Bitcoin Forum

With all the speculation over what's about to happen (or not happen) in China (http://www.coindesk.com/china-bans-payment-companies-working-bitcoin-exchanges-sources-claim/), I thought it was refreshing to read a Mashable piece that came out today on Cameron Winklevoss.


Full story (where he's calling for bitcoin at $40k) here: http://mashable.com/2013/12/16/cameron-winklevoss-bitcoin/

If someone would have sold for 1100+, they could buy back in for almost double the Bitcoins today. It is something to consider -- even if you believe in Bitcoins, it may be best to sell and then buy back in once the market has bottomed out (this advice would unfortunately have been more useful last week...).

That is a good point, but I never have great success when I'm trying to time any financial market, particularly one as volatile as bitcoin. I think if you're confident in your investment for the long haul, you sleep better at night, and you end up making a lot more than someone who flops around like a sheet in the wind.

I wish I bought bitcoin at any time when it was under 100$, then sold when it was over 1000$, then buy again after the china collapse. Actually if china cracks down then it would create an excellent time to buy... Although I pity the chinese people who got screwed by "their" government

Panic all you want, sell all you want.  That's when the smart people scoop up their shares and make more in the long-term.  It's like Warren Buffet's famous saying, "Be fearful when others are greedy, be greedy when others are fearful."

I also feel sad about the Above. I was shocked to see the BTC price plummet. If I had known I would have sold when I was holding it at 1k and then bought and got double my money's worth but oh well I wasn't seeing this forthcoming so I lost out, especially when I bought 400 bucks worth of BTC for 1050 bucks from the robocoin atm down the road in Vancouver lol.

I don't have a lot invested, but I'm holding what I've got and will probably buy a little more when it goes a bit lower.

A true spartan!  :)

Holding to prior decline patterns, the likely rock-bottom is around 260's before gaining ground again.

But keep it up with the "hold spartans" thing, I'm sure that's what the market listens to... (not really.)

That was exactly my point in my topic here --> https://bitcointalk.org/index.php?topic=361561.0

I guess today isn't on of these days  ::)

We are all perfect traders with hindsight :)

Very stupid advice, thanks. Works well but only in retrospective.

Selling at the top is a myth, trying to do so will only lose your investment.  I bet a lot of people like this dumped at $250 because they figured it was peaking.

Yeah, but those people probably made a big profit also.

If you bought at 50 and sold at 250 it's probably because you had enough profit to step out. Nothing wrong with that. Those people didn't lose their investment, they made a profit no bank could ever give them on their savings.

The people who bought those coins at 250 and sold at 1250 probably thought the same thing. Enough is enough.

At the moment I just feel sorry for the people who bought the coins at 1250.. they must be really nervous now  :D

But maybe in a year they sell their coins at 6250 and the whole thing repeats itself again.

You're right.  There are people moaning on the board all the time "I sold at $250 and I never bought back in."  These are the same people saying, "I'll buy when it goes back to $300."

If that's you, BUY NOW before Christmas.  This is a great low period.  Buying pressure is reduced because of the holidays and will go back up in January.

IT DID NOT COME OUT TODAY... this was said a few days before when everything was all lovely and dandy and people had the moon reflecting on their eyes. Don't let this comment delude you from the terrible news from China, that news was a blow in the gut to bitcoin commerce. A huge blow, since one of the reasons the price increased so much is because of how involved China was. Everyone expected them to be the forefront to embrace this technology, now it is the opposite. So stop being delusional...


With that said, his statement is probably still valid. All we need is to reach a market cap of $400billion which is possible if scumbag banks and governments don't try to ban bitcoin from all the major countries. I'm really hoping for America to step up their involvement with bitcoin that surpasses China.

I'm actually hoping for more governments to ban bitcoin.  It will increase the credibility of bitcoin as a means of avoiding wealth confiscation.  There are many trillions of USD in liquid funds hiding from governments that want to take it all if they can.  Just one of those trillions flowing into BTC would mean a massive redistribution of wealth to the current holders.

