Bitcoin Forum

I started getting into Bitcoin early this year. First coin I bought was around $800, and now its around $450. I was just wondering when it will be enough for the people around here? What is you're "sign" that you have to cash out and say goodbye?

I'm asking because I don't want to step out and walk away. Not only have I invested a lot of my savings into this technology, but I believe in the technology and the positive impacts that it can give to the whole world. There's been countless bad news since I started getting into Bitcoin, and recently, there has been a lot of good news, but the prices are still going down... I think for me, if doesn't get the right recognition/acceptance/price by the end of the year, I'm out. Probably keeping one BTC, but mostly try to get back what I spent.

Don't get me wrong, I would love to be in this for the long haul, but if I've already lost enough that it would only lead to stress and financial problems, I'll be thinking twice. Right now I still believe in Bitcoin, and it sucks that most people are ignorant and disregard this new technology, and its hurting us.

So what is it? What is you're "I'M DONE" sign?

Graph of the day:
https://i.imgur.com/ejrTU8r.jpg

That actually says a lot... Thanks for this! Good to know at least...

puts things in perspective, thanks for the great graph

so what if the price dropped?  The network is growing stronger, adoption is growing, and even the legal/regulatory atmosphere is surprisingly benign.  Things look great!

Keep in mind that you have not lost anything until you sell. Market price is irrelevant if you are prepared to hold for a few months.

Did you expect the price to go up indefinitely?

Did you forget that Bitcoin 1.0 still hasn't been released yet?

Did you invest money you couldn't afford to lose?

Do you buy and sell goods and services for bitcoins, or simply use bitcoin as a means of speculation?

Have you sold yet?

Personally, the price of bitcoin in fiat terms is less important to me than the development of the bitcoin ecosystem, which is extremely important. If the price stabilizes around $50 per BTC or $5000 per BTC makes little difference to me. I have long ago stopped caring about the day-to-day spot price, because, despite bitcoin's many faults, its contributions to monetary science and its development as a legitimate and viable alternative to government-backed fiat notes and specie is important.

Give it some time. Have patience and educate yourself and others along the way. Enjoy the ride. If you are in this for speculative purposes, which is fine, then know it will be a bumpy ride. I first heard of bitcoin in 2010, and I've seen quite a few of these dramatic posts of despair from new users whenever the price dips. Relax and buy the dips.

Or.... maybe you just have bad timing?  :-\


Reminds me of the days of the big crash a year ago....
http://www.youtube.com/watch?v=K2ku1A5Ox8U "Blame it on MtGox"

People wondered if the bitcoin price would ever reach $200 again.

i keep thinking that the money i invested might be loosing against the pound, but that is jut it as I keep thinking about conversion.  if i could buy all my needs in BTC then I wouldnt worry so much.

Most people will quit when the income from mining will be smaller than the cost of the electricity + maintenance

what do you think will happen when no more people are mining bitcoin but there is still bitcoin left to be mined?

For me enough is when I'm on a loss. If I were you I would've sold the moment the price went below $800.

Sold out at 1000 and haven't held bitcoins long term ever since. Sometimes I have bought on the crash dips for brief swing trading, but not long term holding.

Bitcoin's technical indicators are looking very bearish. It is close to crossing the 1 week EMAs this hasn't happened since 2011 (+90% bitcoin crash).

Might consider re-entering for the long term when enough bag holders leave the market and it crashes to the 300s to 100s.

I think I will start to lose faith when it drops below $250... That drop from $800 hasn't done anything to me yet, aside from some doubt which resulted in me posting this (but thats after more than a month after the drop from $800)...

I'm sure most miners believe in Bitcoin's future, and thus will continue to mine and will sell their coins when BTC's value will be quite higher.
And even if most would quit, difficulty will lower so there will be better profits for the remaining miners.

Fundamentals are key.
BTC is in great shape in many countries.

