Bitcoin Forum

To all of you panic buying because you missed the "greatest thing ever", mark this post, within 6 months you will be able to buy in much lower, I have a large buy order at $35 (just above the 2011 high).

if this were an established commodity like gold, copper, soybeans, or a currency cross, which I have been trading for 15 years, that is the smart buy point - not at $159

you just need to look at the naivete of the posts on this board to know this is a sucker rally.

"i'm loaning money to ....."
" I save $200 a month and im putting it all in bitcoins ...... "
"we are revolutionaries......."


good luck to all the future bitcoin millionaires :-)

nice life bro

http://img.photobucket.com/albums/v239/zif33/missedthetrain.jpg


Please check back in a year and let me know how that worked out for you.

See you in a year

Yeah, I also sold all bitcoins today (all 1318) and set buy order at $27. See you soon, suckers  ;)

Unlike most the bitcoin "investors" I think you are probably right, bitcoin is in a bubble, I don't think the currency will ever just die out and it could become a lot more popular than today but at the current usage the price is definitely overpriced.

I bet it hits $1000 before we see $100 again.

Good. As long as there is fear of a bubble, there is room for more.

You could be right or WRONG. We will see this later :-)

I've just sold out today as well @$159, though purely to cover most of the cost of my original investment - still holding a very modest amount of coins. Only upside for me here on out and have a nice bit of fiat standing by for any serious correction.

However, I'm far from convinced that the stupid money is exhausted at this point. Could be a long way to go.

Overpriced or not, I think it's going up a bit more. Reason for this is the sudden publicity that bitcoin got after this Cyprus induced value increase, attracting a load of new potential bitcoiners. After that the bubble might burst, but not after a second takeoff.
But that's my guess, which is as good as pulling a straw.

Looks like $159 was might have been pretty near the top of pump that has been playing out today. Called it right. :)

Wouldn't be surprised if there is another DoS attack on Gox.

The best time for a person to sell is when they make up their mind to sell. That's what makes a market. It there wasn't any sellers willing to sell, there wouldn't be any buyers that could buy.

All it will take to send bitcoin to even greater highs is the next scandal in the the fiat markets.  Shouldn't take too long.  Bitcoin could be in a bubble, but the top of the bubble could be in thousands of dollars value.  More and more people are getting screwed by these central bank currency's, and despite the BS reporting of CNN and the likes, the masses are slowly waking up. 

How much you can bet?)

Heh, thanks for selling. Enjoy your money   ;)

Bitcoin is not a bubble that will burst for the very simple reason that the demand will increase in the coming years.


There are new sites every day that accept bitcoins, including big ones. People living in of the 80+ countries that Paypal doesn't support can now turn to Bitcoins and pay with Bitcoins on sites like Wordpress. This increases demand as it gets more awareness.

The customers of tor sites like Silk Road and Black Market Reloaded is increasing monthly, thus increasing the demand.

People that send money to other continents (other currencies) have to pay a lot of taxes, costs and on top of that wait days if not weeks before the money reaches the other person. These people (mostly of our generation) will prefer to use bitcoins instead of their local country currency.

The first Bitcoin ATMs are coming out soon, maybe this year already.

You have to look at he bigger picture here. Bitcoins value will not drop significantly, it will just go up. Even if bitcoins would go below 80$ there would be so many people buying BTC (including me) that it will immediately drive the price up again.

Bitcoin is now at the beginning, in the 3 to 5 years I am confident the value will be close to at least 1000$ each. In the next 5 to 10 years it will go towards 5000$ each.

yes what is sure is this payment method will be present in more and more sites very soon and creating a high demand for users to pay with BTC

Do you really think that there isn't any way that Bitcoin can fail, in the short, medium or long term?

In my professional work I help advice start ups and even the ones that have a good product or service have a very high rate of failure. Less than 26% of Silicon Valley startups make it beyond a few years - and they are the ones that secured their first major investment round. We are still very much in the experimental phase and there are many many hurdles before we can say Bitcoin is here to stay.

The only thing I would bet on is that crypto currencies in some form are probably not going away - that is very exciting. Whether or not it is Bitcoin is another thing. First movers are rarely the winners. E.g. Facebook > Myspace > Friendster.

I actually expect to see a family of crypto currencies emerge in the next few years, all with unique properties that meet the various needs we have.

When will you start selling all your bitcoins, assholes? I want to buy some more at below $30  :'(

Still hoarding...lol

Oh yay! More bragging about selling out! These threads always end well.


So, you're calling the fiat that people are exchanging for bitcoin "stupid money", yet it's what you accepted for yours (if you actually had any)? I agree,  Good jerb!  :)

Well done #1

Interesting posts...call anyone tell me more about the 2011 buy orders? In 2011 you were able to reserve BCs at that price, and these will be  vested soon?

I'd like to remind dragon2nd that those people he called suckers are responsible for his tidy profit. Karma dude..Karma!

price will stop rising when gox verified queue shrinks

I sold all my Bitcoin at $120 and set a buy order at $0.03

See you in a year, suckers ;)

We might not have even touched the stupid money to be fair. All I'm really saying that I simply don't know who is who at this point, myself included. ;)

I am fairly confident that speculation is out-stripping fundamentals when it comes to Bitcoin's perceived value at the moment though. That's not to say I don't think Bitcoin could one day be worth orders of magnitude more than it is today.

Now, what is really stupid is that I've been speculating with less than week's salary instead of building bitcoin-based services in my spare time. ;)

Look at all the 'three-posters' calling a bubble and an established member knowing the truth  8)


Exactly.

If I said worldwide silver production was stopping tomorrow, would the resultant price increase be a bubble?

I'd go with CNN's recommendations, any number higher than $15 is apparently a bubble: http://buzz.money.cnn.com/2013/04/05/bitcoin-bubble/ (http://buzz.money.cnn.com/2013/04/05/bitcoin-bubble/)

/s

After reading this post im tempted to sell all, giving me a profit of $2000+. Not a bad profit seeing how i've bought my first bitcoin 3 weeks ago.

I'm bookmarking this thread so I can bump it when we hit $300.

^   Please bring tissues for all the crying.

people are leaving gox, they are going to all the new start ups, we will see the sheep follow the mony in droves for at least another year. no doubt that some day it will be at 35. but not before we see 850. if it does pop and it does go down to 35 than you are also a sucker cuz it will go down to 2 bucks and a long while till you see your even money at 35 again. this is not the top and 35 wont be the bottom. wrong on both accounts, but i guess we will just have to wait and see

I actually start to think, that because of the scarce nature of bitcoins the price will eventually go up to 1500 dollars.

Now the total economy is 1 billion dollars. There are more and more services accepting bitcoins. Some people get their salary payed in bitcoins. Whether this is stupid or not, I don't know. But we can assume the economy of bitcoin is growing. Maybe at a certain day the economy will be 30 billion dollars, if the total number of bitcoins is reached this will be 1500 dollar for one bitcoin.

Thirty billion is not that big. It is just the bonuses payed out on wallstreet. The drug traffic industry is something like 300 billion dollars. The total GDP of the world is 200 trillion dollars.

On a worldwide scale 30 billion is small.

That's an entertaining thought.

Ain't it the truth ;D

i'm gonna wait until $300 to sell. that seems like a good number, but what do I know anyways.

It's not good to lie

https://www.google.com/search?client=ubuntu&channel=fs&q=gdp+of+the+world&ie=utf-8&oe=utf-8

I never lie.

Bank opens tomorrow..

I don't lie either, not now at least, I estimated it. And it is not even a bad estimate, just one order of magnitude wrong.

Everybody lies here or have you filled the amount of bitcoins on your tax paper? ;)

Fck, not me, I swear ;)

What about the sperm that impregnated the ovum that turned into you? Sometimes, being first matters.

Well if u just follow the news in EU about the banking secrecy there is about to come much more fiat to btc the next months...Luxembourg is going to speak to the tax authorities and Luxembourg is just like Swiss over here...prepare to see much more fiat getting pumped in...!!! Much more...!!!

The first movers profit from an growing economy now. The first ones in the oil rush are still rich.


Plausible deniability is the same as lying, but you can plausibly deny it is lying. :)

This is actually a good way of handling your wallet:

Download truecrypt on your computer and dump your wallet in the second volume. If the tax institute of your government comes crashing into your house, you can say you don't have a second volume. Just pull the plug and put some really gruesome porn on you first volume. Something you want to hide.

couple of additions

1) I am not saying bitcoin could never go to $1000 before $35 - yeah it sure could, the market can stay illogical much longer. MY instinct is telling me no ways. If it does - well very cool for all of you holding. When this turns, it will turn very quickly. The average person buying here is not a wealthy investor who is playing with bitcoin with 0.5 % or less of their total net worth and doesn't really care. My gut is telling me at least 50% of the new buyers will be losing sleep at night if bitcoin stops moving up, nevermind starts crashing.
2) Remember for those of you that are speculating here (be honest - are you NEVER EVER going to sell or use your bitcoins? if you are holding for higher prices you are a speculator) - you have made ZERO dollars until you book your profits.
3) there are NO short sellers in this market because there really isnt any way to short this thing (and don't point me to one of those scam websites that supposedly are "option" trading sites on bitcoin, what a joke). When it turns there is going to be a friggn giant hole under it. You need short sellers to stabilize a market. No one is there to take profit on the down and therefore become buyers. This is going to be like throwing the titanic off a cliff when the down move comes.

Bitcoins are not Soybeans.

Good riddance Grandpa.

(if only this were not another newbie manipulating panic sell thread)

Kinda early to sell in my opinion. Bitcoin is just now becoming useful in finance. But oh well, Hope there is a dip and you can buy back in lower friend, but its a dangerous game to play.

Most of the guys posting here have under 10 posts. Just wanted to point that out.

As long as we continue to get these News : http://deutsche-wirtschafts-nachrichten.de/2013/04/07/bundesbank-auch-bank-einlagen-unter-100-000-euro-sind-nicht-ganz-sicher/

It says that in germany bank accounts under 100.000 euro are not safe from a haircut to save the bank. It's from today.

Well... make up your mind , i made up mine.

1) If you make decisions based on emotion instead of reason, it's a good thing you got out.
2) This is exactly the kind of nonsense a speculator says. Not all of us are here to daytrade, chief.
3) There are several places to short. Here is one: https://icbit.se/

And not everybody wants to speculate with these things, I find bitcoin interesting, because it is an alternative currency, which the government cannot touch easily. it possibly can rewrite some rules of society.  It is a more political interest I have than speculative.

well, this "grandpa" figures that when you are up 400% or something stupid in 8 weeks, its time to take the easy money and be content, book profits, and not be a greedy pig.

its got nothing to do with how high bitcoin may go, maybe it goes to $2000 i don't know.

It's got to do with so many trades I have seen go sky high, only to crash back wickedly.

