Bitcoin Forum

Yes, another thread about the falling Bitcoin price.

I know the ship has sailed because I have finally put money into Bitcoins and every investment that I finally get around to making is at the end of its hayday.

Back in 2001 I finally bought some dotcom stock so that I could get in on the millions that everyone else had been making for the past few years...I had followed it closely from early on and finally bit the bullet and jumped in. That is when the dotcom bubble burst. I lost all of my investment.

I did see the gold thing skyrocketing back in 2005 so I knew that it would go up. So I dropped $20,000 in when it was $400 per ounce. Then my company, SAIC announced that they were going to IPO in a year and that they were offering employees share purchases up to $20,000. So I waited while gold JUMPED to $425 and sold sold sold...and put all of that money into SAIC's IPO at $42 per share which eventually split and dropped and I eventually got my money out at $18 per share.

Then came housing...I bought a house in 2007 at the height of the housing bubble. Fortunately I bought my house in Texas which was not as expensive as other places, needless to say, I lost money when I sold it 2 years later. I sold that house and bought a house in Florida...needless to say, the Florida market is not doing all that great right now.

I found out about BitCoins about a year ago and tried to get the mining to work on my computer but after it rebooted once it started coming up with errors so I gave up on trying to mine, back when a Bitcoin was worth less than a dollar.

I have always planned on getting some Bitcoins but just never got around to it...until this past week. I finally got money transferred through my Dwolla to MtGox and bought at $16.00 per BitCoin.

Expect BitCoin to now crumble like all of my other investments.

I have also been looking into land in Costa Rica...

Gold is an exchange medium  that went up while you had it.
Bitcoin is an exchange medium....

So its all your fault we're down to $15?

And for Chrisakes stay away from Costa Rica

Yes...sorry

Haha, wow, talk about bad luck. It would be funny if bitcoins crashed to $0.01 now. I'd totally blame you. You bastard.

Bitcoin is only getting started. The initial hype has sailed, and some air seems to be blowing out of the bubble, but note that it was never meant as an investment so that's ok with me.

I'm sure as soon as the services people are working on right now pop up, it'll get bigger again.

I predict that to happen as soon as Elwar cashes in his/her bitcoins.

I hope the prices keep dropping so I can BUY BUY BUY. You clowns will be sorry for selling so cheap in 3 years.

lol

How about if I sell for a loss when it hits $14 for the good of the BitCoin community?

:)

shoulda hung onto that gold.  whats it going for now? $1000?

try 1500  :)

Current price is $1478 and change

Ah yes, I've been waiting for you to get into bitcoins so that I would know when to get out.  Thank you.

Right when I find some good sites to spend my extra bitcoins at, this guy comes along and rains on my day. :(

Maybe it was him that bought BTC at $30 and made the market tank, but he doesn't want to admit it  :D

A hardy ol' large-cap mutual fund would be good for someone like you.

I don't think bitcoin has 'jumped the shark' just yet. Funny story though. Hell, most people don't even know bitcoin exists, hard to preach a saturation scenario with less than 0.05% of North America involved right now. It would be exciting if the pacific rim countries jumped into the fray.

OP, you can be a winner too.
You can get money.
just quit whacking off, or start whacking off,
whichever one it is, isn't working for you, so you need to do the other now.
Today is the first day to you, getting money. :D

Yes!!! I'm just about to buy more BTC......maybe I shouldn't?

Yeah it's kinda late to get into Bitcoin now, kind of pointless except if you start a Bitcoin accepting business.

Well it shouldnt be too late, for me it seems like its either you get in now at 14 to 15, you missed the 86 cents beginining and 30 dollar each sale point, but if we get in at 14 to 15, all the businesses open up, more services, more trust, fourth of july weekend over and trading back up, mining gets harder less and less bitcoins available, then I am hoping it should pop up steadily to a nice price point to triple or quadruple are money

Or in the next months bitcoins will fail completely.  So its either miss it once, miss it twice and still make out, or miss it a third time as it goes up, last choice get in way to high at 100 a coin and waste ya money lol.  Just take the risk now or dont take it at all, thats what Im thinkin lol

Bitcoin cannot be undone, it will "allways" be here.

There will allways be some people who believe in bitcoins and see the business opportunity and advantages it brings.

Set one goal. Dont sell at loss.
If the majority does this bitcoin will win.

Elwar, tell us when you are selling bitcoins.

Thanks

:D

What a story, buddy!!!! 

Don't bet in the money you can not afford to lose.  See this as an extremely speculative investment right now with extraordinary return (don't see it as a get rich quick scheme).   If you are gonna get emotional, i.e. getting antsy when price drops  I would recommend you go back to owning something more traditional and tangible.