I'd hold on tight for the long haul as it might appear things are falling apart a huge part of what is going on is these exchanges is because of  scumbag pump and dump day traders and whales with lots of money manipulating the price purposely selling with fake buy walls  so the price will fall so they can buy back cheaper and buy back more coins.They don't give two shits about Bitcoin and what it can do !All they care about is making FIAt and they don't care who they get to panic sell and take a loss as long as they profit!
These price manipulations causes panic sells to the average person because like chicken little syndrome people think the sky is falling but in reality you only ever lose value if you SELL or gain value if you sell! Think about it? if BTC was @1000 would you sell? probably not? the price is irrelevant unless for some reason you have to sell? the best thing one can do is hold on forget about looking at the exchange prices daily as  this is nerve racking and send people in a tizzy to panic sell thinking they have lost value and worrying about the price everyday!Put your bitcoin in cold storage and something and worry about the price next year.. Just look at history everybody who sold last year at this time is kicking themselves for selling their BTC next year won't be any different as production is going to severely diminish over the next months and there will be way less BTC circulating due to network difficulty  increasing @ about 20% every ten to 14 days and making that much less bitcoin every 2 weeks every month will be dropping 40% or less around average give or take come august mining all across the board is going to be  a huge drop over 80% less then the bitcoin made today then  and by next year? a FRACTION of what people can make even and people are going to be using 10K machines to keep up most likely..... and all the miners who will be mining would have spent a pretty penny on new mining equipment that is able to keep up and mine with this difficulty they would be foolish to mine and just sell at these prices for a complete loss so they will hold and hope for better days....
Miners are going to be holding out and not selling to try and recoup for the 4k to 5k mining equipment used to continue mining there is no way people will keep mining and sell at a loss and wont come close to ROI so they will HOLD and with that eventually the price will go back up as supplies diminish over time......
 So hold on tight this is going to be a loooooong bumpy ride and don't make split decisions same thing happened in december price fell to $500 and then bounced back up eventually and it always will just the nature of the beast........

anyone that says there is a "im out" are not true bitcoin supporters. they simply want to use or abuse bitcoin to make more FIAT, they are the people that wont help others create bitcoin jobs, services or anything related to growing bitcoin. they just want a bigger account balance with their institutional bank that prints DEBT faster then anything.

when the price goes down true investors of gold, bitcoin or anything. do not think of cashing out. instead they think of the benefits of buying in more.

imagine you bought 1btc at $800, then it drops to $400. instead of waiting for it to double in price to break even. people realize they have an opportunity to by another coin at $400 to average their investment cost as $600 per BTC. then when the price does rise to $800 again. they have not broken even, but they have made $400 profit.

selling at a loss to cashout is not only a bad investment plan, it also shows that you dont care about the investment and that you care more about FIAT. which proves to me that you should not have invested in the first place because of many reasons.

the main reason is that you may have invested too much and are making emotional decisions. if you cannot live without the FIAT amount you invest, dont invest. only use "disposable income" if your unsure about trading.

-Yes I expected it to go up.. The start of this year looked good. Who didn't? MtGox at the time was above $900 most of the time.
-Forgot about that, but just a thought, how far away is Bitcoin 1.0? and what can we expect?
-I can't really say. Maybe... Lets just say my wife has another opinion on the matter.
-I plan to promote my services for Bitcoin (Motion Graphics/Animation/Illustrations)... What do you mean use Bitcoin as a means of speculation? Top of my head, No...
-I only sold one coin, and that was to buy a pair of wedding rings (I was short on Pesos in Manila, and had to sell one to a friend instead of asking another friend if I can pay her with Paypal...)

I wouldn't say I got in at a bad time... I got in at a good time, that eventually turned bad (kind of). If I started later than when it was during the $800 days, I would've doubted the technology because I would see it going down...

I think after my 90-Days of hosting with some people here, I would reassess everything. Hopefully by that time, things would start to get better for all of us.

I am afraid bitcoin price will never back to 800 again as the Chinese been forced diving away from bitcoin and US gov classified as commodity. But the price will eventually be steady at some point. Sorry being not optimistic

Good on ya.

No one knows the future, but generally when people are excessively optimistic, one should consider cashing out, which what many people did when you were buying. When sentiment is negative, such as now, it's a good time to consider buying more—maybe not quite yet—but when in doubt, 'dollar cost averaging' works well for most people.

I'd add a small point, which I believe you're aware of, which is the importance of differentiating the technology itself from the marketplace, although the two are connected.

I wouldn't worry too much overall, despite the notional loss. Hold longer, and I think you'll be very happy. Many companies are investing massive amounts of time and money to support bitcoin. We all may end up losing our shirts, but I doubt it. Good luck and enjoy the ride.

Cheers.

Even if it takes 3 years for the next big Rally!, it will still be worth it.
Enough is not enough.  ;D

When I started out, yes, I was in it to gain lots of money... But then as I started learning more about it, I bought in more because of the benefits and because I started believing what it could be. I'm already in it for the long haul. Just can't shake the fact that it could hurt me in the end...

I can't think of anything, it would have to be if the encryption is broken, or if mining ends up being centralized by a small cartel, but I can't really see that happening. In both cases other currencies would take over anyway.

