Bitcoin Forum

Let's be honest.  ;D ;D ;D

I've been a bull right along with you, but I am not so sure we don't see some follow through on this correction. The chart in China is ugly right now.

Not disputing this or anything, I'm honestly curious, what chart in China? The one I see on bitcoinity is almost identically to the Gox one, though it has recovered a bit less.

The one on Bitcoinwisdom. I like to look at the 15 minutes and 2 hour charts.

China is not bouncing off its lows. However, we must also mention that China retraced only 25%, where Gox and Stamp were just over 30% each, so that could be part of the factor here.

Also, China led this correction and its a pretty steep correction on the 2 hour charts. And over a longer period of time than the correction 2 weeks ago. Which is why I think we might see some follow through, just like we did then.

Holding to the end! (or near end) ;D

Honestly - missed the buy opp :( Once I saw the dip and logged into the exchange, price was already back up to 980 :( I remember better days when people panicked for a couple of days, at least hours, not freaking minutes.

Same here. A bit pissed off because I've been waiting for that but figured I wouldn't need to have an alarm tied to bitcoin price. Slept right through it.

well, hopefully it will go to 800 again right about now :) ready...

I'm bulling all the way until the end.  I might buy some more if it drops to $750, but I'm thinking of just holding on and earning some free BTC along the way to help my pockets grow!

Sounds like a plan. 8)

Missed?
Why don't you place your bids and have enough fiat in the exchange? Scared?  ::)

And THX to the weak hands for the cheap coins. Got a few under 630 Euros @ GOX!
Buy @ 605 didn't fill... stopped @ 609 before going up.

i picked up about 24 more coins for around 900. i only use virwox tho, and they have really low volume and not as much volitility as the other more popular exchanges.  i have been using them a while and dont trust keeping fiat on any other exchanges. i think the conversion from btc>sll>usd discourages many from using virwox. i might try out bitstamp eventually. hopefully bitstamp has reliable USD withdrawals.  i can get USD from virwox in 4-5 business days- never had a problem there.

On the CHOO CHOO to make another ATH.

Any others sold at those LOW prices?

the ironic part was buying at about 900 when i could have bought a couple weeks ago for 700.

Please don't bring that up  :P

I did. Sold part of my bitcoins. I do that at every significant ATH.

Because I truly believe one day this whole scam will be finished. And I don't want to be the one without a chair when the music stops.

What makes you think bitcoin is a scam?

I think it's a hype, like the dutch tulips mania or some sort of pyramid scheme. I exists purely on the basis of greed, like every bubble. Easy money. Too easy if you ask me.

Look at China at the moment. The Chinese are buying altcoins like crazy. Nobody asking themselves what they can actually DO with them. Only thinking at the profits. Quark for example exploded. Everyone wanted them suddenly for some reason. Enormous price rise. I think today a lot of people are wondering what the f*ck got into them buying that useless coin at today's prices. It will fall quickly in the coming weeks. With bitcoin it will be the same, only more time and money are involved because it's better known and "established".

[edit]: But of course I can be wrong. Time will tell.  :D

Altcoins do suck and are created only for profit, but I'd still use bitcoin if it would reach 0.01 USD. Id have to buy 10,000 for the VPN service, but I'd still use BTC

i used to think it was a scam too when i first got into bitcoin.  thats why i chose the username bit con.  seeing that price crash from $32 to $3 or whatever it was really shattered my faith in this new currency. thats just how this game works... those easily discouraged lose out. those that have balls / ovaries of steel prevail.

You clearly understand nothing about the bitcoin protocol and what innovations and opportunities it brings to the world. Glad people like you get rid of their coins, I hope you get rid of them all soon. The speculative bubble will deflate sooner or later, but the underlying value of the protocol itself remains and that value will continue to grow at its own pace, regardless of the speculators who are only in it for the 'money' and are too retarded to understand this technology.

That's the difference between us I think. I think buying in at 60 and selling at current prices isn't losing out, it's taking a big and real profit. And i'm not selling it all, just a significant portion. If and when it hits a figure like $ 2000, I will sell a significant amout also. And so on, taking profits while not selling everything.

