I told my family. Either Bitcoin makes me a millionaire or it doesn't make me much. That said, I took out my initial investment last year, and plan to take out my tax free allowance this year, and next year. If Bitcoins gets to £1000, that will be nearly 11 coins down this year, but it will pay for a good holiday and a chunk of our mortgage. I sold less than 0.1BTC today at a price of £700 per BTC to help build my reputation on an exchange and a relative who had begged me to cash in previously told me I was stupid as the price will surely get above £1000 soon. I just tune out other people's advice on Bitcoins. I am bullish but slightly cautious. I expect Bitcoins to reach £10,000 and £10 within the next decade, both are actually possible next year hence I shall take out my £10900 tax allowance this year and loose 10-20 coins.
wise words I like to see what I have left when bitcoin is zero, and make sure it is sufficient. |
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now we are at $1000  |
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Atl coins that provide no new value over bitcoin, but are simple copies, IMHO are the biggest threat to bitcoin in general. I have a ready response to all the doubters questions except for the proliferation of alt coins...
I think they do offer some value as a backup for bitcoin, a distractor for authorities and people who would like to see bitcoin die, and one day a superior altcoin than bitcoin may emerge. I understand your fear but I think that no altcoin will take away value from bitcoin as long as bitcoin remains superior. The competition is good to put the pressure on the bitcoin dev team not to screw up. |
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This litecoin shit makes no sense to me, the market cap is now approaching 10% the market cap of bitcoin. I have heard litecoin supporters blather a million times why litcoin should have value, but I still don't see it. Why not just use bitcoin? The faster confirmation shit is flat out deception. I suppose this litecoin rally could simply be a manifestation of humanity's psychological and logical weakness with regard to integer unit prices ($900 is too "expensive", $30 is so much more "reasonable"... Sigh). But markets can only up put with the collective stupidity of humans for so long. Reality always comes back, it is just a question of when. I would be very very surprised if there was not a heavy correction in the LTC/BTC rate soon.
I feel your fear. I took some insurance against that Litecon threat after having felt the same fear when it did the same crazy rally half a year back. The problem I see is that the irrationality in buying Litecoin may actually become a self fulfilling prophecy. The higher it goes, the more people start to accept it, the more start to mine it, and the more start to buy it. Trow in some infighting or unexpected screw up for bitcoin, and before you know it litecoin is bigger as bitcoin and you missed out. So I would say, take some small insurance now, accept the premium as a punishment for not having thought about fire insurance before the fire broke out, and if it corrects take a decent insurance. I'll sell you some  This insurance business is awesome!  |
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You guys partied too soon.
Impossible. We will simply party twice. Hell... btce will give us a third reason to party! And then don't forget the au parity party. good point |
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You guys partied too soon. Only when Bitstamp hits $1000 is it time to celebrate.
The proof was again given today when gox went to $1070 and bitstamp said, nope, too many coins!, after which gox retraced back below $1000.
The bitcoin millionaires want some actual fiat for their coins, no gox promises!
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Just a lot more fiat at Bitstamp. In theory, Bitstamp should be able to climb to 1,300$, but they will probably follow Gox.
Excuse me? On Gox's order book you have more than double the amount of fiat compared to Bitstamp's order book. Compared with the situation a week ago, Bitstamp has a lot more fiat now. That allowed it to climb 120$ higher than the theoretical peak. Thanks so much all for the confirmation! |
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Are there withdrawal problems at bitstamp now also? Anyone having them?
Or are there problems to send fiat to btc-e now?
Or are the withdrawal problems of gox solved? Anyone can confirm?
Or is there just a flood of fiat to bitstamp?
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In Spanish, the words for "inversion" and "investment" are the same. Makes sense, because when making an investment you are giving away your money with no immediate benefit, hoping for more in the future. You are not buying what it is, but what you think it will be.
Interesting! Thanks for sharing. |
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I do not think that "risk management" strategies are sound for BTC. In my book the only way to go is the following:
Invest in BTC an amount you are ready to lose
Don't forget to realize some fiat profits, because unrealized profits = non-existent profits.