It seems you really all expect to be millionaires, and have your "trades" go +200 000%


I'll give you one screwed up metric, that isnt my opinion but fact. Bitcoins price has increased approx 8x since feb 1st. But its transaction volume per day has increased approx 4x. whats that tell you? the sellers are sitting on their hands, and the buyers are panic buying.

Here is someone with a brain! :)

and for the record, just the fact that I am pretty much the lone voice in here gives me further vindication.

And for all of those posting facts about europe bank accounts and such, markets are not 100% efficient, but they do tend to be pretty forward looking. Do you all honestly think nothing from europe has been priced in already?

and If i can "manipulate panic" on a message board, doesn't really say much for the strength of the bitcoin market.

again I got no skin left in this, I wish you all the best of luck, if it goes to $1000 I bear no grudge against all of you who are still long.

But I highly recommend that at least some of you sell to a break even position, but what do i know. Lets see what happens over the next 6 months.

Good luck to all. Last post on this thread.

Grandpa,

There may or may not be a correction.  Yes this may be a bubble but bitcoin is a currency, not a commodity it is a currency and as is grows price will only become higher.

Also as the fiat economy continues to crumble we will only continue to see Bitcoin Price rise.

Bitcoin is the new GOLD

Bitcoin is here to stay.

Be careful not to stereotype all n00bs as being ignorant. I've personally been following Bitcoin closely since before 2011 and I have lurking in these forums for many moons. In return I won't stereotype all "established" posters as living inside a reality distortion field of their own making. :P

WTF??

I'm long BTC and holding for 1 reason: fundamentals

BTC are just too frikking useful, its cash for the interent!

Anyway, $1000 BTC coming up within a year.

Looking forward to a moment in time when I have to pay a couple of satoshis for a newspaper at the corner shop so all that mining with my laptop yielding 0.01 BTC a month proves to be worth something at last. ;D

There are about 30 000 people willing to
invest over $ 60 000 000 value in Bitcoin within the next month.

That is 375 000 BTC at current rate.

That is not a lot of money but ...
I don't think market could supply that amount without adjustments.

If nothing UNPREDICTABLE happens - price is going to hit $400 by the end of this month.

I think right now is definitely NOT the time to sell unless you have a reason for the funds.

Bitcoin may (will?) experience SEVERE ups and downs but right now it's gaining a lot of mainstream exposure and that means a lot of money coming in.

And given that it seems like (isn't in my opinion) a "Get Rich Quick" scheme the odds of people bringing money goes up even more.

This.

I believe in Bitcoin because it has true worth in today's fiat driven, bankster corruption world of ever decreasing value.  Even if fiat money wasn't so screwed up, Bitcoin is still valuable just because you can send it to anyone, anywhere, instantly and do so anonymously.  

I plan to buy and hold for a LONG time.  Yeah, we could definitely see some insane swings in the short term, but unless the blockchain itself gets broken (through hacking, whatever) this thing is only going to increase in value.  

It took 2+ years for BC to get from nothing to where we are now, right?  So give it two more years.  Two more years of ever increasing places to spend BC.  Two more years of ever more people abandoning fiat and coming to appreciate the benefits of a crypto-currency.  Two more years of ever increasing efficiency and management of the exchanges, etc.  It'll be glorious.  ;)

lots of people posted the same thing at 30! and regret it

I think investing in bitcoin is better than investing in technology stocks. I can see so much development going on this year and I don't see why anyone should sell everything. Hell, at least keep one coin.

You will wait long to fill your buy order - considering it will take long, how safe are your $ there ?  ;D

Damn right.

I am no expert but I have trading in stocks, FX and commodities on regulated markets for over 20 years in a purely amature but very active fashion.  I was participant in the dot com bubble in the 90's and the recent credit crunch so I would class myself as quite battle hardend.  

If this starts falling it will have no buyers until it hits rock bottom.  There will be no brakes; nobody covering shorts and no real world assets to limit the fall out.    

Sure it might go up some more.  

Most likely some people around here are soon going to see some primal brutal human fear kicking them in face.  Remember these words, soon you will understand their meaning.

I guess you haven't bothered to look at the charts in the last week?

It bothers me when I see people compare bitcoin to the stock market. While I realize we are trading a commodity AND a currency at the same time... it's really hard to realize that selling bitcoin doesn't actually hurt anyone.


Even if one singular person bought all current bitcoin on the market at this second, the network would still be generating 250 BTC/hour on average... which would in turn make those btc even MORE scarce, thus the USD/EUR/etc people would be willing to pay for each would climb more.

On the flipside, if everyone SOLD all bitcoin on the market right this second, someone would still have to HAVE all of the bitcoin.... and again, we'd still be chugging out 250/hour, and thus the price people will be willing to pay goes up... the demand really doesn't change in relation to the supply as it does with most conventional currencies or commodities.

The only thing that can hurt bitcoin (in terms of it's dollar value) is if all of the exchanges were to go down simultaneously.

<sarcasm>

lets put all our coins into services created by the instawallet team. they know their stuff! i wonder if they will ever start up a finincial advice service or develop an offline wallet client for us all :)

</sarcasm>

The thing is... traditional market analytical methods don't yet hold true to bit coin, in theory there could never be a pull back... IN THEORY. 

 

I know this might seem mad, but I'd actually be glad if all the speculators jumped off the Bitcoin train, because then the currency would be used more by normal people and as a currency rather than an investment hedge against inflation so if you look at it from my point of view a massive correction might end up being a really good thing and not the scary end of the world scenario everyone is screaming about right now. This actually reminds me a lot of what people were saying with the paper currency economies as well so maybe now I'll actually be able to get to see a correction and the positive effects it might bring.

+1 Bitcoins will reach at least $300 unless the government shuts it down

I sold a couple too, just wanted to go save. Got nothing to risk tbh.

Nothing wrong with some profit taking. If i had a deep balance I woud have been dumping ~5% a week or so for the past two weeks. And would be keeping 50% in my wallet regardless.

I think liquidating some of your wallet now at historic highs couldn't possibly be seen as a bad move. Liquidating everything and then braying like a donkey about "See you at $27, suckers" reeks of amateur.

True dat.

Beware of anyone who proclaims to be able to foretell the future ( or the future price of BTC).

I sold off 1/3 of my coins today. I plan on riding out the bubble with the remainder. I reaped a large return based off my initial investment and will be going on an extended vacation as a result. No regrets and I still have skin in the game.

Oh and OP, we're at $166 right now.

How many coins did the op sell?

It's estimated that Satoshi (him or they) mined over a million coins himself.

every time i see one of these posts make me smirk a little.
Everyone betting on fiat (because selling bitcoin is betting that fiat will not lose anymore ground against bitcoin) has been wrong so far...
That being said, everyone has a target profit and that's perfectly fine to close positions... other people will open new ones.
Best of luck and don't ever regret your decision.

The only real achilles heel is the exchanges. When (not if) gox becomes the target of state action, the price will crash.

How do you sell that amount at once? At a price of $160, selling 1300 BTC would net $208,000 before any fees are taken out. A big fear of mine with BTC is the fact that even though they have FLOWN to new heights, it doesn't seem feasible to cash them out. Everyone is rich now who was an early adapter but it's all on paper and there aren't many respectable ways to spend the BTCs.


Here's a question for anyone willing to respond:

"How can anyone be secure in BTC when it's unregulated?"

For instance, they aren't backed by anything of real value. They aren't widely accepted. They are a direct competitor of the USD and other worldwide currencies controlled by governments. How are BTC safe from attacks from said governments, or even from hackers? What if the American banks/government have been buying up any BTC they can, driving the price up? What will prevent them from dumping after they pump it all up? How are BTC able to avoid the manipulation that every other currency/stock/fund/commodity is vulnerable to when the "big boys" want something to happen in their favor?

How will BTC be able to grow as a currency when the price flucuates WILDLY on a regular basis?

Yeah, now @ $170, so OP left some coin on the table.

I think it will only be going up as it gains more mainstream attention.

I think the experienced traders may get burned most of all by the end of this. Already $10 below the peak, it can continue for quite awhile based on speculation alone. However, I suspect this is driven by someone pre-buying btc before releasing a "killer app". Where is the room for a killer app for soybeans, etc?

Cut and pasted this one to my calendar, just so I can have a really good laugh at least once a year.
This post ranks at the same level as the A&R guy that said the Beatles would never do any good and the HP guy that said that no one really needed or wanted a PC

Bitcoin @ 0.03, keep dreaming you silly sausage.

+1

^ Witness sarcasm being lost.

As a wealthy trader told me once...

"Cut your losers fast, and let your winners run.   While it's easy to know when to buy, it takes far more skill to know when to sell."

If you cut your winners too soon, they can't make up for the losses of the losers.

Having a methodology for exit is critical. Here's my methodology for what it's worth...

The fundamentals drive the long-term price.  Emotions drive the short-term price.  Sell at emotional state of frenzy.

You're gauging the emotions of only a small segment of the market by judging the comments on this forum.

Watch for the emotional temperature of new investors entering the market.

We've just entered first phase of public interest.  When that interest turns to frenzy, then is the time to set your stops really tight and/or take some profits.

...While it's dangerous as hell to buy now, we have not hit that frenzy phase.

The run isn't over yet.  Lots more room still on the top-side.

BUT...

Be ready to exit, and exit fast when the public hits the frenzy phase.

That's a brilliant idea, I just did the same.

I also sold some of mine to get back my initial investment but still hoarding the majority hoping that they reach the $300-$500 mark in the coming weeks or months. just feel a bit better knowing that this will all be 100% profit with no real lose to my actual bank.

not done yet.

Oh man I feel sorry for the OP

Bitcoin is different to Gold, Silver and conventional stocks - it hasn't even gone mainstream yet the market cap is still miniscule. Also the events leading to the collapse of 2011 should no longer be a factor this time, as the community has matured and a major security breach like that which triggered the 2011 collapse is unlikely to occur again. Technically it wasn't a "bubble" last time, it was a security breach that caused the price to collapse, and with the exchange rate as it is you can bet Bitcoin security has improved immeasurably since then.

Sorry man.

EDIT: Plus it looks like we'll be at $200 within a few days most likely.

Why did you sell it ALL? WHY!?!?!?

I've seen nothing of a frenzy yet. Might as well take until $3,xxx to get in frenzy mode.

Nope, not even close.  The public is still very sceptically. And that's why I'm still long.

i guess that's why you're on the newbies board

How do you feel today, my friend? It's just one day after your OP and exchange rate is already at $178.

Man I wish I knew about bitcoins long ago. Although the recent spike in value seems crazy.

im gonna sell at 2500-3000$

OP sold too soon.

OP you are a noob and this train is leaving for huge ass profits for us that's still holding :D

tool

+1

Just passed $180 today (i.e the day after OP sold)

$1000 BTC this year? Starting to look more likely than not :D

How do you tell it's overpriced? Value is completely subjective.

OP: the train is leaving the station.... Can't you see it?