Yeah, well buying at that price was the wrong decision, not in retrospect, but at the time it was a bad decision, because the price was riding way over the EMA line.  The problem is mostly lack of good information, and lack of understanding of the information that is available.

If you're just investing for short term gain, you're going to be taken in the long-term.

Bitcoin price can only go up when people are willing to pay those prices. If it wasn't for those buyers I would not have been able to sell some BTC around what is now (in retrospective) called the top. But I also sold significant portions of my BTC when the price was way below the top, and even some when the price was below what it is now. I think it's nice to secure some profits now and then. Of course sometimes I felt bad for selling some when I saw a new ATH two days later, but I just try not to look back and think of the nice things the profits made possible  :D

And in times like these of course I don't regret selling some at all!

But a slower pace in bitcoin growth is better I think, less volatility and therefore less panic actions.

what is the EMA line?

Every bubble has to burst and bitcoin was well overbought, going parabolic again, and also running into the gold price. Plus the China news. All this led to sensible traders saying "enough is enough". They've seen it all before.

What sensible traders do not do now is sell at current levels. I believe we are back to "good value" or better.

EMA = Exponential Moving Averages.  It's a fancy way of saying trend line. http://en.wikipedia.org/wiki/Moving_average

+1

SELL SELL SELL!!! Force the Chinese to sell even lower! Then in February you can buy back cheap because the Chinese will no longer be around to drive the price back up.*  ;D




*Note: This is not serious investment advice, but merely musings about the political claptrap.

I'm just holding for the longest time...

Best regards,
ilpirata79

Just one of many technical indicators traders use to decide when to buy / sell. There are many many more. Visit investopedia if you really want to get confused  ;)

Regardless of what everyone is saying about Bitcoin, it will succeed, it just has some hurdles on its way but it will win over banks simply because it is much better. Did electricity win over candle light? train over wild west horse carriage?

Maybe, so far Bitcoin is not as usefull as it could, like sending money worldwide easily could be done if there are much more Bitcoin ATMs

Absolutely agreed. Normal people say "bitcoin is too hard to get hold of". Most retailers don't accept bitcoins because normal people don't use them. Solve the ATM problem, get millions of normal "spenders" with bitcoins in their pocket and big retailers will start to accept them.

Bring on the ATMs!!

This is just bad advice.  Some strong hand is just going to get hurt real bad.  You sell because of market trend is going down.  You buy because market trend is going up.

Yes, it's bad advice if you're a day trader. Day traders capitalize on small intraday movements. Long-term traders buy and hold. Buy and hold's the strategy that's made people like Warren Buffett among the richest in the world. If day trading and currency trading were the way to do it, then day traders and currency traders would always be at the top of the Forbes list. They're not.

Only people who truly understand why they're holding a commodity can weather insane market corrections like we're seeing right now (and keep buying despite the correction!). People who hold are also the ones who end up making the most money in the end (assuming that bitcoin survives of course).

There are many ways to trade. The problem with "trend following" part is the "following" word ie. most people are behind the trends curve, and end up doing the opposite of what they wish to do. Also, trends are only visible historically. Can you tell me whether bitcoin will trend up or down in the next 24 hrs?

This is just bad advice, im holding

Thanks for the insight into your strategy

My strategy is hold for 70 years, and let my grandchildren and great children enjoy a good life w/ financial freedom

Just made another sepa transfer for buying more bitcoins...
btw, thanks for the cheap coins.

Best regards,
ilpirata79

You'd need a game-changing innovation such as a Point-Of-Sale automated exchange that can be pretty simple to set up and use, a bit like how you use a bank or credit card to buy something overseas and the payment system in place locks in an instant exchange rate and converts it on the spot. Once the average person can utilise it that way, then the price will start going back up.