Bitcoin Forum

I just bought 150 Bitcoins from Bitcoin7 for $1981.5.

Hopefully the price increases to 30-40$

Do you realize you just bought at at time when a lot of people might start to bail when mtgox and tradehill reopen?

You have gall. Why didn't you wait when Mt Gox opened back up!? BTC is going to go for $5 USD, easy! Good luck tho! Will be at least 6 months when it gets that high.

How would you know? Do you have a crystal ball?

Way too volatile a time to be placing large trades like that. Even if you think it will keep rising for months, there is a large chance of a dip in the short term. There is no chance of a big rise in the short term.

Basically, you can only gain by sitting tight for a few days.

lol either you've got bigger balls than a camel and it will pay off nicely or your a fucking idiot.  

Not for long. I'd drive them back to $10 quick smart if I had USD in Mt Gox. I'm sure others would too.

It's obvious that this fiasco is going to make people get out of the BTC game entirely, not just trade to another exchange or hold it. This sell off is bound to depreciate the coin for at least a day, as big publications will jump on the fright train.

BTC will rise again, but it will be hit.

Definitely big balls. Good luck, man.

$5?  I don't think so.  I can't imagine the MtGox situation is going to have any real impact.  If people start dumping their BTC, I'll be buying every last one I can get my hands on.  It'll be back up to $20 within days

Do you realize that the other markets are still open and there has been no major sell off in relation to the news.

just sayin'

The Canadian Exchange is open, and although the price has gone up and down a couple of times since the other markets closed, its steady around $12. I think when the other markets open, there will be a lot of people selling, but a lot will buy for anything less than $10-$12 so the values will propably stabalize near the same as the Canadian exchange.

One thing's for sure, he's got big balls or a small brain.

I make 2k in a week with internet marketing, not much of a big deal to me. Seems like a good time to buy, everyone is shitting bricks.

-Warren Buffet

I think you will make 70% in a week.  ;)

so it's settled. you've got big balls and an even bigger wallet  :D

I invested 4.5k a some of weeks back on coins I will have to park most of that and hope the market picks up again and I think it will as bitcoin is solid to the point you can have millions and only yourself needs to know about it, no bank no tax man no ex's just you on your pat malone. At least I have enough cash in the account to cash in on the panic sellers when they go. The coin isnt a problem the security of the exchanges needs to be the best there is and I would say thats happening right at this moment.

Good luck, man hopefully it'll pay off for you.

if i had money i would do the same.buy now with half of the funds and put order a bit lower to buy with the rest

i doubt it will go below 10 and stay there for longtime

There is a big difference between "spent" and "invested" !    ;)

Should I pour another 9k in Bitcoins?

Me too. Bought about 700$ of BTC when it seemed stabilized after a couple of days around 19$. Then all hell broke loose. And I even left my BTCs in MtGox and now cannot take delivery! (Hoping they are still there)

Some people in here are so trigger happy... this is what is actually wrong with any kind of economy. No rational thinking whatsoever.

I have a feeling a lot of the people here "investing" in bitcoins have never done real investing in their lives.  Same thing with mining, I doubt they have ever run a real business in their lives.  The concept of investing means to jump in while everyone is jumping out, so kudos to OP for making a wise choice in my opinion.  If I had the money in the right place, I'd put quite a bit into it now, and fully expect an amazing return in the next week to month. 
These markets are subject to the same forces as the stock market.  Granted, it moves more wildly, and has more inherent risks, but the rewards are far greater.  If you follow the masses and sell when it is going down (IE more sellers than buyers) and buy when it is going up (IE more buyers than sellers) you will lose every time, and people like me who time my buys and sells in reverse will gladly take the profits while you lose money.

Solution has my favorite posts http://forum.bitcoin.org/index.php?action=profile;u=26676

Wow, I wish I had that much money to invest into Bitcoins
Good luck dude, I hope it pays off for you..

