Bitcoin Forum

I sold a nice chunk of my bitcoins recently.  The reason I did this stems from my thinking that bitcoins @  27-28 are way overpriced and I wanted to cashout before it crashes.

Bitcoins biggest selling points are its ability to be anonymous and decentralized.  Most people do not care about this.  The only services currently offered that really are served by bitcoins biggest assets are illegal ones--Gambling and Silk Road.  The current run up is 95% related to speculation that "everyone will get rich by just buying and hoarding bitcoins".  This will end like the last run up--crashing down to reality.

Ask the latte drinking hipsters why bitcoin is such a good investment.  They will spill out some rubbish that sounds partially coherent but in the end--still rubbish.  Again, the two biggest beneficiaries of bitcoin are gambling websites and silk road.  However, most people can already gamble via offshore or its legal in their country and most people wanting to obtain drugs can do so without using silk road or bitcoin.  Therefore, the biggest forces currently moving bitcoin (gambling and silk road) are really niche services and service a small percentage of those possible users.  

Other forces at work that will undermine bitcoin will come from amazon's new currency that they have started promoting.  If amazon had taken bitcoin as a form of payment then perhaps a larger circle could have been drawn that would have propelled bitcoin out of the niche, geek, and fringe reality.  Instead that did not happen.

With this being said, I see value of bitcoin at a much smaller price then 27-28.  I see it as being valued at 5-6 per bitcoin and this is quite generous.  Bitcoin will descend back into the fringe and this is why I sold all of my bitcoins.  27 is bigger then 5 or 6.


PS. now there will be some people who will post 5 charts that show bitcoin going to the stars and state that the fundamentals are all there for an explosive growth in this new technology.  Rubbish. They are just shamelessly promoting their current holdings much like those shameless "gold is the answer" charlatans.  If you continue to hold and lose your proverbial bum--blame no one but yourself :)

There are tons of legitimate entrepreneurial opportunities that bitcoins provide that our traditional money systems either can't do or not as well.

Take the example of a journalist who writes and has a bitcoin address that anyone can send funds too. All the sudden this person doesn't need an advertising system in place to somehow capture whatever profit they may.

Take the example of the reddit bitcoin tip system where users can tip each other. Sound like that's easy to do with a credit card based system? Not gonna happen. And that's something that will grow to other sites and it's already being used.

Take the example of a site which has a worldwide audience. How can they offer services that easily let the entire world pay? Bitcoin is an answer for that. There are no boundaries. Any country would not be locked out. You don't need to rely on american credit cards or paypal.

Take the example of a charity who you can donate to. What method is easier than bitcoin where anyone can donate and they don't even need to sign up to donate or even give their email or make an account?

I can think of tons more but the truth is most uses haven't even been thought of yet probably.

I like bears who just can't wait to tell everyone after they sold their bitcoins like it's them losing their virginities.

fail post is fail

The market will go down AND up.

Bitcoin is a protocol. Protocol adoption is driven by 2 things: its technical parameters, and faith.

The technical parameters of bitcoin are superior to those of any government-issued currency. If no single entity can control money supply, 99% of people would win. The ability to be one's own bank also looks great. You can take your savings anywhere, and nobody can stop you. I won't go into this further, as you didn't present any arguments against the protocol, so I assume, you are fine with it.

Now, faith. The best indicator of faith is price, in case of bitcoin. The price is growing, and that's the indicator that people have more and more faith in bitcoin.

Now, you are telling you have no faith. I don't see why you wouldn't, but that is fine, thank you for your bitcoins. I am sure banksters and polititians would thank you too, 'cause they are going to inflate your savings away.

One thing I don't like is the word "overvalued". It is pretty destructive to the community. If enough people say "overvalued" frequently enough, that word will become the new faith, and it really shouldn't. The protocol is superior to anything used currently. It deserves wider adoption. Please stop spreading panic. This is not a good thing to do, even if you, yourself, are not a believer.

I'm not selling, at least not just yet. I think the bubble will take us even higher before the crash.

The only reason to sell at this point would be if one is overinvested to begin with.

Shit, better go get my tinfoil hat.

this is true only under certain circumstances. be careful.

There are people who can only see the current moment and they can't even imagine something longer term than a year - and that is a valid point, live today, there may be no tomorrow etc etc - and to them bitcoin is currently overpriced, sure.

Then there are others, either smarter or idealistic fools (depends on how it goes), and to us now is not as important as future. Several years at least makes sense. Cash to spend over several months? Who cares.

