wage in many cases.

Another area that you mentioned - peer to peer selling - is incredibly prevalent with stay at home moms.  They guilt their friends into coming to "parties" to buy their wares, but in reality they are working for tiny commissions or even just free merchandise.  It barely qualifies as a side income.

There seem to be more and more businesses built on the concept of convincing people to work for almost free, while all of the revenue and economic benefits accrue to the sponsoring corporation. 

Even franchise opportunities are a lot like this where they expect you to put in long hours every week with no guarantee of success, but the franchise company simply collects the franchise fees + marketing fees, etc. with really no skin in the game.  Of course, they provide some training and ongoing support, but their revenues are guaranteed while the franchisee takes all the risk.
Click to expand...

I wonder how it works with Uber and Lyft when gas prices are going up like they have been for the past several months.  Does Uber/Lyft increase the cost and then pass along the fraction to the drivers or do the driver just eat the higher cost of gas?
 
USCTrojanCPA said:
Liar Loan said:
nosuchreality said:
Liar Loan said:
This is not a parody...

Ex-NFL star Ricky Williams studies astrology ? and it?s telling him to invest in Bitcoin<snip>
Click to expand...

Stepping off bitcoin for a moment have you looked at how much of our economy  and small business is actually driven by stuff like that?  Peer to peer selling, debt your way to wealth plans,  etc.  We all like to think Apple, Google and Facebook but it seems like that our information social platforms have really done is legitimize snake oil.
Click to expand...

This is a good topic...

I would even include driving for Uber in that category.  Once you factor in vehicle wear-and-tear, maintenance, and gas drivers are making less than minimum wage in many cases.

Another area that you mentioned - peer to peer selling - is incredibly prevalent with stay at home moms.  They guilt their friends into coming to "parties" to buy their wares, but in reality they are working for tiny commissions or even just free merchandise.  It barely qualifies as a side income.

There seem to be more and more businesses built on the concept of convincing people to work for almost free, while all of the revenue and economic benefits accrue to the sponsoring corporation. 

Even franchise opportunities are a lot like this where they expect you to put in long hours every week with no guarantee of success, but the franchise company simply collects the franchise fees + marketing fees, etc. with really no skin in the game.  Of course, they provide some training and ongoing support, but their revenues are guaranteed while the franchisee takes all the risk.
Click to expand...

I wonder how it works with Uber and Lyft when gas prices are going up like they have been for the past several months.  Does Uber/Lyft increase the cost and then pass along the fraction to the drivers or do the driver just eat the higher cost of gas?
Click to expand...

Uber likely doesn't have to do anything unless their supply of drivers becomes too low to service the demand for rides. If gas prices cause drivers to stop, then Uber would likely respond, potentially by raising driver payments, but there are other levers they can pull to stimulate supply. For example they can run promotions for new drivers with guaranteed hourly rates, run advertising that distorts the true cost of driving vs what is paid to attract new naive drivers, or use surge pricing (effectively on demand fare increases when supply of drivers doesn't match demand for rides).

Uber definitely leverages the failure of many drivers to adequately plan for the cost of driving. So far Uber has managed to get a stream of drivers like this and so with the driver supply high, prices stay down.

 
inv0ke-epipen said:
Uber likely doesn't have to do anything unless their supply of drivers becomes too low to service the demand for rides. If gas prices cause drivers to stop, then Uber would likely respond, potentially by raising driver payments, but there are other levers they can pull to stimulate supply. For example they can run promotions for new drivers with guaranteed hourly rates, run advertising that distorts the true cost of driving vs what is paid to attract new naive drivers, or use surge pricing (effectively on demand fare increases when supply of drivers doesn't match demand for rides).

Uber definitely leverages the failure of many drivers to adequately plan for the cost of driving. So far Uber has managed to get a stream of drivers like this and so with the driver supply high, prices stay down.
Click to expand...

