Smackdown on CNBC last night over BTC

in bitcoin •  7 years ago  (edited)

If you missed this last night, it was downright hilarious.


(Source: RchGrav on youtube)

A guy named Rich Ross, a famed chart technician, came on CNBC's Fast Money segment to talk a little bitcoin and cryptocurrencies, among other things.

It first started off somewhat tame with Ross going to the charts to talk a little about the recent price action of bitcoin and ethereum.

His overall takeaway was that bitcoin was likely destined to hit $8,000 (ish) in the near future and when it does, probably a good spot to buy for a bounce.

However, that is all he thinks it is likely good for, a bounce and not a long term investment.

From there he basically said that there was no reason to ever buy these things (cryptocurrencies). Said they were akin to gambling in Vegas and that there were much better investing options out there in the current environment.

Specifically he mentioned the performance of Boeing over the past 2 years as an example, up over 200% in that time period.

He failed to mentioned that bitcoin was up about 30x in that same time period, but that was beside the point.

Here is where things started to get interesting...

Ross then went back to discuss among several of the panel members, singling out Dan Nathan for not being as overly bullish as he himself had been on the stock market over the past year or so.

Which, to that point, he was actually right.

Nathan has been wrong on many of his calls over the past few years.

However, Nathan has been correct on several calls as of late, including his endorsement of bitcoin.

This is where it goes from interesting, to downright comedy...

Nathan and Ross go back and forth exchanging jabs, basically something you might see from 12 year olds on the playground.

Not what you normally see on national TV among business professionals.

Nathan, seemingly visibly frustrated, eventually tells Ross to go "piss off". Something I have never seen in all my years watching this segment.

Which of course was followed up by Ross chiding Nathan to give him a good call right now, off the cuff.

If you didn't catch it, check out the clip above for a good laugh. :)

Stay informed my friends.

Follow me: @jrcornel

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This was actually embarrassing for the guy touting Bitcoin. The chart technician made some very real arguments. "Dude you don't know my call", then asked for his call, "dude are you serious". Those weren't strong responses worthy of thug life drops. Those were cringe worthy responses.

That was not a good segment for Bitcoiners.

Those were not real arguments. Everything the stock guy was saying was half truths. That was the problem you can't argue with an idiot who isn't even giving real truthful arguments...

I agree

lol ! so funny I'm dying hhh

BTC IS GOOD

I'm going to have this image in my head every time the media goes at Trump about something he does or says

I can't stop staring at this bobbin' head Obama... lol

Frickin Obomber

hell you nailed that

Good info! Thanks

Lol that dismissive hand-wave and, "Dude, seriously," really ties it together. If one of them wasn't in the studio they would have gone for the classic "Satellite feed interrupted" mic cuts.

I honestly thought they might duke it out when I was watching it live...

Those rare epic moments when that actually happens, usually on foreign tv lol.

Wow. Talk about heated. I think the issue is so called professional commentators were caught off guard bully bitcoin and the wider crypto space and feel they looks but stupid (they do). Therefore they take every opportunity to be seen to fight back. Despite the crash, if you bought btc before Nov 17 you are still considerably up, something that is always overlooked!

At least say WEED as a good stock... it's up like 1,500%.... 200% :| be serious man.

Rich Ross... what is he a marvel super hero

I have to agree Dan Nathan didn't handle this well with some childish responses especially when his results were called into question. Anyone invested in bitcoin should easily be able to come back with a huge % gain when asked what have you done for your investors lately. Dan came back with "piss off". Wish BK was there I feel like he woulda jumped in and handled it better. The guest chartist didn't have anything besides some loose techncial analysis which is only right half the time at best anyway.

That was real hilarious!

Thank you for watching the video (so I didn't have too) and for the summary.
I have zero faith is 'technical analysis' of crypto.
No way can playing with numbers and making pretty lines on charts predict what the Chinese, the koreans, or any other (insane) gooberment will do or when...or how the herd will react to it.

Agreed. There are certainly patterns that tend to repeat in technical analysis, such as bouncing off a major trend line like Ross was indicating, but other than that, it's been proven that throwing darts at a dartboard yielded similar results to using TA.

Exactly my point. The charts and numbers can work on normal psychological thoughts of investors to a certain level but charts and numbers can simply not predict any future trend.

HODL is the only rational strategy for crypto.
If you want to 'gamble' and 'play daytrading' that's ok too.
Everyone needs a hobby..but the hobby is just as likely to loose as to win.

HODL the majority of your crypto for long term gain.
Play with a minority (that you can afford to loose) for short term fun.

Hodl.... both the easiest thing to do and the hardest thing to do, but probably the most profitable thing to do.

Agreed just buy in gradually ....the problem is timing it. Just Hold it for more than a year and it will gain value...

You got a follower sir. I believe in buying the dip and HODLing during the bloodshed. I sell small part when the market is at ATH. Then I day trade with the profit from the sales.

Thank you.
that's exactly what I do.
I ONLY use my gains from Steem to do so.

Have you used your SBD to power up your account. Is it beneficial to do so when SBD > Steem. I'm planning to do so. This minnow stage is very frustrating.

you have no clue about frustration.
I've been on the platform since august of 16.
It went for months and months with the value of Steem VERY low.
like...about five cents.
Imagine building SP when your average reward per post was a penny?

I would like some tips Sir.
Only one of my post got hit and paid me big time. Rest all were pennies.
Generous votes from whales are almost impossible to get. They just showered on one of my post because it was an introduction post. Rest all votes earn me 0.01. LOL
But I definitely salute your dedication.

