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No One Has Made Serious Coin From Bitcoin

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Joined Nov 23, 2015
70 Blog Posts

I have a few friends who got in on the ground floor with $BTC and now $ETH and a handful of other cryptocurrencies.  I was in Portland a few months ago and just shook my head while I witnessed my buddy’s rig setup sitting next to some bongs.  Looking back through my texts, he was mining $ETH at $8 back in January.  Today it trades at $162.50, up a mere 1913% in 2017.  Totally normal action folks…if you are trading penny stocks.

To say that these cryptocurrencies are not in a bubble is foolish.  To say that these cryptocurrencies are in a bubble is foolish.  Either way, we are foolish.

Do you want to know the easiest way to spot a bubble?  It’s when the underlying asset is already in a long term uptrend and then that uptrend starts to shoot parabolic.  Looking at the chart of $BTC below you can clearly see an uptrend line that I drew that closely resembles the 200DMA.  Notice how every time it started moving parabolic it was quickly reminded of gravity and buyers regrouped near the long term uptrend line.  This is the largest difference between the uptrend line and the current price in the last 3 years.  As you’ve witnessed it has had an impeccable run from $1000 to $2300 in barely over a month’s time.  This doesn’t mean the crash is coming, but I will be there to remind you wen it tags the uptrend line again.

The other easy way to spot a bubble is when your friends send daily texts saying “Choo choo!!” or “Ride it, like a pony!”.

I don’t own any Bitcoin.  I don’t care to own any to be quite honest.  I’d rather own Rampcoin which is fully backed by the Fed.

I ran a series of polls yesterday and the results were pretty interesting.  As you can see 52% of the respondents don’t own a single bitcoin and 53% have made less than $1,000 (with the most likely number being $0).

By the way my definition of serious coin is >$100,000 and the poll results show 28% have made that much on $BTC. *cough* *coughbullshitcough* *cough*.

According to the table below, if you own 10 BTC you are in the top 2%, yet in my poll a combined 24% said they owned >10 coins.

¯\_(ツ)_/¯

The reason I say no one has made serious coin is because 1) people are liars and 2) people are emotional.  Do you honestly think if you got into Bitcoin in 2010 that you wouldn’t have sold it after it being up 100 or even 1,000%?  Humans are programmed to take profits and cut their winners.  What I find so funny about these cryptocurrencies is how you could buy a pizza one day and a Mercedes the next day.  Again, totally normal.

I’m sure this post will get all of the cryptofreaks out gunning for my head, calling me a blasphemer.  How about you tweet me your statements that show how much you made and I will follow anyone who has made over $100k.

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8 comments

  1. natehois

    Glad you’re posting again! And be careful, Bitcoin “investors” are rabid

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  2. tonka

    Not to mention the lack of exchanges when it first started getting going, and many of the first exchanges ended up getting hacked, and the multiple 90%+ drawdowns. I’m sure plenty of people navigated that and are still sitting on their millions…Reminds me of all the people that are still riding the $AMZN IPO…

    I always spot a bubble when an arithmetic chart starts showing me the same parabolic move every day. If you look at just the move above 1,200 and advance forward daily, a lot of charts will look identical. Each move higher makes the prior parabolic move look like a shallow run up. Easy to be fooled into thinking this is it.

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  3. firehorsecaper
    firehorsecaper

    Rampcoin. I like it. $GBTC, as per their sponsor Greyscale is worth $200.60 BTC per share, yet is trading at $294, a premium of 47%. Feed to ducks when they are quacking, but the retrace is potentially going to hurt those so desperate for long exposure. JCG

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  4. Raul3

    I always keep some BTC in my purse, but mainly for shopping on the ole tor net.

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  5. brushfyah

    Yuuuuge winner here. Don’t know anyone who doesn’t think this is a bubble, so its probably gonna keep going. Pain trade is up.

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  6. ho_chi_min

    TO THE FUCKING MOON

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  7. en1gma

    LMAO @ $100k. Anyone who’s been in Crypto more than a year has made a lot more than that.

    Google “HODL”. It’s a meme created out of Bitcoiner’s tendency to not sell. You think everyone is dumping and they’re not.

    Bitcoin rich list: https://bitinfocharts.com/top-100-richest-bitcoin-addresses.html You’ll see single addresses that hold hundreds of millions.

    You can still join the party, and I recommend you do so on the next pullback, which will likely be violent. But, I think think we’ll see $4k first. Read my blogs on here to get why I say all this.

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