Humans are very bad at long term.  If you game the  Uber and other  systems you can probably make money.  If you fit it in on of an otherwise commute, maybe.  If you treat it as a job, IMHO, it really seems like what they're doing is allowing you to do a bunch of free or near free labor to convert your capital asset (vehicle) into immediate cash.  Eventually your capital asset is depleted.

 
Those Lambos parked at the bitcoin conference are just a promotion
Three Lamborghinis parked Monday morning near a major cryptocurrency conference in New York did not belong to investors in bitcoin, or any other digital coin.

Instead, two of the luxury cars were from Broadway Supercars, a New Jersey-based car rental, and one belonged to company founder John Nouri.

He said he was hired to park the cars for about five hours Monday morning on Sixth Ave just outside a Hilton hotel, where more than 8,500 people are expected to attend CoinDesk's Consensus conference that kicked off Monday.
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https://www.cnbc.com/2018/05/14/tho...-bitcoin-conference-are-just-a-promotion.html
 
Bitcoin rally this week fails to materialize as New York conference brings more hype than substance
"Many repeat attendees commented that the panels felt more like commercials than substantive discussions, which was not the case last year," said Fundstrat digital currency analyst Alex Kern.

In previous years, bitcoin had rallied significantly around a New York City blockchain conference called Consensus. Between May 22 and 24 when it was held last year, prices jumped 69 percent, Fundstrat said. Prices popped another 138 percent in the two months after the conference.

In a note to clients published ahead of this year's event, Fundstrat predicted a bump "likely greater" than in previous years "given dramatic jump in attendance plus the fact BTC is down YTD."

Instead, prices stayed in the low $8,000 range throughout the week, according to CoinDesk. Bitcoin hit a high of $8,835 last week before blockchain enthusiasts flocked to New York. The cryptocurrency has dropped more than 40 percent this year.
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https://www.cnbc.com/2018/05/18/bitcoin-rally-fails-to-materialize-after-nyc-conferences.html
 
I remember when institutional investors created funds to invest in rare collectible coins in the late 80's.  That didn't end well either.

As bitcoin plunges, mega-bull Tom Lee stands by his $25,000 target
On Wednesday, the cryptocurrency plunged below $8,000 and traded at around $7,500, essentially giving up most of the gains bitcoin had managed to make from mid-April to early May after hitting 2018 lows.

But among the big catalysts that will boost the crypto space, Lee is keeping an eye on institutional investors.

"I think institutional investors have gained a lot of interest, and they haven't really come into crypto yet because there is still some regulatory uncertainty," he said on CNBC's "Futures Now." "But that sort of ultimate allocation into crypto as an asset class is going to be a powerful reason why bitcoin rallies."

With Wednesday's drop, bitcoin is now down 41 percent this year.
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https://www.cnbc.com/2018/05/23/as-bitcoin-plunges-mega-bull-tom-lee-stands-by-his-25000-target.html
 
Irvinecommuter said:
I'm surprised that bitcoin hasn't completely collapsed...still trading about 3x the value pre-crazy spike.
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It is a strange phenomenon, but watching spikes like this, it's clear very big money is involved. 1 hour candle....but the price spike actually took place in a few minutes this morning.

35db8rc.jpg


BTW, this "call" about BTC dying is not a new thing. Add this thread to the growing list of obituaries over the last 10 years.https://99bitcoins.com/bitcoinobituaries/

BTC will really die when the Chinese, and every other person on the planet no longer has a need to move capital in stealth out of their monetary "system"
 
Halos said:
BTW, this "call" about BTC dying is not a new thing. Add this thread to the growing list of obituaries over the last 10 years.https://99bitcoins.com/bitcoinobituaries/
Click to expand...

Well, considering Bitcoin peaked about one month after I started this thread, and then dropped precipitously by 70%, I think I got the call right.  Hopefully, it prevented somebody that was reading from making a horrible mistake.