We are in this for the long haul.  This community is great and that's what will keep us moving forward.

All you capitalists are investing your money in wrong places, sometimes you win, but most time you lose your money to the jews pulling the strings of market. Only gold and other precious metals are worth investement. And not a investement in a sense of "get rich by doing nothing", but as a storage of value if money is devalued or something.

Will I put my money in Bitcoins? Probably not now. But I'm more than happy to accept Bitcoins as a payment or simply enjoy seeing them arriving at my address.

Invest your money in your kids. They will support you when you get old if you will live that long. At least you will not die from starvation in a dumpster and the kids will get the best possible childhood and education. This alone is not cheap.

And Bitcoin does not need "buy cheap, hoard, hoard and sell higher" investors. We need more people using Bitcoins as a means of payment in transactions. More people offering services in exchange for bitcoins.

I could've sworn the dotcom bubble burst in 2000...

Let me know when you sell.  That should be a good time to buy.

I wouldn't say it's too late to get into bitcoin. There's a few services around that accept bitcoin, and the more success they have, the more likely others will start accepting bitcoin. There's always the chance of something happening and increasing or lowering the price, that's why it's an investment risk.

it did.

i have a spare room papered in stock options to prove it.

nice rant though...

The S.S. Bitcoin sailed out to Thirty Two Dollar Island on a shakedown cruise before returning to port to be fitted for a much longer voyage. 

"The initial hype has sailed."
Are you kidding me? Everywhere i go (outside of the internet...) i try to talk about bitcoin, introduce it to people, so far i've not met a single person that has even heard about it.

- Fixed

You'd better cash out of bitcoin now, before you make some money. ;-)

TradeHill's Australia venture is being handled so incompetently that it's only a matter of time before ASIC steps in. Once that regulatory body takes notice, it won't be long until others follow suit. Bitcoin has a chance - it just needs competent people behind it.

Yea.. you're screwed, but you're lucky!
I'll give you 10 bucks!! 10!! for each bitcoin! so your losses are minimal, please PM me.

I understood way back in 2003 that gold price was going to skyrocket; however - no money to invest :(

lol! :D

Australia's tax office has been quoted in online media, to be of the view that transactions involving Bitcoins, will be taxed in the same manner as barter transactions - projecting the view that in Australia, Bitcoin is viewed as a digital good that is bought or sold in exchange for national currency and bartered in exchange for goods or services.  It seems that their view is that Bitcoin as a digital commodity can also be used as a type of currency in medium of exchange barter transactions for other goods/services/currencies due to the commodity's valuable, scarce, cryptographic intrinsic properties.

Not this time: http://forum.bitcoin.org/index.php?topic=7715.msg167918#msg167918

Then went back out for a 3 hour tour, a 3 hour tour....

Anyone who gets BTC below thousands of dollars each is "getting in" before the ship has sailed. This ship is one that will either fly humanity to a new galaxy or will crash and burn before it exists the atmosphere. It'll be worth thousands within a few years, or it will be worth almost nothing. It's an either-or thing. In a year, bitcoin will be WAY higher than $15, or it'll be sub-$1.

A run up to 30, back to 10, up to 20, back to 15... so what!!! This is all noise in a highly volatile, revolutionary new marketplace. 99.9999% of humanity has no idea what Bitcoins are. The client is still in beta! Hardly missing the boat, IMO.

This 9000 TIMES

The problem I have is I think it'll go up a lot but not for awhile because there's zero infrastructure to support it

We need real shit to use it/make it. Is le

Just not happening yet

Elwar,

It seems like you're an "all in" type of person.  I think one of your biggest mistakes is lack of diversification.  Selling gold to buy company stock is a good example.  This is a big investing mistake.  Not only should you never put all your money into a single stock, this is particularly important when that one stock is your place of employment.  For the simple reason that if your company goes under, you not only lose your job but all of your investments as well.

I'm of the opinion that our economy is in for a very rough ride.  The first thing you should have is a rainy day fund.  MINIMUM of 6 months worth of expenses, more if you can.  Then you can do your traditional investing in whatever you choose.  Lastly have a small portion for speculation like investing in Bitcoin, risking only as much as you can afford to lose without it impacting your life.

Hope you have better luck this time.

I mean I have a shitload of coins and I'm struggling to figure out why these should increase at all the next few weeks/months

spend some.  it's that simple.

the hard part is finding the stuff you really want that you can pay for with Bitcoin.  me - i send out e-mails every day to vendors, asking if they'll take Bitcoin.

it's a process.  it's going to take time.