 ;D

OP is noob because he sold all, its more likely the price will be only higher than $158 from now, even considering swings.

Look at the fundamentals and use common sense. Look at the market cap of PayPal, gold, silver. BTC is better than all of them in its own way.... it's super undervalued at $180.  

I know right

Texas exported $471m worth of hides and skins in 2011, BTC market cap is over 4x this amount  :o :o

+1

Im so happy there are sellers willing to sell so cheap. Thank you OP

I think your experience in trading really differentiates to Bitcoin. It's a different story completely.

I'm willing to eat my own words though.

Only time will tell, huh :)

I'm considering selling all of mine at the market price of $175, and waiting to see what happens next. Its so hard to decide lol. What if it hits $200? etc.

I would be stunned if the market didn't hit $200 in the next week or so

You are in BTC because of fiat profits? SELL SELL SELL

You are in BTC because of freedom? HOLD HOLD HOLD

Every BTC sold goes from weak hands to stronger hands. Just do it!

I think you sold too early  :-X

I love how people will have had the exact same conversations as they when they went to $10-$20 - loads cashing out never dreaming of $1000+ per btc.

I personally made a big investment at $70ish and am prepared to go down with bitcoin if it does or rise with it - I'm just happy to be part of history against banks whether it flops or not, this is special!

I don't care what happens but would prefer it to sky rocket :-)

OP gave no reason for selling out at $159 other than calling this a "sucker rally".

While it's obvious that BTC can't rise forever, who says it won't top out at $500/BTC or $5000/BTC?

how you feeling now op?  ;D

sure, sell all your bitcoins now. that calms down the rise. And might even reduce the risk for a bubble...

btc now trading for $184, I guess if the OP knew what he was talking about he should have sold out now or even later.

It's going to hit $200 in the next 36 hours. Enjoy your fiat.

Gonna hit $200 in no time.

won't hit it

goes right thru it

Lets hope for it.

Won't take long

Bought in "late" at $140 or so.. but I was going to use it to buy some goods - now I might hold on to it for a while. It might crash, I'm well aware of that. But if it does, I'll just purchase more and buy my goods with some of it and keep the rest for savings.

I'm in it for the long term when it comes to cryptocurrencies, not just BTC. And I buy stuff with it too - treating it just like my fiat currency = using some of it, putting some of it away for the future.

I do not see it hitting 1000

Then please SELL

The OP didn't see it hitting 185...

Hyperbolic growth is  a rollercoaster ride.

But roller-coasters go up and down... I don't see any downs in this....(yet)

Have some cash at Gox waiting for the big down... But oh man, dumpers are procrastinating their shit, I'm getting anxious, I may just panic buy :D

I tried having cash on MTGox to buy more... I ended up losing the opportunity to buy at 101 and I had to buy in at 130. It's not even worth it... the fiat you have sitting on mtgox can be making way more money if you buy BTC...

bitcoin is a great thing.But the price will go a long long way to be stable.

nobody denies that!
I think market cap needs to hit 100 billion before we see some kind of stability...

It makes no sense to sell now.

even the spreadbetting guys are offering odds!

When it makes sence to "sell" it is gonna be more of a "buying"  ;D

+1

People have been calling top since $35... Even I sold some at $70  ;D

But this baby is going to $1000.

With the still massive queue at mtgox, you can be sure it will keep climbing

Is the OP even still here?

Man you should have sold 50% and kept 50%

Never know it could be a good thing as whenever there's a parabolic rise in the underlying security there's room to correction.  I believe we are in a cyclical bull market for btc barring any "black swan" event like a major hack.  Its generally agreed hacking btc is difficult if not impossible but I learned in life--never say never and forever is a long time, cheers.   

But the last correction in 2011 was caused by a "black swan" hacking, not a bubble. BTC is still in its earliest of days, the bubble, when it comes, may be a while off :)

Strategy for April:

1. BUY
2. Wait for the price to double.
3. Sell 60 % so yo're a bit ahead.
4. Withdraw fiat and coins. Spend fiat, hold coins !

How can everyone be sure it will rise to $500/BTC-$5000/BTC? These are just random numbers people think of. Where's the research to back those projections? If you're long, you're long. Plain and simple. Everyone's getting on the OP's case because the price of BTC has gone up since he posted a sell post. How could anyone have predicted whether or not it would have gone up or down $10-20 that day? Everyone seems like trolls the way they blindly support a long position on BTC. BTC will never reach $5,000USD and if it does it'll be a result of a professional pump-and-dump done by big banks and governments.

BTC isn't tamper-proof. What would happen if i placed a buy order for as many BTC as possible? The price would increase due to a greater demand. What if I sold all the BTC I just bought after making a small profit? Could that create a panic-sell across the boards? How confident would everyone here be if the market crashed down to $25 a coin? Everyone buying now and expecting a price of $1,000 in a few months will be slaughtered and forced to realize a dramatic loss.

The wolves of the world will fleece the sheep trying to roam the same pasture.

So far all of this are just pure speculations right now..

what a bummer.  gotta hold strong!

Everyone's ragging on the OP because he sets himself up as an expert who knows better because he's been trading commodities for 15 years.

NEWSFLASH: BITCOINS ARE NOT THE SAME AS SOYBEANS.

Also OP, read this http://falkvinge.net/2013/03/06/the-target-value-for-bitcoin-is-not-some-50-or-100-it-is-100000-to-1000000/#

Since the OP is NOT a good trader and probably never will be, I will give him a joke about a great trader.

T Boone Pickens was out for a walk in DC and bumped into Obama who was having a smoke and walking a dog.  T Boone said, "Mr. President that is a nice looking dog you got there".   Obama replied "Thanks his name is Bo, I got him for Michelle".   T Boone quickly replied "GOOD TRADE" and walked on.

When Bitcoin hits 1K (few months to one year most likely), I think the OP is going to have a meltdown.

OP: go to BTC-e and buy some cheap BTC before you regret it!

EDIT: I take no responsiblity for any actions anyone takes from my advice, this is just my opinion.

You're lucky you put that in. I was just about to call my lawyer.  ;D

See you at $2000.

I agree with the article, it makes sence.

I agree with the article linked above.

By 70 trillion USD/year World market, Bitcoin would be somewhere between 1 Mio and 10 Mio USD.

I do not believe in a 100%...so 1% makes 10k USD...

Also i do not believe it takes more than a year to hit 1-5k USD - so looking forward.

Money is about belief - and the belief is strong here.

Or $0 one of the two.

I think you are the one who is going to need the luck (a flash crash or something) to get a fill at $35..

The trend is your our friend  ;D

Two Words OP

O U C H!

I think it mostly depends on the amount of things you'll be able to buy with bitcoin. If demand goes really up it's possible that the price will be MUCH higher than today because there is a limited amount of BTC that can be produced. I can imagine price going to +1k or even +10k.

Nice job! Take the cash and run!

it hit $200 today

you mean $217?

yes!

Nice job??.. It's $215 two days later. The guy has just been rammed hard up his jaxie!

Is there a place we can see the current queue for gox verification?  When I did it 4 weeks ago, I started at something like 2000.  But I've heard it gotten as high as 8000.  Any place we can see what the current queue is?  Save for making a new account of course.

This is a tough game. I lost it by selling at $180. OTOH it's better to have than not have - I've lost a lot more on traditional stock exchange...

When will it burst?

220$. Oo.

I guess the sky is the limit.

Bought some at 115$, thought I was too late. But... ^^

I think the question: What are the underlying reasons bitcoin is expanding?

I think the following reasons are possibly pushing the value:

• Bitcoin is exposed in the media. There are more people buying bitcoins.
• Economies around the world are falling apart. People search a new safe haven.
• People invested in bitcoins through mining rigs. These people are holding their bitcoins, creating scarcity.
• Because of the hype people keep buying bitcoins, pushing the price.

The first two reasons would be good, if bitcoins can be used at more places. The economy of bitcoin is growing and if people can actually use them for payments then there is less reason to sell them. They won't mass sell the bitcoins, because with a bitcoin you can actually buy something. (Besides drugs)

Bitcoins can also be used as local currency. Then people won't start selling them either.

The last two reasons means people do not want to sell the bitcoins yet. That would be bad, because if they sell, they would do it en mass.
It is quite exciting. I kept some and sold some, so I can bet on two horses. That seemed the most sane.

I actually don't believe the normal person would jump in now. So it seems the bad reasons are more probable.

Is it known, how much bitcoins are in play and how much are actually moving? That would be interesting.

Yes it is: http://www.bitcoincharts.com/ .

It is around 10% then, which is moving? I took the total output volume as indicator for moving. But I haven't a clue, if this is a correct metric.

I hope you bought gold!

In it for the long run, bitcoins will be worth either thousands or zero.

Nice hope you made the right choice.

or somewhere in between...

 ;D $300 by Friday  ;D

Bitcoin is better then gold! It dragged gold in to an alley and beat it unconscious and left it for dead.

don't think it's gonna reach 1.000$

gotta see why it's moving up right now, and just because the media. more exposure, more people wanna buy to get rich overnight.
what happens when "those people" can't afford to buy anymore?

it's one thing to buy at a price betwen 100-300$  and another thing to buy above 300$ ... it's just becomming to expensive.

and when the big mass of people wont buy anymore , what will happen? it's gonna stall (the top of the bubble).  and i got a felling that it's gonna be a god damn steep fall.  

i'm gonna sell 80% if it's reaches 290$/1bt and i'm more than happy with what i got from this

good luck

Most of the big money in the world has hardly touched the bitcoin market.
Sell 20%  keep the 80.

while taking profits is perfectly fine... think that the market is only 2.5 billion....
That's SOOO SMALL and the uptrend potential of bitcoin is soo huge.
did you see google trends? where most of the "search request" are coming from? Russia!
wait until the mob start using bitcoin fully and wait for the rest of the world to catch up and bitcoin will be at 1000 EASILY!!!

Exactly. $2.5billion is *nothing* for a global currency.... I mean ***anonymous cash for the internet*** that market is staggeringly big.

Why would anyone use a BTCif it's worth $1000 and expected to go up?

Just like how people with gold say they can sell/trade gold when times get tough, I hear BTC enthusiasts with similar responses. Gold is so high partially because the dollar it is pegged up against is so low. If it came down to trading gold for bread/food/water, how much do you think you'd really get for a little coin if there is no global marketplace to regulate price? If BTC are $1,000 a pop, and if you're looking to really buy something with these coins I have two questions: Why would you spend your coins if there is a mass expectation of more value in the future? and are we really going to shave off parts of a BTC to pay for this stuff?

I've been around BTC since they were in the $4-5 range. Now I  wake up and see $235. With an increased price, we'll have to keep an eye on extra decimals because now those fractions of a BTC have more "value".

