The problem with Bitcoin lies in people trying to push the price. The people doing the pushing will be the first to dump it. Leaving the poor fools who bought the "ever higher" argument, and this time it's different" promise wondering what hit them.
Do not misunderstand, Bitcoin is a foundation for a new way to implement money. But the people who are pushing Bitcoin as an investment are missing the point. Bitcoin can be substituted by other cryptocurrency projects, and will be, as people become more sophisticated in the handling of cryptocurrency. Hyping Bitcoin as a way to wealth undermines its utility as a medium of exchange.
.
ColdMonkey mines Gridcoin through generating BOINC computations for science...
volatility is great for trading, I welcome pull backs, specially fast ones like yesterday and today
Yes, volatility is great in trading, where you can Call as well as Put. However, if you are the owner of a Bitcoin and the value falls, then you have lost your money.
you only loose your money if you sell the bitcoin, hold it and wait, and only sell when it's at the top, when bitcoin goes to the top is when I like to take some profit
That is the argument people use when they buy houses too. The price is bound to go up. No, when the market drops, the money is lost to those who were hyping it as a sure thing.
The argument that all you need do is wait for an opportunity to sell at a higher price implies that everyone everywhere is always going to make money matter what. It also presumes that prices will always rise. Fine, if you have got infinite time, and no better use for your money. Although Bitcoin as some history in that matter, it is unlikely to remain dominant, something will come along and wipe it out. True, Bitcoin is in a unique position at the moment, but it is easily substituted, and cannot continue to increase in value indefinitely.
.
ColdMonkey mines Gridcoin through generating voluntary BOINC computations for science...
I think the 100% opposite of what you think about bitcoin, balance is beautiful
In the end it all comes down to judgment.