BTC could still crash when MTGox, even if the other exchanges haven't for 2 reasons:

• It could be possible that the other exchanges don't have enough volume for the "big players" to cash out.  If they tried they would do the same thing that happened to MtGox.
• They could have all of their funds tied up in MTGox and cant get it out to sell it

I'd probably do something similar if I could afford to lose $2k.

Are you buying just to sell back for USD later (if the market rises) or do you think BTC could be useful themselves?

There is no guarantee a crash won't result, but it isn't likely either.  The problems with MtGox were not indicative of an inherent problem with bitcoins, but a problem with one site that happened to arbitrate bitcoin trades.  What will probably happen is a lot of people will probably leave mtgox and move their coins to another exchange.  This is far different from converting them to USD, as that would cause a crash. 

Personally, I don't think it is fair to blame Mt Gox.  They are a young company, and they learned the hard way lessons on security.  Always keep the database behind a firewall!  I give them credit, at least the passwords were salted and hashed.  Sure, some can be cracked, but they must be done with individual brute force cracking (not so ironically there is a lot of knowledge on how to do that here in the bitcoin community).  If your password can be cracked, it is your fault, not theirs.

I do think it is a good thing if there is a mass exodus from MtGox.  For one thing it'll make everyone a lot more security conscience - free market in action.  For another, I've considered it a major fault that such a strong pct of the volume was at MtGox.  Competition is important, and now hopefully we'll have USD / BTC trade shared among a few major exchanges and not a single one.

Don't put all eggs in one basket :-)

probably not the best idea to invest that amount of money now, right after mtgox got hacked. im very sure tho that after a few month youll have made a good amount of profit. Good luck !

how have things worked out?

current value: $738

how do you know he kept them? maybe he sold at 30$ like he wanted and bought mining rigs? or what? wanted to see how he was doing with it. unless you do know him and all his data...

I just mine bitcoins because it seems fun and a challenge I can't imagine actually investing money in them.  Although at five bucks they seem reasonably priced right now.

Jason

well i don't know if he sold BUT he posted on june 20 which was after the $30 peak and it hasn't been back that high ever since.

You can get 150 bitcoins for about $750 now, really wish that he is lucky enough to have already sold off at the peak :)

as i just mentioned, he bought after the peak. so selling at the peak would be a pretty neat trick.

I don't think you'll have much success explaining this to them. It seems a lot of bitcoiners are overwhelmed by the concept of time.

Are you not aware that you can trade bitcoins for different prices than the one MtGox reports? On ebay it was triple the MtGox rate for a while. My point is, no one knows what the OP did with his coins other than OP.  Your time joke sure does express how limited your mind is. I hope your insult to "a lot of bitcoiners" made your ego feel good as well. You is the smart! How many bitcoiners fit in a lot anyway? I have seen a lot of cars. Never a lot of bitcoiners, they seem to be too scattered and paranoid to go to one area of land:)    Just playing, good luck!

The buy price of the BTC was $13.21. As you can see, there were a few opportunities to sell for profit after the purchase, but the price hasn't been there since July:
http://bitcoincharts.com/charts/chart.png?width=892&m=mtgoxUSD&k=&r=2&i=&c=1&s=2011-06-17&e=2011-10-02&Prev=&Next=&v=1&cv=0&ps=0&l=0&p=0&t=S&b=&a1=&m1=10&a2=&m2=25&x=0&i1=OBV&i2=&i3=&i4=&SubmitButton=Draw&

Also the OP posted about the purchase June 19, and last logged on June 21. Looks like they weren't interested too long...

Any overvalued eBay auctions were probably fraudulent non-paying joke bidders or bidders that were planning on reversing the PayPal payment after they got their BTC.

I know a guy who sold a lot of bitcoins over ebay. He did in the end lose about half of his sales due to fraud and what not. But since he sold them for about double their value he did okay. He more or less had to pay ebay fees and his time.