Bitcoin Forum

when you look at the ask orders there is a huge sell wall at the $1000 mark.

also most people either in the real world or on this board have decided they will liquidate significant portion of their holdings if btc hit the very important $1k psychological price.

will you sell too?

$100 was a similar barrier this spring. It cracked in a hurry.

If I were I would sell at $900 instead.  But I'm waiting for $100,000.  Sorry, $90,000.

well, i would sell at $990, just in case it crash again

I think there will be two effects coming together at 1000$.  Many will sell, but i think even more will be pushed into buying BTC because its such a sick psychological level.

indeed, that was also the case at 100 USD. The wall went down fast!

inb4 a Smoothie thread laughing at all the people who sold at $1,000.

Shouldn't take long to break that wall, when a lot of people panic buy :)

It's simply an arbitrary number, $1000USD to China means nothing.

think its means more like 6000cny

I share the exact same feeling. While I do believe a sell of at 1000 $ is very likely to happen; the effects of the 1K psychological border being passed could drive it even higher!

and they hit almost 7000 cny already

I think you should read up on the Nash Equilibrium :)

http://en.wikipedia.org/wiki/Nash_equilibrium

I admit that I had a plan when it hit around $300 to sell a good portion above $900 (basically once it hit $900 I was going to have my finger on the trigger whenever the price started going down).

I was sitting in my office at work (I work about 100 yards from where I sleep) and saw it climb from $800+ then I saw $900 and headed back to my room to get ready to sell. By the time I got to my room it was down below $800 and falling.

I had some BTC on BitFinex and tried to sell as it was falling toward $700...I guess I did not have my funds in the right wallet on there (quite confusing) and the sell did not go through. It kept falling and finally as it hit around $660 I said screw it and shorted everything I had on there (I assumed it was the big crash).

It kept falling down to $550 and I figured at least I was making up for some of the loss of value. Then it started climbing back up and the site started to lag for me. As it got up over $600 and $650 I rushed to close the short. Unfortunately the short did not close until $690. I lost a few BTC.

During that whole thing I had transferred almost all of my BTC to BitFinex but it sat unconfirmed most of the night.

When I woke up BitFinex was down. I know they are a copy of Bitcoinica which stole people's money and disappeared. I sat there at work for several hours with thoughts of all of my bitcoins being lost. The horrible thought of that had me going nuts.

As soon as the site came up I moved all of my money back to my wallet where it is now nice and safe. And that is where it will stay except when I spend it.

We will be over $1,000 and $10,000 in a few years. Playing the market comes with the risk of losing BTC. I am done with all of that.

 $10k! Ill sell 20% @ 10k!!

Selling at 1k is silly... Didnt we hit 1k the other day?! lol

Our infant currency isnt even teething..                

Then why not selling 1% @ 1000? Nothing wrong with that.

I think most of the dumps will come before $1000. We saw that at $900. Someone/people anticipated people dumping higher and wanted to dump first. I think we will see resistance from $890 and up.  And we will see resistance at $1000.

But once $1000 pops it will pop hard. We will be at $1100 in a matter of minutes/hours in my opinion. There really is no resistance for a loooong time after $1000. $1500 maybe, but $2000 really is the next resistance after that. And 10000 cyn which is about $1630. Have some serious resistance there.

 

The way im looking at it.. In January 2013 when btc was trading at 10 bucks i didnt even remotely think we would be where we are at now!


Bitcoin is moving astronomically fast! So is the infrastructure and the support!

 I think its the only thing trading who's charts you can watch like a tv show! We havent seen anything yet! People are just getting their tip wet and getting all excited!

At 10k i would hope bitcoin has a foothold that has dug in a bit!  @ 20 - 30k i think bitcoin would be strutting like George Jefferson!


Everyone is on a different clock so i guess there is nothing wrong with it but considering how much of an infant bitcoin is and the what we have seen up till now ...  Im reserving cashing out so to speak till the 10k mark! The time between 1k and 10k may not be too long!

"Hold for the longest time"


 

sell? lol

enjoy your "profits"

Yeah "sell"

Without selling I wouldn't have been able to increase my coins this bubble.
There are allways corrections -> sell small parts on the way up and have enough fiat ready for corrections -> cheap coins from panic sellers

i'm not confident i can day trade bitcoin.  everybody i know who has tried to sell coins to buy at a cheaper price in the future has gotten burned.

I won't be selling for fiat at any arbitrary number. I will be getting more coins no matter the price and spending them as I see fit. And saving for a rainy day of course :)

With such attitude, when the price wil be close to 10k mark maybe next year, you wont sell because there will be possibility for bigger price.

That's the good attitude.

Then I would sell at $980, then you would sell at $970, then I would sell at $960.........

Conclusion: No one will be selling at $1000

Why sell? That's so stupid! Unless you are in debt. If not, live a minimal lifestyle and enjoy your time with your wife and family. Living debt free and knowing how you're going to feed your family and pay to keep the lights on, because you have enough wealth to pay for your children and their children. If you wanna work to buy toys, go for it. But don't dip into the money that will sustain you and your lineage for the next 100+ years. Whether bitcoin is it or another coin is. Hold onto your wealth and live debt free and have the freedom of knowing, nobody has their thumb on you at work. You rely on no one to feed your family. Being in debt is a sin and it degrades man and his ideas. If you read any history even up to 100 years ago. People fled countries and killed themselves over minor debt because they had no idea how to pay it off once acquired.

Then we might end selling at.. now , right:?
I actually don't think there would be people selling at 990 or 1000 , rather at 1000+ to trigger a down slide.

If nobody is selling nobody is buying....:D

The problem is only a few people will trade directly at that amount.

However, due to the need to match orders on a book, a latent sell order at the market price will drive prices down. The problem with latent orders, much like iceberg orders is that you don't know how big it is until it hits the market.

Even if there was a wall of sell order at $1,000, then people that want to get out will start to sell at a lower price. The sell order may then retreat and become a market order which would bring the price down onto unknowing buyers who have setup specific entry targets.

However, usually the price changes will be smooth as the bots pass the hot potato around and drive the price down smoothly. So most of us will be able to get out of the market faster than the bots.

If you sell, then there is a buyer, but what that buyer does next will determine the price.

 ??? Who puts all their money into one asset class?  :D :o

I am a big believer in the permanent portfolio method.

You can live without debt and be diversified. That way you won't sell when the stockmarket crashes and you can gain the benefits that have been proven over time. You are buying a share of a business. There are dividends and distributions of real earnings.

There are no economic benefits that can be gained with bitcoin. You are better off investing in a bitcoin gambling firm or an exchange. Otherwise you aren't creating any revenue stream but relying on the fundamentals which could disappear overnight. High Risk doesn't necessarily mean High Return. In fact the most risky assets are the ones that have gone bankrupt such as Enron and they have zero yield.

You want a stable revenue stream. This can even be as easy as collecting a welfare check. You don't see people just holding gold and not collecting welfare do you? Who would give away something they qualify for. That would be ridiculously insane!

Furthermore, if everyone is selling, why don't you sell and get back in at a later date? Even if that is only $100 lower?

I was totally with you up until this point. What has sin got to do with anything. It's all just choices.