Bitcoin Forum

I just sold a few coins to enable me to be ready to buy a bunch of coins when the NEWBIE panic kicks in. I always have some spare fiat available for situations like this, but I think this will be the BIG FEAST. We have a pressure cooker building here with all the confusion over the uncertainty surrounding the scaling after the 1st of Aug 2017. A lot of NEWBIES and SPECULATORS are just watching the price and have no idea what is happening with the technology and this results in a Panic Sell going on. ^smile^

I am now 100% ready to buy CHEAP coins, when it starts to rain. Now it is all about timing, to see if I can maximize my profits from this event. ^lol^

Bring it on! and Show me the Money!

i'm one of those newbies :)
but does it make sense then to sell all XBT and buy again when it is at its lowest (from my point of view)?

Feast?
You call the destruction of a revolutionary network and its ecosystem a feast?
You realize recovery is extremely unlikely with the complete chaos that is coming.... maybe a small bounce but after that its finished, just as i predicted so long ago.

If you're in profit then you should sell it otherwise don't panic sell you'll regret it later. There is general rule of the market that buy low sell high if you follow it then you might get some profit. It doesn't matter you're newbie or expert start learning and you will understand the whole concept of the market.

Here is kwukduck again. This is a signal to get ready and buy. He will start spreading FUD again and encourage us to sell every coin we have "because Bitcoin is dead" as long as the price is falling.

How will you know when it is at its lowest?

Market will recover, and scaling solutions will work. It is just that we cannot start from high so it skyrockets too much. Some panic is in place before because not everybody has the same faith in success I think.

I'm sure panic is happening everywhere, and we can see that on 25th of May the bitcoin price peaked at $2400 and then dropped to $2000 on the 28th, and then skyrocketed again. Now the price keeps falling but I'm sure this decline will not be lower than $2000 and then surely skyrocket again before 1st August. Who knows? Because bitcoin prices are hard to guess and only predictions and beliefs make me always optimistic.

Man, am I glad to see you here. We need more people like you to scare the NEWBIES. ^smile^ When the shills jump out of the woodwork and use words like "destruction"  and "chaos", then you know this feast is going to be BIG! The more panic these guys are spreading the more these NEWBIES start to sell and the cheaper my coins will be. ^LoL^

Go for your badge kwukduck! You are filling my pockets with cheap coins. ^LoL^

I think you're exaggerating the situation. Yes, this drop enables people to buy back their coins at lower rates, but it's not like the price has gone down massively, or will go down massively. In order to let the panic really kick in, we have to break through various support levels, and then still it's not sure that we will tank below the $2000 level. We're down like 10% since yesterday, and in current circumstances, that's peanuts.

this is one of the bigger fears in the market this year because there is really a possibility for a fork and then a split on the way unlike the previous times which were just pure FUD.  selling was a good idea but like always you had to act fast to sell while price was high, the more it goes down the riskier it gets to sell because it is closer to the bottom where you should buy not sell!

this means any sell above $2430 was a good choice.

Remember, the apparent use of bitcoin is as a store of value. The case of it being a currency has long gone.
Not much of a store of value if it drops 10% in 1 day. Thats HUGE - definitely not peanuts.

You sold in a dip, sorry mate.

how would you know? :D
for all you know OP may have sold his coins above $2800 off the market to someone who was thirsty for getting in and had no other way of doing so.

he may even be from India in which case the price is super high there and it doesn't matter where you sell it is not a dip!

Sell on negative then for sure you will regret later on when price rebounds up again.If you do see almost alts you would really see bloody field and for those newbies and investors that don't have too much knowledge will surely panic out and made even more the price lower. August 1 fud do really somehow affect but I cant see a thing why they should dump. Be wise guys on trading because on this way you will make money if you are smart.

With so many bad news kwukduck will be right eventually. One day.
I expect that day to happen when nobody, but really nobody will care what he says.
I have high hopes that today is not that day.

I expect Bitcoin have great days after August 1st and there will be no "destruction of a revolutionary network and its ecosystem", au contraire, a great leap forward.
And this correction, however sad it is, it was bound to happen. Though I was somewhat surprised about its timing...

The use as currency can not happen first! It will happen much much later. Right now it's the store of value what attracts Bitcoin. To function as a currency we need way less volatality, therefore a much higher market cap, further technological implementations and much more adoption. This will take many more years!So actual status quo is fine.

Regarding the opening post. I don't know, we may go down to $2000. With lots of pressure and brutality maybe below that for a short moment. The buying pressure at this level will be huge imo. So if you guys have some money left and speculate for cheap prices, place orders at those levels -> 2k, 1.9k, 1.8k! With lots of luck they may get filled!