/end of latte drinking hipster rubbish.

At least we all agree that this is a bubble and not the natural grow of bitcoin.

Everybody should know what he thinks is the right moment to say " Btc is overpriced" maybe at this moment it is, but in the longrun you will be glad you still own a few of the btc and also wake up thinking america is the only place on earth (amazon) if only 1% of the rest of the world gets to know btc $27,- is nothing, nothing at all..!! :)

SELL!!!!! Last chance to sell at $27!!!! I wish all bears sell!!!!

Bitcoin is a gamble.

And like any good investment you run the chance of losing all of your money. But If you truly believe that bitcoin is the wave of the future, you hold, no exceptions. You only 'cash out' when you need to purchase assets, divest your fortune into other investments, or you need the liquid cash badly for some reason.

Yes we run the risk of crashing in the near future due to 'weak hands', but who cares? I am here for the long haul, I could care less if the market crashes in the near future. I would probably buy more coins in fact.

The only reason I would stop buying is if something catastrophic happened to bitcoin itself. I am not here to be a daytrader.

Hipster? Please. I live on a ranch and I fix computers/program as a hobby. I weld and fix fences as a part time job and I work for a tv station. Stereotype broken.

Edit:

P.S. Please sell because Coinbase needs your coins, they keep running out! XD

Would you say the fundamental drives are not stronger now than when the bubble happened in the summer 2011 ?

Personally I think we will see far higher prices in the future, although there may be corrections along the way.

If memory serves, the size of the online poker market in 2006 was $8,000,000,000. And that's revenue, not flow. And that's just poker, not all gambling.

And all gambling is not all commerce.

And consumer-commerce isn't all of bitcoin's theoretical monetary value.

And bitcoin's purely monetary-use value is not all the theoretical value provided by humanity's first decentralized authoritative record system.


OP, you may of course be right. But the potential is just too huge to ignore. On 5yr+ timescales, I think bitcoin is a considerably +EV bet at current prices.

No argument in OP, just opinion. Why should we care?

Each one to themselves I guess.

This exactly.  :D

Anyone here left holding the bag, can just lie and brag about how they sold at the top.

It's FUD or they can hold until the price rises up again and start bragging.

better to be left holding a bag of bitcoins than with a bag of paper.

So Bitcoins are a good investment at $5 but not at $27? What makes them good at $5?

Even if it were true that it is only good for gambling and drugs, the worldwide drug trade has a yearly revenue of over $300 billion. Even if all Bitcoins were distributed and Bitcoins were used in only 1% of the drug trade, Bitcoin would need to be worth over $100/BTC just for that small sliver of commerce.

When did you buy in? Was it at $5? Or did you buy in high according to your valuation of Bitcoin?

As Falkvinge and others here have pointed out, drugs and gambling by themselves could potentially drive BTC usage in the many billions.  Silk Road and current gambling usage is peanuts.

But beyond that, I think you're severely underestimating worldwide demand for a private, portable, wealth storage/protector/diversifier/transferor outside of the banking system.  We're talking trillions.

Sure, there might be a price correction coming.  But trying to play short-term trades with something with this much potential, sounds terribly shortsighted and likely to end in regret.

I just gold out by 80% of my bitcoins :-)

Two charts for you.

How the dow looked in 1950:


http://www.sharelynx.com/chartsfixed/USDJIND1800-1950.gif


You could easily say everything you have said about BTC about this chart, sold everything for your perfectly logical reasons. Unfortunately the price then proceeded to do this:


http://www.sharelynx.com/chartsfixed/USDJIND1800.gif


Obviously there are more applicable charts than this but I would have to make the screenshots myself which I can't be bothered to do, but you get the idea.

Bubble moves on new technologies are almost always explosive.. they tend to overshoot as people get overly excited in the mania. See the dotcom bubble charts for the industry leaders like Amazon etc. They bubbled then crashed even though they were fundamentally huge companies that have changed the world. This time its different though right?  ;D

Let me leave you with a famous quote:

"The market can stay irrational longer than you can stay solvent."
-- John Maynard Keynes

This is all the wisdom required to invest in BTC successfully. It's very entertaining to read this forum though.

For centuries bankers have amassed a legendary share of the world's wealth because they understood money better than the general public.

If Bitcoin is the future, those who understand it first stand ready to do the same.

Time to sell some bitcoins?

On this very page, some ten posts ago, I was reticuled for suggesting that it looked like there was a imminent downturn ahead.

Guess who is LOL'ing now!

