Bitcoin Forum

People, congrats to all who are still holding... im letting my last block go today.  I think this is SO unhealthy for btc.  When this thing roles over its gonna drop dramatically.  It will burn so many newbies.  They will not want to come back.  

A gradual rise, with sensible ups and downs would build the base of users much better.  But THIS?!?!  This is just BS, bad news for adoption.  This will ultimately set us back.  

Any one who thinks its like a singularity or something are just caught up in the euphoria.  Nothing hits adoption like this.  Maybe i'll be proven wrong, but i doubt it.  These new buys understand very little about btc other than its going up fast and they can make quick money.  When it starts to drop they will understand no more about btc as a currency, only that it is dropping and looks like a bubble bursting.

Thoughts?  Did i do right selling out today?  Or will i get run over as this sucker goes straight to $1k.

--
Doob

These threads never backfire.

If you made a decision stick to it. You can't predict the future. If it goes to $1k you'll be upset. If it crashes to $1, $10, $50, $100, you'll be upset you didn't get out when you felt you should. So just accept it and what will be will be.

Chicken :)

Yep, they never do. We all know they go straight to the bitcoin hall of fame as the most awesome bubble top predictions, like this one here:

https://bitcointalk.org/index.php?topic=144586.0

Almost verbatim reasoning, but that guy was a little quicker to the door. He was out so fast, bubble didn't even had a chance to start. So kudos for waiting couple of months, this topic will be just as funny down the road as the one I linked above is now.

Cool story, OP.

Maybe you should put your money into a alt coin before you give up completely?

I would have thought Litecoin can only rally on this news!

That. It's easy to look back at a chart and wish you'd made a different decision. As they say, a bird in the hand... It's why I'm running a trailing stop, assuring me a sizeable return. If it drops more, I may buy back in, but my principal is not at stake.

Get out bear noobs

This is bulls only

Yep, having enough liquidity for people with real wealth to use it is a horrible, horrible thing for Bitcoin.  It'll be the death of the currency, for sure.

Dude that happened 2 MONTHS ago.  You don't see something wrong with a 10x price increase in 8 weeks?  I've been selling hte whole way up.  Let my first go in the 70s.  Now i'm finishing it up here at $236...

It may go higher.  But hey i'm sitting on such a gain as is,  I am confident i will be able to buy many more coins at lower prices.  Parabolic moves dont continue like this.

And its terrible for btc.  These folks will get burned bad when it drops $100.

I actually worry more about the businesses that might get burnt, rather than speculators who have recently entered the market. A crash could really hurt fledgling startups and scare off Angel/VC money from investing in those companies. That could set things back much further than burning the people looking to make a quick buck.

This.  The price is actually in the process of catching up to BTCs potential. 

You're wasting your time trying to be reasonable. "Bulls" have 2 months of constant upward momentum to "prove their intelligence." Just let it be, you'll enjoy a higher degree of sanity.

This. mccorvic  you are very smart person

i won't be burned.  i have realized x3 profit and still have btc in...  plus i didn't buy past $34.

Also, I continue to multiply my btc on CoinBr  (https://coinbr.com/ref?c=294TNRz1oP) by trading stocks and options...

So i keep getting more btc everyday, without paying for it.

Every one has their price.  Lets see how these bulls feel when they catch a $50 drop.  

I can see what is happening here.  I can see the hoards of newbies.  They are buying up a ton of coins at very high prices.  There aren't enough true believers to sustain these levels.  Maybe $25-$50.  But not $230.

We shall all see.  Mark the thread.  I think we will find out in a few weeks.

I took out my original us$500, that I spent on btc in 2011 out recently so what ever happens to the remaining 195btc is fine by me ( plus I took some profit, enough to live on for the next year without having to worry about finding a job) my greatful thanks to those who created btc

If you think it's time to realize your gains, do it. Don't look back.

But I'd suggest that you keep a small portion of your BTC. Doesn't matter how much - even a minicoin is enough, just as long as it's something. Just in case.

And if it goes up for a few weeks? Will it just be a few more weeks? Are you going to be another Proudhon?

