Bitcoin Goes Below $200

[Dire]

Just sitting there watching the price on coindesk it went down to $197 quickly, then jumped up again. I know Bitcoin's been there before (and lower of course) but I wonder what other people's strategy now is.

For myself I don't feel too bad, whenever the price lowers I just think it's a good time to buy more. But during this time and up to 2016 what with forking and halving, it's hard for me to know what price to buy more at, I mean, $200 could be great, but $150 is even better... below $100... Bitcoin becomes more shiny for me.

So I guess my question is what's your buy in large price? That price where you'd buy at least ten Bitcoins (I realize 10 Bitcoins @ $100 is probably not large for some people, but you can use your own metric.)

 

[AgentofCoin]

I believe break even for the large miners is around 180 USD.
At-least that is what some claimed last time this happened.
Two pools even went out of business around 180 USD.
Below that and miners are dead.

So if anyone buys around or below that number,
I believe you are buying in at the greatest time after bitcoins initial rise of 2013.

(Warning, I'm no expert nor financial adviser, you should only spend what you can afford to lose.)

[coinableS]

I'm not going to kill myself trying to time the market perfectly. It will drive me crazy if I do. I'm just going to continue buying in lump sums once a month and hopefully I get lucky.

EDIT: I guess if it dropped close to or below $100 I'd probably take some $$ out of savings and scoop up a large handful.

[Dire]

I believe break even for the large miners is around 180 USD.
At-least that is what some claimed last time this happened.
Two pools even went out of business around 180 USD.
Below that and miners are dead.

So if anyone buys around or below that number,
I believe you are buying in at the greatest time after bitcoins initial rise of 2013.

(Warning, I'm no expert nor financial adviser, you should only spend what you can afford to lose.)

Actually, that's really good to know. Thanks for mentioning that.

But with the whole fork issue I think it's likely might well go lower. Not that people should actually be dumping because of that because you'll still have your coins either way.

I just wonder if this time people will move their money out of Bitcoin and wait before diving back into it. I think it's a speculation roller coaster ride between now and 2016. In possible retrospect, I think this'll be one of those Bitcoins periods where everyone will ask 'what did you do with your Bitcoin between 2015 & 2016.'

I think there will be some huge gainers during this time and after the dust has settled.

I'm not going to kill myself trying to time the market perfectly. It will drive me crazy if I do. I'm just going to continue buying in lump sums once a month and hopefully I get lucky.

EDIT: I guess if it dropped close to or below $100 I'd probably take some $$ out of savings and scoop up a large handful.

Ya, that's pretty much my strategy too. I think financially and psychologically it works well. I mean, if anyone buys a ton of Bitcoins now, they'll be really hurting if it goes lower and then possibly panic sell.

Moderation is key. I generally go with about 10% of my monthly fiat into BTC whatever the price... yet still, double digits and it would be difficult not to go nuts and raid the savings, like you said.

[gogxmagog]

Just sitting there watching the price on coindesk it went down to $197 quickly, then jumped up again. I know Bitcoin's been there before (and lower of course) but I wonder what other people's strategy now is.

For myself I don't feel too bad, whenever the price lowers I just think it's a good time to buy more. But during this time and up to 2016 what with forking and halving, it's hard for me to know what price to buy more at, I mean, $200 could be great, but $150 is even better... below $100... Bitcoin becomes more shiny for me.

So I guess my question is what's your buy in large price? That price where you'd buy at least ten Bitcoins (I realize 10 Bitcoins @ $100 is probably not large for some people, but you can use your own metric.)

 

I feel that there is a power in nice round numbers to make people buy. For a newb who maybe doesn't fully get the concept of btc a number like $100 sort of normalizes the whole thing. Most are too used to viewing money in units divisible by 10...
That said I think anyone out there with money to invest is probably sitting tight for now. An unprecedented market upheaval is in the offing.
The traditional Wall Street investors who are getting killed right now won't simply start throwing their money into an experimental emerging currency/technology just yet.
Maybe when the dust settles.
Btc will continue to suffer for a while, but if you are a believer and see the long game, just get what you can afford, maybe once a month. I buy my "quota" on my pay day, every two weeks.
But you must make your own decisions. I am neither a financial advisor, nor very lucky in the market... So please don't take my words as professional advice

[Dire]

I feel that there is a power in nice round numbers to make people buy. For a newb who maybe doesn't fully get the concept of btc a number like $100 sort of normalizes the whole thing. Most are too used to viewing money in units divisible by 10...