This is so much fun, let's see what happens now. It's a big gamble to brag about being right this soon on the slope   ;)

"Why I chose to live in the gutter, although I was in the know."

May be it could be a bestseller.

Bear strategy:

1) Sell bitcoins
2) Write big wall of seemingly convincing text on why bitcoin will go down and post in forums.
3) Wait for people to read it and for psychological drop.
4) Price of bitcoins rises
5) Panic and buy higher
6) Bears win and bulls win more.
7) Profit!

This is my first post outside the newbie section. I came here for the read and stayed for the lols. This made me snort outloud. Thanks.

Obvious troll-FUD post is obvious.

I like your thinking.:-)

I think the main point of the original post is simply about the retainment of value of one's investment whether it is shuffled amongst precious metals,fiat or back into BTC.

When you say over- or under-"priced". There is a price for generating BTC: The amount of power you spent and a fraction of the hardware you use for that. Last time I checked it was about $12 cost per generated BTC for the average miner (ASIC miner pay less on average). If there is a correction coming, it's unlikely it breaks through that price barrier... same was true when BTC hit the $2 level after the crash.

That said - I could use some more $12 BTC. Please dump.

I might be a bear at heart, but as soon as we are dipping I become a shy bull:
http://2.bp.blogspot.com/_qZmf9l-HC1A/SWkTzUytuYI/AAAAAAAACeM/kk76dG8ywYg/s1600/FerdinandBull%2B0268b%2B5_960.jpg

I sold most of mine too. Bitcoin market is way too small to be stable.  I see profit I sell. Keeping coins and thinking that one day I be reach doesn work for me. I have money now. All of you , dreamers, make sure you wont pull hair on your head when it crashes. I can deal that I could sell coins for more. Can you deal with loosing thousand of dollars when you could sell for more?
Better to have real money in my pocket now than some dream money I could get in future

There isn't such a thing as natural growth of bitcoin. How can there be some natural growth as to the amount of people willing to say... convert their wealth from dollars to bitcoin? There can't. You can't predict how many people would do this or even really measure it. It seems that natural growth means actual usage.... but that can't be the growth pattern that bitcoin will ultimately use because it is not only just a medium of usage. It's not just a currency.

The only way you could say that bitcoin would have a natural growth is if there was programmed in the protocol a slow decrease in the value of all bitcoins over time at some small amount that would prevent people from using it as something other than just a currency.

The bears are just making it more enticing for the stampede coming on Tuesday. Ignore the mega/reddit announcements at your own risk.

The fact that bitcoin is well suited for illegal activities does not make it ill-suited for legal activities, just as cash serves me just fine for my day-to-day purchases even though it is widely known that criminals prefer to be payed in cash.

please sell I need more bitcoins  ;D

How do you not care if bitcoin is worth $1000 or nothing? Even if you only own one, it would seem nice for that one to be worth $1000. And if that side of your maybe turns out to be the one that comes to fruition, then those living out of bitcoin will certainly be in the opposite of serious trouble.

Sounds like a solid philosophy, and you're definitely right... don't bet more than you can afford to lose comfortably.

Very brave to make your decision public, OP.  I will save this thread and bump it when we hit $50. LOLOL.

This is super common advice, I don't mean to pick on you at all.

I think it's terrible. What's wrong with taking chances, risking pain? Does this advice mean that you shouldn't hike in the wilderness or ever ride in a car? You could lose your whole life.

Besides that, whatever you do has some total risk. Leaving your wealth in the generally accepted forms just means that if you get wiped out so will everyone who might be able to help you.

Be bold, temper it with a little thought. No matter what you do you could lose everything.

Common contrarian advice is to sell up when others are shouting how rich they're becoming and how the market is only going to rocket further up from here.  Think back to famous past bubbles, whether it be dotcoms, housing, or bitcoin's bubble in 2011. 

Where is the peak in the current bubble?  Who knows.  Almost no one can predict it in the future and everyone always predicts it when looking back after it has burst.

- "I sold my bitcoins to buy farmland"
- "I sold my bitcoins to buy gold"
- "I sold my bitcoins to start a business"
- "I sold my bitcoins because I'm worried the USG will shut down MtGox"

The above seem like logical arguments. But to sell bitcoins to buy USD is certain death. No one argues the USD is a good investment, not even the USG or Federal Reserve.

"Do not invest more than you can afford to lose comfortably." This common advice is really good advice. There is a multitude of reasons for that.