If all of your BTC is on paper or the internet, how would you use them if there is no power? How would an EMP bomb, let's say as a result of a new war, affect BTCmining/trading/use? How feasible is it that this currency will claim and even maintain a strong position in the global economy, and by a strong position I don't mean a bunch of nerds having nerdgasms over a speculative marketplace...I mean where it is accepted for payments in many of the major countries and where people know what I'm talking about without having to send links and/or paragraphs explaining it.

Any response will be appreciated. Thanks

If there ever is an EMP that will wipe out the internet for a very long time, bitcoins will be the least of your problems.

i hold metals, survival gears, rifles, ammo, and most importantly, survival skill and martial arts abilities.  I will spend those if need be.

Just wait until Bitcoin is still there after 18 months from now, unpacked and alive, so that the masses start to consider it safe. One word: MASSIVE.

You may consider this:

If it reaches 290, sell 40%
If it reaches 350, sell 20% of your current holding
After that sell 10% on each 10% rise upto your 80%
hope you hit it right   :)

Kev

Well, bitcoin isn't exactly cashlike-anonymous.

Don't get me wrong, I love bitcoin - almost platonically so, but blockchain's meticulous recordkeeping just begs for a coordinated data-mining effort.

i'll keep that in mind, thanks

i don't know whats gonna happen if N Koreea attacks Japan these days (as they say) and how that's gonna affect BT.

i am new to bitcoin confused whether to buy at this price or wait on top of that securing bitcoin is really hard.

It depends on your intentions and perception of BTC future value. If you think it has a chance of reaching $1,000-$100,000, you could consider taking your chances.

thanks for reply.although it has potential but end of the day it is still virtual not tangible.

For OP's convenience, I have tallied some thread highlights:


And I will add my own 2 cents:  it is now up to $236.

The reason I do this, is because the OP was such a self-important dick about his cash-out.  Cashing out is great - I intend to cash out on a portion of my BTC eventually, or maybe even pretty soon (I need to buy a car and and could pay entirely in cash if I cashed out 100% today).  But I won't cash out 100% - 50% would be ideal, as I do believe in the fundamentals BTC long-term, but I have to balance the fact that I'm moving to LA from NYC and so need to buy an automobile.  So I'm gonna' ride it for a little while longer, and I'm not going to couple my cash-out with a snarky post about how everyone still holding is a bunch of suckers.

If your not sure then dont buy - at least you stabilize the price a bit because it will not go bit higher as it would after your buy. Good for you - good for me - everybody happy

He probably had no holdings to cash out, another sour-grapes loser trying hoping his post would coincide with a downturn so he could continue making self-righteous posts.

We had a few of these idiots back when the price was sliding from 14 to 2. They predicted utter disaster when the price went to 3 and then 4. Anytime the price went down a few cents they'd post crap like "I tried to warn you, but you were too dumb to listen!"

The best thing to do with these dummies is ignore them immediately. There's no point trying to communicate with them.

Noooo.
Do not be so bad to OP and few of his followers.
They did what they thought was right thing at right moment.
They cashed all of their 3.2045871 BTC.

You really should have waited another day worth $240+ now XD
I dont see bitcoin returning to double digits anytime soon.

Having the characteristics of a bubble and being a bubble are different things.  One can never know it is a bubble until it pops. 

The price is driven by demand.  Whether that demand comes from speculation or desire to hold what is fast becoming a recognized alternative global currency one cannot tell.  It is probably a combination of both.  And that is not a bad thing. 

Eventually the cost of goods and services denominated in BTC will stop falling so rapidly.  That will be necessary for BTC to become a true alternate currency.  But that does not necessarily mean that the bubble will pop, and the cost of goods and services denominated in BTC will rise just as rapidly as they fell.

well this stupid "grandpa" soy trader doesn't look so dumb now?

bitcoin is no different to any currency or commodity from a trading perspective. But don't listen to the veteran traders.

Well you sold everything at 158 when you could have got 258 or more 48hrs later.  :-\

It is impossible to precisely time tops and bottoms.

It is possible to book profits.

You will never get the top but its quite obvious when a bubble is forming. OP sold at 158, I sold most my bitcoins at 190, wish I could have gotten more but in light of things I'm relieved I sold.

I thought it was all getting a bit toppy, so sold out entirely yesterday about $220. I then watch with some regret as it climbed into the $260s today, but I really felt the rate of climb in the last 24/48hrs singled an unsustainable acceleration and today it seems I was right.

Obviously the trigger today was another DDOS rather than a re-evaluation of the bitcoin eco-system, but it proves how much the price is driven by short-term speculation.

I bought back in fully in the last hour and now have nearly double the number of coins I had 2 days ago. Where its going now in the short-term, no idea, but I'm to roll the dice going forward with twice the chips on the table....

Hindsight is 20/20.. but you should have at least given it a day before you went on your rant.  I doubt you will ever see your $27 buy order filled.  This isn't the same as a commodity exactly..Bitcoin also gains some of its value as it becomes more and more 'monetized' As it becomes more and more accepted as a payment method. I want to see a happy place stable price myself so it can function as a currency.  This time tomorrow we may see it above $200 again..who knows.  If you trade commodities, you also know that such a huge downward swing also corrects upwards. I still think holding them for the long haul will pay off big if investment is your thing.

You, sir, made my day.   :)

The only way to make money out of a bubble is keeping your eyes locked to the screen. Otherwise, as soon as it seems to have gone crazy, realize it IS crazy, and SELL.

I was almost convinced it would pass 1000$, by the way, after it passed 100$. After all, it rose to 33$ from mere cents in 2011. But as soon as I saw the rise yesterday and today morning, I had the clear feeling it was coming to an end (although, to be honest, I still expected it to last a day or two more).

speculation is my thing, not investment.

at least I had the cahones to talk my book and reasons before the fact, not after the fact.

for example if this rebounds to $200 tomorrow, you won't hear me say "oh yeah I bought in at $107 suckers" - because clearly I said my order is at $35.

And I still believe that is the right buy point to risk a re-entry.

that may change if for example bitcoin stays at a certain price for weeks.

If I don't get filled at $35 so be it.

Again good luck to all, and I hope at least some of you cashed in at higher and will now buy lower.

well, it happend even faster than i thought.

sold 50% at 220 and the rest ... will see.

nice game thou  ;D

lucky you, enjoy the $

And here we're going up again. Tomorrow are we back to normal  ;D

Im sure it will go up as fast as ever.

selling out at 158$/159$  is going to end up looking like a real bad decision.  you could have sold out this evening at $190. So it is with Bitcoin.. always hold onto some!

Oh well OP was right. And I think it can go somewhat lower.

Would those ASICS caused this? I mean certain people made a big investment in GPU's, created a lot of coins and now started to cash.

I saw someone just before the move something like 60.000 bitcoins. I think that is the winner of this all.

All Bets are off now that mtgox has halted trading.  It will be interesting what happens when they open up again.  Maybe you were right about lows of $35!  Could be the buying opportunity of a life time... Wish I had money to invest.

Well I agree with you but not sure why you didn't sell at over $200 as there was plenty of time to do that before the obvious crash.  You let the price drop from $260 to $158 to sell...not sure what was going through your head then or maybe you weren't at the computer watching it drop steadily for hours.

Anyway I agree the price will drop below $50 before it ever sees $250 again.  

And yes some people on here are crazy saying that it doesn't matter when you buy because it will be $1000 someday.  Yeah, why not have half as many BTC at that point because you bought near the high because "it didn't matter".

I'll take that bet (trading at $95 on campbx and bitcoin-24)

I didn't sell at $260 because it is impossible to call a top. Anyone who sold at around $260 is purely lucky, not skillful.

Well, I take that back, if you are the market maker or a big fish, you can MAKE a top by dumping huge volume. But that is not me.

Trading is about probabilities, not certainties.

In my opinion the probability of a large correction was very high.

Anyways now you can all see why you need shorts to stabilize any market, there is now a vacuum on the way down (just like there was a vacuum on the way up).

I love reading these posts.  Look half-way through any bubble, and it looks like things have gone insane.  You just never know where it will pop.   A year from now, the hundreds can look the way $30 looks now... or it can look like the top of a radical bubble that burst.  It is all a matter of hindsight.

At the end of the day, invest in bitcoin when you can, if you feel comfortable, and IF you can afford it.  Like anything else in the world.  In my opinion you are neither crazy if you are selling now, or if you are buying now.  In both cases, you are making a bet you cannot possibly know the outcome of.

yeah it makes for good reading, when things are bubbling.



I still think if bitcoin gets accepted by any major vendor (ebay, amazon, western union, etc) that it will reach $1000 minimum in the future. A lot of ifs and buts in the future though.

Thats why the old saying in proper trading markets is 'leave something on the table for the next man' ie sell while others still think there's more in it and be happy with your exit price. Statistically only a few players happen to catch the top.

I sold at $215, not as good as the peak, but far better than the current bids......

i can't understand all the talk about a bubble.
bitcoin will then be a bubble if too many people are burnt and completely avoid using it in any way and there's just a little unimportant group holding the front and using it for regional markets in their inner circle.
It's just the system bitcoin functions as itself what will push it forward.

Especially when you look at the developements after cyprus imo bitcoin will become a very attractive possibility for tax refugees and many other big players
who can shift huge sums around without any big fees and that completely anonymous.
everybody knows how much money lays in that tax haven sector.

the whole thing just needs time.
You can't predict a longterm developement from these technical problems right now.
The profit gain in these last weeks was just ridiculous, now everythings back to normal.
And I'm still waiting for these 75k accounts at mt. gox to be activated.
(conspiracy wise the only try that finance regulators can do to get a hold of bitcoin and smash it is to buy a significant amount (more than 51 %), control the market and pumping and dumping so hard that everybody has enough after some time.

we will see what's going on in 1 month and how the rollercoaster ride in europe is getting forward.
it feels like big anthill going crazy right now because one stick fell of the tree

Yes it was, this being a huge speculative bubble that NEEDED to burst was clear as the sun. It needs to correct HARD. No drama, cheaper coins for everybody, and a lot of work to do to build a strong economy based on solid ground and not only speculation.

Because Bitcoin IS and it WILL ALWAYS BE very sensitive to speculation due its own nature. But the bigger is the REAL economy behind it, the most difficult it will be for speculation to pump and pump the market.

We will se what happens when MtGox reopens tonight. Maybe we crash totally or we see a rocket launch to the moon. OR so many ppl are scared now, that we stay where we are.
Hmm.

Bitstamp has continued to trade, albeit it's small volumes so illiquid.

Price is around $55 there currently.

Could see a large dump when Gox comes back online. I do expect a rally to kick in shortly after.

problem is how do you trade this on mtgox

its ridiculous having market orders execute 10 to 30 minutes later. In that time price could easily move 25% or more.

its 2013 and the coders at mtgox cannot make a simple price matching platform. Quite silly really.

