Bitcoin Forum

Keep it up guys, I can't mine 'em and sell 'em fast enough. Go Bitcoin!

Um less than a year ago they were at $12...lol

Is August the official Bitcoin bubble month?

Lol +1

+1 Goxed obviously wasn't around then... :D

He has a point, even though it's technically "only" the best time since 11 months.

Selling high is not a bad tactic. Current price is 100% higher than 2-3 months ago, one can hardly call it "wrong" to take such an enormous profit.

I also sold a few in the last days, which I had picked up between 6 and 4. It was a methodical decision: the rise in BTC value was so fast, risk management started to look unbalanced. Also, we have seen bad liquidity in asks multiple times, causing a more jumpy price, and an abundance of trend-following posts. These might be indicators for decreasing stability.

This may be a consolidation phase, before the next leg begins.

Or perhaps your first lesson in to what "goxed" really means?  :D

As a miner for more then a year i only pooled up my btc when prices were lower then 4-5.
Anytime the price is higher then 5 i let some go. As the price recently climbed i unloaded more and more and now i am the point i sell daily. Good times again. 300+ dollars a month easy.

Bitcoin bubble part deux for the win

will you still feel so good about coins you sold for $5 if the price reaches $100 in the next few weeks ?

C'est la vie...

That's where I'm at. I don't want real money. I spend bitcoin, not cash out.

spend it on what ? can you live by spending  bitcoins somewhere yet ?

99% of the retailers in my country wouldnt even know what a bitcoin is
never mind accept it for a purchase

I don't think this is a bubble as the rise has taken a long time overall. Another thing is the maturity of bitcoin holders. At the last bubble many were saying told you so! SELL SELL SELL. But bitcoiners in it for the long haul said yes, go ahead and sell so we can clear the unbelievers out of the market.

I can't wait for it to punch $30, screw around for a month at $35 then go towards $40's. Perhaps then all the bubble idiots will shut their pie-holes. Hell, they don't even know the definition of one - not that we haven't tried to educate them, of course.

You sound kind of mad!

Silly question: Your name suggests you do trading, that is buying and selling with no particular preference on whenever the price goes up or down. Yet you are one of the loudest bulls in this forum currently... somehow this doesn't fit that well together.

I am not a trader. Here is my uneducated attempt: a bubble is the increase in price of an asset caused mainly by the demand due to expected continuing increase in price. Good enough?

From what I see, these things only make sense in retrospect, or with the help of insider information. You are brave to make predictions, although that's easy without providing a time frame.

As far as I am concerned, yes, this is a good time to sell because I bought them and mined them cheaper. If the price next week shoots up or drops down, I won't play captain hindsight with "should've" or "told you so" - my decission to sell was good, and based on what I knew for sure.

This I can agree with.

ya thats true but, why dose it feel like its the worst time to sell?

Well long-term I believe the trend is up. I think we are due for a correction. Given $10-$12 was previous resistance 1 year ago. That has come credence in market direction at least in the short-term (4 weeks or so).

i think a correction could happen anytime but it could still go up quite a bit b4 it happens.

I sold some, i will sell more if it just keeps on shooting up

You mean like this? http://www.youtube.com/watch?v=Lzl5t1Sracc (http://www.youtube.com/watch?v=Lzl5t1Sracc)

Should we bump this thread every day as the price goes up?

Bump!

http://t3.gstatic.com/images?q=tbn:ANd9GcS59pl3TWhaizEigdZeKfEbt45ebIB-AFoHOpPgw5vqN3BmcYaW&t=1
not only is this the best time to sell in over a year
its also the best time to short all the bitcons...
the rally has stopped.
the vol. is dropping.
the price is sure to fallow

Translation:

Dear Gaud,

I know I've done a bad thing.  I sold @$9.5 and then more over $10.  I am a victim of my own greed.  I'm so sorry.  Please let the price dump back to $9.5 and I promise, on the Holy Bible, that I will buy back then.  If you could please find it in your heart to ignore the fact that I will have made a bit from those I sold over $10 then I promise I will never sin again.  

Amen,

Adam

We could head straight to 13 on the other hand if we drop down to 9.5 chances are to drop some more are very high.

It's a gamble regardless.

+1.

You don't "sell BTC", you "buy USD".

Does not compute.

If nobody is around to sell them there can be no way to acquire them. Ideological dogma never helped anybody...

Crap? That is the technical term for USD? One of the most desirable currencies when global instabilities appear? That crap aint going anywhere in our lifetime. A more rational person would think the opposite and figure btc is crap. Btc... Something dreamed up by an anonymous person that is spitted out by a software program and beloved and valued by internet fanboys? That in a span of a few years could be replaced by something else and dropped like myspace? Fickle internet users are fickle.

+1

That should get the natives riled up.

Huh? I'm confused... Nobody around to sell BTC? Is that what you're saying?

I somewhat misread your post, that was what I initially wanted to say.


The point of the dogma remains.... Problem is most folks vision of an economic model for btc goes like this:
acquire bitcoins
hope for the price to go up
???
profit



That is also, for me a good argument to sell bitcoins right now. Prices went up more in the last few months that growth would support it. Right now most ppl still appear as "strong hands" but I think that will change quickly if we dip down a little in prices.