Admittedly, it is not the most enlightened of phrases; actually it is meaningless to an expert at statistics. Such a person will try to find an exact solution for his personal risk strategy. But as a simple phrase, spread as a meme to help people, "do not invest more than you can afford to lose comfortably" is a good choice.

There are important things people who do not heed this advice should know at the very least, but often don't.

• The Kelly Criterion helps to determine the height of wagers in probabilistic bets. An important property: betting a little less than the optimum doesn't hurt much. Betting above the optimum does.
• To even be able to use Kelly -- and for any kind of speculation in general -- it is useful to do a self-benchmark. Know your own precision and also limits on how well you know it. Overestimating oneself is one of the biggest flaws of humans, so be careful and rigorous on your self-assessment.
• Similarly, do not forget about any additional uncertainties from the surroundings. Expect the unexpected, not just on one market, but in personal life and everywhere else too. When going in deep, hidden risks that are normally acceptable suddenly become very relevant.
• The personal value of wealth to any human diminishes with wealth and grows with poverty! Your last bit of money in times of need becomes more valuable than whatever was spent before.

Of course there are risks everywhere. Speculating with a notable portion of one's savings can be a good idea. But why push a lot into a single thing when a diverse strategy has much less risk?

"Don't put all eggs in one basket" is a similar wisdom. Sure, it's not universal. Some people can prove their one basket secure. But then, better be sure to never ever make a mistake.

I must say that the current situation is very differrent then the 2011 (really emty bubbel) this new "rally" has an more solid btc economie behind it as u know we are ten steps further then in 2011..  ;)

I sold half of my stash the first time the price doubled after I bought a bunch.  That means I have no realized loss or gain.  I am just neutral.

BTC sold at all prices by some previous holders is a very good thing. It helps consolidation of certain price range after a significant bull run is accomplished. No sell, no bull.

Measured in dollars, that is. But the dollar has been devaluated since then a whooping 97%. The Dow measured in gold would be a more accurate measurement. Price is not value. Something can be going up in price and losing value at the same time. If you bought the Dow back then, you would almost break-even at best in purchasing power.

This is something I've been seen neglected in this forum over and over again. Bitcoin would have the same value at 60$ if the price of gold, silver, real estate, oil and so forth would have doubled during the same time. Besides, bitcoin is only internet cash, convenient and that's all. It is not money.

Disclaimer: I gold out most of my bitcoins and kept 120btc as a speculation. (Not investment)

This is a win of a post and on point as all hell.

Also, for all bears who think $28 is over priced for bitcoin then please allow me to laugh you out of the room.

wiser to be left holding a bag of money than a hdd full of bitcoins. but thats why i'm starting my new business model: beer for litecoins.

You can't go wrong playing with the house's money.

I'll beer to that..

What's with the yoga pose?

That's the Nagle pose.

You don't have to explain why you sold. Perhaps your wrong about an impending crash, but I assume you profited? It's hard to argue with success.  
 :)

Making good on my promise.

*bump*

 ;D

I lol'd

You sell, me hold.

 :D :D :D

Here you go:
http://farm9.staticflickr.com/8512/8542531696_00fe778294_o.png

50 is moar bigger than 27. 

Rubbing some nose :D

I'm just bumping this thread to rub salt in the wound.  That is all. 

Looking back in 2015 when 1 BTC = $10k and just beginning to rise fast, this will look flat.

Even buying in at $100 is a bargain.

It won't be $10k in 2015 (if ever).

Reasoning:

1) USD won't collapse in this timescale (just yet).
2) Adoption can't explode to those levels since the network won't scale. Even if "ordinary" tx drive SatoshiDice out of the market, we hit the 1M max block size limit at 10x current tx level.

It may well be "stable" $200 to $300 in 2015, if everything goes extremely well.

I'll sell you all you want at $100 ;)

LOL. That's a lion.

Maybe 2015 - 2020.

Anyway, 2 - 5 years is an aeon in technology terms. The block size limitation is the least of our worries -- we need proper Bitcoin DNS to make addresses user friendly; we need an ability for vendors receiving BTC payments to ensure they're not receiving dirty money, etc. etc.

There are lots of barriers to adoption. But I believe we can overcome them. In fact, to many, each of these barriers looks like an opportunity to make money. Just look how the barriers fell to Web adoption, and look at who got rich in the process.

Could namecoin serve a purpose in DNS matters?

^^^ funny!

I'm long Bitcoin even at 50+ There's just too much upside potential

Long until $1,000 at least.

This post is going to hurt more every day.

