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Comment by enord | Hacker News Reader

Christmas comes early for the cynic.

I find the cynics much less tolerable than the crypto-evangelists. HN is a haven for them: bitter, jealous people who never miss an opportunity to trash crypto when it's up or mock it when it's down.

This likely isn't the end of Bitcoin just as its numerous other 30%+ corrections didn't stop its rise. Whatever happens, I'll be proud to have participated in such an important new technology while avoiding the leagues of cold and timid souls who jeered from the sidelines.

http://cryptoisnotcryptocurrency.com/

Nonsense. It has been used in the past to refer to cryptography, but it's just an abbreviation, and it can easily change as our language evolves.

I guess, but unless you bought in past few weeks, you’re still way up. This is more likely a huge payday for those who held long and liquidated at year end.

You're still way up on paper.

The payday comes when you actually liquidate your position, and you get the funds out of the exchange.

Lot's of people were way up on Mt. Gox.

Yes, I assume the price drop is due to people selling off their positions, which is also known as “cashing out”. The “smart money” moves in at the bottom of the sell off, if you’re bullish on BTC.

One day later, and it looks like I was right. The buyers have chosen a bottom and the prices are rising again. Lots of people cashed out yesterday.

Ultimately I feel like the payday comes when you’ve bought something you actually want. Prices of all things can go up and down.

If you goal was to buy a house and house prices suddenly increase, even after you cashed out your bitcoin, you might still be disappointed.

Hindsight will tell how much cynicism was warranted, but given the historic exponential volatility anybody who invested and liquidated at opportune moments were probably just lucky.

Nothing wrong with taking risk, but dont pretend you're not gambling.

Considering that almost the entire time since the inception of BTC has been a “good time to buy”, and considering the price today is still twice or more what it was in September, I don’t really follow your logic. I don’t own any BTC, for the record.

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