I don't even know, man.  It crashed today, but it'll go back up.  I expect these crashes and booms will continue, too, as the exchanges undergo life and death.  Really, I'd say it's all on them -- if people feel like they can't back out of their BTC investment, then Bitcoin is doomed.  They know that, so I think in the coming months we're (hopefully) going to see some improvement on timings and infrastructure throughout the Bitcoin Network.

That might be a good thing, we don't need a central bank in bitcoin, makes bitcoin an easy target...

How do you explain todays chrash?

1. Panic selling
2. Manipulation by a wt. street fund manager
3. ASIC manufacturer insider selling

I put my head on third.

I know the guy is arrogant but he is right, I hopped out at $137 on the way up (no lag on the Gox at that stage). Guys, a few of you are gonna learn some harsh lessons but trust me it is better long term that you do. I do think this has a future as a currency but I am not interested in trading it long term to be honest. For a start, as a few have pointed out, the trading platforms are useless.

I just lucked into this rally cause I only use bitcoin for 1 purpose and had a few stocked up so I didnt have to keep depositing all the time ... then ... kaboom!! ... fortunately for me I have been in equities for about 7 years so I recognised the pattern straight away.

one thing I have learned about market movements is its literally pointless trying to assign reasons to them. As the little guys we never really know, or are told when the big guys have got in ahead and are about to reverse the direction.

The real reason it moved is because there were more sellers than buyers, end of story.

You can waste days reading newsites, agonizing of why things are moving the way they are, and in the end, you may just end up confusing yourself.

If its moving down there are more sellers, if its up, there are more buyers. End of confusion :-)



if mt Gox opens with a big crash under 50 tonight I will consider going all in long. But for anyone doing the same thing, accept that you may lose every cent of that money, and it may go to $1 or less. Do not do it if that money really means something to you (my opinion).

I just read this whole thread since the beginning and it is fascinating how you can track the emotions through the euphoric rise to the panic decline. This thread is a fantastic representation of the last 4 day price rollercoaster.

I guess I just end up wondering if the erraticism is going to increase rather than decrease as time goes on? Certainly, it seems that as the bitcoin's value continues to steadily climb (and the illiquidity only gets more exacerbated), that is bound to happen.

As a student I am still saving up to own a bit coin and be apart of this awesome currency

BUMP

This is a great graph ... burn it into your memory. You will see it again and again if you continue trading pretty much anything. Next time when you experience a sudden massive price run up the first thing you will think is .. "sh*t, time to sell".



http://www.thereformedbroker.com/wp-content/uploads/2011/06/bubble-phases.jpg

I don't think a bitcoin will be worth more then 250 ever again...

Well done, as for the bubble, of course, it's something new that speculators can play with.  Reality, bitcoin will succeed or fail. As for the currency speculators, MT.Gox total vtc volume, is what 10% of total bitcoins in circulation, so it doesn't really matter what bitcoins are worth against the Euro, the Dollar or the Pound, irrelevant in the long run.

hopefully mt gox having problems will make more quality bitcoin exchanges open.

Why can't we all realize that we have no idea where the price will go? It's pure speculation. Everyone should admit they just don't know.

I'm a gambler and more chances then not coin wont reach that high only if big bankers lift you up then drop you on your head again...it's not pure speculation it's an educated guess

There are going to be other exchanges coming online at some point because of Mt. Gox's problems. Is that a bad thing? I don't think so, but it would be nice if the exchanges worked on the same price - not sure how that would be possible though.

you dont need to worry about exchanges syncing their prices

guys will code arb bots

and they will exploit and arbitrage differences between the exchanges, thus putting them at the same prices

and bitcoin needs lots more exchanges, and much better exchanges than mt gox too.

It'll be the seasoned traders who win this war... preying on the emotions of the inexperienced.

+1 and I wish I could code arb bots. How do I do that?

what a mess. this is not what bitcoin was meant to be...

what was bitcoin meant to be?

good for you, bro

placing buy orders at

around 70 (10% account)
around 50 (20% account)
around 35 (40% account)
around 20 (15% account)
around 10 (15% account)

gnite all.

You done well son!

Lol grats on the sale and good luck to your future purchase

Nice plan, keep us updated, I might follow your strategy

Unlike most the bitcoin "investors" I think you are probably right, bitcoin is in a bubble, I don't think the currency will ever just die out and it could become a lot more popular than today but at the current usage the price is definitely overpriced.
[/quote]

And your opinion about BTC being overpriced is based on what? All those "bubble/overpriced" responses seem to me very generic and not backed by anything else but repeating something overheard on the tv, or maybe in the cab. It's a waste of breath. You can as easily say it's underpriced as overpriced or right priced or whatever.

Probably currency? Right now it's more of unstable fire sale seasonal commodity.

It is clearly overpriced since almost nobody uses bitcoins at all.
They just buy it, put it in a wallet, wait the price to rise, and then sell it.


The currency will never be massively adopted, because it has so many problems (delay for transaction, high fees, limited amount of available money in the world, and so on).
The people are just buying because the price is rising, and the price is rising because people are buying.

Meanwhile, early adopters and miners are selling it and becoming millionaires.
But some day you will not find any fucktars to pay more than x USD for one bitcoin ...

You're probably right - morons will always remain morons. If morons wouldn't be morons than scavengers wouldn't thrive

The first point you've made is sensible, rest is just a subjective opinion based on reading teal leaves and fortune telling.
Yes - there are not enough businesses accpeting btc at the moment and this is the main problem of this currency. And yes there are a lot of speculators as on every vulnerable market with potential to make a quick dollar.

problems like "delay for transaction", "high fees" will solve itself very quickly if currency will stabilise a bit more.
As per "amount of available money in the world" - I don't really know what you're talking about. That it's not enough btc for it to become reserve currency?
The last point is also a speculation. To say that "people are buying because the price is rising and the price is rising because people are buying" is truism. It applies to everything, it's supply and demand law applying more or less to everything on the market.

Back @ $80/BTC. Good call to those who sold up :)

The only people this affects are those who are trying to trade between the exchange rates and make a profit doing only that, the fact is people who stick entirely with Bitcoin are going to be unaffected.

Yep - you nailed it. This subject requires a bit of a buddist, abstract way of thinking. If people simply held to their btc regardless of the price and buy when it's cheaper, the price would have no choice to go up and stabilise, making more businesses to come on board etc. At some point it would become possible to live entirely on btc. If one will get a possiblity to work for btc and buy goods for btc, it's value in relation to dollar and rest of the paper will become irrelevant.
There would be some sort of parallel market, independant of the mainstream and there would be more and more business coming this way.

People trading it like crazy back and forth, speculating to make money on differences use the same rotten system that brought necessity of creating something like btc in the first place.
Value of btc is right now abstract, because there isn't much you can really do with it. And to change this more business have to come on board, and for that to happen price needs to stabilize and for the price to stabilize btc needs to be worth much more. But I mean MUCH, and to achieve this large % of people need to simply hold on to btc or/and buy as much as they can. At this point it's just a speculation if it's possible in current state of affairs. Bitcoin will have very hard time dealing with speculative maneuvers.. Buy cheap, than sell for a bit more, than wait for another ddos attack or whatever and buy again only to wait for a price to go up to sell. BTC is so volatile and relatively small that even an average investor from WS can disrupt it.

In the begining the price rise was steadily combined with the difficulty of mining and energy consumption, the bubble was caused by brokers trying cream the market, the people who use bitcoin day to day for purchases where getting ripped off, as the goods to mtgox value where off the chart. The problem will be now encouraging retailers to adopt bitcoin again after this i expect there could be a few stores dubious about the future of bitcoin BTC in the consumer market. After all if people cant spend the coins anywhere whats the point!!! alot of get rich people out there where only intrested in the growth of the coin, I saw brokers in the uk adding £45-65 per coin extra than mtgox price, these are the bubble makers. And no their prices did not reflect the % charges or currency exchanges. Greed corrupts, absolute greed completely corrupts.

I think the price will start to rise again, but that will take a while. I'll try to be patient

It is already starting to rise again.  The nosedive happened so fast, and for reasons that are superficial to what BITCOIN itself actually is.  More exchanges will open, more alternatives to Mt Gox will arise, and this "pop" will look like just another of Bitcoin's many volatilities.

I am very glad I held and didn't panic sell.  Yes, selling at $250 and then rebuying at $70 would have been better - but it would have been lucky, and I'd rather hang in there for a longer term and sell a portion when I know I've made a decent profit, and keep a portion for long long term.

I could see it getting back up to $250 relatively soon, but hopefully with a much steadier and slower growth pattern.  Probably not likely though - speculators aren't going to disappear because of one crash, especially when the commodity is still growing in the public's eye and still holds an increasing degree of fundamental usefulness for the rest of us non-speculators.  I'm personally somewhere in between - I believe in BTC, but I also have some more immediate monetary goals which I know this BTC volatility will benefit.

Which is a selling opportunity given the trend.

There is a logical problem with speculating on btc.
For now it seems that the most reasonable action is no action or buy. Don’t sell anything to make money on it, just hold on to it. And when price is down, buy as much as you feel  comfortable with. Don’t spend your food and mortgage money for it, don’t blow your savings , just invest a reasonable amount long term. Forget about selling for now. The lower the price the more I will buy and simply hold on to it. Point is that the money to buy cheap btc shouldn’t come from selling expensive btc, otherwise we perpetuate the mad circle. Bitcoin has become yet another tool of mindless Wall Street style manipulation and it will either end and bitcoin will stabilise or it's better if it crashes completely. Every situation where someone multiplies his money without putting any effort to it but using pure speculation is pathological. We have millions of tons of worthless currency because of this very reason. I don’t really know what are proportions of btc ownership, but I think it’s much more optimistic than fiat currencies, where elite owns 99% of it. Even if there are some btc millionaires and some wealthy speculators, proportions are still not as bad as in case of fiat money.

jjtech, you are spot on!  Low dips should be buying opportunities. if you are going to sell a few once in a while , fine, but keep most of them long term!

Smart move, lots of people didn't and could have made more money in the end.

You may be able to buy in later, but I say the US Dollar and Bond market collapses first (within 6 months). If you treat BTC as a currency/stock you are missing the picture and perhaps the boat.

I got filled on my buy order at 70

I still have all the other buy orders open.

I will patiently wait, if they get filled, great, if not, I am happy anyways.

around 70 (10% account) - FILLED
around 50 (20% account)
around 35 (40% account)
around 20 (15% account)
around 10 (15% account)


I highly doubt we have seen a bottom yet.

On this batch of trades I will either hold until bitcoin reaches zero, or has another crazy run again  (this time the high would have to be around $1000 is my guess - maybe the run will happen in 2014 or 2015? who knows).

You might not have to be all that patient if we get a panicked breakout.

Good work!