It's like the knife in your back twisting in slow motion, no?

Odds are he'll be able to buy back, if he wants, quite a bit lower than he sold (even if he sold in the 20s).

This guy is always right.

So, I meant the OP, because I've never sold. But I'm guessing the OP has never bought or sold. So the only thing that will hurt is how utterly foolish his post makes him sound, if he's still around to see it getting bumped.

Our permabear is always here to signal another bull race.

Time to update his foolishness streak again: https://bitcointalk.org/index.php?topic=147907.0

Proudhon has spoken! We will hit $200 within the hour.

yeah I sold. At $17. Took me till about $27 to realize I had made a huge fucking mistake and bought back in. THANK GOD I DID.

Everyone should remember that it's never to late to buy back in.

Individuals following this for years make mistakes like this but man 27 a long realization.

You would think right? I must have been crazy to wait until $27 to buy back in right? This morning I sold some BTC at $48 thinking I would maybe buy a new camera (can't buy with BTC- need it now, and I'm in Italy). After lunch I check my Bitcoin Price app and it's OVER $60.

Realising one made a mistake in Bitcoin sometimes takes a matter of minutes. :-)

If bitcoins are ever at the price level of 1 BTC = $10k, they will not be used for gambling microtransactions or small online purchases, they will be used by bankers and gangsters (can you tell the difference?) to hide and move large sums of money.

Why not both?

Because of the limited size of blocks, there can only be so many transactions processed per block. Because of the way the transaction fee works it makes sense to send large transactions rather than small ones. This can be mitigated somewhat by increasing the maximum block size, and by lowering the threshold for requiring a fee, but as the value of one bitcoin goes up, the amount of bitcoins in a microtransaction or purchase goes down.
The fees have been lowered in the past, and if the price of bitcoins continues going up they could be lowered again, but if blocks are getting filled up then it does not make sense to lower the fee.

If there are only big transactions being made there will be less transactions overall. There are far less large transactions than small transactions. Plus cutting out small transactions will hurt the majority of bitcoin users and will cause the price and demand to drop.

@OP:  I am assuming you bought or mined the coins at a lower cost than what you sold them for. Good for you. Don't let Captain Hindsights here ruin the joy of profiting.

I am still holding, because - unlike you - I feel the fundamentals are mostly strong and going stronger. My coins, however, are worth nothing untill I actually spend them. Lots of confused folks around don't understand this, and can't tell what is from all the whatifs, shouldhaves, and wouldhaves.

I'm quite sure there will be new services (they will not use block chain) operating on the top of Bitcoin protocol e.g. local bank (like MtGox is now .. a lot of buys/sells per minute without affecting block chain) where only 1 transaction(per day/week/month) is needed to provide clearing.

By this logic, people like Warren Buffet are broke and powerless, to the extent they are not actually spending their billions.

Don't assume that all Bitcoin transactions occur on the blockchain. That is very naive. In the future, the vast majority of transactions will never touch the blockchain. They will be internal transactions between the large successful ewallets.

I am resigning as a moderate bear and taking the position of a moderate bull.
My long-term view is Bullish all the way - that hasten changed,  I still agree with all the bear sentiment, however it isn't working for me right now,  I just sold out 1/3 somewhat below $20 when my return hit 300% thinking I could buy back in,

The bottom line is: if fiat can create a dilution of wealth security, the same dilution backed by Bitcoin is just better.

 http://www.jdidesign.com/files-in/just-another%20rocket-bears.jpg

this thread is interesting to me. I had the same feeling as the OP in around the same price range when I traded roughly 56 btc for an imaginary promise that I might at some time in the indeterminate future get a magical money-making device delivered to my door... (i.e. avalon batch 2.1)

I remember the price at that time was approaching the old *all-time high* and thought, "this is a pretty good deal! I can just buy back when the price dips back to sanity"

well, since then, I've been incrementally selling the rise, and waiting to buy the pull-back. (as a miner, I thought this was prudent, didn't want to be on the hook for the outlay - which is not extreme, but not negligible in my case_)

but where the heck is my pull-back? since then it's been straight up, other than 2 opportunities for me (was able to get back some coins at 38, 36, but never quite hit my 34 bid, both times  >:(

at the time of this writing virtex (yes, I'm from canada) is at 64* with only marginal resistance on the up side, this makes me fearful that this run is the true opportunity and that if I ever receive any magical mining hardware it will be far to late to ever get those bitcoins back...