I know but honestly the product available for purchase via BTC is a joke or way too much for what it is. I want to support vendors but it's really a joke right now. I wanna hold on to my coins but right now it seems kinda stupid to. I feel it'll drop a bit until it becomes viable at which point I'll love participating, but who knows when that'll happen.

In the short term I can't see how it'll gain value or even maintain with miners cashing out

That steady stream of new-coin selling pressure will evaporate over time, of course. When the block bounty halves from 50 to 25 it will be interesting to see what effect that has on BTC price. Or we might even need to wait longer. But if your time horizon is much shorter than that, then yes, I can imagine the exchange rate can drop quite a bit. If you look on the log chart of BTC price at gox over the last year, there's a support line (implying exponential curve) that intersects the price axis around $3-$4 right now; we could retreat all the way back there and still have the longer term exponential trend intact. If we get back there I'll be buying.

So basically you think you are a huge loser... and because you found out about Bitcoin then it is doomed to fail basically?

Don't worry so much! Just because you bought at $16 USD and it's at 15.50 right now doesn't mean anything. The market is volatile. Either you are in it for 5 minutes or you are in it for life.

The USD dropped considerably in value just in the last few days, that is probably reflected on MtGox's charts.

Stay strong, carry on.

Outside of the internet, there's probably not much of a market for bitcoins though. It's only really suitable for the technically minded right now...

That should increase the value of bitcoin.

Did you, in your previous investments have any real way to actively assist or improve the return on your investment ? This time you do; get people and businesses to accept bitcoins.

What is the ratio of the businesses accepting bitcoin now to those accepting it last year when you started ? That's probably a far better indication of inherent value than a summer weekend's mt. gox exchange rate.

OP, sounds like you are bad with money, and need to learn the concept of diversification.

This is very good advice, with the caveat that you keep this rainy day fund in REAL money like gold/silver instead of dollars. If we want to talk about "ships that have sailed" it's the US Dollar :)

Tell me more about the land in Costa Rica. Is Laissez Faire City having a fire sale?  ;D

Actually, I found this post while searching for SAIC, trying to track down some guy, but not sure if it's the same JW (not Jehovah Witness). I don't make a habit of bumping old treads just to add humor, but this one tickled me and I wanted to share that tickle with the community.

Now back to hunting this JW guy.

~Bruno~

dude, put your chin up and suck your tummy in and we'll get through this together!  ;D

Ironic that this thread would pop up from over a year ago.

I just sold all of my Bitcoin last week for $2k. I initially invested $10k.

I got in at $16 with about 625 BTC. With some decent trading I got it up to about 750 as it fell and fell...I was close to 800 at around $5 and decided to try to salvage anything I could by jumping in with Bitcoinica.

I got Zhoutghouned several times to the point that I was down to around 200 BTC. After seeing a manipulative trend on Bitcoinica I moved almost all of my BTC out of Bitcoinica about a month before it died.

I just bought a pool house last week as an investment for $52k, cashed out my BTC to help with the down-payment.


As for Costa Rica...it got too expensive to buy there.

Try Panamá! People say its like Costa Rica 20 years ago.

Sorry to hear your bad luck.

I only lost 3.75% of my stock value during the 2008 financial crisis and those were stocks I had bought when 16-17 with no experience.
With no proof to back it up I remember saying that the housing bubble and peoples spending habits were crazy before it all went sour.

I am now 23, I got some BTC at 4.8 and recently bought more at 10.10.

My strategy is to think über-long term because I know despite all emotion and manipulation that markets are ultimately logical. This means on a long time frame you CAN predict them.

An example:
Right now I could probably buy Italien bonds or similar at ~7% and be pretty sure that the ECB would print the money to cover it despite all logic that they are a corrupt state that should fail and then reform.
(Much like I thought about pirate bonds)
However I would never invest in such a way because it is not creating real wealth - even IF it worked I would be living in a worse off world which then hurts me.

I heard of BTC in 2011 but wrote it off because you could not divide them by more than 100.000.000 - that's how long term I am. I ONLY changed my mind because I realized the protocol is not as set in stone as I originally thought it was.
I would have sold all my BTC months ago if I had not been able to invent the swarm client (search forum if curious).


My advice to you is to stay in BTC with at least some funds and in general invest small in many things. Also: Invest in small things, big things are MORE likely to fail not LESS.

I remember a post by Rassah a few months stated that he, too, had a many investments sour shortly after each time he invested in them. Perhaps if you and Rassah would be so kind as to let us know what your next investments would be, thereby allowing us to short them, thus at least earning us a profit at yours expense. Remember, we're all in the same boat. BTW, has anybody else seen a goat roaming the deck?