I guess you should be the last to say that

A little over a year ago (or was it in fact less than a year ago?) you were preaching yourself that Bitcoin price would never rise over 600 dollars per coin (well, not until the end of 2016). Now you seem to have changed your stance? If you have, it may turn out that you shouldn't. I'm not very familiar with this dude's prophecies (though I think I can safely guess what he had been professing), but this time he might prove right after all. Bitcoin has never been so shaky as it is now (not even after the Mt. Gox catastrophe)

I think you have to look at things from a different perspective - short term fluctuations don't harm anyone's long term store of value plan. Point is that as long as the value of your coins is going up over a longer period of time, that the fluctuations we experience every now and then won't impact the value of your holdings at all. Important factor is that a store of value is meant to hold its value over a longer period of time, and that's exactly what Bitcoin has been doing throughout the years. In addition, it gave most people a thick fat bonus on top of that.

There can be different approaches

Personally, I'm more inclined to consider as a store of value not something which is going to hold its value over longer periods of time (though I don't deny the viability and plausibility of this approach) but rather something which is resistant to factors contributing to the loss of value during times of economic meltdown and chaos. For example, gold is slowly losing its value over time (I mean time when the economy booms or just moves ahead) but it is likely the only monetary asset out there which will preserve its value during severe crises or even wars. In this way, Bitcoin can hardly be thought of as a store of value. In fact, no speculative asset can be rightfully considered that even if they show consistent profits over longer periods

what is wrong with changing stance?
i don't know about Wind_FURY and his speculations but even if you are correct then that simply means he made a mistake in his speculation and now he is making a new one. none of us can see the future anyways.

the difference between Wind_FURY and others with the duck is that the duck is just posting bullshit and none of it has anything to do with speculation. he just screams about doomsday all day long and does it on purpose and is aware of his bullshit.

and you are wrong about the last part too. a quick look at the charts show that bitcoin has always been the same level of "shaky" as it is today. you just seem to be more involved in this "shaky" period than you were in previous ones.

You just don't know the whole story, but it is no less intriguing than that of this kwukduck dude


Charts are obviously not enough

For example, if you knew that tomorrow an asteroid would smash the Earth, would you still say that it has always been so and would chart mean anything then? Indeed, Bitcoin has always been shaky, but as I specifically pointed it out, it has never been that shaky since the Mt. Gox times. Charts mean shit if tomorrow the Sun is going to explode and there will be no tomorrow, as simple as it gets. It is basically the same for Bitcoin today, read there might not be tomorrow for it either

Trading is about timing, and this month the price is dropping very low, if we buy the right coin we can earned profit, but the problem now the price hadn't been going up for a long time, so need to be very patience and need to be smart to analyze which coin will be survive in this chaos

Unlike short-term business, if we are long-term business people, we should not look at the present value, let's look at the value of future bitcoin and its capabilities.

Right now prices are staying stable and this type of sustaining prices may end up as another round of rally in very quicker time hence those who have booked profits around $2600 levels may need to get back to board before missing out jumps. Still this must be a great level of trading as it might have profited them some $300 for one bitcoin trading. I speculate another round of similar ups and down will be possible within August 1st as there are plenty of time is there to have prices to go on one steady price movements.

Stability of the bitcoin price is fall down again from the past few days. If this continuous in chart, traders cannot make the bitcoin profitable due to that. We can wait and win the profit but investors will expect the profit everyday for their work and investment amount.

@1Referee - I liked your response and give you credit for having the ability to think bigger picture.

But my thinking was more towards how @deisik has explained it. That when everything is in the red - a commodity that is a good store of value should be able to withstand the bloodshed. So when you said it has only dropped 10%, which is nothing compared to how much it has risen, my opinion was that the previous price rises were besides the point - a 10% drop was not a good indication of a good store of value- even more so since it is down 26% from last months ATH.

@deisik - best post I've read on BCTalk for ages.

Not agree your opinion, Bitcoin at now still hot because technology blockchain of Bitcoin useful and this is the first cryptocurrency have successfully. The banks, government and other company on the world's if want going to the road technology blockchain, they can find top engineers about Blockchain and creating new token or a coin can control and fixed all bug of Bitcoin at now.