Either that, or this whole thing will collapse tomorrow... exciting times!  ;D

* price actually hit 65.8 while I wasn't looking, can't help myself at these prices, gonna try new strategy though to keep me in check, just gonna sell half of what I earn each week, and try to stockpile the rest...

I think it would be both physically and figuratively more correct if the bears in this pic were getting burned...

Price is being driven up by newcomers pouring in. That's not going to precipitate a crash.

Sarcasm, right?

No, it's not.

Newcomers are coming in and buying high. Why would they sell low?

Newcomers often contain weak hands.  But a few corrections later, the strong remain, and the net effect is positive imho.

True... and more hands is better; particularly when they have more to gain and less to lose from holding.

I think we're seeing the Reddit effect this week + EU uncertainty. The current rally has more steam left in it yet.

You could be right.  Cyprus is probably big psychologically.  Given the amount of news we have had these past weeks, and the variable lag between a person getting interested in bitcoin and acquiring it for the first time (or acquiring more), I have given up on trying to ID the causes of price movement.  

This is a really weird statement considering it comes from the main polluter... See, only you yourself could make this a reality - change SD and the block size will be fine for years!

However, he makes a valid point. bitcoin is a tool to perform direct trade settlement or clearing balances in a trust-free environment - this resembles the role of gold.
Once you have established a trust relationship with another entity or institute you can maintain an off-blockchain balance sheet and do the clearing only occasionally through the blockchain.

OP so fail. :D

Well played.

Someone with more sense has these sweet coins now.

Maybe we just don't understand his cunning plan?...

At strategic points during the last month or so when I felt we were heading for a downturn(usually Thursday nights) I simply bought some toys at the bitcoinstore. At first I would look at the price after I bought and shake my head, but now I just play with the gear I got and feel good about supporting the BTC economy. Feels a whole lot better than selling for garbage fiat and if the price had tanked I'd be patting myself on the back for exchanging the coins for gear.

I LOLed here. That is some funny ass shit!  :D

Great thing to do. I've been trying to do the same but can't find anything to buy on there. Seems a lot of the higher end things are missing (4TB SAS drives, 500G samsung pro SSD for example) preventing me from buying. Although, so far that's done me well with the (not so) slow increase in value.

Yeah, it's a little cramped working within the confines of their product lines, but I've found some gems. I needed a new AIO color laser and my old server was in need of retirement. They have respectable prices on 2P G34 boards and opty 63xx, so I assembled a cheapskate 24 core w/ 64GB of ram.

OP is back in the gambling forum where his ilk belongs :)

https://bitcointalk.org/index.php?topic=161230.0

Sigh...did poor Ian listen to the OP? ::)

Well bumped.

Next bump incoming @ $200.

Bump bump~

You are lucky you got out when you did so you did not have to live through the crash from $195 to $175 (and back up to $188). A wise man that OP...

Yeah.... would hate for someone to eat a bullet over selling their coins to high. :)

Next bump from me when we hit 500.

I wish I could get some BTC overpriced at $27 now...

Yes! If anyone would like to sell me their overpriced BTC at $27 please PM me :)

I will pay $30. Please pm me instead of the above poster!!!

You guys are hilarious :P

Leave the poor OP alone, I'm sure his seller's remorse already stings enough as it is...

lol! +1 Has the OP even made a recent post?

I don't feel bad... The OP encouraged *everyone* to follow his example.  Opinions are like... you know the rest. $200, and next bump inc @ $400.

Are you out of your mind? Bitcoin is a money making machine that hasn't met its climax. It would be stupid to sell in my opinion.

Poor bastard... no one is going to let him live this thread down! lol

What an intelligent, reasonable gentleman. He made a decision, justified it, and put his proverbial bum where his mouth was.

snicker

It is easy in hindsight to make fun of him. But he did take a profit and although he missed out on a lot of upside, he can be called profitable.

True. He made a bigger profit than most people, who have made none at all.

Still funny tho.  :D

So the arrogance we are feeling (myself included) is another small bubble indicator. Just a mild one. Just keeping track so people aren't overly surprised at future price swings.

People probably would not make fun of him, if OP was not making fun of those still holding like a mo-fo in the first place.

You sold and take profits that's fine, but what's the point of making a thread to brag about it and tease all those didn't?

^True.

Good thing OP won't ever see this thread anymore. Anyway, about those bit coin related suicides.....

haah classic

Man, bragging about selling Bitcoins at $28, never gets old.

