Bitcoin Forum

I'm contemplating forgetting about Bitcoin for the next year, then coming back afterwards to see how much I made or lost. No forums, no checking prices. Nothing.

I think I'm spending too much of my time reading about it and not enough time on life.

Has anyone successfully done this? Did you have BTC withdrawals?

I agree, I think that is the best way to go. Looking at the price all the time does nothing. And this recent "crash" is just depressing. I'm afraid it'll go down to $400-500 and just sit there for most of 2014.... At that point the temptation to sell and lose trust in bitcoins will be too much

I already did that once between 2011 and 2013 (as evidenced by my brief forum history).  The last month was pretty cool.  I might have to check out for another 2 years ;)

I think recurrent automated buys and going off the radar is a solid plan.

I wouldn't "leave". Personally, I only hang out on Btalk and check out the prices when I have spare time. I don't make it a part of my life. Right now, everything is crashing and I am trying to find it's lowest point so I can buy back in cheap. I am in it for the long run anyway, so having as many coins as possible is my main objective. It may drop back down to $100 (doubt it), but I don't plan on selling my stash for another 20 years. It'll go up and down, and I'll play the market to make more coins. Come that day, I will have millions worth. In my opinion, it's well worth the few hours I spend bored messing around.

For me, it would be enough just to stop watching the chart, but keep an eye on my wallet once a day when I'm not busy.

I'm sorry to see people selling at these levels, but we all knew a sharp correction was needed.  I think a $500 bottom is acceptable, but below that might be a problem. 

I did that for two months.

Now I can tell without a doubt: I should've never stopped reading or buying.

Agree with Mufa23 100%
Can't put it any better than that!

i will probably have to do this myself. when you're reading things and checking the price all day, it takes your attention away from.. you know, living your life.

Unless life is all about bitcoins!!!  j/k.  Go get a life and let bitcoin be only a part it.  I've gotten to the point of just checking for a short bit.

I just sold all my Bitcoin… pretty much back to where I was in Sept. So much for a day trading career :)

Waiting for those Sept prices to buy and hold (set it, forget it). I still believe in the long term value of Bitcoin, but it's going to take a while. The price got way ahead of itself.

Why not stop using fiat to buy/sell bitcoin and work on a business where you can make Bitcoin so you do not have to pay so much attention to the price.

It's not a bad idea, but for me because I have so little bitcoin I'm actually staying on here to make a few fractions of a bitcoin however possible.

You should definitely just leave it alone then. If you think the price being stable for the span of a year is a bad thing, you need to find another technology to get involved in.

The price right now is only depressed because of psychology. (The price only rose as much as it did because of psychology too.) China's announcement was actually less negative than the FinCEN's was this spring, but then few people can read Mandarin and the titles of western media outlet news on the subject have been overwhelmingly negative-sounding. When the price tanks like this, even long-term bulls (myself included) pull out at a threshold, and wait to buy back in low (aka, profit off the panic).

Since OKCoin's trading pages are 100% Chinese language, I'd bet they have the fewest non-Chinese users, and if you looked second-by-second, they will have been the last exchange to join the swan dive. (Even then that wouldn't take long, as an experienced trader would anticipate a crash based on the likelihood of news' effect on worldwide traders.)

Then, the price went so nuts that Baidu announced they were temporarily halting acceptance of Bitcoin to protect user interests. Naturally, this news is also not really translated properly for the West, where we see just that Baidu accepted Bitcoin, Bitcoin skyrocketed; the reverse must now be so; and then we make it so. Baidu wasn't banned from using it as a result of the PBC statement. But this seems to be a hard thing to get through the heads of most Western traders right now. And now everyone is waiting for it to cool off and trying to call the low.

You're right. I still can't believe how dumb you have to be to read some news saying "we as the government do not recognize BTC as currency and warn people to trade at their own risk" as "we hate BTC and ban it". There's so much good news in the world coming from US senate, Germany, UK and even the chinese people who are still trading BTC and I keep seeing idiots starting topics "Is this the end of btc? Is china banning? I sold all low because I saw everyone selling. Sad to watch.

... high school economics.. pfft

the actual analysis is that the miners difficulty. meaning their investment and predicted returns caused the price rise as they were unwilling to sell cheap (making a loss). that is the true reason for the rise, along with alot of investors joining into bitcoin causing the demand to allow these miners to hoard for the best prices.

as for the recent sell off.. check out the charts. it has happened every first week of the month for the last 6 months. it is more apparent this month due to black friday and people wanting fiat for christmas present buying at merchants that dont accept bitcoin. the whole first week of the month sell off is usually merchants converting their hoards into FIAT to restock and pay their employee's.

it is not 100% pure speculation! there are noticable physical and meaningful factors too.

back to the topic at hand:
if running off for a year. get the private keys from your wallets. write them down in 5 locations on paper. also make a few digital copies of the wallet too. and store them al securely. dont just leave them on your PC as the only backup.

What happens if someone hacks in to your wallet and steals all your Bitcoins? I can understand if you are getting constant headaches due to the wildly fluctuating exchange rates... but forgetting your assets altogether is not a very wise thing to do.

I enjoy it personally, but yeah, it has taken over my life. If you're in it for the longrun then maybe going a way for a while would be a good idea if you can stick to it, but can you?

i bet you will not do that  :D

but please notice: in Jan we were at 10 bucks, now its 800 bucks  :D ... bitcoin outperformed everything.

If you think the price is easily predictable based on miner difficulty and some silly "1st week" phenomenon, please go make your profits then, using this method.

I don't have any problems with the "going away for a while" part. I am just saying that you should at least occasionally check and secure your wallets... and may be you should check the exchange rates and the major news articles.

Also, post here occasionally.  ;D

I think you can "go away for a while" and still keep an eye on the markets. Just check them a few times a week or whatnot. You can always check your balances on the blockchain / scan QR codes, but it wont make no difference if they've somehow gone walkies haha. Personally I don't need to check the markets every day because I'm hoarding my coins for the long run. I do want to make some more by selling shit though, and also you can make coins on here from sig adverts, so it pays to keep on top of the crypto world and contribute to this site. Plus I haven't got anything better to be doing right now, so it's not a fuss ;D.

This doesn't really hold true when looking at charts. Some months it's not even there and others it is just a by product of an ongoing trend.

Also, remember, merchant BTC is minimal. It doesn't even account for 10-15% of the everyday traded volume.

but that's the problem.. people are getting addicted to reading/checking the markets. they fall off the wagon if they check the price, because there will be that impulse to keep doing it. i am kind of sick of it at this point, so once i hit my quota, i'm going to take a break.

Yeah, maybe I should do this instead. Having a quick check once a week can't hurt. Plus, if it hits $100k/BTC, I want to know about it so I can sell some ;)

Wallet security is not an issue. Without going into too much unnecesary detail, all my BTC are on paper wallets which were generated in a 100% secure and safe way.

It almost seems as though I have an obsession with checking the price, even though I'm not a day trader. It's like how some people do nothing except refresh their Facebook all day - I'm a bit like that with the Bitcoin price.

if you can successfully go off the radar and not touch any of your coins i bet you will be very happy next year.

i wish i could go back 1 year and tell myself the same thing...