I'll be back in...but in double digit prices.  Not triple digit prices.  I figure $25-$50 is where there is true long term demand.

it's really simple

As long as there are newby noobs with millions putting their money into bitcoin the price will go up
Once that limited supply of really dumb people halts, we are in for a fun ride

That's why people like Trace Mayer is trying hard to convince multimillionaires to buy his bitcoins at a high price

Love you Trace Mayer :D For helping us getting their millions

I honestly believe that it is just going up to the price it should be at. It has real value, and those that dont think its worth $200, need to look a little deeper. This is revolutionary. I knew once it broke 100 it was just gna walk on up. Dont be scared by it, embrace it, hold on tight, and dont let go. In a year ppl are gna look back and think to themselves I cant believe I sold at $100, or I cant believe I didnt wait another week and sell at $200, or FUCK Who would have thought it would hit $1000 in just a few months.. Ive stopped spending all bitcoins, and have started putting all of my extra money to buy. Theres a lot of ppl selling since $200, so Im going to take advantage of it. Just wish I would have saved all the coins I bought at $14-$20 when this thing started taking off. Id be able to buy a house or something cool.

Yes, I understand that selling some to buy back lower is possibly a good idea. But there's absolutely no reason to sell all of your coins, especially if your gains are huge as is. Leave some 100 btc in the case it would quickly appreciate to four-five digits per coin. You can't rule out such a possibility, the first 100 million USD buy would throw us into four digits instantly, and that's small money.

I'm a long term bull, but the types of gains we've seen today may not be sustainable. In the long run, I believe that buy and hold, coupled with a trailing stop, is a decent strategy. People need to separate what they want to have happen, and what could happen, and develop a strategy that maximizes gains whichever way the market goes during the short term.

A crash would scare away the ignorant, but some will stay and the snowball will have grown, so overall it will be good for cryptocurrencies in genera if not the bitcoin project itself. I think it would be dumb to call a top right now...

+10

If you think the price is rising too fast, you did the right thing.

Confirmed Proudhon alt account

Millionaires tend not to be dumb.  Sure there are SOME dumb millionaires.   But millionaires are going to look suspiciously at something that is up 10x in 8 weeks.

Have any millionaires publicly done this?  No, there are thousands of people putting 10s of thousands of $$ in this.  They are all newbies and not long term holders.  We've seen this story happen before and $30.  There were users so stupid they sent their coins to an online wallet run by an anonymous person (who probably was bruce wagner).  When bruce/anon felt the price went up enough he raided all the coins in mybitcoin.com and dumped them.  

New users don't understand how the system works.  Understanding the true brilliance of btc is key to keeping people long.  Some will go down the rabbit hole the rest of the way, but most of these newbies are gambler types.

You're either an elitist or you really suck at math. But please, short BTC if you are so convinced.

Yes like those guy shorting 600 BTC @ 35$...

"last seen online : 2 month 4 days"

Watch this: http://www.amazon.com/Empires-Industry-Black-Gold-Story/dp/B000BKVL8E

Bitcoin is oil, banking system is the railroad industry. Rockefeller is who? Mt gox?

I doubt many new people actually give a damn about bitcoin itself at this point, just that it is gaining popularity and thus price rise. They won't even download the wallet client, just keep it in MtGox :)

You probably just made the worst financial decision of your life.

It's win-win. Tracy Mayer is also helping these "multimillion early adopters" becoming billionaires at the same time.

Its funny reading all the arguments and opinions in this forum because nobody is right and nobody ever will be right. It could be 2k tomorrow or $1 tomorrow. This is nothing more than a big gamble at this point in time and the best thing ANYBODY can do is sit and watch.

Uh-huh?  And should any one in their right mind let mt gox hold their coin?  Shouldn't they tx it to a wallet and back it up?  

Its sounding a lot like what happened b4.

Besides, if btc really went to a few thousand each, governments would all take notice and shutdown the exchanges and seize their assets.  The btc in that xchange probably either goes the way of the dodo or is stolen by a corrupt government agent.

