Bitcoin Forum

I bought two btc's in March at a loss, £130 ish, and more or less accepted the loss and put it down to experience.
I decided that when they next go right down, i.e. below £30, that I would buy another couple and of course, at that price, I would be prepared to lose the money.
Instead, to my dissappointment, i am finding that they have been creeping steadily up from £80-ish to over £120 now.
I can see why the bubble happened in March but why are they creeping up like this?
Am I never going to be able to buy a couple more for below £30?

Thanks, from someone who is pretty ignorant on all the techy aspects of bitcoin but had fun doing a little trading, even though I lost the money.

Aww thanks. Why are the Chinese suddenly buying loads of btc?
Don't they realise they are stopping me from buying any? hahahhah
Nah, seriously why are they buying them?

Thanks

Because they mend their mistake of not having bitcoins faster than you.  ;)

https://bitcointalk.org/index.php?topic=310962.0

But on the other hand

https://bitcointalk.org/index.php?topic=315380.0

Don't worry, it's a matter of hours before you can buy BTCs for dirt cheap again.

Will I be able to buy them for £3 again? I remember those days.

They buy whatever they can,gold,usd and now btc,because the yuan is worthless

Only if you can mine them with a GPU again. Not much chance of that.

China is sleeping now. Let's wait until their morning. it's possible we will pass $300 then.
Soon I'll get some more fiat so I will spend it entirely on btc, and I have no intention to sell it even at $500.

CUP and GPU are dead.

Its unlikely, but not impossible IMHO that you can ever buy at below £30. But you could wait forever to see.

No one can say for sure if they will continue to rise; or dip and rise, or just crash and burn.

Best advice is as always invest what you can afford to lose, be it £1 or £1 million pounds, its relative to your situation.

We are all in the same boat don't worry.

Now you have to ask yourself "Do you feel lucky Punk?"

(Quote from http://www.youtube.com/watch?v=8Xjr2hnOHiM for the younger ones.)

LOL "creeping up."

Bitcoin creeps about as well as my two-year-old.  Perhaps when it actually hits the ceiling you might be able to scoop it up off the floor before it bounces back up and starts running again.

Hehe, yeah I wouldn't exactly call this "creeping up", especially looking at BTCChina, for instance. Straight up parabolic. I wouldn't hold my breath for sub-£30 coins, but it's possible.

Thanks for pointing me towards the Chinese thing.
It may be their bedtime, but it's the US's daytime now.

It shows how panic selling is bad and just making the traders rich  :)

I bought thinking they would keep going up but woops!
Still, the way things are going, I may not have lost my money afterall, but I am not holding my breath cos of the unpredictability.

Best bet is to just sit tight and hold, if you have cash sat in a savings account earning 0.5% interest per year then I think its worth a punt putting some into BTC. Whilst it has ups and downs the overall trend has been up, sure it might drop as soon as you buy, but 6 months later you may be up 25% and that's better than anything else at the moment.

My girlfriend was in a similar situation to you, she put £1000 into bitcoins near the last peak and then they plummeted, she recently made her money back with a little profit so still worked out better than leaving it in a regular savings account even if it did look bleak at first.

This is why I am bothered by the "it's always a good time to buy bitcoin" attitude around here. It takes a long term perspective that new investors simply don't have, by and large.

Win on the swings but lose on the roundabouts. :)

Why do you assume that new investors don't have a long term perspective?

I heard that someone in china just sold his apartment and bought 2000+ coins last month, and he is already 30%+ now

If you know how many excessive apartments there are in china...  
http://i.dailymail.co.uk/i/pix/2010/12/17/article-1339536-0C859404000005DC-176_634x475.jpg

Just imagine that each apartment on this photo equals to a 2000 coins buy order, it will clear all the sell orders on all the exchanges in no time  :D

They look grim :(
I watched some documentary on youtube, forget which now, and it had streets and streets of these tower blocks, really grim. None of the chinese want to move into them, but I forgot why.

Ugh. Reminds me of the 1960s-70s. Who in their right mind would want to live in buildings like that? Please don't tell me that horrible urban blight was built in the last 25 years. Yuck.

Do you think the average new blood entering during parabolic growth are doing so because of a long term perspective? I don't. Maybe I'm off.

Thers are Bitcoins less than £3 and that can be GPU mined: these are called Litecoins..

Suckers Investors who get in now don't have a long term perspective.
But they don't have a short term perspective either otherwise they wouldn't enter now.

Whats wrong with them? New, clean buildings built on higher standards than the older ones?

I think it has a lot to do with advanced planning for the large migration associated with the urbanization of China. People tend to call out the ghost towns and things as wasteful and mock it, but it's a lot more planning than can be found elsewhere.

Maybe we can blame the creep on the urbanization??

I think this mostly comes from the diminishing hope of getting coins from investing in mining rigs

Every time after the price rocketed, the mining profitability will improve a lot, and many investors will put their money into mining rigs. That's the reason price advance will always stop to wait for difficulty to catch up. But now there is no hope to get any reasonable amount of bitcoin from those mining rig investments, so those investors are turning back to exchanges

Well there's that and then there the ever growing % of the other 7 billion humans that have never mined a day, but are finding out about bitcoin.