6 or 7 months ago I was chastised by some of the usual trolls for missing the huge move in bitcoin. I warned these people over and over that bitcoin was not only a complete ponzi scheme but also the biggest bubble the world had ever seen. I had no problem missing that run because I can’t buy into a mature bubble. The risk is too great that one gets caught when the bubble pops, and then you lose everything. I couldn’t understand why these people couldn’t see the bubble. If ever there was a parabolic move that needed to be sold this was it. Bitcoin at it’s top was stretched 240% above its 200 day moving average.
I tried and tried to get people to control greed and sell on the way up. As far as I know only one person listened to me. That person walked away with some decent profits. All the rest are now stuck on the back side of a bursting bubble. And considering this was the largest bubble the world has ever seen this should be the largest bust the world will ever see by the time it’s done. Bitcoin is on it’s way to losing at least 95% or more of its value. Its already down almost 70%.
The trolls that criticized me for not buying should have listened to me. They could have gotten out with some profits. But logic never comes into play during a bubble…only greed.