If Bitcoin SegWit2x can't fix issue about transaction congestion, time confirm and fees, a token or coin from banks, government will replace it. Remember, IBM began to participate in the road technology blockchain ;)

How are newbies able to sell?

blockchain technology and the fact that some company (big or small) participated in the technology or embraced it has nothing to do with bitcoin. they use the tech for themselves. it is like saying an altcoin was created! and nobody is ever going to use a centralized bank-issued token instead of bitcoin.

also there is no problem with "transaction congestion" or "fees and confirmation time" to fix! you can check the mempool size of the past 7 days or so to see there is no problem! it was a clear spam attack which has stopped for now and a spam attack can not go on for eternity.

There are no difference between the methods being used by old timers and newbies, to sell their coins. < They also use exchanges > The difference is that most Newbies are not used to the volatility in the Bitcoin market and they get trigger happy too quickly. The old timers / early adopters know this and they wait for these Newbies to sell in a mini dip. < We call it Panic coins >

The biggest profits are made, when the dip is sudden and for that to happen whales have to dump coins on several markets/exchanges to get this result. < You need good timing and communication to be successful with this >  ^smile^

Chomp Chomp Chomp Chomp .... PacMan sounds.

Well at the very least I know it will not go below $1000, but if it does then I will be happy to buy those coins from people who do not want them anymore. Bitcoin will be stronger and better after August 1.

This is what you think, now

And likely many others think along the same lines, today. But if Bitcoin crashes from its current heights (which we kind of got used already) to below 1,000 dollars per coin (i.e. more than 2 times), the market will be stricken with panic, fear, and horror. If you would have bitcoins then, you would be cursing yourself that you hadn't sold out when the price was over 2,000 dollars. Do you really think that you will be able to buy anything then? When the price crashed from 1,200 to 750 dollars, this was exactly what I had been waiting and hoping for (yeah, I expected Bitcoin to bottom at 750 dollars). I bought some coins at that price but still a lot less than I first planned to buy when the price was at 1,200 dollars. In fact, no one can tell for sure how they will actually act in such cases

We have already seen such situations and each time,bitcoin has recovered from such situations and it still survives.Big whales who spread rumours too know that bitcoin would exist and they just want to make some more profits by making newbies to sell their coins in panic.

I am expecting the price of bitcoin to go down so that i could buy some more before the split happens,i really want to see the price going down so that it could get more coins,if not i will make sure i will have some coins by August.

Bitcoin has dropped from $1200 to $400 before and everyone was going on about this being the end of Bitcoin and 1 year later we passed $1000 again and look at where we are now. < $2300 > We should just leave these NEWBIES to panic, so that we can fill our pockets with all these cheap coins. They have to learn from their mistakes, like we have learned from ours. A lot of us took some financial knocks in the past, when we panicked and if they do not listen to us, then they will have to hit their heads.

It is funny to see NEWBIES running around like chickens without a head, but we were in their shoes a few years ago and we also did not want to listen to any advice. ^smile^   

You can indeed make a good amount of money in any crisis whether it can be online or offline. Heck, money can be made even during the times of natural and unnatural disasters. That is a fact.

Now, I understand what you are saying and I can sense that you are already an astute Bitcoin investor and speculator and that is good. We can indeed make money when others can be panicking and throwing their Bitcoin for sale and be converted into fiat equivalent.

I would say good-luck to you. As for me, I prefer to just wait what can be. I still believe that after all of these confusions and speculations, Bitcoin can emerge much more stronger than ever before and we can all reap the fruits of our patience and effort soon.

you predicted many times that bitcoin would tank and fade away, but never happened, now that is even regulated by some countries, there is a almost no chance of that to happen

the split will not harm bitcoin for the loing run, just for the panic sellers, that fear every swings on the market, this current drop is causing by people not confident with bitcoin to begin with, they just invested blindly, hoping for a quick buck

Obviously, you missed the whole point of my post

This is not about just newbies panicking, it is about the whole market writhing in horror and puking its guts out. If it had been just for the newbies alone, Bitcoin wouldn't have crashed from over 1,100 dollars in 2013 to below 200 dollars per coin in early 2015 (yeah, it crashed below 200 dollars, down to 170 dollars per coin). Though I agree, it would be fun to watch how your sentiment would change if you bought at the highs with your whole capital and instead of profits you saw the price sliding down 2,000 dollars

Great! Prepare for the Big Feast! There will be a big festival for bitcoin trading. Investors will sell or buy bitcoin? What have you prepared for this big party? I am waiting for bitcoin prices to rise and the cost per campaign will be 5 to 10 times higher than the daily payment. Great! Great!

I never invest more than what I can afford to lose and for that reason I can take bigger risks. If you go All in with Bitcoin, then you should prepare for the consequences that might result from that decision. People who does that is greedy and they have not considered or they have ignored the risks.

