Bitcoin Forum

With the recent price drop (~650 -> ~450) there is plenty of fear, some might say "blood in the streets".

Some predictors of doom are even calling the imminent end of Bitcoin - urging us to sell now - 'cut our looses' before it's too late.

Human nature is that if you buy and the price rises, you feel like a genius. If the price goes down you may feel like you've made a mistake (or worse been "fooled" or "scammed") and look to others for reassurance.

Unfortunately, this can make you vulnerable to "panic selling"...

Before you fold, and join the panic merchants of doom in the rush for the exits - consider that this may actually be a great opportunity - possibly your last, best opportunity - to get more bitcoins on the cheap.

Sometimes the hardest thing to do in life is to go against the crowd. But as Warren Buffett says, you "pay a high price for a cheery consensus" - in other words, buying what everyone else agrees is a good stock delivers mediocre returns. Far smarter to be a contrarian - go against the crowd - buy shares in an otherwise good company that has suffered an undeserved drop in price.

I think Bitcoin today is a great example of an otherwise valuable "stock" that is suffering a temporary, and I believe undeserved, drop in price.

I may be wrong, but I think this "flash crash" is mostly symptomatic of a thinly traded market being hit by a cascading series of margin calls. Whether it is deliberate manipulation or not doesn't really matter - some people are forced to sell to meet margin calls, others hit their stop loss triggers, and others are selling on emotion (fear) - all combining to accentuate the price drop.
Just remember - nothing has fundamentally changed about Bitcoin itself.

If you thought it was a good buy at $600, then it is an even more exceptionally good buy at $500.

Bitcoin represents an incredible disruptive force in the world of finance. Just look how far it has come in the past 12 months. It is accepted by an ever-increasing number of high-profile companies, and there is more VC money pouring in to Bitcoin companies every quarter - with more and more smart people building the infrastructure that will unlock ever-increasing opportunities that will drive even more people to want Bitcoin.

And we are just barely scratching the surface - there is still a LONG way to go.

The Winklevoss ETF and GABI fund haven't changed their plans. We will see one if not both of these trading before the end of this year, bringing serious investor funds in to play.

And just this week, eBay subsidiary Braintree is revealed to be in talks to accept Bitcoin. Braintree is the payment processor for companies like Uber and AirBnB - great to see disruptive companies powered by disruptive money! :)

The fundamentals are still solid and there are plenty of drivers for increased Bitcoin value over time. If you're measuring it against USD or other currency - it is far more likely that the 'price' of Bitcoin will go higher rather than lower.

If you aren't being hit with a margin call, and you have not invested "more than you can prepare to lose" - i.e. you don't need your Bitcoins to pay this week's rent or food - then why on earth would you sell now?

You only lose money once you sell. Until then, it's only an "on paper" loss - which would easily and quickly turn into a gain.

The current drop may last a couple of weeks - and may even go lower before rebounding - but don't let your emotions - or the doom-and-gloom merchants here - drive you to panic-sell.

If you've got some spare fiat, this may be your last chance to get in under $500. (I did!)
Bitcoin represents a once-in-a-generation opportunity to participate a truly world-changing technology. Don't give in to despair and sell out now. If the price jumps back up suddenly - as it has in the past - your emotions may cost you the chance of a once-in-a-lifetime return.

Keep calm and HODL!
Posted from Bitcointa.lk - #8rsBZbmh3jrL4e51

Not sure if you notice, someone or a bot dumped a lot of coin on btc-e yesterday. And price wasn't his primary concern when selling.

Me too, really makes me question the average age of the posters here.

Volatility has negative impact for bitcoin to serve as a payment method.

Yes.  I have no problem in buying more BTC, even if it crashes down to $50, to buy into promising alternates and assets on the secure asset exchange.

Volatility will flatten when this toddler grows up. In the mean time, there are services such as BitPay and Coinbase that take care of that. Both services are either free or considerably cheaper AND more efficient than traditional merchant processing services. Futures contracts are on the horizon as well. Those will also serve as a hedge against volatility for other uses besides merchant processing.

And as far as HODL is concerned, that was the first time I ever typed it. Maybe if us "nerdy" users start using the word HODL in some more serious analysis, the cool kids will move on to something even dumber. You know, kind of like what happens in popular culture.

As far as buying, I'm super fearful and hopeless right now. It's always been my best indicator of when to buy, so I traded some more fiat in last night at around $480.

God speculating on the price is so incredibly fucking stupid.

The price will either be at 100k or 0 2 years from now. Take your fucking pick. Stop being so held down by fear and greed and all other useless emotions. Just get as many BTC as you can, or get out. Jesus fucking christ.

I'm sensing a lot of useless emotions in this post.

Sorry, I saw a bunch of insane thread titles on this forum and got agitated.

Also a little drunk, lol

if 1BTC is to be 1M in 10 years, 450 / 600 do not matter, if btc is doomed to 0, the recent prices do not matter as well. Have fun jerking off while hodling, and let the good times roll.

+1. Bottom line is, to get as many btcs as you can, if you're in the bitcoin game. remember there can be only 21 million btcs ever to be created. when over time it's becoming harder to mine, when block halving happens, and when we finally reach the 21 million mark, you can only get bitcoins from people who already have them.

Buy low and sell high is the motto. The cost of producing 1 bitcoin is around 597 and the current price is below 500.

A 20% discount vs production cost is a good buy.