Bitcoin Forum

Expecting to get a bunch of hate for saying this, given it's the speculation subforum, but nonetheless...

A little disclaimer: I do not have a large amount of money invested in bitcoin at the point, so those of you with 10k+ invested (or at whatever amount that you specifically absolutely cannot lose or you life is over) may prefer to be a bit more hands-on with the prices. I only put a total of about $1,500 in at the beginning of March (when price was at 32), so me losing everything won't kill me if it comes to that. But....!

My advice: Stop looking at the price shifts every hour or every single time you check your phone or every time you wake up. It's not worth it. The way I figure is that bitcoin has a real shot at being legitimate and powerful at some point in the future, and I think that this is way too early to get excited over price shifts, no matter how much it goes up or down in any period of time. The value at this point is probably too high but the potential is definitely there for it to eventually be a lot higher, maybe even above a thousand. If you're a true believer and not just interested in making money then I believe you should put your trust in Lord Bitcoin and stop giving a crap. It is in IT's hands now. Put your faith in Lord Bitcoin and IT will reward you greatly in time. This is a new concept. Be excited that you're a part of it! Take the risk. Being an atheist I never thought I'd say this, but sometimes faith is better.

I suppose that if you're dead set on being a day trader, so be it. I don't have the time for that, nor am I a gambling man to begin with. I'm a long-term holder. I made myself too stressed out when the crash/correction occurred for nothing. Yes I could have made $3,500 if I sold at 250 pre-crash and bought in a crap ton right now, but we all know hindsight's 20/20, right?

Do stay aware of big swings and take note, but don't touch your coins. Even if it looks like it's going to zero. It won't. Even if it goes to 0.0001/$ per bitcoin, HOLD! If you're willing to take the risk on a newfangled currency and invest in the first place, you should have the guts to hold your coins no matter how bleak it seems. If you're dead set on not losing money, sell to break even. Then if you lose everything you won't lose anything.

BUY, HOLD AND LOSE

You just outlined the difference between a trader and an investor. It's generally known that investors have higher profits while traders have higher blood pressure ;)

Right now I'm trading for fun though, of the amount I have in BTC I could afford to lose all of it, no problem.

I get no stress from checking the ticker. Changing behavior is one way to go, changing mindset is another.

This is very good advice.

Wow so now we need to basically worship the bitcoin god? No thanks.

I get what you were trying to say but bringing in the whole Lord Bitcoin was stupid lol

If it goes to multiple bitcoins per cent, spend like $20, you could make thousands, like I did.  I didn't get rich, but I only risked $20

Lord Bitcoin... I think I read about him somewhere, he was the one who murdered the housemaid right?

I feel like it is going to sort of normalize around its present value, maybe a bit less, for a while, probably a few years even. It will seem like a loooooooong time if you are checking gox every 5 min.s thats for sure, and kind of boring day trading when the spread normalizes and the price just kinda hangs there. And Bitcoin aint no messiah either, its just money 2.0, and money 2.0 is still just money after all. i think a lot of us here need a hobby besides computers.

Stable prices are good for merchant adoption.

Bitcoin is the one true coin, though shalt have no other coins before it. (except for litecoin, keep buying litecoin  ;) )

All hail satoshi!

For better or worse, I think stability is something you're not going to see for a while with bitcoin  ;)

I'm glad.  I've been daytrading, unstable prices are good for day traders.

This there are no stable small markets.  None.  Ever.  They simply don't exist.   Stability comes from deep markets and deep markets come from large markets.  There isn't going to be (relatively) low volatility until the order books are so deep it takes billions to move the exchange rate 1%, and that isn't going to happen when the entire money supply is only valued as a couple billion.

If you want to predict future volatility, take a look at silver chart.  Silver is a ~$30B market.  For Bitcoin @ 15M coins (~3 years from now) that would be $2,000 per coin.  When Bitcoin's long term average (say 30 VWAP is > $2,000) it likely will have volatility similar to Silver.   Want less volatility well the volatility on Gold is roughly a quarter of that of Silver.  Gold is a $7,000 B market.  For Bitcoin @ 20M coins (~11 years from now) that would be $350,000 per coin.

Not saying Bitcoin is going to $2,000 or $350,000 just putting some context on "stable".  There are NO (not now, not every in history, will never occur in the future) small stable markets.  

I honestly couldn't agree with you more. If only everyone had your mindset..

Your math is funny. Why do you feel the need to make up stories?

I honestly don't care what price btc settles at as long as it is a stable price and not zero :-)