Bitcoin Forum

I've cashed out but this is not the end.

If one examines the one day chart of btc at http://bitcoinwisdom.com/markets/btce/btcusd one can clearly see that we are in the midst of a steep multi-day down-trend. There are still opportunities for profit for day traders but I will be having a break from that for a while.

Dont be a little pussycat.  If ur out dont ever return. Get rich or die tryin

I'm all fiat with a small position short

This weekend will be interesting

WHOA!!

guy with 19 posts, been here 6 weeks is bailing

STOP THE PRESSES!!!

SELL! SELL! SELL!

Idiotic, emotive argument.

 :D

So all the way up to the moon from here then?  ::)

So one´s background in trading is now judged upon amount of time spent on Bitcointalk? You´d make lovable financial advisor.

not in the least, but those of us who have been around here for a while have been through this umpteen times, there are just more zeroes after the numbers now

in percentage terms this "crash" is small potatoes compared to the rollercoaster we have ridden these last few years

yawn, wake me up when we break 1K again

edit/ and to the OP, far as I'm concerned, this IS the moon, next stop moons of Jupiter, who knows when

That could be 2 - 3 months from now and this could bottom sub 100.

and? ...

whoop de do

we went from the unbelievably vertigo inducing price of $32...

to $3

so $100 would be meh, not that I expect it to go much under $400 really

I thought you left. Why are you still here?

So if you sold now and bought back in at $400 you would then own %50 more bitcoin than you have now.

yeah, I have tried that in the past and have less coin to show for it, this market can move against you with a lethal vengeance, trust me

now I dabble with maybe 10% just for fun, usually manage to break even

but hey, obviously you are a trading prodigy who can beat the market, best of luck to you

I SODL at $500

Fiat is king until I can buy back at $400  ;D

I cashed out most of my fiat since this downturn.

I still have about 10% fiat that I need to cash out so I can walk away and come back later.

Why cash out specifically? Are you so bearish you think the exchange system is going to fall apart or start stealing too?

I prefer to have all of my money safe, so I feel a lot safer when I cash out all of my money into cold storage.

https://www.youtube.com/watch?v=gx7JRXXcGOE

Cashing out makes a lot of sense right now.

You're not worried about missing some phenomenal buying or trading opportunity? At what point do you deposit back and how do you deposit quickly enough to catch the buy?

I have a buying opportunity every time I get paid in fiat.

I made the mistake of shorting at $4 thinking it would go down to $3.50. I got short squeezed as it went down to $3.60 then climbed and climbed and climbed...

Now I just get what Bitcoin I can, when I can.

ZHAOTONGED!!!

Oops I'm talking about the guy withdrawing cash.

Cashing out is a big no no in such an uptrend market. You will miss buying opportunities thanks to our banking system.

It depends on your time horizon.

There are hourly swings in price, daily swings in price, weekly swings in price ...

It is unclear to me when this will bottom before reaching a new ATH. When I see the buy signal I will be back in. This could bottom at $10 then swing back up to $300 at which point I may buy back in and own twice the coins I did before. The price could then increase to $2000.

I'm not saying buying and holding isn't a bad thing to do. I just see may strategy as a good way to minimize risk and maximize profit at the same time.

You got to hang out with Bitcoin for a while to tell this is actually just a phase in the adoption cycle before the price does its usual  8)

You mean the risk of the bank taking all of your fiat (especially the ones that like to freeze Bitcoin users accounts)?

Or the risk of the dollar collapsing? You know...that whole $20 trillion debt and QE infinity...

Maximize profit? The value of Bitcoin has gone up by at least 1000% yearly...I would hate to be stuck with fiat.

I did :P

Fortunately I pulled out the rest of my BTC about a week before Bitcoinica stole everyone's money.

Quite likely, but as has been pointed out I am new to bitcoin investing. Whatever happens will be enthralling to be part of and I do believe cryptocurrency is a truly revolutionary technology.

That only happened to the directors of Coinjar here in Australia. There have been no instances of members of the public having their accounts closed for buying bitcoin here that I am aware of. Though I do accept that this is possible so I may create an account with another bank to mitigate this risk.


This is another risk also of which I have taken steps to minimize.


Past performance is no guarantee of whatever...

Safe money, is there such thing really  ???

I think a more realistic scenario is if the price bottoms at $300 then goes back up to $600. Wouldn't you have liked to put in your buy order now? Something has to go catastrophically wrong for us to hit $10. Off the top of my head, I can't think of anything like that.

I'm 95% fiat too. The latest rally is a boon for whoever(with head on his shoulder) took the chance to get out at a good median price,
without losing too much profit. Negative net volume means sellers are now controlling the market and it is start of a bear market with lots of bumps.
I say cash out a good chunk and enjoy your new fortune to not be tempted to buy 'cheap' coins which can get cheaper and cheaper..
Meanwhile Bulls are going deep underground hodling. ;D

http://btctrading.files.wordpress.com/2013/12/chart24.png

I think the collective of newly wealthy bitcoiners with fiat sitting on exchanges, alone, is enough to buy out all of the bitcoins at $50 or so. $10 would not even be physically possible, without some change in fundamentals. I don't even see 300 happening. Look at all the orders at 400-500.

Not the end,
not the end,
just remember ...

http://www.youtube.com/watch?v=5B2yeDYgPfY

And then what?


No; I just sold for this price.   ???


I can: an unknown unknown.

What's negative net volume?

How do you look at market depth that far down?