Yes, good point.
And how do you feel about #STEEMIT? Are you holding it for like 5 years, or Less than that?

Thanks. I voted for yr remark.

Steemit is a major supplemental source of income for me.
I'm using it to pay rent, buy beans, bullets, bacon, beer, booze...and pay taxes.

It is important that you never invest more than you are willing to lose. These markets are volatile which is both a good and bad thing. You cannot make emotional decisions and most of the time, it is better to wait it out until the price of the crypto currency recovers as they do typically bounce back unless it is a $#!t coin. :)

right on

Thank you for saying this about TA. This is what many people do not understand, and I don't get why they fall for this...

ummm...

Lol... what a waste of time analyzing crypto currencies.... nothing is predictable therefore nothing to analyze... well we can analyze the past.. 😏 for what?..

Bitcoin will certainly go up or go down--that's for sure!

This is the type of hard hitting analysis I've been looking for. thanks!

Thanx! Make technical analysis great again!

You, sir, obviously don’t understand market economics.

If you did you would know that there is a near infinitesimal but non-zero probability that Bitcoin will stay exactly the same, from now until eternity.

Because no one else is, and the odds are fantastic, I am calling for this nearly-but-just-barely-not impossible thing to occur.

Now someone give me my thug life outro

I love how Doug Polk takes the entire scene apart. It's hilarious!

I hope more people than I reacted on the fact that he "fitted the chart to the data" :D

The "ETC has only traded for about 6 months" is hilarious :P

Love Doug Polk's videos. :)

There are lies, damn lies, and statistics. 🤣

Good Job Bro

@jrcornel nice one

Nice one jrcornel

I always like your posts!
Hope you also like my post

😂😂😂😂😂 he actually said it on TV
But the dude was pissing him off😂

Please follow me and like my posts

Bicoin is king.
Smackdown i use to watch when i am kid.
@qami

...awkward!!! lololololol

Good job

LMFAO I love watching people who really know nothing about what they're talking about

Thanks for your valuable and informative post crypto,bitcoin.
We can gather a lot of information by your post.
By dint of we can increase our skill that is beneficial for all steemians.
I will always visit your site & wait for your upcoming post.
Thanks .
@Resteem & upvote done.

A cryptocurrency is a digital or virtual currency that uses cryptography for security. A cryptocurrency is difficult to counterfeit because of this security feature. A defining feature of a cryptocurrency, and arguably its most endearing allure, is its organic nature; it is not issued by any central authority, rendering it theoretically immune to government interference or manipulation.

Excellent post, I liked it, I follow you to read what you publish, you pass by my profile, maybe something that interests you too, keep posting like this :D

Someone's tired of the propaganda!

CNBC=The blind leading blind. We need a Bitcoin news network. "BNN"
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TO FUNNY BROHAM BUT I LIKE GE AT IT LOW OF 15$$$ WHAT YOU THINK ???

Great bitcoin 25k dollars in few months

superb post thank you for sharing

Love it ! He said "go Pi$$ Off - seriously." Incredible movement this week. Dropped below 10K and now is 13K.

hahaha lol....
Pow, right in the kisser!!! 😂

what's the call? BTC and other cryptops about to go up next week -- flight to safety trade -- after US Goverment shuts down. There will also be a bit of a sell off in certain stocks associated with tax-cut rally. Dollar going down. Gold going up slow -- and wacked down in a desparate plunge protection move.

Sometimes I feel likes these big time media people have no brain and just read from a script.

Thats Funny Thanks for sharing! I have watched CNBC for years and that a first for me as well.

good post man

Good info.
Thanks for sharing

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Hehe thug life

good informations
thank you for sharing

good posting.

In defense of the chartists out there, it's hard to chart things that go parabolic. The market as a whole has been defying gravity for a long time now. Fundamentals are on hold for the time being...

  ·  7 years ago (edited)

The video was so interesting and informative.

Well, we still have a lot of unbelievers out there. Cryptos have their ups and downs but so do stocks, etc.

Do you find yourself watching the "experts" that the various TV news shows dig up and just spend the whole time going:

source.gif

Hahaha! Very funny based on what i just watched. It good to have a laugh on steemit once in while. 😂😂😂

Hahaha! Very funny based on what i just watched. It good to have a laugh on steemit once in while. 😂😂😂

That’s pretty entertaining. Btc has come so far... it is being talked about on CNBC all the time now when a year ago it was almost taboo to talk about.

The guy was clearly talking nonsense. The "satoshi nakamoto from Japan" part was hillarious

VERY GOOD

Simply, Crypto is future without any abjection.

good video sir

Not a bad ROI for cliff notes on the news.

Thanks for sharing, but I still do not understand why governments are still passive about issues of Crypto, Bitcoin and all the rest of them. I am just wondering whether government's participation will bring any changes and make things better. What do you think about my fears above?

thats insane!

When he asked what's your call then.

Nathan should have straight up said BUY BITCOIN BIOTCH

That is about as believable as when they told us all polls had Hilary wining at 99%

Thanks for sharing it.it's very knowledgeable information.
waiting for your next valuable information post.thank you.

Crazy, he couldn't mount a better defense against this clown. He is clearly critical of crypto without having the slightest idea of how they actually work and what their value proposition is.

The glasses and the joint is what made me upvote

😂😂😂😂😂

  ·  7 years ago Reveal Comment