Bitcoin Forum

I just don't understand it. A crash happens in every currency. Do people think that Cryptocurrencies are different?

I honestly don't understand. Bitcoin has had worse crashes, yet $65.40 sets off 'panic mode'? Seriously, whats the deal? I don't want Bitcoin to fail, but it's going to happen again and again as long as Bitcoin is alive.

If you owned it over $200 and haven't yet sold... you're panicking.

That means you're too heavily invested, or you're allowing your emotions to get in the way. I have a few coins myself, but I see no reason to sell, because firstly I am not positive that the price will continue to fall (though I think it's likely), and secondly I have confidence that the price will rise again over the next couple years.

There are four categories of people who are selling right now:
1) Those who are freaking out because they believe Bitcoin is entirely downhill from here
2) Those who are freaking out because they are relying on cashing out before the market recovers to pay the bills (over-invested)
3) Those who are emotionally weak and are panicking solely because their coins' value is decreasing
4) Those who are day trading trying to make a few bucks off the market panic

If you are 1, then you'd better sell everything now - I'm making the opposite bet, namely that Bitcoin will not die out any time soon.
If you are 2, then you'd better sell enough now to pay your bills, you are over-invested.
If you are 3, you'd better go invest in a mutual fund instead, or better yet, get a high-yield savings account. Bitcoin is not for you.
If you are 4, then best of luck, I hope you can make a few bucks off the crazy price swings.

Weak minds, weak hands.

I think a large segment of the market right now is a mix of categories 1 and 4. They think there is potential for growth, but we're still (even right now) overvalued from the bubble. The price will reach these levels again, but it's too high, too soon, so it's a good idea to sell.

I'm not saying I agree, but these people do exist, and their reasoning is valid if you make certain assumptions. (Interest and volume are way down, supply keeps increasing, and we have significant regulatory hurdles ahead.)

buyer at 200 confirmed.

I guess if I was trying to increase my fiat holdings using bitcoin in a speculative play, I'd be really down right now.

I don't know about the rest of you, but I never got into bitcoin for that, I got into it to use a currency that was decentralized and out of control of the US government.

Price swings like this have been happening since I got in early 2011. I have the same bitcoins I bought at a dollar. I held them when they shot up to $30 and all the way back down. I held all through 2012. I held as they shot up to $260 (though I traded some out for litecoins at the time).

Mainly, all that shit doesn't matter because through it all, the price is going up on average as more people learn about them. The ups and downs are just the assholes in charge of the banking system fucking with your head. You're an idiot if you don't think they would do such a thing.

you forgot option 5) those who are not daytraders, yet are selling to buy back lower.

buy the same amount now and you have average price of $135. Feels much better :)

Then you've missed that opportunity, and you just have to accept that. Selling now at or near the lows isn't going to help you make back on the opportunity you've already lost.

Besides, price is still higher than it was four months ago.

where are miners?

What wrong with the price?

Lol.....Bueller...bueller

this is a legit non-troll question. imo the market price is what it is. too low? perhaps. To be completely honest it deserves to be higher than $70. i am trying to analyze something that cant be. i give up?

The only people panicking are ones that have more invested than they really should.

Thats too many numbers, gives me a head ache.