Re:Bitcoin breaks $3K to reach new all-time high
by kristopolous on Saturday August 05, 2017 @04:42AM
(#14934808)
It's currency speculation, one of the most notoriously dangerous things to invest in. It's also completely unregulated and so no organization will be able to halt trading if it crashes 70% ... it will just keep going.
Also for every bitcoin millionaire there's countless people like me who didn't buy and sell at the right time. You see it go up 10%, you have no idea what's going to happen tomorrow, so you say "oh, this is a fine roi." Trusting the market has ruined many more fortunes than it's made and greed is rarely a bearer of good luck.
And finally, trading is like coming up with passwords. You may think you're clever but in reality, your innovative strategy was likely programmed as an algorithm 30 years ago and your perceived edge is likely imaginary. TA bots, arbitrage systems, pump-and-dump commenting botnets, and sentiment analysis of big-data for leading indicators have been used by traders heavily since, well, the beginning - remember where bitcoin came from; everyone who had a coin in 2009, before you ever heard of btc, was likely also savvy enough to leverage all of these.
Also, Do Not Keep Too Much In Exchanges. If history has taught us anything, it's private wallets on private computers that are turned off most of the time is the safest place to store them. If I was a criminal with a 0-day exploit, the very first thing my code would do on a victim's computer is look for wallet.dat.
So have fun, trust nobody, don't panic, and it's probably best not to invest too deep.
Also for every bitcoin millionaire there's countless people like me who didn't buy and sell at the right time. You see it go up 10%, you have no idea what's going to happen tomorrow, so you say "oh, this is a fine roi." Trusting the market has ruined many more fortunes than it's made and greed is rarely a bearer of good luck.
And finally, trading is like coming up with passwords. You may think you're clever but in reality, your innovative strategy was likely programmed as an algorithm 30 years ago and your perceived edge is likely imaginary. TA bots, arbitrage systems, pump-and-dump commenting botnets, and sentiment analysis of big-data for leading indicators have been used by traders heavily since, well, the beginning - remember where bitcoin came from; everyone who had a coin in 2009, before you ever heard of btc, was likely also savvy enough to leverage all of these.
Also, Do Not Keep Too Much In Exchanges. If history has taught us anything, it's private wallets on private computers that are turned off most of the time is the safest place to store them. If I was a criminal with a 0-day exploit, the very first thing my code would do on a victim's computer is look for wallet.dat.
So have fun, trust nobody, don't panic, and it's probably best not to invest too deep.