Seeing what is happening.. even selling at 70-120 was a fail.  :'( Hope the bitcoins go back, and rebuy.  ;D ;D ;D ;D Waiting for the bear.  ::)

I sold a lot of coins at like 20$!

recuperate your investment so you don't have to worry, they said...




fuck....

Me aswell, and also spent a lot in stores etc I don't feel bad about it.. ;D
Anyway, just the people who trust completely in Bitcoins are still hoarding at 236$.. most of us I suppose started selling from the 50-70$ range or even at lower prices.

I began using coins for relatively small purchases when the BTC/USD exchange rate was around $74. At first I felt bad about the BTC/USD exchange rate rising after every purchase, but not any longer. I simply space my purchases and enjoy whatever I buy with them. We're building an alternate economy here and Bitcoin is our currency. Currency should be more than a store of wealth IMO. Anyway, trading any crypto for fiat is a horrible idea unless you absolutely must to keep a roof over your head and bread on your table.

This never gets old. Happy weekend everyone!

Haha love it  ;D ;D

How nice is heinsight?

Buying at this level, is obvioiusly more risky however I think purchases should be less for speculation and more for the adoption of the currency. I like have my mobile bitcoin wallet with atleast 4 coins. That way I can purchase and support bitcoin accepting businesses and do my part to spread the currencies adoption.

 

read this thread every time you have the feeling you need to sell your coins...  helps !

Funny how last posts mocking OP are from 9th of April and then on the 10th onwards up till September there is nothing  ;D

Indeed :)

Says a lot about current price ;)

But note that, even during that "gloomy" period, the price was always at least 2x what the OP sold at.

I'll admit I particularly enjoyed this necro because one of the posts from the first day warning not to sell was mine, and I'd completely forgotten about it.  Every single word still rings true to my ears.  Note to self: follow own advice.

What advice do you have now?

Read his post again, he thinks the advice still stands today. Don't play short term fluctuations because you might end up at the wrong side of the trade, long term prospects are looking too good for that.

OP made a mistake, as have many after him.
this process has happened before and will happen again.
just remember this as a lesson

OP lesson learned - never sell everything  :D

+20.999.999,9769

Selling everything is a total noob mistake. Even if for some reason I lost all faith in bitcoin and decided to cash out, I'd keep my CASASCIUS physical bitcoin, just 'cause. After all, you never know what can happen, and if BTC becomes worth virtually nothing, the brass coin makes a neat memento. :)

This thread always reminds me to just keep my cold wallets, cold. :-)

With the passphrase(s) difficult to remember and not readily accessible. :)

Have ever OP gotten back to see this thread again?

Why would he come back?  He sold out.

once it has reached 4 digits buying back in the very low 3 digit area will still look good. it is not too late for op to buy back. he lost 2/3 of his original stack. but if the 1/3 does well - so what. better loosing 2/3 than 3/3...

Schadenfreude!

ugh no, i did the former and now i have a cold wallet that is also dead...

maybe one day someone can come along and do some brute force revive magic on it...  we are talking 30+ char passphrase with possibly a couple special characters...

It's okay if said difficult-to-remember passphrase is written down on a piece of paper put into an envelope placed inside a jiffy bag placed inside a safe... ;D

or http://keepass.info/

That's the key. The price will rise and fall, but ultimately we're breaking through the wall.

$200 again.   ;D

and OP sold a butt load coins at 26$


i sold a bunch at that price too, it was touch and go for a little while their... but look at us now!

And proud of it ;D

fawwwwwwkk... would kill a man for some $26 btc today..  so cheap.

ssooo much schadenfreude

Ahh well, I "gave" my coins away for free.

BTCJAM!

glad for you OP, you must be happy ::)

OP proven wrong on the price point they sold at as well as their theory that Bitcoin needs Silk Road to survive.

As someone I recently read say "Bitcoin has as little relation to drugs  as brief cases have to do with cash."

Bitcoin to the moon!  ;D

why I sold my bitcoins?

So there would be more for others to buy and use. Speeding the love

Omg reading the OP again just made me laugh, I'm in a library at the moment but can hardly hold back my snickering.  ;D

HAHAHAHAHA
 :D :D :D :D :D :D
Never sell BTCBTCBTC
Lol every time I click on the OPs thread I have a little giggle.

Strong hands never sell.

I bought Kona Coiler with 66 bomber for 110 Btc when they were 9... so I have an expensive bike... so what!

yeah, this. belated $400 bump. all in good fun, op  8)

Ok, I have considered your offer for a while and now I'm ready. Sell me.

