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Comment by overcast | Hacker News Reader

That guy that bought in at $19340 last night, is only down $4000 twelve hours later.

And he'll by fine again next week. There are a lot of people who bought at $5000 a few weeks ago only to panic sell at 2900, and here we are less than a month later quibbling over the difference between 19k and 15k. Either switch your charts to LOG or zoom out until you feel better.

That's what people said when it went from $1100 to $200 for the next three years. No one has any idea where bitcoin is going to go, saying otherwise is nonsense. Only people with a glimpse, are the manipulators holding onto the majority of it.

BTC may dip temporarily, but with the entry of institutional money, we won't be seeing near the dips you're expecting. I have been watching and participating in this ecosystem from the beginning, take it from me, it's not going anywhere. The only way to lose money operating in this market is to be reckless with leverage, or knowingly sell while you're under, and the same could happen for any asset.

Oh, ok. I'll take it from you.

So given how recent events have unfolded, how is your friend doing?

Poorly, like the rest of you suckers.

Your hypothesis: "it's not going anywhere."

Do you have some argument points to back that up with?

I keep hearing simple assertions about what will happen, confidently proclaimed by two sides of a table.

Do you have any hypothetical scenarios that could wipe BTC off the planet or at least make it impossible to cash back it to fiat?

It's not up to me to prove a negative. Also, my brain is too small to make sweeping confident predictions about a new phenomenon the likes of which defy existing models. Moreover you'd probably poke hypothetical holes in my hypothetical scenarios. It's a flip of the coin, as far as I'm concerned.

Certainly some BTC were almost literally wiped off the planet, aka Mt Gox.

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