Goxxed out, Back in

[ThatDGuy]

Welcome back!!

[ensurance982]

I also still figure we'll get something back from gox.

I hope so, although after the losses and lawyers I'm hesitant to expect anything more than about a fifth of what we had.  

Speaking of which, we can finally file for our losses!

Definitely a good step. Especially for the people who lost their life-savings. Just imagine getting back a fourth of a million USD, for example. It's still a big loss, but in many cases this could be the difference between being broke and having some nice savings, still.

[BillyBobZorton]

After sitting back and watching for over a year, I'm back in.

When I told a friend who was burned heavier by Mt. Gox than I, he said "Yuck!  The idea makes me a bit sick to my stomach, but in a way I'm oddly proud of you."


So why am I back in?

For a $1,000 investment, I will forever be among the wealthiest 5 million Bitcoin owners in the world as long as I hold.

That may not sound like much, but by comparison, there are 12 million millionaires in the world.  Put another way I own more Bitcoin than 99.928% of the people of the world could ever theoretically own at one time.

Yes, Bitcoin may drop lower, but so might the buying power of a dollar

Yes, web interest has been constant for the last year, but it's holding at about 50% higher than the summer of 2013 when the price was $100-$150.  And yes, I know that 1.5x the old price would put us slightly below where we are currently at ($150-$225), but I'd rather buy now and have it drop there or even lower than wait for the price to drop to that range and never get back in.

Yes, the USD transaction volume has remained fairly constant for the last year, but the number of transactions per day has shown consistent growth.


Yes, it could drop to $0 and I just lost $1000 bucks, but at the same time I know there are others just like I have been:  Sitting, waiting, biding their time until something "clicks" and they are ready to get back in or buy in for the first time.  And as they come, so will the price.  And as the price comes, so will the interest.  And as the interest comes, hopefully the infrastructures will be battle-hardened enough to be able to handle it this time.  And if the infrastructures are able to handle it, we might just make it across The CHASM.  And I doubt that even the blackest bear would want to miss out on something as monumental as that...

Welcome back in i got goxxed myself pretty hard but i've been very busy and managed to build up a small % of what i lost, im not stopping until i have everything i lost back, with the dropping prices this seems possible.  I also still figure we'll get something back from gox.

Very appropriate nickname for your story. Do you plan to hold on your coins long term? My fear is that if everyone gets their coins back, they might be very frustrated with the experience and in fear, dump all of their coins for that filthy fiat.

[briguy37]

Update:  Still holding strong!

Also, for the Gox Bankruptcy proceedings: total assets will pass total liabilities when the price reaches $2,542.60 USD/BTC, so that is within striking distance.

However, even though it's nice there's a chance to get the full amount back, it's still bittersweet since that would be worth only 17.8% of Bitcoin held over the same time period...

[RickJamesBTC]

So at what point are you happy with the recovery / profit? You bought in the low 200 range, it was a good time to pick up quite a lot of coin for me as well. Is this price enough for you or do you feel greedy and want to go for the top?

[briguy37]

So at what point are you happy with the recovery / profit? You bought in the low 200 range, it was a good time to pick up quite a lot of coin for me as well. Is this price enough for you or do you feel greedy and want to go for the top?

I believe Bitcoin has the best potential to equal or even surpass the level of the USD/Euro/JPY/GBP/Yuan/etc. (if the transaction throughput problem is solved, paving the way for use as a global currency), gold/silver/diamonds (if it instead remains primarily an inflation-proof store of value), or both.  If that happens, we are talking $100,000/BTC minimum.  

I also believe Bitcoin has the potential to be surpassed by another crypto (more-likely) or fade away like tulip-mania (less-likely).  Thus, I have invested an amount I am comfortable never seeing again and have resolved myself to seeing the result of this binary proposition through to the end.  

So to answer your question I am definitely happy with the growth thus far, but I'm in it for the long haul.  The interesting thing about that is that by the time I would ready to take profits, the logical choice would be to take the profits in Bitcoin.