Thank you. I'm glad we're on the same page. BTC has become "hot commodity", a "seasonal good" for scavengers right now. You can easily see that every time it goes down, it's correlated to the increased volume of transactions. Which means speculators are buying and selling for profits in $. This is missing the whole point if we're thinking about something stable long term.
There is only 10 mil + of btc, so it's possible to simply buy them off and keep them, but it's probably impossible to convince people to do that. There seem to be normally around 200-300k transactions in btc exchanges per day. Right now it's more like 700-800k transactions per day (around 21-24 mil/per month!!!!). This means that on avg each btc changes hands twice in a month. It's ridiculous. The rules of mindless Wall Street trading and laveraging were employed to deal with something that was supposed to be a currency of changes, of independence from governments, banks and other diseases of this world. And straight away it's proven to be impossible. There is absolutely no point in btc if it's going to be bootstraped to $. Keeping btc right now would boost not only boost it's "price" but also stabilise it. But I don't believe it will happen. Now it remains to be seen how bad the economy will go and how many countries/banks will decide to steal peoples money directly from their accounts.

I know perfectly that most of the greedy people believe that greed is part of the "human nature", but it's very short sighted. Just as whole our culture is about quick profit and the worse goods are continuously pushing back the better ones, the BTC is subject to the same manipulation and shot-sighteness. The result is always the same - you end up with worse quality, and even worse, you can drown whole idea for a quick buck. Not to mention that stabilising btc and pushing it's value will make people make much more money in a long run.

I don't see it's worth to try to guess when it's gonna crash and rebuy at bottom. We all know that btc is in a long way ride. True that you can double your coin by selling it at 200 and buy back at 100, but you can get the same effect if you buy at 4 instead of at 8 back in the old days. The best thing to do is to dump all you have into what you believe, sail around the world, and comeback in the next 5 years.

 ::) :D

It's back up to $158 but of course it went down to $50 so anyone smart enough to sell and buy back woud have 3x as many btc and 3x as much wealth if you timed it right. 

I think that's a little bit of strategy + a little bit of luck. But honestly, nothing to do with "smartness".

I think that's a little bit of strategy + a huge load of luck.  FTFY

I purchased a few bitcoins at $120 a couple of days ago and plan on keeping them. I have a lot more fun swing trading stocks then "day trading" bitcoins.

There's really no such think as overpriced if you think about it. It's only what the market will bear to pay at an instant in time.

As difficulty increased, we may expect some higher prices?

Question to those who sell bitcoin, do you really change to fiat and exit from the bitcoin system or do you just try to have a profit?

People have been buying Bitcoins less as an insurance against confiscation and more as a quick and easy way to make fiat profit. And as I see it, the system will not reach equilibrium again until every last person who is in it for the quick profit has given up.

Yes

I usually withdraw any gain in excess to what I am comfortable investing; but that doesn't happen too often, of course.

Best of luck with your BTC purchases lol:). If BTC hit below $30-$40, unless I thought they would continue down for a long time, I would buy quite a few, however, I'm not going to put in a buy offer and wait, I'd rather have the money in my hand and risk missing a quick drop than leave the money in an exchange with my by offer and hope it completes during a quick drop.

The traders will never disappear esp now that some pro's are getting their feet wet...

 In hindsight you made the right call with the info you had available at that time. The sharp rise was a bubble that would have popped sooner then later.

Patience is golden.

+1 Panic is the worst enemy a trader can have!

Totally agree, as mind is the our motor for many things.

Greed is not very good neither

What are the best websites to trade BTC?

Wow, fun going back in time and reading the comments as BTC rocketed and fell around April 9.

Good question, but maybe there's a better thread?

That will never happen, ever on any asset/currency.  Someone is ALWAYS looking for a quick buck.  People "flip" stocks, cars, houses, foreign currency, precious metals, etc all looking for a "quick buck".  There never has been, nor ever will be a market where someone isn't looking for a quick buck.  So if that is the gold standard log out, give away all your fiat, BTC, and anything which can be traded and revert to barter.

I bet it hits $1000 before we see $100 again

I'm hoping it dips down to $80 or lower again so I can buy more.

All the cryptos have been on a wild ride recently. People are so afraid of tiny dips and get so happy with tiny inclines.

Man. People are so happy when it jumps up just a bit. I'm excited to see professional traders coming to bitcoins.

A lot of panic buying/selling. Trust your gut and stick with it.

Whatever happened to investing in something because you think the economic strengths of the asset were good and therefore the price would go up eventually as people caught on?

nice)

That's a huge call.  You should start a betsofbitcoin bet for that.  You'd get good odds :)

Just read through a bit of this thread.  Thanks for the entertainment. 

Nobody knows anything.

Yeah. We know that the price can go up, or down.

But we know something even more important: in the long run, you win this game by holding the bitcoins.

2011 panic sellers made a mistake, unless they were clever enough to buy back more BTC. 2013 panic sellers are making a mistake, unless they end up with more BTC.

i think next year will be a similar bubble, sooner or later ,
but at the moment, anything over 200 is a bubble made by some high profile people investing.

I think you made a mistake, I believe that in September will arrive at least 300

It may for a few days... but 300 will not arrive until next halving in 2016 at least.

quoted for lulz

based on what?

The hope that people will believe it, rush to buy coins, and therefore push the price over $300  ;D

everyone listens to the forums and the trollbox ;)

We are not the only ones taking it seriously:

Bitcoin: The Newest Tool In China’s Currency War Chest

At the end of last week China Central Television, a state-run broadcaster, aired a documentary offering an overview of bitcoin and its potential benefits. Given the tight controls the Chinese government has over mainland media, this was not just tacit approval from the world’s second largest and centrally-run economy. It was a continuation of an ongoing series of rhetoric and actions to undermine the US Dollar, as well as destabilize the beneficiary of global reserve currency status: the United States.

http://www.thegenesisblock.com/bitcoin-the-newest-tool-in-chinas-currency-war-chest/

Exactly... BUY BUY BUY! Either that or fake "news" articles from some random blog with no sources.

Be careful with "trusting your gut".  This is also known as a system 1 thought or a reflex reaction.  Read "thinking fast and slow".

It's very easy to be fooled by incidental and unsubstantiated information when using system 1.  This is partially the reason markets behave the way they do. People are pattern seeking machines and with limited information, we can create convincing "patterns" from insufficient information.  Think making a judgement from a data set of 2.  Flip a coin 4 times and expect a 50/50 result; false.

So, my point is, look at fundamentals.  The fundamentals of bitcoin are unique so you really need to think about it, but they are there for the most part. Fundamentally, bitcoin has a lot of room to grow; think global currency.  Think math based currency banking adoption.  Think simplicity your Mom can use and the level of adoption at that point. Think regulation and the complexities of effect then.  Think efficient exchanges.  Think VC investment.  Think Ripple.  Think traditional payment system integration.   

I think in a little while (3-4 months) will reach $ 700-800

Well, fundamentals says: long term 1 Bitcoin can only go to 0 or to hundred of thousands $. There's really no other option.

You are looking smart now because it isn't getting back to $160 anytime soon.  And I bet you bought back 3x as much at 50.

Well, if he bought at $50ish that was a badass move. Not easy at all to catch the bottom.

Well, it was an exaggeration. There will always be people trying to make a quick buck from Bitcoin. But should the pattern present ever lower and more subdued highs, then this short-term interest will gradually dry up and a much greater proportion of the capital invested will lay in the hands of the long-termers.

BTC bottom 87$ top 287$.. ---> next 12 months

talk to me in a year

smartest man in the room

I disagree. I think it will be between $170-$190 in 3 months.
I think with ASIC the price will go up to $300 but not for at least 6 months.

The number of bitcoins will go up by about 11-12% in the next year. Even if the exchange rate stays constant, then the currency will be doing well compared to most fiat.  I know it's hard, but let's keep the HYIP-style prognostications out of bitcoin.

Yeah, but you have to keep in mind that the people who can't afford or get a hold of an ASIC rig will pay more when they're harder to mine(as long as more companies continue to except bitcoins)

This is true. Supply vs demand. It's basic but true!

I cannot conceptualize at all why there would be a relationship between market price of BTC and the efficacy of mining computers. Can you (or anyone) explain why you think ASICs will boost the price of Bitcoin (or lead me to post that explains it)?

I think the theory behind it is that if you can no longer mine them, you have to buy them. This increases the demand, driving up the price.

At least that's the theory behind it.

Thanks for your reply, that makes sense at a glance... But wait, you CAN still mine BTC, you just have to keep getting newer equipment to stay in front of the pack. I assume Moore's law will keep better mining equipment coming and coming (perhaps even at a steady cost), as the mining difficulty keeps increasing... So, I'm not sure I quite buy the simplicity of this theory. It seems more to me that the price of BTC will determine how much people want to invest in mining, rather than the other way around. My sense is the price is much more affected by many many issues that are unrelated to the newest mining equipment.

I'm speaking as someone who only only knows the very basics, and I have zero mining experience, so I'm happy to learn from those who think I'm seeing it incorrectly.

I am new to bitcoin and still learning, but if ASICS make the difficulty too high for the average miner, and mining becomes the domain of large enterprises, could people lose interest (since they cant mine and earn their own btc) and lower the demand?

OTOH, if the average miner moves to mining LTC (or another crypto), they still need to convert to BTC to get any use out of them, because BTC is much more widely accepted.

You can't print dollars. Are you still interested in them?

Yeah, I also sold all bitcoins today (all 1318) and set buy order at $27

You could be right or WRONG. We will see this later

Will the value of BTC rise or fall if integrated by into PayPal?

Bitcoin will be integrated in PayPal ? Sounds like some heavy fees are incoming ..

Post your trades in advance or keep quiet about them. Anyone can bullsh1t after the event.

Good luck with filling your buy order at $27

Wow you're rich! Well, unless you mortgaged your house and bought 1318 BTC at $250...

I don't know but I would avoid Paypal. They have the most shady business practices I've ever seen.

One day some random person sent me a "refund" for $3k or so and I reported it to Paypal because I had never purchased anything. They ended up locking my account (and holding my legitimate funds) for 18 months while they "evaluated" what happened, and then they said they were removing the funds and keeping them. I could have just as easily kept the money for myself but because I reported the error I got screwed. They gave back my money after 18 months, but that was ridiculous.

Why do you sell all? You could have sold 1000, you would still be rich now, but you would also have some Bitcoins left in case the price skyrockets.

But thank you for redistributing Bitcoins for everyone.

Agreed, I'd never want to hold zero Bitcoins, especially when the current price is just half of the prices reached just over a month ago. But then again, I'm just a newb crumb collector compared to someone owning 1,000+ BTC!

I'm betting it will reach close to the previous high ($260+) in the next 12 months, possibly much sooner.

On  Vicurex.com (https://vircurex.com/welcome/index?referral_id=315-27283) you can exchange LTC (and most other alt coins) for fiat.

I just wanted to share with you all one of the many bear heads mounted on my trophy wall...

Appreciate the revival. I don't understand why anyone would sell everything.

