Bitcoin Forum

I've been thinking more and more...why are people so overly emotional about the bitcoin price? We saw a $10 to $15 drop this morning and everyone starts panicking.

I honestly believe that a lot of people invested more than they can afford to lose and that a lot of people invested who never should have. There are always going to be price fluctuations.

I think it's partly why bitcoin bottomed out so low honestly...lots of these types of people panic sold at a loss. Let's hope most of these faint-hearted, emotional investors have been wiped out of the game.

It's difficult not to get emotional if you lose thousands of dollars in an hour through your bitcoin investments. Professional traders are trained not to get emotional, but I bet there are times when even they start panicking.

I think that the only healthy way to take bitcoin speculation, is to take it as gambling.
People who realize that it is gambling, know that the odds aren't in your favor. Those people go to the casino to loose, not to win. They consider this money as payment for entertainment and they consider wins as unexpected bonuses. The degenerate gamblers get emotional because they think that their gambling is actually "earning by investment". They always need just a little more money to win some money back, without realizing that in the casino, the house always wins in the long run.

Good point. Yes bitcoin could theoretically go to $0 and stay there, but most likely it will recover. When? How much? To what extent? God only knows. I was down over 50% in my investments during the stock market crash in 2008 or whatever. Was I happy? No. But instead of panic selling at a huge loss those accounts have higher balances than they did before the crash without me adding more money into them.

I don't know...maybe I'm just calmer than the vast majority of people. When I invested in bitcoin I knew there was the very real possibility of my fiat being tied up for a long time, which has been the case...

I see it as a venture capitalist investing into a start-up company but as less risky. If the company fails you're completely burned. I would be very surprised if bitcoin went to $0. Just my 2 cents.

Same shit different market.

I think some people are simply shorting too late causing more volatility and losing money in the proces. They choice ;)

Nobody's panicking.
It's parasites talking their books and trying to influence others.

A lot of people thought we had achieved the trend-reversal and the price bleeding down at the moment is just very very painful to watch, to be honest. I tend to just force myself to be numb, but it can be a difficult thing to do if you're maybe overly invested. I do get that, actually.

The last time I was emotional about Bitcoin prices was in late 2011/ early 2012:
Many 'fools' borrowed money to buy BTC in late 2013 during the crazy, fast run up. Most of those (who are going to panic) should have given up a while ago. The correct idea is to be buying now, but so many people assume prices will just keep falling.

I do believe, though, that those exact people will come back to Bitcoin as soon as it approaches a new ATH and goes even above that again. It's incredible and astounding how people tend to forget bad things and just seem to recall the good times!

The last time I panicked was when bitcoin fell from 12$ to 7$ in a day. And even then I decided not to sell, which was a damn smart thing to do. Weak hands must be shaken out. A lot of people bought into bitcoin because of the last rally and they didn't give a shit about the fundamentals. Those people deserve the heat and the longer it lasts the more will be shaken out.

I remember the drop from $266 to $60, then the drop to $60 again, then the drop from $1200 to $380 then the drop to $275, then to $160. Each one was panic-ridden and trolls were calling for the end of the Bitcoin and practically begging everyone to sell. Of course they're know-nothing puppets or just idiots who are not worth listening to, because every time the market rebounds and proves them wrong.

One thing for sure is that as long as there is profit to be made and the underlying fundamental is not completely fucked (Bitcoin is far from this) the behavior of the market doesn't change. What goes down must come up (and vice versa) every time in every market ever. No, it is not different this time. In fact, I have a sign hanging above my monitor that says NO, IT IS NOT DIFFERENT THIS TIME. It has saved me multiple times from making stupid trades.

Emotional, are you serious?
Have you ever seen a single person get emotional about Bitcoin?

http://cdn.meme.am/instances/57855333.jpg

It's the first time price broke below the previous ATH after making a new ATH.

For the first time in history, Bitcoin fundamentals are finally strong enough to justify a price of $50, $100, or even higher. The old highs were based on pure greed, and the new ones will finally have some grounding in reality.

Fundamentals change, for better or worse. And they aren't really subject to trends as much as speculators would like.

If there were no emotions, nobody would have bought Bitcoin in the first place. Greed and fear is what makes the world go round.

I agree however, that there is a huge number of traders without any interest in the underlying technology with their thoughts still bound to fiat money. What we need in the Bitcoin economy are closed economic loops. Then the fiat reference will become obsolete.

ya.ya.yo!

You win some you loose some. Easy come easy go. Win $1000 here, loose $1000 there. Thats life my friend!!!

Nothing is truly yours anyway. Think about it

Read some Eckhart Tolle. Live for the moment. Get inspired

+1

http://nakamotoinstitute.org/mempool/dont-panic/

There are tons of people that sold their home and got in debt, i cant believe these idiots.

I'/m interested in hearing from those that sold the farm to purchase bitcoins in such a large part. This is interesting.

when you panic: always try to panic before everyone else does.

Panicing early makes you profit.

I panic often - and i like it  8)

He who panics first, panics the best! ;)

exactly  ;D

Specially when you are holding over 10 bitcoin. A 20$ drop is losing 10% of what you are holding.

sitting in front of this volatility and do nothing all year is probably the worst you can do

Selling at a loss isn't a problem as long as you get back in cheaper
Buying high isn't a problem as long as you can sell higher.

Generally rule of thumb: trend is your friend

-and never act out!-

trade with the brain, not with the gut

Same reason people watch and try to act like the Kardasians.

http://www.quickmeme.com/img/64/645ae0f581a8c1c8c806e6f41559f4f3bac2da0cc682aef96a4d06fba16ed941.jpg

'Nuff Said.

That doesn't mean shit

It makes this a vaild EW count:
https://i.imgur.com/2Od0fn9.png

Yeah and both those emotions may become stronger or weaker than the other, depending on the situation. It's much like a merry-go-round. We'll always be measuring the relative value of a single Bitcoin, may it be in FIAT (USD/EUR/CNY) or some material good (Water/Break/Electricity/Oil/etc.)

If it is a "valid EW count", then the Bear can end quickly, and new up-waves will begin.
If not, then '2 to 5' is a single wave (with a correction), and we still have another huge up-move coming soon.

Hardfork drama will take us to 10$, maybe even lower. 

Look for alternatives is the best you can do.

the hardfork is gonna test some serious lows ;D

Well, money obviously makes everyone panick.
Some people are holding large amounts and can't take it.

All those people who have invested large amounts in Bitcoin panic as price the  dips and same happens in stock market or when any other investment takes a toll.

It is valid, I asked around before about that before. But you are right it's not the only valid count the one you are proposing should be valid too, the correct one can not yet be determined.
However if this count comes to pass and we have ABC corrective waves with A at around ~100, then would wave B not create a new ATH and wave C would take us below 50 before a new bull market finally gets established.

If you are right and my wave 4 is simply a sub-wave of wave three we should go up any time now, right.

I have no idea which one will come to pass, I was simply stating that the price tanking below 250 can be significant and it means something.

I think way too many people invested for the wrong reasons. They thought they would make a small fortune in a few months and then cash out. But they were in for a rude awakening and probably strapped for cash and forced to cash out at a loss.

People who get emotional are those who gamble with the money which they can't afford to lose.

I know.
Even if they do manage to make money at some point, their strategy is all wrong.