There is no way this thing can take off like people are talking about.  A gradual growth in the user base is the best way.  REAL goods being bough and sold for it is best.  This is a disaster.  not a good thing.

but no one really cares about what btc can do for humanity.  only what it can do for their net worth.  if you care about the true goals of the project you are not happy about the rise.  As i'm not, and i made a lot on this rally.  I'd rather it not happened like this.

Waiting for the crash....

theehee

You don't understnad

From an individual standpoint, you look at MtGox and you see it as something so big and solid (many people using it) that you think it can't go wrong, you are safe simply because everyone uses MtGox, if MtGox fucks up, they lose their heads. They think

Says the guy who registered march 30, 2013.   Hey can you explain to me what a merkle root is and why its in the header?  Or what a sig script is and what purpose it serves in the blockchain.  What is the UTXO?  You know shit about bitcoin other than its going up.

Let me know when you've been here long enough that your nuts have dropped.

Well, when I am on my Bitcoin yacht, I will consider that I was right.

And I'll call you a damn good guesser.  8)

What don't i understand?  I pointed out the danger of something bad happening to gox.  Even if they came under some kind of tax investigation.  Governments are going to want some tax info from gox so they can tax all these btc millionaires.  Of if a rogue employee or hacker empties their wallet.  This can get bad.  But we all know this.  We ALL know how important gox is to btc at this stage.  

I'd rather like to see gox get knocked over (not till i've moved all my $$ out hahah).  I"m willing to wait till btc becomes popular through usage.  Builds a better base, organically, person to person as an underground currency that you buy and sell among friends in the community.   Then it will be really unstoppable.  

Unless I'm reading things wrong, there seemed to be 3 huge buys today on the exchange of ~$500K. If I am right, who do you attribute these to?

I would assume that it's most likely people; while dolphins are very intelligent creatures, I do not believe they have figured out how to buy bitcoin with USD... yet.

care to put your new earned cash on the line?
it's still only at 2 billion cap.. which is NOTHING in terms of worldwide wealth..

^^^^LoL^^^So true


There will be ups and downs, But we'll see OP the other side of $1000

Don't believe everything you see on gox feed.  Explain the existence of walls...UFOs etc.   There are no $500K trades going on boy....those are either consolidated orders or you're pulling the number out of your ass.  No ONE trades 500K on gox in one fill....

No need to be snarky, I am genuinely interested to understand.

Why does the volume shoot through the roof for a very short period of time and suddenly the prices jumps up?

I see one instance at about 11AM GMT, 4PM GMT and the last at 6.30PM GMT. Check Bitcoinity - 12h graph.

Why are we still having these threads around here? If you're scared of heights, just cover your initial investment and continue with the rest of the coins. Bitcoin has enough potential in it to be valued at $100k a piece.

Wow. If being Bitcoin rich makes you act like a twat like this bloke, I'm cashing out and giving my profits to charity.

I will buy all your BTC for $50 a pop right now if your so convinced that's the long term price!

No one ever went broke taking profits.

Very few become magnificently wealthy without taking risks.

Bitcoin will someday stabilize as it becomes useful to the masses at large. Until this it is a risk for those whom are wise or foolish enough to speculate now.

Good game. Nice profit.  Good luck.

Relax OP

The market is still Strong , we do have Pauses in the move up
Even Short sell offs , but the market Handles those selloffs quite
Good ,  no Need to worry for now

Its all looking good

Well if thats the Case , then there is a flaw in BTC , if traders can destroy it
Right?

Time for another currency then ? how about something that cant grow in value ?
Or Even loses value Overtime ?

Would u use such a currency ?

I have to ask: if you're concerned about Bitcoin's health, why didn't you spend your coins on goods and services instead of cashing out into fiat?  Serious question.

The cool thing about parabolic break outs is that they go parabolic. 8)

Yeah, that does seem a good question. But I don't think he's being inconsistent. He seems to be saying he believes it's a bubble too.

Assume instead he bought 50,000 pairs of alpaca socks to keep bitcoin commerce healthy. At that point, one could ask him, if you really thought it was a bubble, why not have just exchanged the bitcoins to fiat and exchange back in when you think bitcoins pricing is healthier.

Just a thought.