Ouch! Sucks to be OP

Can't really stress this enough - we don't know how much "hi" had, but assuming it's anything worth talking about (four-digit amounts of bitcoin at that time), he must have lost at least his 401k retirement plan in unrealized profit, and all he had to do to never have to work again - was just wait 8 months. Oh well.

Why?

He realised a decent profit.
Most of you dream of of factor 5 increase in btc price.

Probably a lot of you would sell, if the price goes to 1500$!
I would sell too, but not all coins.


Hold and never sell = 0 profit
Sell a few coins = lots of profit and still the chance of getting insanly rich


I just sold a few coins on gox eu ath (340 euros). Have enough cash to rebuy after the price crash. And bitcoin crashes in intervalls. Just be ready to grab cheap coins. And never panic sell.


PS:
Sold @ 340, and bought back @ 328 ... allways good to have cash in exchanges.

You are talking about speculation, that is fine sometimes, unless of course you lose all eventually by buying high selling lower :) The op is talking about going out of bitcoin into fiat at a ridiculously low price. That is not "taking profit", that is stupidity, plain and simple - OP had a bar of gold, which he exchanged for a bar of lead because he was unable to correctly assess it's value, then went on to brag about it.

Oh right, but all the people with their gold bars are missing on all the wonderful "profit" expressed in lead bars, right? You guys make me smile in admiration of your short-sightedness. Right, he got some paper moneys which he probably already spent on useless shiny toys, but what he now does not have, is a chance to have something real, that can last his lifetime. He now only has memory of that time when life gave him a chance but he blew it, because he was scared to lose some tiny amount of paper money :) Pathetic.

You can't predict the future.
In 10 months bitcoin could be worthless, after someone publishes a paper about bitcoin algorithm flaw and possible exploits.

He couldn't know that the price would rise that high. I didn't either in 2010. Otherwise I would have bought a lot more.


What's wrong about speculation?
And why selling with a loss? You need to cash out to lose anything. Just be patient.

In a bullish market it's really easy to make cash. Just need strong hands and allways sell a specific amount when the price goes up and buy more coins, if the price goes down.
It's really easy.

You can place orders weeks before. Just need to check if they were fullfilled and replace them with new ones.

Problem: Coins and Cash is allways in a dubios exchange. No Risk, no Fun.

Like the one published a month ago? Yeah, that devastated bitcoin :) Nothing can break it, hear me? Nothing - it is already out, and noting is stopping it. Any advancements in technology would lead to small source code patches, that is all. You can ban exchanges, hack sha-256, kill all lead developers (long live Gavin!), and do it all at the same time, and bitcoin would easily survive all that, simply because it already has enough value to self-sustain.

The only possible scenario for bitcoin to go away is if it will be gradually replaced by a completely new implementation, which would appear as an alt-coin at first but will slowly prove it's worth and benefits and slowly rise in value and network strength, cannibalizing bitcoin. There will be plenty of time to switch.

That was a hoax...
Nothing can break it?

Do you have a university background? I can tell you, a breakthrough happens most of the time by pure luck. Cryptography is still a developping field.

What happens if you can reverse all transactions? Generate bitcoins from nothing? Fake Hashpower (generate coins worth 10^12 more then your actual mining power)? Noone has proven yet, that it's impossible (that's the beauty of it).

Big players could easily do a 51% attack. And with big players I'm talking about governments or multi billion dollar companies. Bitcoin could get in the way of big enemies and that's the first true test for this "new" currency. Wait and enjoy the show.

Ok, you chose to believe in possibilities of miracles - your choice :) I do have scientific background. No, there is absolutely no facts so far to back any of your claims, you might as well refer to a god almighty erasing all coins. I prefer reality, in it, any flaw that could be discovered "by luck" is quickly fixed "by work".

The title is same as, why I didn't buy any bitcoins...

amazon coins are doing very well i hear. :D

Belated $800 bump.

But don't you know that "bitcoins @  27-28 are way overpriced"? Interesting to see the OP still alive and well, but now he's in the betting subforums (check latest posts) - he decided that holding bitcoins is too dangerous - "If you continue to hold and lose your proverbial bum--blame no one but yourself" - but betting money on an outcome of events he has zero control of is a safe investment. Poor pal.

It looks like he has had to started all over, and take his small gains and invest them into ltc.

The amazing thing is that... it REALLY DID FEEL like a bubble back then. Just like it kind of feels like a bubble now (I realize the word bubble has practically no meaning...).

Looking forward to the next 40x increase! :)