In every investment you have to classify it's risk level. < Low / medium / high > I class Bitcoin as a high risk investment, because this is still highly experimental.

Reduce the risks by not taking profits early on and rather work towards a situation where you reach your return on investment level or you exceed it, like I did. < Only then you are risk-free >

The feast is to be had it just depends what chips you want to play with example big chips assume the main coin or small chips where a few pennies can make phenomenal returns due to volatility.
Assuming stuff happens of course well only 2 weeks does a BFL to find out.

Everyone is wise after the event and in hindsight

When you consistently make profits and the price steadily grows, it is hard not to invest more and more. And it is not about being greedy or exceptionally greedy, we are all like that since otherwise we wouldn't be investing in the first place at all. We see that we can earn more profits and start making more when we set more capital to work. This is how market fools us into investing all or more than we would otherwise want to invest (after the price collapses)

Are you sure you will have a chance of buying very cheap bitcoins this time with the help of FUD and NEWS. I do not think a big crash can come because bitcoin is a thing which is in demand and for the things which are in demand they do not crash too much. If you want ti buy, you can buy it currently at 2300$ and it will go up from here.
If you see, no one is able to dump bitcoin below 2200$, even though bad news of bitcoin is spread widely.  This shows the interest of people in bitcoin.

Well someone managed to do it - currently at $1900.

Careful what you predict, just makes you look the fool when you're wrong.

We depend on the newbies for the price to increase.

Without the newbies, the market will not recover.

And if there's such a bad impression of bitcoin, those newbies will never come back to it. And this will make recover harder for bitcoin.

That's why I say to not panic sell your coins. Just keep holding.

Fortunatelly those newbies are still a minority of the population, or bitcoin would never recover.

The more people holding and using it for payments, the higher the price will go, but the worse will be the falling.

That's why I support both SegWit and SegWit2x. It's not the time to increase the block size yet, but might happen in the future in case the network grows even more. The miners are wrong in pushing it to three months after SegWit, there's no need for it yet, they have to wait the network grow and only then increase the block size. And the network will NOT grow if there's widespread panic.

You can laugh at the newbies all you like, but you still depends on them for the price to increase.

There's no inflation with bitcoin, the number of coins is limited and that's the reason why it increases the price.

If people lose confidence there's no reason to buy more bitcoins, even by cheap price, because they will not recover.

And here we are, on $1825 right now as the lowest point at coinbase. People keep spreading bad news about bitcoin and many people believe those news. On the other side, daily traders could make big profits during this uncertain big drop of bitcoin price. On the edge of hope, we're watching the price and keep in faith that it will rise so significant after segwit implementation. Just prepare your cash to cover daily expenses, so you do not trap at the moment when you desperate need cash while bitcoin price below $1800.

Yip, I think we have reached the turning point now, and if I get back in now, I would still make $500 or more on every coin I buy, if it returns to previous levels and even $1000 per bitcoin, if it goes to $3000 this time. I also want to avoid the mad rush, when people start buying again.

Coinbase and other exchanges are notorious for not being able to handle the traffic, when there is a mad rush to buy, so I want to avoid that too. I do not want to miss out on this one, because I think this one is going to be the big one. ^smile^

That might be a bull trap

Or a dead-cat bounce that we see right now. We may yet to see a lot of pain ahead, so I wouldn't be particularly enthusiastic about this rebound (or a "tipping point" as you call it). It may turn out to be a trap where incautious and reckless bulls will run into. In other words, that would be too simple and too easy to end up like this. Anyway, Litecoin continues to make local highs in bitcoins, so if you don't want to play these game and fall victim to greedy pice manipulors, you know where to hide

Even if it is and it drops much lower, I only lose more profits, because I got back in on a higher price. I would rather get in back now and avoid all the mess that is going to happen close to the 1st of Aug 2017. People will continue trading up to that date, and then they will try to move the coins to safe storage, when it will be very congested on exchanges.

This is not a strategy to make more profits, but rather a method to avoid the peak traffic. ^smile^

We just need to survive on August 1. Until this date, I'm even afraid to look at the price of bitcoins. Despite the fact that I'm optimistic, I transferred some of my coins to fiat, and some to alternative coins. But I really want to go back to bitcoin. This coin quite suited me

It was a safe move, but it might be too early to panic 12 days before the event. You should still keep say 40% of your coins on trading platforms, until the last 2 days before that event to capitalize on the short term chaos. < price volatility > It is during these periods when you make most of your money. < buying low and selling high >

I guess for some it is better safe than sorry. ^smile^

Being careful at this point too is important otherwise, reverse will be the case.