Bitcoin is the crack in the dam holding back an ocean of fiat.

drip...drip...drip...

http://4closurefraud.org/wp-content/uploads/2010/10/crack-in-the-dam.jpg

Being a bear at 2$ and being a bear at 200$ does not give equal chances. No matter how much people like logscales.

Then don't use it as a store of wealth, and or speculation on future returns.

If you use it for trade then $300 or $ makes no diff.

What we need is to have less spread and more volume then we can expect more merchants jumping in.

QTF. I was going a bit mental myself going around various forums saying 'can't you see? can't you see?', and now I realize I came across as the crazy bag lady wearing only one shoe.

:)

Let it go. What will happen, will happen.

I can't understand why anyone would ever sell out completely. If you think it's a bubble sell a few of your coins here and there or better yet buy something with them. Even if it's a more time tested proven store of value that's not denominated in fiat...ie gold and silver.

Fiat is garbage, the only good reason to exchange your precious cryptos for fiat garbage is if you have to pay bills/eat.

Don't let the door hit ya on the way out.

I'm hanging on to be a millionaire!

+1 I cashed out enough to pay any debts I might have and my rent for the near future. The rest- I'm holding forever.

Same, cashed out enough to pay stuff off, and left the rest alone.

Well, i guess the thing that I like about this thread is that it shows us a Bear paradigm shift. We are shifting from the old-school Proudhon-esque modus operandi of constantly calling tops and crashes "just another week... just another week..." constantly claiming bitcoin's a bubble, has no real use, is a ponzi scheme, etc.

Now the bears have undergone a perspective shift, it's "Bitcoin is great, revolutionary, sure, fiat sucks, I understand basic economics and theories of exchange of value now... BUT, it's going up too FAST, if it were just going up a little bit slower, I'd be more bullish. In fact, it has to go up at just the right speed. Too slow and I won't be interested in its revolutionary properties, too fast and I'll call it a bubble."

So it's like Goldilocks and the three bears. One bear has a normal graph with what appears to be the first half of a parabola (the kind of graph that scares proudhon), one is of a log graph, and one bear is in the corner hanging by a rope b/c lost all their bitcoins shorting @ 30 "It's going up too fast!"

So, we should be proud: Our bears are evolving!

By the way, lines on graphs 101 for all you paradigm-shifting bears: lines on graphs that go up don't have to (a) keep going up unsustainably, or (b) turn in the opposite direction. This is a false dichotomy / false choice fallacy. They can level out at a nice even range with minimal volatility once adoption + realized application is sufficient.

+1

If you made a profit, then you did right to sell. If it goes up or down from here it's not your concern, you're already on top

I sold enough to break even of what I initially paid. Maximum fiat loss = $0.

Even if 'fiat is trash' a loss is still a loss, no matter what unit of value that its denominated in, so it's nice to remove the risk..

Now if only my SDICE shares would stop tanking :(

BitCoin has brought out a TON of newbie to the world of stock/commodity investing and/or Currency investing (FOREX). Add to that the fact that BitCoin is neither of the two and therefore doesn't act or move like the above.

Why sell out ALL of your BitCoins?
Because if you think the price is going to drop you want ALL your money out to buy later on. Why would you keep a couple??? These aren't Comic books or baseball cards... they aren't going to get more valuable with age. If the price falls sell out soon as you are happy with the returns you will get. Holding on to them all the way to a bottom that is $200 lower than it is now is completely stupid EVEN if you think they will be worth $1,000 a month from now.

There is no way 'All these Noobs' are going to get wiped out
Well the people who jump in a day or two before BTC all of a sudden take a jump all the way to $35 again might get wiped out if they don't have a mobile app or something and keeping their eyes open. The guys who got in at $180 or less for sure won't get 'wiped out'... why? because they are watching the action and will prolly start trying to sell as well and if they don't well then they need to hold on to those BTC cause as I stated above they would NOT be happy with the return and would have to hope that BTC will return or go to $1,000 in the future.

The best thing about BitCoin... which is very cool and important compared to some other investment options (no pun intended) is you can only lose what you put in... you can't go negative or owe more. So only invest what you can afford to lose. People buying BTC on credit cards or loans etc should be willing to pay out those loans if BTC go far below what they purchased them for.

