If this consolidation continues for another week until Jan. 6th, bears are going to be treading on REALLY thin ice, imo.
Depends on the timeframe. Personally I expect the final capitulation in Feb +/- 1 month, so one week does not matter much. Perhaps there should be a different thread for people who trade on daily, weekly and monthly timeframe. Or less slander. If March passes without hitting $400, then the chances of seeing it again are slim. you're the sorest loser I know  A lot can happen in the time between his prediction. So one day of tremendous gains may not mean much. It's best to be prepared for every single day and react accordingly!  |
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742 wall at Price 785!!!! Edit: And it's gone!  |
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Choo Choo on gox!
Edit: Was fun while it lasted. Oh wait Yay- Recovered my losses... whee to da moon!
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Well it was fun while it lasted. |
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Come on 337 more BTC until I break even at 780... |
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Well I'm screwed. I bought a bunch at 780. Now I'm HODLing until I figure out the next course of action.
I panic bought after it went to 830 and dropped back to 780.
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I'm guessing a lot of people are waiting until after the 1st of the year to sell their coins in order to cash out and realize a profit. Cashing out after the 1st of the year allows them one whole year to find tax havens such as mortgage interest and Roth IRAs.
My understanding of tax law in the US is that, for forex (and bitcoin), you pay taxes on a marked to market basis. You calculate dollars out (or dollar value of bitcoins) minus dollars in, and pay taxes on that. It does not matter whether you "cash out" or not -- the tax is the same. If you've been hodling since the beginning of the year and haven't done any day trading, you don't have any taxes since you haven't realized profits. I think the idea here is that some of these long term hodlers may be waiting for the beginning of the year to realize their profits so the income isn't factored into their 2013 taxes when they file them in April. That's what I was thinking. Also another strategy is if you sold during the year and rebought. If the price drops significantly, you can resell and rebuy to offset capital losses, but with slippage that might not work at all. |
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Well I panic bought on MTGox. Still got fiat left in case bad things happen close to Jan 31. Good luck everyone.
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it will drop, this is just some panic buying creating a bull trap, bitcoin will drop, it will go lower, Yes yes yes, it will drop again, it will drop and i will buy all the coinz i'm not crazy! it will drop, this is just some panic buying, yes it will drop again.  I hope so too.  |
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Bitstamp surpassed Mtgox in volume on bitcoincharts.com
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So will today go down as the most boring day in BTC history?  It's like under 15% change the whole day. |
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OK its settled. 1 bitcoin = 7 Benjamin's. Now let's work in growing btc adoption with a stable price.
What? No. I just sold at that price (boredom was a factor)! Where are my bears?  |
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i actually love this week. i tried to only use 10btc to lessen my risk of losing too much and now i'm up to 15. Happy Christmas to all!  Trust your instinct and don't be greedy. The best baits for making a trap are the following: *Graphs *Charts *Tables A nice christmas gift for you! Merry Christmas and a happy bitcoin 2014! And the same to everyone else... except give me an unhappy BTC for the first 2 months of 2014. |
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1166 coin wall at $701 disappeared for a few minutes or was that just me?
Yes, I was about to post it, and it popped up again, or maybe it was a wisdom glitch. I wonder if he's scared it gets eaten. Wall is finally being attacked now. |
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In 2012, I gave a 25 BTC Casascius to a close couple getting married. They sold at $180/BTC at my advice. This was correct since the price dropped to $60/BTC. But they never bought back and neither did I. I'd like to give out some physical BTC too. But there's no easy way to do it is there? |
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Is it normally this quiet around Xmas time?
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What if someone can't repay the loan? Do you have to go to a collection agency or bitfinex takes care of it and credits you back anyways? |
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Cashing out is a big no no in such an uptrend market. You will miss buying opportunities thanks to our banking system.
It depends on your time horizon. There are hourly swings in price, daily swings in price, weekly swings in price ... It is unclear to me when this will bottom before reaching a new ATH. When I see the buy signal I will be back in. This could bottom at $10 then swing back up to $300 at which point I may buy back in and own twice the coins I did before. The price could then increase to $2000. I'm not saying buying and holding isn't a bad thing to do. I just see may strategy as a good way to minimize risk and maximize profit at the same time. I think a more realistic scenario is if the price bottoms at $300 then goes back up to $600. Wouldn't you have liked to put in your buy order now? Something has to go catastrophically wrong for us to hit $10. Off the top of my head, I can't think of anything like that. |
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I've had three friends pull their money out and walk away from bit coin over the past few days.
