In which noobs learn lessons and pay for the privilege

Thursday, 11 April, Year 5 d.Tr. | Author: Mircea Popescu

First off, there was plenty of warning. Such as :

stop-buying-twitter

Second off, there were plenty of people who heeded the warning. Some didn't :

price-april

Simple math at work : the noobs who bought at 250 because Max Keiser told them soi and then sold at 105 because that's what they do realised an unenviable 60% loss. Within a day. The noobs who bought at 240 because "everyone else was doing it" and are still holding that bag have a smarting 40% unrealised loss waiting for them. Sure, Bitcoin will eventually recover and make them whole. Fact remains they could have been buying closer to the red line.

Overall there were about 300k BTC overbought, and on average they were exited for a 50 dollar loss per. This means the "general public" has been taxed a round 15 million dollars for their naivite. Next time you are confronted with the option of heeding @Mircea_Popescu or heeding @MaxKeiser, dear noobs, consider that disobedience carries a fine. That fine already was over 10 million. That fine - much like the MPEx registration fee - will only go up in the furture. There is a reason I've built an empire market-valued close to a million Bitcoins in this space and Keiser has not accomplished anything in his life. That reason is that I build and he shills.

It wasn't the case that "you couldn't have known". You could have, o yes you could have. Let's read together from Bitcoin and the poor, a piece published here last year :

The way fate works is quite simple : do the right thing and you’re part of it. Do the wrong thing(s) and you’re in the dark, huddling corners, wondering what went wrong and why does “the mainstream” oppress you so. And that “right thing” scarcely ever has anything to do with what “the community” thinks, wants or imagines.

It is, after all, math.

You could have known. The reason you didn't know is that you're watching the wrong show. You're watching the wrong show and as a result you're spending 15 million dollars you have to earn one at a time so that Max Keiser can make his 15 thousand cut for shilling whatever flavour of the week scam he's shilling this time. Just send the man your paycheck, it would be a lot cheaper for you, and a lot more efficient than this 0.1% advertising-based extraction engine.

Alternatively, quit with the TV. Start reading blogs. Start following people because they know what they're doing, have been doing it forever and have proven since forever that indeed they know what they're doing. Quit following cardboard TV personalities with polka-dotted yellow ties atop striped blue shirts and white collars.

Break the mould. The alternative to TV isn't happening on TV. The alternative to "mainstream media" isn't some famished "marginal media" angling for its shot at becoming the new mainstream exactly-identical old media. The alternative to corrupt politicians isn't the politician without office, pining for his chance to be corrupt too.

If you want to dabble in Bitcoin, start listening to the people in Bitcoin.

———
  1. Hint : He's pushing yet another scam. He's yet again getting paid for it. You're yet again getting fleeced for it. []
Category: Bitcoin
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14 Responses

  1. MTGOX is down. https://www.youtube.com/watch?v=ztJQuQ9ew7M

  2. Pe la ce valoare estimezi ca ar trebui sa se stabilizeze BTC in zilele urmatoare? Asta excluzand un potential nou val de "investitori".

  3. Mircea Popescu`s avatar
    3
    Mircea Popescu 
    Thursday, 11 April 2013

    Somewhere around the 130 mark. If you're really risk averse go with 100.

  4. disobedience

    To whom, you? Lolololol.

    Alternatively, quit with the TV. Start reading blogs. Start following people

    But TV has people, you follow them on reality shows and bloggers get on tv. You got too.

    Might consider rewriting that sentence; also which blogs because if you're "da one", well, there's no plural.

  5. i have spent 8 years in romania, and im shocked that this mind is coming from this country :)

  6. Mircea Popescu`s avatar
    6
    Mircea Popescu 
    Friday, 12 April 2013

    Lol ok.

  7. He's "Hungarian". There was some older debate around here or fain which established that the pro-right/anti-socialists/sane Romanians will now be Hungarians, abiding-adopting sane judgment so. I can't properly reference it though.

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  7. [...] Bitcoin networks hash rate simply dropped and that's all. There's absolutely no difference between Keiser's scamcoin and Gavin's scam coin as far as the network is concerned : while one's a scammer that I [...]

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