Lol, hope you can realize what a stupid post that was.

Get out with 50% ;)

Have you done the same with your USD then? Too much douchebags rich with the dollar ;)

I also got a client yesterday. He was in a hurry, he wanted to cash out of bitcoin for euros and do it same day and I offered him spot-5%.

He came, I stuffed EUR 10,000 in his hand and he sent me BTC64.

As we were waiting for the tx to confirm, he explained that he had bought the bitcoins some time ago with EUR 500.

Now as the price had risen so quickly, he wanted to ride the freebies. So he cashed out a part of the bitcoins for EUR 9,500 profit.

Now, read the above sentence again. A part.

Never sell out.

You know, buying is less risky than selling. If you buy, you can lose at most 100% of your investment. Every time you sell, you are missing out of potentially infinite future gains, and I know of cases that people have become mad over losing that much money.

-----

To preserve the anonymity of my clients, I have altered the details.

Someone wants the price to fall so they can rebuy in ;)

Doesn't every bear?

This is an important note. We have to keep cashing out to keep the economy growing. While some people may be loading up their positions, many of the people who buy your coins will be first time purchasers. We need to get whole BTC distributed as widely as possible, as quick as possible. The 8 decimal places is what will give us our depth, eventually. Right now though, we need not people to have as many as possible, but as many people as possible to have some.

Ah... I will make it easy then:

17ELzzeG5bQnzRrCNhuVFQkSA34zqb5VcR

This is true, we need a better Bitcoin wealth distribution. Same goes with mining, that's why ASICs make me nervous, too much centralisation is a BTC killer.

Again...


17ELzzeG5bQnzRrCNhuVFQkSA34zqb5VcR

So since we already have bitcoin millionaires, bitcoin beggars are a logical next step. Waiting for bitcoin whores personally :) Casascius 1BTC coins would come in handy.

The only purpose of LTC that I can see is to trade for BTC. LTC will not last long.

I'm not going to sell my bitcoins for euros or dollars, no matter what price. Sure, should there be an extreme case and I quickly need some fiat money I might sell some coins.
But basically I'm happy to have my bitcoins and don't really give much about current exchange rates.

Why? Because I think the bitcoin system is great and I want to use bitcoins for financial transactions. I don't wanna use bitcoins to gather more dollars or euros.

So I'm happy to see the bitcoin price at $250, but I would also be happy at $1,000 or $50 –  because one bitcoin always stays one bitcoin.
It might take some time but I hope that at some point the BTC/$ exchange rate won't play such a big role in people's minds anymore.

(I know that the OP is in the speculations sub board, so my position might appear weird to some)

Yes I've seen people begging for bit coins via an address in their signature since I came here.  I only as in this thread as people seem to be advocating a "fairer distribution " of coins.  I personally think this is a bad idea.  But if people want to spread it around I'll post an address...  Like you have in your sig.

Keep in mind the oldest of miners never really had anything to do with their coins until now as there were barley any merchants accepting them, but that is changing rapidly with new media exposure and saving the asses of many Cyprus investors.

ASICs represent a serious hardware investment, and ups the game and difficulty in calculating blocks. Miners will begin to fall into a couple different categories going forward-

1. Garage mines go Pro, level up with ASIC as a real business venture instead of a hobby, and compete with other professional miners in a neo-goldrush, go big or go home
2. Some will invest a little into ASIC for residual income but go no further
3. Garage miners not wanting to invest that much will convert to LTC/TRC mining instead as GPUs are still viable there, so those currencies will get a natural power boost in the wake of Bitcoins evolution
4. Fold up shop and keep their BTC locked away for later, play the markets with some of it perhaps.

But, I think most are gearing toward the first two options, and that wealth will come seeping back out to fund new hardware and business structure as more merchants accept them. Mining is about to become a full blown cottage industry.

+100

OP is a genius

Smart move. Now u can start buying(If at all, someone is ready to sell).:)

Remember the reason you got involved in the first place save a few coins for your grand kids at least 10%.

https://bitcointalk.org/index.php?topic=172985.0

So OP

your newsletter?

OP has now quit his day job to become a full time financial advisor :)