Bitcoin Forum

Ok. So this is exactly how I figure it would happen. As soon as I buy, its going to go down...  I bought in at 1009. Bought 1.3 BTC ~ 1350 (after fees) With my trading experience I know that its best to keep buying as the stock falls to lower your average share cost.
So I am thinking here, Should I buy 1.3+btc to lower my average cost with the BTC price so low? Think it'll go back up?

please no, leave the coins for the more experienced people.

Don't beat yourself up...there were a lot of us that bought on the rise from $30-266 and I bought right up to something like $225.
I reached despair before anyone it seemed. By the time it hit $100 an hour later I was basically at a point where I had given up and said fuckit I'm perma holding even if it is the end of the road.

What I did next is what you are suggesting...buy more at the lowest prices possible to average down your purchase price.
Don't be afraid to hold a long time....it has always paid off in the long run in bitcoin.

In a half a year I'm 99% everyone will be reminiscing about the "Xmas Crash" of 2013...and the price will be $10k.

If you believe in the fundamentals of bitcoin....well they haven't changed. I'm quite sure that this 'news' from China is positive regardless of what the bears here have done to spin this negative and screw us all. Once everyone figures out that what China has done is imposed 'controls' similar to what we have here in Canada, it will be back to business as usual I'm sure.  
(And that's really what they have done, nothing different.)

Good luck! Chin up brother!




 

Thanks CMMPro - I respect your thoughts and appreciate the time you took. I'm a holding :)

Honest answer? You now own 1.3 bitcoins. That's kind of cool, might want to buy a few more as the price goes down, but don't bet more than you can afford to lose.

Myself, I have 2 now from mining and my miner will just putter away. I'm buying mining equipment in bitcoins, so it doesn't matter if the price goes "up" or "down", it simply is.

C

If you invested with money you can afford to lose, then the best strategy is to hold long term and wait it out.  The monthly service fee is much lower than my 401k Plan is :)

My 2 cents.

Well people believe prices will swing from about $600 low to $800 so...

If you managed to get $1350 worth @ about $600 you'd get 2.25 BTC

2.25 + 1.3 = 3.55BTC

$2700/3.55 = $760 a coin

If you waited for an upswing you could sell for $800 and land yourself a little profit.

Least you wouldn't have lost anything and you'd have recovered bravely  ;D

Don't go chasing falling knives though....and only put in what you are comfortable with.

Actually I like to invest just a little more than I'm comfortable with, but not enough that failure means jumping off an overpass.
I think if you lose it should be painful, just not fatal.

The price will come back up only after everyone is done worrying about it.

 

much agreed. Id like to lower my avg cost just a little so ill be buying some. Just deciding when. Ill watch the charts and look for a bounce.

Could well be and not bad advice!

My $.02.

;)

Yes. If I were you, I'd average in over a period of the next couple weeks. It should hit rock bottom within that time, and you'd get decent prices to compensate for buying high the first time around. And then hold for at least a year. I'd be very surprised if a bitcoin is worth less a year from now than it is now.

That's actually kind of true, when the stock market imploded in 2008 I was too lame to sell anything so I just kept putting money in as usual because I was too depressed to change the allocations.

Made a lot. of. money. on that fail.

C

Buy 1.8 more bitcoins at any price.

Put the 2.1 bitcoins into as cold a storage device as you can come up with. Know that there will never be more than 10 million people with more money than you.

Use the other bitcoin to spend as needed.

normally i would advise against doubling down on financial blunders but bitcoin is different. if its money that you can afford to lose than yes, double-down and if the price falls significantly again than quad-ripple-down. when ever you start to doubt the fundamentals just re read this article http://www.huffingtonpost.com/2013/04/04/ton-gold-bullion-hidden-car-switzerland-border_n_3017140.html

i sold .5 btc at $240 and rebought at $800.. which means i made $120, and then turned around and bought the same amount i sold for $400.. so i ended up losing $280. i was the fool, but i'm' glad i didn't bet big when i sold at $240.

the point is that a lot of people made mistakes, but there's not point in beating yourself up over it. i know it's hard to know what to do, especially at this point in time  :D

dont feel bad, i sold 30,000 btc @ 140. patience is a virtue

Well, you made 4.2 million minus your initial investment which was probably small. And you have some bitcoin left I presume?

Not all bad.

Remember all the people who bought at $31 in 2011?

Remember all the people who bought at $266 in April 2013?

I can't see the part that you are glad that you bought at 1000$.
I mean you jumped on the wagon so gj anyway but still...

#sarcasm :)

My 2 bits

I bought during the last run-up, purchasing my last coins at 249.  I believe it was that very evening that the crash happened.

Then I made the biggest mistake I've made so far.  I got bummed out about the crash, lost some of my short term faith in bitcoin, and didn't see the resulting low prices as a buying opportunity.  Instead, I slunk off to lick my wounds and pay down debt.  I can't tell you how much I wish I had $2000 of that debt remaining, and $2000 worth of <100 coins.  :(

With that said, I believe that every single person that didn't buy at <1 wishes they had bought them cheaper.  I've decided to be happy that I bought any at all.

Oh ok. With all the shit that's going on with the price lately it seems that i 'm losing my sense of humor  :-[

:)

i bought in at 1240 FTW.....j/k

I have a few coins bought near the top and missed fridays action as I was out and not near a computer. My feeling now is to hold and not try and trade at these swings at the bottom. It's temping because theres been some big bounces, but if I called it wrong (which happens often), I'd really be kicking myself. If you've got extra cash you can afford to invest, buying more coins to lower your average coin cost might not be a bad idea.

ouch

unless you sold 8), you ain't make shit! 

Patience for?

Waiting to buy back at $100 or two digits?

Did you sell in an exchange? Did you manage to withdraw the money quickly and hassle free? I always wonder how easy is to cash out that kind of money considering how shitty are Gox and Bitstamp.

Noone expected bitcoin to rise that high.
It was clever to sell @ 140$

You can't blame him. Most of us would have done the same with 30K Coins bought @ 0.01$ or mined.
The profit is huge. Don't let greed cloud your judgment or you will never realize a profit.

If you are 'so glad' - then why you are asking questions?

I didn't bought a <1 but I'm very happy about the price I bought in. Do you know why? Because I bought immediately after first reading about BTC, after a session of 24 hours reading about it non stop - so I got the best possible price considering when I first discovered BTC. Additionally, I increased my stash after the April crash, by both day trading a little and by buying more with fresh funds.

Four months later I first bought in, BTC was worth 20 times more; now it is worth 60 times more. Plus, I was very lucky with LTC, and MSC is doing quite well too. I don't know how I could wish anything different than I have. I don't know what you guys do for a living, but seeing an investment growing by 60-100 fold in one year is science fiction in the real world.

Good advice.

Well this guy here totally missed the top buy opportunity at $1240! :) And since he bought whole 20% lower, from this he could recover in a month; ATH can take longer

ROFL.  Those who took advantage of the opportunity to buy at 1240, and subsequently had the wisdom to not panic, will be ecstatic when it hits 5k.   

Ouch but its still 4 million USD!!!!

Where do you see the blame?

It was a curious question - thats all. He said patience is a virtue. I was wondering if it means he is waiting to buy back in lower.