People have short memories when it comes to swinging from caution to exuberance, from panic to greed. Thus, history is littered with the empty purses of those who so madly plunged into "investments" like tulips, South Seas undertakings, silver mines in Peru, Florida real estate in 1890's, inept canal and tunnel projects, loony dotcom ideas, Peak Oil baloney (the very top of the craze, not the fundamental idea)...
And the empty purses don't belong to just the IQ lightweights, as Isaac Newton's disastrous foray into the South Seas Bubble so glaringly attests.
Thus, when something goes ballistic and "analysts" start projecting even more stratospheric levels... curb your Greed and raise your Fear.
Bitcoin... seriously, folks?
Oh, and just like the dotcom craze there are now a bunch of crypto-currency imitators out there... Ding, ding, ding...
The same contrarian concept holds true on the downside, when fear and apathy blind people to obvious value-price discrepancies, but that's another story..
And the empty purses don't belong to just the IQ lightweights, as Isaac Newton's disastrous foray into the South Seas Bubble so glaringly attests.
Thus, when something goes ballistic and "analysts" start projecting even more stratospheric levels... curb your Greed and raise your Fear.
Bitcoin... seriously, folks?
Oh, and just like the dotcom craze there are now a bunch of crypto-currency imitators out there... Ding, ding, ding...
The same contrarian concept holds true on the downside, when fear and apathy blind people to obvious value-price discrepancies, but that's another story..
Hi! What charting software or webpage did you use for that bitcoin chart?
ReplyDeleteI picked it up as it was on Investing.com.
ReplyDelete