Bitcoin Forum

I invested in bitcoins only recently, in August. Purchased shares of group-buy mining equipement and just plain bitcoins as well. Since then I have had some light panic attacks while following BTC price charts. But the ''it's gonna crash!'' trolls made me actually go in full panic and lose a little bit of my bitcoins. My fault, indeed. Live and learn.  
It helps to think about what person would actually post about the imminent crash of bitcoin here on this forum. Let us make a list with our observations. I have noticed this guy a lot:

1) A person who wants to participate in the market speculation by driving the price of BTC down with panic. They will rumour and blow some events out of proportion. Then they'll buy bitcoins when the price has been driven down and wait for it to rise. Then do this all over again. They could be small speculants or represent a larger company that specialises in BTC market speculation and exchange.

There are many variations of this particular individual. I think it would be educational to discuss them and find other species of this ''The End Is Nigh'' troll.  :)

or they could just be really panicky, run-for-the-hills type of investors. on reddit, there was a guy who had a $750,000 inheritance from his parents.. he ended up losing $370k from buying and panic selling.. and the money he spent was half his sisters'.
well, that's if what he is saying is true.

Smart people have been doing this for literally thousands of years.

If you want a good analogue for what Bitcoin scams look like, check out the currency fraud scams going on in pre-1861 USA, the "wild west" and gold rush days. In a completely unregulated market where value storage and conversion is both highly unreliable and varied, those who control communication win the game.

Dumb people have been doing it to, but they just didn't know/understand the consequences of it and didn't profit.

No point of listing such people here, better just ignore them..

Just observing the speculation threads you can trade in exactly opposite ways. Does not work always, but very often.

Panic selling is buy high, sell low, so never put more in Bitcoin than you can loose, or your fear of loosing may lead you to panic sell

That is terrible. A lot of fresh bitcoin investors might have lost some BTC by bad timing and/or panic selling. I did. And learnt from it a lot. But this guy got burnt bad. No second chance for him, I guess.
Some of the users on this forum are actually really inspiring by how they handle panic situations and deal with crash trolls. Some of those ''chill, this troll is just trying to get in your panties'' replies helped me to to find confidence in bitcoin and this community. They saved me a lot of bitcoins. Too bad that the person you are talking about did not stumble upon them.

Good advice, but I do not think that my nerves are suited for serious BTC trading. I feel like relying too much on luck and too many possibilities. Besides, if you are not dealing with really huge price swings, the transaction fees might eat up all of your profits. And many of us are not dealing with a lot of coins, so the gain would not even be that noticable. I think the best option for new, small investors would be to look for commodities that they need an are able to purchase with bitcoin. Or hold on to their coins and sit through all of the price swings, as bitcoin will become more valuable.

As someone who frequently visits BTC-e, the trollbox is the epitome of this.

Don't bet the farm on bitcoins and you will be fine.

i don't have much of a history with investing.. so i don't pretend like i know a lot. i think most people are in the same boat, so they should probalby do the same. the first thing to learn, at least for me, is not to get too greedy that you are unable to read the signs.

i think BTC prices rose too quickly and are stabilizing

I wonder how far it will fall???

Who knows, maybe best is just check price next week and do not look now  :)

where will it land nobody knows!!!!!

It's because of the news out of China. We've seen crashes before it will stabilize around production cost.

How much is the production cost?

Volatility will continue (regardless of trolls) but is normal (is a part from the market speculation). Anyway, from my point of view bitcoins are a long-term investment.

I wouldn't invest in BTC an amount that i will need tomorrow.

but what if the end is nigh?

well seeing as the cost for equipment to mine has gone up that would mean the value of BTC should be going up.

Dont expect it to stay much lower than 700 for any length of time.

you might just be surprised. this rally is over. a bear market may be in! ;)

Yeah you gotta take verything you hear with a grain of salt, lotta people out there looking to profit from your panic.  :P

that's for sure! hehe. :D

yea i wouldn't be surprised if i was surprised. wait what.

Now at 675 and dropping.. YAY!!!

400$ by midnight ??

pacific +8, california time zome

Damn, this is buying time now!

Not with 100% of the sum you want to invest, but with, let's say, 30%-50%.

Amid frenetic bubbles most of the bulls are trolls.

 :D just look at LTC price swings for last week or so. Alt coins are even crazier in price swings than Bitcoin  ;)

Lots of media coverage on BTC and Alts the last couple of weeks has brought a lot of speculators and inexperienced investors (myself included). This was like the day trader boom in the late 90's/early 00's. Lot's of hype machines and doom and gloomers all over, but mostly people losing their shirts while the smart ones bought slowly and steadily.

very glad that you learned the right lesson from this and were not scared away by it. welcome to bitcoin.

As the costs increase how is that supposed to push up the value? Does each miner go "BTC needs at this price for me to be profitable, I better go buy some to increase its value!" ?