I started buying Bitcoin in April, and it was simply the good fortune of a funding delay that kept me from buying above $200. I remember feeling bad for anyone who purchased near the peak price -- I assumed we'd see new highs eventually, but didn't know when. Little did I know that in a matter of months, even those peak buyers would see their Bitcoins triple in price.

Poor OP, he was never able to buy $35 coins.

Yep, $159 was not a smart buy point indeed, the price is now 5 times higher.

What a beautiful reminder of a thread.  ;D
And, in a couple of years (or less) it will be 5X higher than now. ($817 Stamp, so prediction of at least $4085)

And the OP is calling for a complete collapse of BTC - https://bitcointalk.org/index.php?topic=338531.msg3644674#msg3644674 (https://bitcointalk.org/index.php?topic=338531.msg3644674#msg3644674)
Diversification isn't a bad insurance policy.

IAS

Maybe he bought back at $80?

No, just read his post history (I did it with a sense of dark entertainment), he is currently saying that he is out because Bitcoin is a bubble and it will collapse because its needed too much money constantly flowing into Bitcoin to sustain the current price given the actual inflationary phase (3.600 coins are "created" every day).

Its funny to see how the biggest bears and naysayers (Bitcoin is a ponzi, Bitcoin is a trojan horse planted by the financial elite, etc. etc.) are either those who a) sold and saw the choo choo train leaving the station (they took their dump and were caught with their pants down, they weren't able to jump back in) or b) those who just discovered Bitcoin and feel that its too expensive and only the "early adopters" can profit from it.

Both are stupid points, Bitcoin is still in its infancy, and while the chances of it going to 0 remain high, its true potential is yet to be discovered.

He made some money, so good for him. No need to blame OP he doesnt want to risk anymore.
Those who bough Bitcoins from him can sell with profit if they need money as well, so all happy  ;)

It seems no matter what price you buy, if you wait you cant loose. Remember Bitcoin is deflationary.

Apparently OP is still around, hoping for a "collapse". lol.

Not yet. This year's inflation rate is 12.5%. Next year (2014) inflation rate will be roughly 11.11%.

Remember, Bitcoin will be inflationary till +2030.

https://images.weserv.nl/?url=www.mattwhitlock.com/Bitcoin%20Inflation.png&fnr

Ouch.

hey guys is it good to invest in infinite coins because i got to know that after few months it going to increase its value like bitcoin. Is it true?
I have seen this in ebay  . I will provide link also.
http://mesgmy.ebay.com/ws/eBayISAPI.dll?ViewMyMessages&CurrentPage=MyeBayMyMessages&ssPageName=STRK:ME:LNLK&gbh=1 (http://mesgmy.ebay.com/ws/eBayISAPI.dll?ViewMyMessages&CurrentPage=MyeBayMyMessages&ssPageName=STRK:ME:LNLK&gbh=1)

No, it has a static supply of 21M BTC. It's irrelevant whether these have been issued or not.

Many of the fly-by-night currencies have no confidence (if you can call it such a thing).

Be wary.

Wrong. It's not irrelevant at all - the first mining halving deeply affected price, and so will do subsequent mining halvings. Right now there are 3.600 newly minted coins EVERY DAY - the reduction of that (which is the inflation rate) will have a profound impact on BTC economy.

It's just that noobs repeat like a Mantra that "BTC is deflationary" because they have read that on Wikipedia, while they do not realize that BTC is currently in a heavily inflationary phase.

His point *might* be that Bitcoin has a fixed supply that cannot be changed (unless there is a hard fork); thus the money supply is predictable and cannot be altered by third parties. That's one of the *fundamentals* that make Bitcoin very attractive, but that doesn't mean that BTC is currently deflationary: in fact it is the opposite.

I'm refuting the mantra some noobs repeat like its some versicle of the bible, implying that the BTC/USD exchange rate is growing "because BTC is a deflationary currency". That's simply false and a silly, oversimplified statement that shows little understanding on the matter: the BTC/USD exchange rate is growing because the demand is exceeding the supply for many reasons, among which the incredible fundamentals and revolutionary aspects of BTC - but that doesn't change the fact that we are currently in a heavily inflationary phase.

Plus, what "watchwoord" says is extremely wrong (the inflation rate being irrelevant). We are currently living an inflationary phase - when we reach the deflationary phase Bitcoin will face a huge and uncharted challenge: will the miners be able to cover their costs only by fees? In any case, the inflation rate has a DEEP impact on the economy, it's not irrelevant at all - I guess we all saw how the price skyorocketed after the last mining halving, the bubble started just there.

the funny part was he was talking down to the people who thought buying in at $159 was a good idea. i mean, he called everyone naive.. lol. the fact is that nothing is for certain, and those who believe otherwise are just fools.

Well I disagree that we're currently inflationary (or have ever been) and therefore I think it has no impact on value.

I do agree that the it influences supply and therefore price.

Technically we are in an inflationary phase. Whether it is heavy or light probably depends on how we choose to look at it.
What is interesting is that BTC, practically speaking is deflationary right now, as the demand is greater than the supply.
So the word "inflationary" to me, might be technically correct, but looking at he huge demand and rising price (if that continues) we will continue to see BTC as essentially deflationary.
And judging by the world economic situation continuing to darken, I don't see the deflationary "argument" changing.

IAS

Probably the fact that BTC is designed to be deflationary n the future it's a key factor on the demand being greater than the supply. It's more "the promise" of a deflationary currency that a deflationary currency itself (at the moment).

In fact, I think the inflation rate is tied with the volatility. In its current phase Bitcoin appreciates and depreciates very fast: in 2012 it lost 96% of its value, 75% in April 2013; that's not how a deflationary currency behaves, that's the kind of dynamics you see in a penny stock market.

In the next yeaes the inflation rate will go down, the market cap will grow and the distribution will even. At that point I'd expect much less volatility and a behavior in line with what Bitcoin is designed to be, a deflationary currency.

So interesting to read this just 7 months later. I wonder if this will be a 10.000-BTC-pizza-like post in a few years.

At 2020 there will be interesting times, 90% of Bitcoins in circulation, and major merchants accepting BTC already. Wouldnt surprice me if the price was $158.500 / BTC. One thousand times more than OP sold  :)

Sorry for the loss for the OP, but I did the excact same thing. I cashed out earlier this year in the $120 range thinking it would stay there in that interval for a long time - boy was I wrong:(

That's nothing.  Back around Feburary I shorted a small fortune in bitcoins because I thought, "There's no way that Bitcoins could surge beyond $80 apiece in the next two weeks!"

I was wrong, and as a result lost a life-changing number of bitcoins.  Had I not done that one wager, I would be able to retire and move to a warmer climate by now.  And I'm not exaggerating.

Well, check this out (http://np.reddit.com/r/Bitcoin/comments/1r88vl/need_advice_on_inheritance_arbitrage_family_etc/) and then we speak about pain and slaughter.

Technically, Bitcoin will be inflationary until about 2140.  Although the inflation rate will be very, very small after about 2040.  The block reward will be under 1 bitcoin around 2033, if I did my head math correctly, but just imagine how much that will be worth by then!

that's even worse, yeah.. because that guy wasn't even sending his money to invest.. but his sister's as well. that makes me hate the shit out of him, compared to moonshadow who just spent his own money.

Well, that guy obviously has a block with learning that there are some risks that some people can't manage.  He needs to put that money into a CD or trust, and leave it for his sister.  I lost a fortune, but I learned that I shouldn't be gambling with bitcoins like it was monopoly money.

too late now. the ironic thing is that he has a degree in psychology, yet he falls for the bear traps and shows signs of a classic gambling addict.

I thought we all agreed on something: one does not simply short bitcoins.

You played the game safe. But you helped others to make some profit as well, so you cannot feel too bad

Doesn't matter what you might agree about.  It only matters what's possible.  Someone's going to ingore your agreement.

Well, I don't feel too bad really.  I didn't bet them all, just a lot.

I just meant that shorting bitcoins seems extremely reckless given how BTC has behaved in his short history, I though you would have agreed since you've been into BTC since the days in which it was worth nothing.

LOL, poor OP! I guess 15 years of experience doesn't translate to bitcoin trading!

next step, he's could make his own youtube channel and then talk about how much more experience he is, and how everybody is so dumb (in certain terms)  :D

I'm new around here but thanks for posting this link ... it really struck a chord as I managed to lose a bunch of BTC recently (though nothing like this guy!) trying to play the market game of selling high and buying low intra-day... thinking I knew better. Tough lesson to learn but in future I'll sit on my remaining stash and encourage anyone else to think long and hard before trying this.

Yeah, that's true.  It seems to me that everytime bitcoin surges to new highs, about a week or so later it crashes back down to half or so of the high, but it never gets down to the prior lows.  So the march to infinity has been two steps forward, one step back all the way.  But the one time I bet against a still higher high, bitcoin breaks it's pattern and does a double peak within a week without the crash to half value in the middle.  Sucks to be me, but that's what happened.  The moral of the story, don't assume that there is a pattern to bitcoin market movements.

im sure u wish u didnt sell ;)

I bet you are disappointed in yourself.

I did much the same thing, sadly.  The first full Bitcoin that I mined, I sold at about $120.  By the time the price had spiked to $330 or so, I sold the .70 bitcoin I had accumulated by then, figuring that a crash HAD to be imminent. Whoops.

I was still paying off my mining hardware, so it doesn't make me feel like too much of an idiot. I used a "no interest if paid off in 6 months" promotion from a credit card when making the hardware purchase, so I'm only out of pocket for what I haven't earned back in that time period, and after that its pure profit. 

i love how people go gravedigging when someone makes a strong stance on something that doesn't pan out. maybe that'll prevent people from trying to look like know-it-alls.

I'm wondering how his orders for $30 are going:) It is one thing to sell everything at some price and think it's ok, and the other go out on the forum and start teasing and laughing off people:) It's a bully beatdown

Everybody can be wrong and usually is in one way or another. The problem is when a guy comes out and plays know-it-all as you say. Calls people suckers etc. Nobody knows what will happen to btc, so what does it hut to say "I think" or "I believe that"..... There is something necro about those guys, sorry

Now this guy look back @ this and think  :(???

Hah hah, he might look back and think on it, but he probably won't come back on here and admit he was wrong... BtC is not an "Established commodity"... lots of good that 15 year experience did him... The future bitcoin millionaires did not need his "Good luck", they had something better... and it sure wasn't selling at $159.00...

Maybe OP rebought at $80, so he hoding 2x as much Bitcoins. But I doubt it and I remember the April crash, it was tough to buy at $80 right after the crash

My guess is OP has no stake in BTC anymore.

With the recent news re Wallstreet adoption coming in the next few months things are going to get a little crazy ;)

OP is quite a bit active here. So there is a possibility that he had bought some coins a few months after he sold them, albeit at a higher price.

well, it did go down to 50, 55, and 65 at different times. so.... not too far off.

When's this Wall Street thing happening? Is there a post about this?