I'm using btce and bitcoinwisdom.

bitcoinity.org/markets
trading.i286.org

All I see at bitcoinity is that 400 can be sold until the price goes below 582. 400 btc out of 11 million.

On bitstamp (not including bitfinex orders):
10k btc to $500
20.26k btc to $400
34.24k btc to $300

On gox:
19.75k btc to $500
38.14k btc to $400
54.55k btc to $300

That's only 0.8% of all bitcoins holding up the price above $300.

Workings:

((34.4 + 54.55) * 1000*100)/11E6

Ok DavidZ imagine price moves up violently and breaks 900. Your move?

Not saying it does or will, but it sure as hell can :)

I can tell you your move - panic buy. Then sell back at 600. Rinse repeat. That's how most day traders here "make" money.

That's about half the free float  :D


They also go blind staring at the screen constantly and get virtually no sleep (speaking from experience)
And then pay for this  :D

Much cheaper to visit somewhere seedy if you need pain that bad.
Oh yeah ... they don't take BTC yet - quick we need BTC S&M to save day traders from themselves  :o

I doubt that; but even if it does it will be followed by an similar correction.

There are a couple differences between past crashes and this one. 
First, this run up was fueled by Chinese investors. China is now out. This is (soon to be) the biggest economy in the world.
Second, you have a crap load of new and not even delivered yet mining equip out there with miners about to lose their asses. Difficulty levels are already way out of line with the return, never mind at half current value.

I'm not calling an all out collapse, but you can't equate a $32 to $3 fall when btc was still obscure and largely unknown to what is currently happening.

Not all placing buy orders, and if the price drop, more dollars will be transfered to exchanges to buy cheap Bitcoins

This only happened before because of Chinese speculation, and we've yet to see the full fallout. Please elaborate on where this new money will come from?
David did the right thing, keep watching that value.

wall street

I'm not saying anyone should or should not try playing the market, but cautioning that bitcoin has proved violently unpredictable in the past.  The next run up could come at any moment, and blow your reentry point forever.  It has happened to me, and I was pretty certain that I was just playing a swing at the time.

weak hands have to be purged

Matthew 6
19 “Do not store up for yourselves treasures on earth, where moths and vermin destroy, and where thieves break in and steal. 20 But store up for yourselves treasures in heaven, where moths and vermin do not destroy, and where thieves do not break in and steal.

BTW, OP, good luck catching your $10 bitcoins.  I don't think it will ever happen, but I didn't think China was dumb enough to shoot their feet off either.

That's what you don't understand. All those coins you don't see on the exchange? They aren't available because the price is still too low. *That* is what's propping the price up. Not the .8% you do see. It's the 99% you don't see.

so.... ... ...

how those short positions working out for you guys?

Care to look at the history charts? There has been a point in time when the price has left certain level to never again return. Happened at $1, $10, $100, will happen one day at $1000 too, and if you are certain this is not the time, well, you just might be left out in the cold :)

Don't pick on the bears. They can't help it.

From anywhere! 100 million dollars would move the price to an ATH easily. It is small change for many investors still.

Don't count on that to call the bottom!


This... Completely irrelevant! That is like saying printing more Dollars makes their exchange rate higher.
The exchange rate doesn't care if miners are profitable. ASIC costs nothing per day to operate, so this price is still very much profitable anyway. A miner should not expect to have hardware paid off in a week or two. No profitable business can expect equipment to be paid off in such time, why should Bitcoin miners be any different. Besides, the price does not need to support every miner, only the most efficient ones. Those mining at a loss only do so because they choose to (ie. Speculation). Difficulty will adjust for the idiots, and that's why it is like it is now.


~BEAR~

There's a strong apparent upswing occurring on all charts; if think we've seen this bottom. I'm back in!

By taking this step unfortunately I have lost some bitcoin.

you mean you sat on too much fiat too long :)

Correct. Mr Market is waking up to how unsound fiat currency is and is demanding an alternative.

Glad to see you have better judgement than to stubbornly wait for the price to go your way. Because it might never do that.

David, you have got to stop shooting your toes off, before you know it you won't have any feet left. The last thing you want to do is buy and sell based on emotion. There was nothing to indicate a run back to $1k. The Indian exchange closings and impending China exchange closings indicate we will see cheap coins soon. This is using common sense not emotion. Don't listen to the extreme bears saying $10 coins next year any more than the extreme bulls saying expect wall street money to fuel a run up soon. Both are very unlikely, what is likely is the result of using common sense with what is going on currently in BTC news. Common sense is that was a brief run to $750 now down she goes. Pick a position and stick with it.

I have cashed out also.
I read Rpietila's writings and he is saying we will have pretty low prices ahead (300-400 USD).
I have been following BTC for some time - despite I am new in the forum - so I see this exactly the same as last spring/summer. Now the price is down-trend and it should really find the strong support level that we need to rest for some time before BitCoin is ready to go to the moon.
There are plenty of money being made if you just now sell your coins and waite that all the others are following you and then rebuy them 50 % lower. It means, you get with the same fiat 100 % more coins and as the price restarts to climb up, you have twice as many coins as you would otherwise have.  8)

Unless the price does not go down and you have no coins and feel pretty damn stupid, you know.

As in, never go full fiat. :)

F**k, who said that Bitcoin will go to the moon?

It must be nerve-wracking not knowing if you'll be able to buy in cheaper before the New Year  ;D

I'm thinking there is 99.999% probability that bitcoin will be worth $1,500 quite soon but only 5% probability that you will able to buy at $350.

EDIT:
Every holder will double his investment but only half of seller can buy 2 times more.