Bitcoin Forum

Just sitting there watching the price on coindesk it went down to $197 quickly, then jumped up again. I know Bitcoin's been there before (and lower of course) but I wonder what other people's strategy now is.

For myself I don't feel too bad, whenever the price lowers I just think it's a good time to buy more. But during this time and up to 2016 what with forking and halving, it's hard for me to know what price to buy more at, I mean, $200 could be great, but $150 is even better... below $100... Bitcoin becomes more shiny for me.

So I guess my question is what's your buy in large price? That price where you'd buy at least ten Bitcoins (I realize 10 Bitcoins @ $100 is probably not large for some people, but you can use your own metric.)

 

I believe break even for the large miners is around 180 USD.
At-least that is what some claimed last time this happened.
Two pools even went out of business around 180 USD.
Below that and miners are dead.

So if anyone buys around or below that number,
I believe you are buying in at the greatest time after bitcoins initial rise of 2013.

(Warning, I'm no expert nor financial adviser, you should only spend what you can afford to lose.)

I'm not going to kill myself trying to time the market perfectly. It will drive me crazy if I do. I'm just going to continue buying in lump sums once a month and hopefully I get lucky.

EDIT: I guess if it dropped close to or below $100 I'd probably take some $$ out of savings and scoop up a large handful.

Actually, that's really good to know. Thanks for mentioning that.

But with the whole fork issue I think it's likely might well go lower. Not that people should actually be dumping because of that because you'll still have your coins either way.

I just wonder if this time people will move their money out of Bitcoin and wait before diving back into it. I think it's a speculation roller coaster ride between now and 2016. In possible retrospect, I think this'll be one of those Bitcoins periods where everyone will ask 'what did you do with your Bitcoin between 2015 & 2016.'

I think there will be some huge gainers during this time and after the dust has settled.


Ya, that's pretty much my strategy too. I think financially and psychologically it works well. I mean, if anyone buys a ton of Bitcoins now, they'll be really hurting if it goes lower and then possibly panic sell.

Moderation is key. I generally go with about 10% of my monthly fiat into BTC whatever the price... yet still, double digits and it would be difficult not to go nuts and raid the savings, like you said.

I feel that there is a power in nice round numbers to make people buy. For a newb who maybe doesn't fully get the concept of btc a number like $100 sort of normalizes the whole thing. Most are too used to viewing money in units divisible by 10...
That said I think anyone out there with money to invest is probably sitting tight for now. An unprecedented market upheaval is in the offing.
The traditional Wall Street investors who are getting killed right now won't simply start throwing their money into an experimental emerging currency/technology just yet.
Maybe when the dust settles.
Btc will continue to suffer for a while, but if you are a believer and see the long game, just get what you can afford, maybe once a month. I buy my "quota" on my pay day, every two weeks.
But you must make your own decisions. I am neither a financial advisor, nor very lucky in the market... So please don't take my words as professional advice

That's definitely the case, those units divisible by ten have a very real psychological impact. Once a price kicks down below a level, there's a lot of panic sell. I see that often with alt trading, although I'm still useless at it.

A gz to Gavin and his team for this disaster!

Bitcoin users are not a charitable foundation dedicated to preserving miner profits.

There can, have, and will be times when mining is EXTREMELY unprofitable.

Nowadays, most successful miners have free access to electricity and, similar to oil wells, existing investments in hardware are mostly a sunk cost. Even if BTC goes down to $50, there will still be guys cutting in line to mine it on older hardware using various sources of free electricity.

Also, if BTC goes that low there will be a firesale on ASIC hardware. This will allow new players to enter the game and profit at levels that are unsustainable for current miners.

THE SHOW WILL GO ON

Really, I just hate with all the fuck current issue  >:(

This may be true too, but in that event, price bounces back up.
Then difficultly rises, the new miners drop out, and the large farms start again.
Then we are back to above 150 USD again.

The bitcoin core developers are apparently modeling their management style after Mark Karpeles. :(

Go with 8MB blocks and then fork again later. This is not rocket science.

I keep without understanding why this happened

Is this because Xt polemic?

Very likely.

No one knows the bottom. What I do is to buy when it lowers a specific amount, like I buy 2BTC when price is $220. I buy 2BTC when it declines to $180. It could average my holding costs. 

In all honesty if Bitcoin drops near or below $100 I would probably cash out 100% and stay away. If/when the market rebounds I can always rejoin the scene, but if the price gets that low something catastrophic must have occurred that could potentially kill Bitcoin.

When a market is trending strongly (in either direction), it tends to keep going in the direction.
It's sort of a self fulfilling prophecy.