~Cackling Bear~

Elwar, can you give me your predictions for the next month?

I'll go trade against your advice :). Much appreciated.

Alternatively, have you ever thought about being a bear trader? As in, trading on prices going down? You might do quite well!

My hope is that Bitcoin will go lower for the next few months when I can finally buy again starting around February when I should have some more money again to buy.

So...buy now...it'll probably go way up.

Then in February another downtrend will begin.

:)

You'll know bitcoin's boat has sailed when we're struggling to find uses for bitcoin beyond narcotics trading, gambling, and buying bitcoins simply because of the belief they are going to be worth more in the future without a concrete reason as to why.

Who is struggling to find uses?

Every single store on the internet should be using bitcoin, plus bitcoin enables dozens or hundreds of new things that haven't been invented yet.

Struggling to find uses for a currency....

That idea is wholly illogical. The online commerce market is approaching 1 TRILLION dollars. All bitcoin needs is a 1% cut to make it a wild success.

we need porn in that list

porn is free

Free porn sucks... I would gladly pay BTC for a quality porn experience.

Define 'quality' in terms of pornography?

Better acting maybe? http://i16.photobucket.com/albums/b15/schweinhaxe4/emot/58_100_117_110_110_111_58.gif
Can't be HD porn, because you can get that for free.

Well, it looks like it went way up.

It is February, I just bought $3k worth and am waiting on Dwolla for another $2k.

As per my luck, a crash after I purchase it over $25.

better sell at $30 before bubble pop!

OMG!!!
Time to sell.   :D

more likely you are at the $400 / oz of gold stage, got in just in time. now just stay strong if you see another opportunity pop up put new money into it instead of the bitcoin $$

Just don't look at the exchange rate for 5 years.

Maybe 10 years, actually.

You have been incredibly unlucky. I don't mean this in a gloating fashion or anything, but if you had simply held onto those 625 BTC your coins would be well over 15k USD. A 150% gain. I think your, all in, all out mentality has gotten yourself to this point, gradually moving into the market would not have netted you great gains, but it also means you would not've lost so badly either. Your investment sense is way, way, WAY too emotional, I think you should wade back in slowly and gradually. Buying thousands of dollars of coins now as it has been surging for the last couple of weeks is panic buying at it's worst.

That is unless that couple of grand is play money you were going to spend at Vegas anyway, in that case go right ahead! ;P

Elwar bought back in...  here comes the correction.  $8 here we come!!!  whee!!

This thread is hilarious.  I should probably sell.

This time it's different  ;)

Oh Fudge.

http://4.bp.blogspot.com/-M-cstmG_mhM/UMtitFiQViI/AAAAAAAAHAk/byXMJYd2qhY/s1600/ralphie.jpg

seen on Zerohedge:


http://en.wikipedia.org/wiki/Joseph_P._Kennedy,_Sr.#The_Crash

Do you realize how illogical that statement is ? If 100 men invests randomly, some will become millionaires, some will break even, some will go to the poorhouse, and a host of results in between, it's like tossing a coin, sometimes you get heads 3 times in a row, that doesn't mean you're blessed or if you get 3 tails in a row that doesn't mean you're cursed. It's just statistical variance.

He just thinks the universe revolves around him. lol...

OP so fail.

Remember once hearing some casual wisdom on investing, about how if you got into an investment other people had heard about, it was already too late. So yeah, maybe your bitcoin (get rich quick) boat has sailed.

Lately, there have been, on this forum and elswhere, a number of questions abut the sensibility in putting some or a lot of your savings in Bitcoin.

What that means is that people not knowing much about Bitcoin now are considering it as a longterm investment medium on par with the other options a smal time investor has.

This is of course good news for the market cap, but it's also something that can backfire. Not only on the unlucky investor but also on Bitcoin in general.

The last peak hurt some for sure, including the few that had put a lot of money in Bitcoin late in the game.

If we imagine people in the thousands getting burned like that sometime in a "distant" future in a flash crash, Bitcoin will be blamed as the suspicious asset.
Bank people will love crawling all over the dangers of using and investing in an unbacked currency.

This would be free endorsment for established banking! It may be followed by law suits against exchange businesses and laws against Bitcoin.

So any newb asking for such advice, should be warned by anyone here and elsewhere not to invest more than funny money in Bitcoin.

The fact that anyone asks such a question, should alone be enough to determine that they don't know what they are getting into.

Satoshi warned us once about getting too carried away!

Amazing, but you can't be so lucky to call all the top ;)