r/technology – Bitcoin plunges to just above 30K, more than 50% from its all-time high mid April


I see you’ve seen my Facebook timeline.

Friend of mine always posting helpful tips on how to buy crypto, tbf he always adds disclaimers. He was musing a about bitcoin a couple of weeks ago. I commented “sell”. He laughed. He’s not laughing now but also not too fussed.

You see, he is part of the cohort that knows For Sure™ that long term, it’ll shoot back higher again if you just HOLD! And they base this on ‘look at the charts! It’s happened before, so it will For Sure ™ happen again! Be smart! Hold!”

You’d be smart if you didn’t buy in at ATH after it met considerable resistance.

When bitcoin hovered around its ATH and people on my feed were still advising to buy, I would advise them that it’s probably not a good idea to widely recommend an incredibly volatile investment while it’s at its unprecedented ATH. You might hurt some friendships with people who are not familiar with this kind of “investing”.

The responses? “So what? Just HOLD and eventually it’ll come back!”

I’d be like, “so, kind of like the stock market if you choose the right companies that can weather adversity? Only you generally don’t have to wait 2 years for any hope of regaining the value you lost, if it climbs back at all?”

“No! Stock market is worse! LOOK AT THE TECH CRASH!”

And I’d go “oh yeah, over 20 years ago, when there was no crypto market, clueless people were widely indiscriminately recommending tech stocks at ATH as well. Never a good idea”

The replies? “Crypto is different! It’s not regulated! It’s just currency!”

As if those are good things lol


I see you’ve seen my Facebook timeline.

Friend of mine always posting helpful tips on how to buy crypto, tbf he always adds disclaimers. He was musing a about bitcoin a couple of weeks ago. I commented “sell”. He laughed. He’s not laughing now but also not too fussed.

You see, he is part of the cohort that knows For Sure™ that long term, it’ll shoot back higher again if you just HOLD! And they base this on ‘look at the charts! It’s happened before, so it will For Sure ™ happen again! Be smart! Hold!”

You’d be smart if you didn’t buy in at ATH after it met considerable resistance.

When bitcoin hovered around its ATH and people on my feed were still advising to buy, I would advise them that it’s probably not a good idea to widely recommend an incredibly volatile investment while it’s at its unprecedented ATH. You might hurt some friendships with people who are not familiar with this kind of “investing”.

The responses? “So what? Just HOLD and eventually it’ll come back!”

I’d be like, “so, kind of like the stock market if you choose the right companies that can weather adversity? Only you generally don’t have to wait 2 years for any hope of regaining the value you lost, if it climbs back at all?”

“No! Stock market is worse! LOOK AT THE TECH CRASH!”

And I’d go “oh yeah, over 20 years ago, when there was no crypto market, clueless people were widely indiscriminately recommending tech stocks at ATH as well. Never a good idea”

The replies? “Crypto is different! It’s not regulated! It’s just currency!”

As if those are good things lol

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