For example, in a bear market, prices are falling.  Since no one knows where
the bottom is, buyers tend to stay away.  Few are interested in buying
until they see some support or strength.  So its a one sided market.

Eventually, the price will be so low that the bears are no longer interested
in selling at such a lower price.  Short sellers will be taking profits, thus buying
back their positions, and some early bulls will come in who see value at a discounted price.  
Then the market reverses.

it looks like $100 is the new entrance point now.


i know this stupid project of them would cause this sort of mess.

I'd love the buy at these prices but I don't want to be left with a bag full of XT shit coins  :-\

Yes, this is my philosophy also.  

There has always been drama to blame the ups and downs on.  This time it is OMG/XT/Hern/GAVIN/The Sky is Falling/FORK.  Just another day in Bitcoinland for as far back as I can remember.  You noobs missed the first block subsidy halving.  Stick around for all the drama at the next subsidy halving - that will be fun.

What the hell is everyone's deal?  If there is a true blockchain split and you play your cards right you get coins on both branches!  If you have 100 coins before the split you get 100 "Bitcoins" and 100 "XT Bitcoins"

No problem.  In fact I am running both full nodes and both wallets so I can double my coins if that happens.

I actually believe that any split will be temporary.   But it is fun to dream.

Hey.. it's not as bad as dow...or chinext

https://i.imgur.com/Vz43QUj.gif

Halfing day is 48 weeks out so I'm selling everything I have now.
I'll wait to see if Bloat coin fork happens before halfing-day, if it dose I'll leave bitcoin forever.
If GavenCoin is killed and put to rest then I"ll buy back in just before halfing-day with plans to sell a few weeks or months after that.
I expect another huge 'to the moon' within 6 months after halfing day IF gavencoin is killed.

I think it crashed because of dow crashing

See.. drama around the next block subsidy halving has already started.  ;)

 I"m not confident the network or the community could survive a hard fork, that uncertainty is growing threw out the community.
If your looking for someone to blame then blame Gaven Anderson, he sees bitcoin as his toy and he wants complete control over it.

The interesting thing is September 2015 has been speculated to be one of massive economic collapse by many respected economist for quite some time, in part due to the seven year cycle... which is a bit 'woo woo', yet has some solid historical credibility.

I think it would have been natural for Bitcoin to perform well with these kind of stock market/economic collapses, as gold usually spikes up hard too... and the price of gold has had a good jump within the past five day.

I'm not sure I consider this fortunate or unfortunate. From a buying in perspective, I of course like cheap, but from a long term point of view I'd have liked to see the price of BTC go up which would have given many the confidence to invest more in BTC as a hedge against banks/fiat.

What with the uncertainty around Bitcoin at the moment, quite the opposite has happened.

The Chines own more bitcoins then every other nation on earth combined.
The collapse of the chines stock markets should have caused a nice bump in Bitcoins price but the opposite happened.
I agree this is a issue of trust in the system. People are losing trust in the Bitcoin system. They don't trust it because of the possibility of a hard fork.

the irony of a trustless system   :-\

to the current price of bitcoin is still $212, I also heard that bitcoin will reach the price of $ 200,,, if this is just temporary or the price will drop to $100

Can you just imagine where the price would have been, if we did not have the XT drama? I bet we would have once again broken through the $300 price range, because a lot of people are looking towards safe havens during this small China crisis. Mike&Gavin spoiled a pretty good party for all of us.

Now we have noobers panic selling like crazy and speculators running into table and walls. It's actually a little bit funny, if you not one of them. ^hmf^ 

I wish people would stop trying to find reasons to rationalise the price action. Everything is planned. We move from price to price based on what the market feels like over a period of time. The market maker simply moves the price in the direction that is most profitable for them. This could be something that was planned months ago, for months into the future.

The Hong Kong-based exchange Bitfinex, which witnessed a 'flash crash' just last week, halted trading for a seven-hour period this morning. The price of bitcoin slumped again today after Bitfinex closed its order book, citing issues with its post-trade processing.

XT is altclient, it is still Bitcoin and you can use the Bitcoins with xt or core client...put it in cold storage and you dont have to care about what implementation win

The growing price for some hours is forth wave of elliot waves for reading downtrend way and reaching target $150  ....

Seems like so far we have good resistance at $200. Just last night and the week before the price rebounded rather quickly after touching $200 or slightly below.

Not saying it won't go lower, but that's at least one positive. I feel the price very well could crash a lot more if the percentage of XT nodes/miners continues to go up. The stock market action certainly doesn't help either.