Practical example:
Somebody that invested in January this year has already a 50x unrealized profit. Wise thing in my book would be to sell at least 10% of the BTC, cashing in a healthy 5x profit on the initial investment, while keeping 90% of the BTC for the next cycle.
I'm using this strategy myself, with a clear exit plan I tend to follow strictly. I was lucky because I managed to reach x100 in the last run-up (BTC doubled 3 times in 4 weeks), but I would have cashed out even at x50.
Golden advice. Thanks for helping me see this Rampion. |
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I revised my bitcoin logistic adoption price analysis charts to combine four possible scenarios on one chart ..  red - assume a $5,000,000 maximum bitcoin price when fully adopted by financial speculators orange - $1,000,000 green - $100,000 blue - $40,000 I also re-fit each case to more accurately pass through the final price history data point. It is clear now that the exponential portion of the logistic curve, i.e. the straight line on the log chart, does not predict the maximum price. Here are the corresponding price targets summarized ...  The key result of this analysis is that we should not expect the current exponential growth of bitcoin prices to last more than 36-48 months - even under the most bullish imaginable scenario. Buy sooner rather than later is my obvious conclusion. The shared spreadsheet containing commentary, calculations and charts can be viewed, or copy/edited, at ... https://docs.google.com/spreadsheet/ccc?key=0ArD8rjI3DD1WdGhDN3FBWFptTlZTREN0cFkxZ3JHTncHey SlipperySlope, Great to see you back. Immediately again great analyses. Thanks so much for sharing again. I have also sold too many coins and was taken by surprise with this new relaunch into new highs. I thought your rational evaluation at the time indicating lower prices was sound. What was wrong with the line you drew at the time you think? Also, I agree we can expect an s-curve, but I don't see the first curve on your chart above. The period where growth is increasing year over year. What period do you think that was? |
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You are 13 and have a few years so you need to plan for the possibility don't need to worry that bitcoin prices could crash. I am uber bullish but you need to only invest would you can afford to lose invest enough so it makes a difference. A college education is not something you should risk losing. An opportunity like this is not something you should risk losing. If you keep your money in bitcoins be sure to work hard in school you won't have to work hard in school and make sure that even if you have no money for college that you can qualify for scholarships because of your good grades. and will be able to travel the world thanks to being financially independent.  Unbelievable. Just had to bluntly correct that. I don't think you are responsible to say these to a 13 years old young man. It's not funny. Money is not the only thing in one's life. Schools are prisons for many children. I don't think you are responsible putting your kids there if they prefer not to go. A free healthy man does not need to go to college. He can follow his passion and creates his own job. This young man is doing exactly that yet many here come with school and college propaganda. Also note that he asked no lectures... |
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You are 13 and have a few years so you need to plan for the possibility don't need to worry that bitcoin prices could crash. I am uber bullish but you need to only invest would you can afford to lose invest enough so it makes a difference. A college education is not something you should risk losing. An opportunity like this is not something you should risk losing. If you keep your money in bitcoins be sure to work hard in school you won't have to work hard in school and make sure that even if you have no money for college that you can qualify for scholarships because of your good grades. and will be able to travel the world thanks to being financially independent. Unbelievable. Just had to bluntly correct that. |
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Then you contradict yourself. You say that you like to read books. Your motivation to invest in bitcoins shows that you not only like to read books but you analyse what you read as well. Then you should know that the education is a very good investment.
Where do I start? Nah, never mind. |
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In case you are not trolling... Wow, you are my hero! School sucks, later on people just get better at fooling themselves. Sorry your parents are socialists :/ You will make it big. |
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I hereby want to apologize to all the permabulls I have been finger pointing, cypherdoc, rampion, justusranvier and many others here.  |
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Wauw, an amazing interview Thanks so much Richard. People like you make it happen. |
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no one shorts bitcoins
I do. In a bull market? Good luck with that. Good luck buying an all time high. Good point Though it is bitcoin. Careful bear. Save your energy/coins for when the market is overly clear going to correct hard. We are far from there in my opinion. |
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Very good article and true. All long term bubble accusations have now been proven wrong. Some short term bubble accusations have proven to be true though. |
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