That said, I have to say that I can't see that bitcoins has any value what so ever as an investment object. It only has value as an advanced currency. It has to be the blood circulating the veins of the market, or else I'd probably loose interest at some point.

i will never be done, even if bitcoin will go down to 1 cent.... im not selling, im buying more
its about fun, technology, beliving in smth etc.

I don't want to give away anything yet, but rest assured that by the end of the summer, the bitcoin ecosystem will look extremely different.  :)

People selling now will regret it.

This chart looks too good to be true. I wouldn't take such optimistic charts seriously if I be you. I would say: take both very positive and very negative info with extreme care.

I guess 45 dollars lol....
But probably 1800 Is enough for me to feel satisfied and get rid of a few coins

We don't know how long, but things will get much better.

That chart is missing the bear market year of 2011:

https://i.imgur.com/KvabLX8.jpg

Could happen again for all we know (93% reduction from ATH).

so why was the bear market of 2011? also why is it not included on that one graph? do you think we are having another bear market coming where we might see a slow decline over the next year? i wouldnt like htat at all

Mt.Gox has the oldest chart history, many of the younger exchanges like bitstamp are missing 2011 data.

I can see how all the people who bought at the end of 2013 are getting frustrated - but you will always regret it if you sell now. Trust me, I sold off way more than I could afford now towards the end of 2011 when they were around $3, because they had fallen from $30.

People will never quit mining bitcoin as long as it is a valuable and spendable. The insane difficulty that we had reached would slowly adjust down to reasonable levels and it would once again be profitable for a small time miner hop in and make money with it. The beauty is that by mining you are supporting transactions. By keeping mining profitable it ensures a long term decentralized network with lots of support all over the world.   

thinking of when to get out, to then put your losses into a FIAT account at a 1% gain per year will mean that the $800 you had which you sell for $450. would need to sit in a bank account for 50 years+ just to get back to $800 again.

yet you can simply BUY another bitcoin for $450, which averages your "break even/profitable point" to then be $625.
so you can then:
sell out when the price gets to $625 to cash out your 2btc total of $1250 (breaking even $800+$450)
or making a profit by selling above the $625 value to make a profit.

you have not lost untill you sell at a loss... and smart investors never sell at a loss. they either show patience or they average down.

if you dont want to invest more to average down. then atleast show patience.

franky1 is correct.
Shhhhhhh....Don't tell the noobs how to avoid all losses.   :D

I assume you don't actually need to cash out, but you are tempted due to frustration or fear of further loss. I'd say hang in there. We'll see $1k+ bitcoins again and maybe higher.

Enough is enough when I die of starvation.

Not before.

This is correct.  Dollar cost averaging is a well known, time tested investment strategy.
It only fails if you are using too much leverage (margin), or if the instrument never recovers.

At this stage mining is not profitable. SO people stop mining. It will increase scarcity.In the long run price will increase.

I'm in it for the long hall. If I lose what I have in, so be it, but I think that there is a future in BTC. I also think that too many people and corporations have invested in it at this point for it to just go away.

ps- There are ways to still grow in the bitcoin world even when prices are down and/or dropping...

Bitcoin adoption is a marathon, not a sprint. A lot of things still have to happen before it can start really penetrating the mainstream and in the meantime, the volatility will continue. This is something you need to take at least a five year outlook on. Some people day trade and they take the short term view, but in my opinion, the winners will be the ones who stuck it out.

I agree it definitely is more about perseverance and long holding than short term
Lots of people lost money in 2011 in 2012 and in 2013 and bitcoin still exists and has been growing stronger
No reason to back away now

When the time is there that I can say I want out, Bitcoin is allready accepted big time... so stepping out would mean back to FIAT and that's not why i'm in here for. Yes the price has dropped, that sucks if you bought in high but it will rise but when that's the big ?
The bad news being spread is just for trainmissers to step in, that's my thought.
We should hang in there, and if you see how many new company's start accepting/using Bitcoins in there daily work now, that means something. ;D

Agreed! You have not lost anything yet until you actually sell the coins. I would not like to speculate but last year I predicted it to be at $500 and surprisingly it passed that with almost doubled. For 2014 I would predict it to hit $2k with my knowledge and experience, and of course this is my own opinion. I would recommend you to sell at $1k since that's when you can make a profit but don't feel bad if you sold at $1k and when it hits $2k by the end of the year. Being greedy is a good thing but as a smart investor your goal is to make a profit with the available resources. Only the most experienced and lucky ones make the maximum profits.