In Mt Gox, the lowest was around 69 (after the $ 261 peak in April). Those who bought BTC then are currently sitting on top of 1,500% profit.

Wasn't hard for me! But I was trying to get in as the price was skyrocketing in April (waiting for my Gox account to fund), so $80 seemed like a bargain to me. I can see those who had cost-basis of under $10 would have found it difficult to buy at $80 after the spike… Probably like $600 didn't seem like a huge bargain to me after $1200, with my average cost-basis for most of my coin being sub-$100.

Heck, even those who purchased at that April peak price have had their investment more than quadruple (and then settle back down to a mere tripling +). I picked up a few $65-ish coins on Coinbase, I believe, at some low points in months after April.

And I thought Bitcoin is crazy already with the price swings this year :)

From what I think I understand, if peeps are treating Bitcoin as a commodity (like gold etc) then they have missed the whole point of Bitcoins...

Satoshi must be so proud right now, instead of replacing money, we use Bitcoin to make more money.... Doesn't make sense. If we were actually serious about Bitcoin replacing government owned paper moneys, then Bitcoins need to be used, spent, circulated and incorporated into our daily lives, otherwise its just another software program to use to make money. No different to any other "get rich" type software - A very sad outcome for such an amazing concept.

I would be curious to find how many people on this forum are in it to make more money, supporting the centralised banking system, and how money are here to escape the bankers, hoping for something better? Can you realistically see yourself using Bitcoin for your money dealings in the future?

If this attitude becomes the most prevailing (the idea of Bitcoin as a commodity) then Bitcoin as a currency is doomed. A few fat cats and lucky geeks will make a bundle, and the vision of a decentralised currency dies as yet another good idea ruined by our own human greed.. (in my humble newbie opinion!)

OP got back in at some point and posted in spec forum that he sold everything from like 350-445

That's not entirely true, bitcoin the currency can be used side by side with FIAT for example to fight iper inflation.
At the moment is very difficult to buy cryptos and only a fool would spend mined coins seeing the long term trend.
And how would you deal with irreversibility with internet transactions?

So says Barry Silbert, founder and chief executive of SecondMarket, the online platform that allows its users to trade private company stocks. "We're three to six months away from Wall Street dollars moving into Bitcoin in a big way," he says.

Read more: http://www.entrepreneur.com/article/230346#ixzz2nJ8SJj6b

OP has conservative trading strategy, and it works, but just holding is much better I believe

Even in last July one could have bought at below $70.

[quote/]That's not entirely true, bitcoin the currency can be used side by side with FIAT for example to fight iper inflation.
At the moment is very difficult to buy cryptos and only a fool would spend mined coins seeing the long term trend.
And how would you deal with irreversibility with internet transactions?
[/quote]

Only a fool... so you dont agree that the use and circulation of Bitcoins has anything to do with its rise/fall in value? I know it does with paper moneys, why are Bitcoins different?

Irreversibility is simply a matter of regulation and choice. At some point, those seeking more secure comerce methods will develop methods to send and receive, and receipting systems, and identification systems (Coinbase already uses bank account connections, probably others do too) Those seeking less regulation "cash economy" would simply not use regulated systems. Why is that complex?

So, just popping in on the thread to laugh at the OP's fortune telling skills.  ;D
IMHO bitcoin is pretty mysterious, you really can't tell where it'll go next.

Only a fool... so you dont agree that the use and circulation of Bitcoins has anything to do with its rise/fall in value? I know it does with paper moneys, why are Bitcoins different?

Irreversibility is simply a matter of regulation and choice. At some point, those seeking more secure comerce methods will develop methods to send and receive, and receipting systems, and identification systems (Coinbase already uses bank account connections, probably others do too) Those seeking less regulation "cash economy" would simply not use regulated systems. Why is that complex?


[/quote]

Yes I don't agree with the simple fact that BTC is not backed by anybody, it's a speculative "commodity".
And yes, it is complex as I need to trust an unknown 3rd party. It's not like using a Visa, Paypal or Mastercard

Wow, what a crazy thread - sure interesting reading :)

Yes I don't agree with the simple fact that BTC is not backed by anybody, it's a speculative "commodity".
And yes, it is complex as I need to trust an unknown 3rd party. It's not like using a Visa, Paypal or Mastercard
[/quote]

I dont know how to respond to the first part of your statement: Yes I don't agree with the simple fact that BTC is not backed by anybody, it's a speculative "commodity". since my statement was original post was that the concept of using it as a commodity is contrary to its purpose as a currency, but as for not being backed by anybody...in any logical trading sense, that's exactly WHY its nuts to use it as a commodity... (isnt it?)

As to your scond sentence...IF..or example..IF there was something like a Coinbase wallet, where I can connect my bank account and this same account can run my mastercard (debit) and if Coinbase had a 100 point verifications system and a separate (static) wallet (oh wait...do they already do it that way??? anyone wiser know?) ..anyway, if they verified my identity the way banks/visa/bankers/governments say so, you would still consider Mastercard/Visa to be safer on the internet? Or (shudder) PayPal?

*random rant (If your crawler scum are reading this PayPal I curse every cent you get from me, you thieving government puppets!) *end rant.


I agree we will always disagree Sir x

Long term holders FTW ;)

I can't imagine BTC ever dropping back do any where near the $100 range again. Too many real world assets focused on it now.

To bad, I would love to buy few int this price :)

They possibly will....

I agree and definitively not in anyone interest, like big whales playing the market

Man I wish I had been mining bitcoin back then instead of running folding@home! I could have been rich!

My friend told me about them when they were $90 .. hindsight is really an ugly thing  8)

Same here :D

Lol.. I know right?

He would have made so much more if he had kept it just for a few more months.

This is the funniest thing I have seen all day. No sure thing in trading

Pretty funny to read through all the posts!

That is one of the problems with bitcoin though, no matter how many you have you always keep thinking you should've bought them earlier or more of them...

Perhaps he will now buy back some coins and be happy again when they keep rising in value...

We must never forsake the plain, obvious, easy and natural sense, unless where the nature of the thing itself, parallel places, or evident reason, afford a solid and sufficient reason for so doing.

I still remember when bitcoins dropped down to $70 on BTCE right after the Silk Road takedown, too bad I couldn't move money fast enough into my BTCE account to buy some back then.

Does anyone know what's the cheapest way to deposit fiat into BTCE?

I have seen dozens of posts saying BTC-e is a scam, but I am not sure if it is true.

Done. And you're an idiot. :)

Thanks. Most of us didn't expect to be worth such an insane amount in fiat so soon thanks to BTC - but we believed it was possible and we held to most of our coins.

Profit taking is not only healthy but necessary, but selling them all? Honestly, the only reason to sell all ones BTC at some point is urgent need of money to deal with a life threatening situation; if that's not the case, liquidating all BTC one has is just utterly reckless and shows zero understanding of what BTC is and its potential.

Mark my words: BTC will reach $5k soon, and those who sold at $160 while predicting it's failure will be mocked very hard.

It's a huge scam if it is, but it's not.

I knew about Bitcoin when they were $90 too. Could have, should have, didn't. Time to move on!

This was your original post, I saved it for my own reference. it will be a year soon ...


Internet doesn't forget  ;D ;D ;D

Ahhhh, I just love this thread. Thanks for the memories as well as the good reminder!

Don't mess with the Honey Badger...

You are a bit of a celebrity round here too, eh?

I saw this post and realized you could have probably bought $90 Bitcoin just a few months before. Bitcoins could be had for $65 not long before that.

In case you want to know how OP feels now, you can find it here. :D

Sonny - yeah, because gold has so many advantages.  ;D
Micro transactions, easy to spot counterfeiting, manipulation by big banks, etc.

and lets not forget ease of movement across borders

https://www.usgoldbureau.com/sites/default/files/u16/screen-capture-9.png

still waiting for $0.03 coin?  ;)

Eh Jason, how's life going mate? ;)

Still waiting? On the bid lol

Though he claimed everything related to bitcoin are scams (the post quoted by Sonny), he is still active here and monitoring the bitcoin price closely.  :D
https://bitcointalk.org/index.php?action=profile;u=86729;sa=showPosts

Hilarious.

Your tears must taste delicious.

See you guys in few months for the next jump.

Apparently not tooo well!

I wouldnt be so sure, but lets see what will happen :)

wow read this thread for the first time..! and I can say OP took a nasty decision ... but I just hope He's still doin good with BTC  

Hmm at this time of point it is floating around 450$ mark from last few days..! and its just the start of month..! we can expect 50$+- difference by the end of month.! so it might reach 500$+ or 400$-

ROFL   :D

lol

http://media.247sports.com/Uploads/Assets/122/187/1187122.gif

that guy failed miserably

I remember reading that post just after he made it.. poor guy... feels like a decade ago  :D

It is really fun to see all those predictions made a year ago.  ;D

this prediction make me ;D
he miss a Space Shuttle to the moon when BTC prices skyrocketing

hope good luck for you OP  8)

OP missed something big ;D
see you next year

Wow I would be kicking myself for selling out at 159.

LOL

Almost as bad as me, I sold at 330.

Well, at least you didn't make a thread and pretend to be a "genius" :D

Another useless post by some newbie afraid of losing his money. GL HF.

where u selling your coins :P ?

How come you sold those coins so cheap ?

Predictions for next year same time? Mine is 2250$

Check posting date ;)


1500-5000$

Oh god I didn't even realize this was from april 2013.. Haha the sucker sure lost some money in the process though.

Looking back at those predictions makes me wonder, will the replies in those "will bitcoin worth 1 mil?" threads sound stupid a few years later. :D

1 million, yeah, it'll probably be as stupid 5 years from now as it is today. If the questions was 10 000, or even 20 000, perhaps it wouldn't. But reading through the sensible responses in the 1 mil thread it's just not realistic.

When laszlo spent 10000BTC on a pizza in 2010, he (and everyone else) would never expect bitcoin price to be $1, not to mention $500 now. :P
https://bitcointalk.org/index.php?topic=137.0

Hahaha, that's absolutely hilarious to read in hindsight, possibly the most expensive pizza ever?

LOL, the best post on Laszlo's thread is this one (emphasis added):


Your "free" pizza... Yep, "free" indeed :D

Hahahahahaha, I can't wait to read old threads from now 5 years in the future, to laugh at how stupid everyone was. :)

I don't know. Has anybody spent 5 mil USD on a pizza? :P

I doubt it, and if so it was for sure someone who could AFFORD throwing 5 mil into the sea, not just a regular joe hanging around on an internet forum. Haha.

stupid motherfucker :D

that's why you should never be arrogant when making decisions :D

Haha yeah, you can really feel the arrogance in the original post, how OP thinks he's so much smarter than everyone for selling at the time. loooool.

yeah, a bad thing to say but he pretty much deserved it, it's karma :D

Well, I wouldn't have thought he deserved it unless he made this post! :D

Please tell me that you rebought...