You still have to pay transaction fees to get your fiat into and out the exchange and pay the fees. I'd say all together the slippage you would have to pay is greater than the current inflation in the fiat economy (which has been deflating for some goods btw)
All in all you'd be better off accumulating your fiat and buying the dips than "buy buy buy"

I've been going on about these things for about a year now to people I know, just recently people are starting to mention that "they really should get a few". There is a huge bubble in the making, mark my words.

What's the economic model for gold?

I thought earlier today about the question: "What if bitcoin was exclusively used as a store of wealth? Would it still be valuable?". This question came up because I realized that the actual need for currency to make transactions is a lot lower than I had previously thought. At current prices, only about 30,000 BTC are needed to support the silkroad, which is arguably one of the more sizeable parts of the economy. Let's assume a high number (in dollar-terms) of transaction volume done in bitcoin each day: 2,500,000 USD (37 times silkroad). This would justify a price of roughly 2.5e5 / 1e7 = 0.25 USD/BTC! Ergo bitcoins value is already almost exclusively derived from its function as a store of wealth ("hope that price will go up").

If above conclusion is correct, we don't have to worry about an economic model for bitcoin if all we want is higher value.

Good luck with that. You'd be up against an increasing number of people who'd you all have to convince not to sell.

This should be already the case now... yet the selling you talk about is not happening.

I said it could be a bear trap right at the beginning, Guess what is was one, still we went down.

All bubbles pop.

I heard they pop all the way when they do...

That was Nagle not me.

i haven't checked your math but i have been intuitively making this argument from the beginning about Bitcoin.

Or maybe the best time to buy PUT options in a year...

do it faggot

-1

wow, you sound like a really nice AND intelligent guy.

says the guy with the gangster avatar

I think this is exactly right.  I believe that Bitcoin could succeed if it were "merely" successful as a store of value (like gold) rather than a medium of exchange.  But I don't think that's likely because unlike gold, Bitcoin has tremendous potential to be more than just a reliable store of value.  It's just that it's much harder to become a successful medium of exchange than it is to become a successful store of value because the former relies more heavily on network effects. In other words, it's going to take longer!  But Bitcoin is already succeeding as a medium of exchange for certain niche markets (e.g., illicit drugs and gambling) where its advantages make it really shine.  These early successes are planting the seeds for larger successes down the road.  But there's no shortcut.  I see a lot of people hoping for some huge player (e.g., Amazon) to start accepting Bitcoins. But that's unrealistic in the near future, and it's also unnecessary.  Here's a good article from a few months back by Amir Taaki that speculates about the adoption pattern we'll likely see in the years ahead.

http://bitcoinmedia.com/roadmap-for-the-revolution-the-future/

Here are some excerpts that I think sum up the key idea well:

Store of value and means of transfer are completely intertwined. A bitcoin you can't ever send doesn't store any wealth.

Every merchant that starts accepting has a tiny direct effect (the people who want to use that particular merchant hold a few coins for a little while) and a broader indirect effect ("Well, it seems like a lot of merchants are accepting it so lots of people will want these so it is safe to store more wealth as coins").

SR (for example) users don't constitute much demand, but the fact that there is a relatively large drug retailer operating in the open for a long time is a part of many people's evaluation of the future utility of bitcoin and influences (to a large extent I think) their willingness to hold coins.

Sure, but while many people store wealth in gold, very few spend gold directly on goods and services without going through the intermediary of fiat currency.  They buy gold with fiat to try to step outside inflation for a period of time.  Then (perhaps years later) when they need that value, they sell the gold for fiat currency and spend that on goods and services.  That's what I mean when I say that gold is more of a store of value than it is a medium of exchange.  Bitcoin can function in the exact same way but it ALSO has the potential to be a superior medium of exchange.  We just need a greater network effect for it to really take off (which should come in time).  Do you disagree?

this is why their prices are going to invert.

From your lips to God's ears. ;) But if you're holding both gold and Bitcoin (which I'd advise), you shouldn't worry about Bitcoin "stealing market share" from gold (and that's so even if you hold a huge amount of gold and just a tiny amount of Bitcoin).  The current "market cap" of gold alone is about $8 Trillion.  The current market cap of gold plus Bitcoin is $8.0001 Trillion.  If Bitcoin takes 10% of gold's market share, well maybe your gold's value takes a corresponding 10% hit, but your Bitcoins will be worth about 8,000 times as much.  So in the (hopefully-not-too) distant future, yes, bitcoin and gold may become "competitors." But right now they complement each other nicely.

Who says you can't trade a house for 40 ounces of gold?

I wouldn't want to convert to fiat at some point.

No one says you can't.  But my impression is that in the vast majority of cases (at least when weighted by value), when people "spend" their gold to purchase goods and services, they do in fact first convert it to fiat.  (I wouldn't want to convert to fiat either, but I'm a Bitcoin-obsessed libertarian weirdo. So I'm not sure that tells us much.)

Well gold/silver....for me would be investment to purchase real estate when the prices diverge. Trade it over for cheap real estate. CASH FLOW REAL ESTATE!

I heard in vietnam using gold as part of the payment for a house is common. But then it is also a way to prob avoid some tax and stay under some radar.

Should we just bump this thread every morning? Because today is the best time to sell in over a year, until tomorrow.

Interesting point, but you could also look at it this way - it could also be the best time to buy (unless you can time travel back in time with your fiat currency to buy bitcoins cheaply), because the next day/week it is likely to go up again  ;)

lol mania...

Hmm. also true. Please do not start another thread. lol