I personally know about 10 people in my personal life that were caught up in the Bitcoin mania, and none of them wants to talk about Bitcoin anymore... NONE OF THEM.  Gee, what happened to all this future talk about revolutionizing currency??  It was all a big ponzi scheme just like every other bubble that we've had over the past 20 years.
 
After the bitcoin boom: hard lessons for cryptocurrency investors

SAN FRANCISCO ? Pete Roberts of Nottingham, England, was one of the many risk-takers who threw their savings into cryptocurrencies when prices were going through the roof last winter.

Now, eight months later, the $23,000 he invested in several digital tokens is worth about $4,000, and he is clearheaded about what happened.

"I got too caught up in the fear of missing out and trying to make a quick buck," he said this week. "The losses have pretty much left me financially ruined."
..............................................................
Kim Hyon-jeong, a 45-year-old teacher and mother of one who lives on the outskirts of Seoul, said she put about 100 million won, or $90,000, into cryptocurrencies last fall. She drew on savings, an insurance policy and a $25,000 loan. Her investments are now down about 90 percent.

"I thought that cryptocurrencies would be the one and only breakthrough for ordinary hard-working people like us," she said. "I thought my family and I could escape hardship and live more comfortably but it turned out to be the other way around."
....................................................................
Tony Yoo, 26, a financial analyst in Los Angeles, invested more than $100,000 of his savings last fall. At their lowest point, his holdings dropped almost 70 percent in value.

Twitter is also filled with complaints, like the one from a user named @Notsofrugaljoey, who wrote: "It's really hard to stomach losing all my hard earned money. Just broke down and cried."
https://www.cnbc.com/2018/08/20/aft...ard-lessons-for-cryptocurrency-investors.html
 
Liar Loan said:
After the bitcoin boom: hard lessons for cryptocurrency investors

Kim Hyon-jeong, a 45-year-old teacher and mother of one who lives on the outskirts of Seoul, said she put about 100 million won, or $90,000, into cryptocurrencies last fall. She drew on savings, an insurance policy and a $25,000 loan. Her investments are now down about 90 percent.

"I thought that cryptocurrencies would be the one and only breakthrough for ordinary hard-working people like us," she said. "I thought my family and I could escape hardship and live more comfortably but it turned out to be the other way around."
Click to expand...

easy access to $90,000 in cash to blow on cryptos....i wouldn't exactly call that hardship
 
Liar Loan said:
After the bitcoin boom: hard lessons for cryptocurrency investors

SAN FRANCISCO ? Pete Roberts of Nottingham, England, was one of the many risk-takers who threw their savings into cryptocurrencies when prices were going through the roof last winter.

Now, eight months later, the $23,000 he invested in several digital tokens is worth about $4,000, and he is clearheaded about what happened.

"I got too caught up in the fear of missing out and trying to make a quick buck," he said this week. "The losses have pretty much left me financially ruined."
..............................................................
Kim Hyon-jeong, a 45-year-old teacher and mother of one who lives on the outskirts of Seoul, said she put about 100 million won, or $90,000, into cryptocurrencies last fall. She drew on savings, an insurance policy and a $25,000 loan. Her investments are now down about 90 percent.

"I thought that cryptocurrencies would be the one and only breakthrough for ordinary hard-working people like us," she said. "I thought my family and I could escape hardship and live more comfortably but it turned out to be the other way around."
....................................................................
Tony Yoo, 26, a financial analyst in Los Angeles, invested more than $100,000 of his savings last fall. At their lowest point, his holdings dropped almost 70 percent in value.

Twitter is also filled with complaints, like the one from a user named @Notsofrugaljoey, who wrote: "It's really hard to stomach losing all my hard earned money. Just broke down and cried."
https://www.cnbc.com/2018/08/20/aft...ard-lessons-for-cryptocurrency-investors.html
Click to expand...

Proof that "get Rich Quick" schemes never work. slow and steady is the best route to wealth for most. Tortoise usually wins the race over that hare...
 
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