Bitcoin Forum

I first started reading about Bitcoin in 2011 with that infamous Wired article "The Rise and Fall of Bitcoin". At that time I was still half-hopeful that the world wasn't really run by two-faced shmucks, that not all of mainstream media was full of shit, that somehow the financial situation laying at our doorstep had some magical solution. I remember going to The Economist and a bunch of other so called 'authority sites' to read about Bitcoin, who basically called it a fad, taking away a chunk of my initial excitement away from the digital currency.

Still, I tried to do some mining on my old-ass laptop but stopped when it almost blew into flames, and even went on Mtgox to get some coin but a lack of easy payment option deterred me from that as well. So I forgot about the whole thing and didn't hear about Bitcoin again until the news that sites like Wordpress/Reddit were starting to accept it. What brought me back was the recent surge of the last 2 weeks. I'm sure there are a lot of 'new comers' that share a similar story. All those "I wish I would have.." folk who felt they missed out on the opportunity of a lifetime.

Well here we are. Almost less than 50% from the peak and most likely heading lower in the days ahead. What will you do this time? Will you dismiss Bitcoin once again because of a few negative articles in the mainstream media, because of a crash coming about from a few wealthy individuals rightfully taking some profits and causing the fragile system to break down, creating more panic?

I personally didn't have too much invested because of how late I was to the game, but still managed a 40% profit after cashing out just now, and now waiting for a buying opportunity as more 'doubters' probably exit Bitcoin in the days ahead, not coming back until its next stratospheric rise into the unknown at which point they'll say to themselves once more "I wish would have..".

Each time this thing blows up, it gets reconstructed stronger than before. Will you be around to help build things back up, and reap the rewards?

I was around in June 2011, I waited for the bottom and bought in big at $2. Whether this is a correction or a trend change I've made more BTC on this drop and will make tons of money when it rises again. Right now is an amazing opportunity for the newbs flooding into the market.

Yes I'm sure the old stable are all over this, but I'm wondering how the new comers are going to react to it. Has their excitement/confidence been broken? We need everybody on board to take this to the next level once the dust settles.

I suspect that a number of people have had their confidence shaken, especially if they were only in it to make a quick profit. I think this might slow things down a bit and make potential new traders think twice, but I think the fundamentals are still overwhelmingly positive. Anyone who has really done their homework on Bitcoin knows what huge potential it has regardless of a swing in price back to that of a week or two ago.

So, if the doubters are exiting (cashing out), wouldn't that make you a doubter as well, at least by your definition?

Just saying... its the panic selling to reap profit "while you still can" that drives the trend further downward.

I could have reaped a huge profit personally, but instead I have faith in the system long term and didn't sell one coin.  I will buy more if/when I can afford it.  If you really have faith in the system, don't be one of the ones that sells out as soon as the ship rocks a bit.  If you really want to help build things back up, make the decision to stay with it for the long term and then the rewards will indeed be much greater.  It's all the speculators that fuel the crashes/corrections.

And has been stated here time and again - don't invest more than you can afford to lose.  If people had that attitude to start, then things wouldn't get so volatile.

nows a good time to buy...