That's definitely the case, those units divisible by ten have a very real psychological impact. Once a price kicks down below a level, there's a lot of panic sell. I see that often with alt trading, although I'm still useless at it.

[chek2fire]

A gz to Gavin and his team for this disaster!

[fenican]

Bitcoin users are not a charitable foundation dedicated to preserving miner profits.

There can, have, and will be times when mining is EXTREMELY unprofitable.

Nowadays, most successful miners have free access to electricity and, similar to oil wells, existing investments in hardware are mostly a sunk cost. Even if BTC goes down to $50, there will still be guys cutting in line to mine it on older hardware using various sources of free electricity.

Also, if BTC goes that low there will be a firesale on ASIC hardware. This will allow new players to enter the game and profit at levels that are unsustainable for current miners.

THE SHOW WILL GO ON

[Luqman]

Really, I just hate with all the fuck current issue 

[AgentofCoin]

Bitcoin users are not a charitable foundation dedicated to preserving miner profits.

There can, have, and will be times when mining is EXTREMELY unprofitable.

Nowadays, most successful miners have free access to electricity and, similar to oil wells, existing investments in hardware are mostly a sunk cost. Even if BTC goes down to $50, there will still be guys cutting in line to mine it on older hardware using various sources of free electricity.

Also, if BTC goes that low there will be a firesale on ASIC hardware. This will allow new players to enter the game and profit at levels that are unsustainable for current miners.

THE SHOW WILL GO ON

This may be true too, but in that event, price bounces back up.
Then difficultly rises, the new miners drop out, and the large farms start again.
Then we are back to above 150 USD again.

[MicroGuy]

The bitcoin core developers are apparently modeling their management style after Mark Karpeles.

Go with 8MB blocks and then fork again later. This is not rocket science.

[ticoti]

I keep without understanding why this happened

Is this because Xt polemic?

[knight22]

I keep without understanding why this happened

Is this because Xt polemic?

Very likely.

[Undermood]

No one knows the bottom. What I do is to buy when it lowers a specific amount, like I buy 2BTC when price is $220. I buy 2BTC when it declines to $180. It could average my holding costs. 

[jeffthebaker]

In all honesty if Bitcoin drops near or below $100 I would probably cash out 100% and stay away. If/when the market rebounds I can always rejoin the scene, but if the price gets that low something catastrophic must have occurred that could potentially kill Bitcoin.

[jonald_fyookball]

When a market is trending strongly (in either direction), it tends to keep going in the direction.
It's sort of a self fulfilling prophecy.

For example, in a bear market, prices are falling.  Since no one knows where
the bottom is, buyers tend to stay away.  Few are interested in buying
until they see some support or strength.  So its a one sided market.

Eventually, the price will be so low that the bears are no longer interested
in selling at such a lower price.  Short sellers will be taking profits, thus buying
back their positions, and some early bulls will come in who see value at a discounted price.  
Then the market reverses.

[pooya87]

it looks like $100 is the new entrance point now.

A gz to Gavin and his team for this disaster!

i know this stupid project of them would cause this sort of mess.

[Liquid71]

I'd love the buy at these prices but I don't want to be left with a bag full of XT shit coins 

[BurtW]

When a market is trending strongly (in either direction), it tends to keep going in the direction.
It's sort of a self fulfilling prophecy.

For example, in a bear market, prices are falling.  Since no one knows where
the bottom is, buyers tend to stay away.  Few are interested in buying
until they see some support or strength.  So its a one sided market.

Eventually, the price will be so low that the bears are no longer interested
in selling at such a lower price.  Short sellers will be taking profits, thus buying
back their positions, and some early bulls will come in who see value at a discounted price.  
Then the market reverses.

Yes, this is my philosophy also.  

There has always been drama to blame the ups and downs on.  This time it is OMG/XT/Hern/GAVIN/The Sky is Falling/FORK.  Just another day in Bitcoinland for as far back as I can remember.  You noobs missed the first block subsidy halving.  Stick around for all the drama at the next subsidy halving - that will be fun.

[BurtW]

I'd love the buy at these prices but I don't want to be left with a bag full of XT shit coins 

What the hell is everyone's deal?  If there is a true blockchain split and you play your cards right you get coins on both branches!  If you have 100 coins before the split you get 100 "Bitcoins" and 100 "XT Bitcoins"

No problem.  In fact I am running both full nodes and both wallets so I can double my coins if that happens.

I actually believe that any split will be temporary.   But it is fun to dream.