Well done market makers / manipulators!
Really? They didn't know going in that this happens? I am very careful to explain the risks and how these things work to my friends. Not one is less interested now than they were, which is to say most are quite sorry they didn't buy when I told them they should Did your friends lose money? He lost about 3-4K $... oh well There was a lady who bought at $1000 posting on this forum who had to take out a loan on their house to buy her first BTC. Kept talking about her dad investing 3000 BTC and trying to convince her to make her first buy. I wonder what happened to her.  I'm still here . Still reading... Still 'hodling'. I paid $1080 for each of my 11.1 bitcoins and have not sold - I rationalise this like so: bitcoin is only worth as much as someone is willing to pay for it right? And I refuse to sell them for less, which means they are still worth at least $1080 . Ergo, I have lost no money . How's that for a comforting delusion? That's not delusion, an unrealized loss is not a loss. I wish I had that strength-- if you continue your patience, you will be rewarded like so many else who have held. Hopefully, it's not rent money, and you don't need to touch it for several months or a year. Mad props for even finding my post. Money is on loan against the house right? Need to calculate loan interest and compare it to BTC EV - Tough call. Good luck to you!!! Thanks! I did do some calculations before buying the coins - the repayments on the house are so much anyway that a withdrawal of $12k hardly makes a difference (isn't that depressing). Never really taken a risk like this before, but what the hell right? Besides, after reading about Bitcoin (my research at work took a backseat - oops) it's become a bit of an obsession... I only picked up on your post because I read this damn thread every day and have the bitcoinwisdom tab open all day to monitor the price. It's almost (almost!) worth paying $12k just to be a part of this ride..... well maybe not that much . Debt is against my religion - going into debt to make a speculative investment feels so crazy to me that it blows my mind. I guess you US folks are so much in debt that you give zero fucks about going into debt a bit more. That said, is clear that the average investment for participants in the market is growing. When I bought into BTC, throwing at it $5k was definitely a bold move, and above the average. As an example, even rpietila, who had experience with gold and silver, bought in with only $10k, which anyhow was way above the average investment at the time he bought in. I guess the rule was: "throw only play money you can definitely afford to throw to the trash bin; if BTC realizes its potential it will be more than enough". This is changing fast and newcomers are starting to throw serious money to BTC, taking loans and so forth. That's a dangerous game. During the next boom and bust cycle expect "real life stories" of people who lost everything to BTC because of wrong choices, anxiety and poor understanding of the nature of BTC. I guess that's what we get with mainstream attention. I'm sure that's already happened. Has to be 1 guy who bought at $1200 and sold at $450. For every winner, there has to be a loser. |
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I've had three friends pull their money out and walk away from bit coin over the past few days.
Well done market makers / manipulators!
Really? They didn't know going in that this happens? I am very careful to explain the risks and how these things work to my friends. Not one is less interested now than they were, which is to say most are quite sorry they didn't buy when I told them they should Did your friends lose money? He lost about 3-4K $... oh well There was a lady who bought at $1000 posting on this forum who had to take out a loan on their house to buy her first BTC. Kept talking about her dad investing 3000 BTC and trying to convince her to make her first buy. I wonder what happened to her. I'm still here . Still reading... Still 'hodling'. I paid $1080 for each of my 11.1 bitcoins and have not sold - I rationalise this like so: bitcoin is only worth as much as someone is willing to pay for it right? And I refuse to sell them for less, which means they are still worth at least $1080 . Ergo, I have lost no money . How's that for a comforting delusion? That's not delusion, an unrealized loss is not a loss. I wish I had that strength-- if you continue your patience, you will be rewarded like so many else who have held. Hopefully, it's not rent money, and you don't need to touch it for several months or a year. That's a great way of putting it. I'm definitely going to use that when one of my anti-Bitcoin friends throws the dropped price in my face -- "An unrealized loss is not a loss." No, it's not rent money . I tried to abide by the old adage; "Only invest what you can afford to lose." I see that one has been thrown around this forum a lot actually. Easier said than done though I suppose! That is good mentality. I predict we should be able to hit $1000 again sometime in 2014. With overstock.com news looming and possible other retailers following afterwards. However price will probably continue going down until after Jan 31. |
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