You call it a game, that's exactly what I take it for. A game, like horsebetting or poker.

youre smart to sell of only a small fraction.  thats the way to do it. you didnt lose out by buying at 60 and selling at current prices.  thats the right move.   the only way you lose big gains is if you sell too much like i did when it broke the first ATH and not having many coins left as new ATHs are reached. buying and holding doesnt seem like a bad idea in retrospect now.

I think we are both happy then  :D

But yes, I do understand the protocol and how it works technically. But I just don't see the opportunities you think bitcoin has for the world. Or better said: I don't see what the current market value adds to the technical innovation bitcoin brings. If you're only in it for the innovation as method of payment it's better to have a coin with low but stable value, instant transaction confirmation and then it wouldn't matter if you use bitcoins or any other kind of cryptocurrency. As long as it has stable value and acceptance among those who want to use this method of payment.

And for "store of wealth"-purposes I would use more tradiational and real things like gold or platinum. And not the bank certificates that entitle you to a certain amount of the precious metal, but the real thing, gold coins.

There is a very good reason gold is a true store of value: It's always and everywhere accepted as payment when all hell breaks loose like in a war or a nature disaster. I don't think something like bitcoin will be accepted under those circumstances.

I hope you understand what I mean, English is not my own language so it's hard to explain it correctly  ;D


That's the whole point: the brilliance of hindsight is all that's certain with bitcoin  ;)

English isn't my native language either, I'm Dutch like you probably are as well. :P But bitcoin's greatest advantage isn't its usefulness as a store of value, but its usefulness as a way to transfer wealth wherever you want it to. Like e-mail is superior to sending letters and postcards through the postal mail, bitcoin is a superior way to send/transfer wealth. What does this say about the real value of a bitcoin? Well, there are only 12 million bitcoins in existence right now and if the masses truly start discovering the advantages of using bitcoin like they discovered the advantages of using e-mail, then even $100,000 per bitcoin will seem very very cheap.

But the innovation lies in the technical part, not in the value or the name Bitcoin. People think Bitcoin is scarce, but cryptocurrency isn't. The number of Bitcoin is limited, but you can just as easily use an alternative like Litecoin or Feathercoin if the technique is all you care about. If the technique of Bitcoin is going to be accepted more, alternatives will also emerge. And then the fact that the number of Bitcoin is limited isn't that interesting anymore. And the price will therefore drop.

Alternatives to bitcoin don't have the infrastructure that bitcoin has around it. You can replicate it but you can't replicate the infrastructure. Here is a good post on reddit that explains it better than I ever could: http://www.reddit.com/r/Bitcoin/comments/1rxmk3/my_open_letter_to_peter_schiff_followup_from_the/

In addition to the previous post, if somecoin is to be used as a transfer of value, it should be able to securely transfer amounts similar to , or less, than total money invested in the hashing network. Your shitcoins, besides being low-volume, low-cost and hard to exchange out of other currencies en masse, also lack any substantial hashing power to safeguard the network, so it may be economically feasible to invest in infrastructure and be able to revert a large transaction. As they also lack sufficient monitoring and experienced developer teams, they are not suitable for anything but being playmates to the real thing, maybe serving little purposes like microtransaction coins or email signature coins etc.

Bitcoin, on the other hand, has a network strength that can sustain secure transfers of hundreds of millions of dollars (at this point) easily. That's why the valuation and that's why it will only grow.

network effect will plays well with bitcoin
There will be thousands of altcoins basically worthless but bitcoin till it  technical end will capture 90% of  market


Services will spring out eventually, some of them maybe game changing, I think this is the real reason why this system is so revolutionary.
 By itself it does not stands for much, but ideas and services will make it.
Even community itself presents some value it is very hard to gather such people in one place. Big money starts to see it and  that is good

Beside this in case of  real conflict gold and silver aren't as good remedy as survival skills, shelter, food and weapons.
Here bitcoin is worthless agreed but during economical hardship bitcoin as defence will perform quite well, and more likely the latter will happen