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Comment by dandare | Hacker News Reader

I keep seeing my non-it friends boasting on FB how much they profited with Bitcoin this week. I am afraid this bubble will get way much bigger before it bursts.

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When Paris Hilton started shilling ICOs on Instagram, I was reminded of a very pertinent quote apparently (not actually) by Joe Kennedy

> You know it's time to sell when shoeshine boys give you stock tips

That made me laugh hard. I keep seeing more and more non-techies talk about investing in bitcoin and other cryptos.

There's a problem when people invest in things they know absolutely nothing about.

Then wait till the shoeshine boys give you stock tips

Not one of the wealthiest people who is mimicked by wealthy friends and wannabies! The point of the quote is when the lowest economic class is buying, something monumental already happened for them to even know it was happening and there is nobody else to sell to.

Paris Hilton and the people that paid her are the opposite of that. I think you misinterpreted the quote.

Well, depending on when you buy/bought, you should've taken out what you put in. I never bought over the $3k pricepoint and we had multiple drops < 3k < 2k this year at which times I bought and then sold my input after it doubled. I lost nothing. It will drop again now to < 3k probably this year, just buy then.

As soon as the internet marketing types (who have no technical background nor skill) are shilling getting rich info products around BTC, it's time to get out, or at least stop actively buying.

I'm afraid that like the housing bubble, it'll get "too big to burst" and require intervention to keep those who have previously invested afloat while keeping down those outside the bubble.

Who would bail it out? It isn’t backed by any government with big pockets.

Isn't "intervention" the problem Bitcoin was designed to solve?

Maybe if people are looking for long term security and insurance against risk they shouldn't buy into anarcho-capitalist fun bucks... or at least not more than they can afford to lose.

I'd certainly be very impressed if cryptocurrencies reached the point where they could affect the economy that much in the near future. The current market capitalization of all cryptos comes out to under $200 billion [1], while the US housing market was nearly $30 trillion as of last December [2]. So it would have to grow 150x somehow.

[1] https://coinmarketcap.com/ [2] http://zillow.mediaroom.com/2016-12-30-U-S-Housing-Worth-Rec...

I have the feeling that it will go up to something close to 10k and then after a period of horizontal value, the money is going to go to something useful, like Ethereum. So better to wait and sell after that.

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