why I sold my bitcoins....

[hi]

I sold a nice chunk of my bitcoins recently.  The reason I did this stems from my thinking that bitcoins @  27-28 are way overpriced and I wanted to cashout before it crashes.

Bitcoins biggest selling points are its ability to be anonymous and decentralized.  Most people do not care about this.  The only services currently offered that really are served by bitcoins biggest assets are illegal ones--Gambling and Silk Road.  The current run up is 95% related to speculation that "everyone will get rich by just buying and hoarding bitcoins".  This will end like the last run up--crashing down to reality.

Ask the latte drinking hipsters why bitcoin is such a good investment.  They will spill out some rubbish that sounds partially coherent but in the end--still rubbish.  Again, the two biggest beneficiaries of bitcoin are gambling websites and silk road.  However, most people can already gamble via offshore or its legal in their country and most people wanting to obtain drugs can do so without using silk road or bitcoin.  Therefore, the biggest forces currently moving bitcoin (gambling and silk road) are really niche services and service a small percentage of those possible users.  

Other forces at work that will undermine bitcoin will come from amazon's new currency that they have started promoting.  If amazon had taken bitcoin as a form of payment then perhaps a larger circle could have been drawn that would have propelled bitcoin out of the niche, geek, and fringe reality.  Instead that did not happen.

With this being said, I see value of bitcoin at a much smaller price then 27-28.  I see it as being valued at 5-6 per bitcoin and this is quite generous.  Bitcoin will descend back into the fringe and this is why I sold all of my bitcoins.  27 is bigger then 5 or 6.


PS. now there will be some people who will post 5 charts that show bitcoin going to the stars and state that the fundamentals are all there for an explosive growth in this new technology.  Rubbish. They are just shamelessly promoting their current holdings much like those shameless "gold is the answer" charlatans.  If you continue to hold and lose your proverbial bum--blame no one but yourself

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[notig]

There are tons of legitimate entrepreneurial opportunities that bitcoins provide that our traditional money systems either can't do or not as well.

Take the example of a journalist who writes and has a bitcoin address that anyone can send funds too. All the sudden this person doesn't need an advertising system in place to somehow capture whatever profit they may.

Take the example of the reddit bitcoin tip system where users can tip each other. Sound like that's easy to do with a credit card based system? Not gonna happen. And that's something that will grow to other sites and it's already being used.

Take the example of a site which has a worldwide audience. How can they offer services that easily let the entire world pay? Bitcoin is an answer for that. There are no boundaries. Any country would not be locked out. You don't need to rely on american credit cards or paypal.

Take the example of a charity who you can donate to. What method is easier than bitcoin where anyone can donate and they don't even need to sign up to donate or even give their email or make an account?

I can think of tons more but the truth is most uses haven't even been thought of yet probably.

[oakpacific]

I like bears who just can't wait to tell everyone after they sold their bitcoins like it's them losing their virginities.

[jojo69]

fail post is fail

[Bit_Happy]

The market will go down AND up.

[MonadTran]

Bitcoin is a protocol. Protocol adoption is driven by 2 things: its technical parameters, and faith.

The technical parameters of bitcoin are superior to those of any government-issued currency. If no single entity can control money supply, 99% of people would win. The ability to be one's own bank also looks great. You can take your savings anywhere, and nobody can stop you. I won't go into this further, as you didn't present any arguments against the protocol, so I assume, you are fine with it.

Now, faith. The best indicator of faith is price, in case of bitcoin. The price is growing, and that's the indicator that people have more and more faith in bitcoin.

Now, you are telling you have no faith. I don't see why you wouldn't, but that is fine, thank you for your bitcoins. I am sure banksters and polititians would thank you too, 'cause they are going to inflate your savings away.

One thing I don't like is the word "overvalued". It is pretty destructive to the community. If enough people say "overvalued" frequently enough, that word will become the new faith, and it really shouldn't. The protocol is superior to anything used currently. It deserves wider adoption. Please stop spreading panic. This is not a good thing to do, even if you, yourself, are not a believer.

[mp420]

I'm not selling, at least not just yet. I think the bubble will take us even higher before the crash.

The only reason to sell at this point would be if one is overinvested to begin with.

[Fuzzy]

27 is bigger then 5 or 6.

Shit, better go get my tinfoil hat.

[arepo]

Now, faith. The best indicator of faith is price, in case of bitcoin. The price is growing, and that's the indicator that people have more and more faith in bitcoin.

this is true only under certain circumstances. be careful.

[piramida]

There are people who can only see the current moment and they can't even imagine something longer term than a year - and that is a valid point, live today, there may be no tomorrow etc etc - and to them bitcoin is currently overpriced, sure.

Then there are others, either smarter or idealistic fools (depends on how it goes), and to us now is not as important as future. Several years at least makes sense. Cash to spend over several months? Who cares.

/end of latte drinking hipster rubbish.

[cedivad]

At least we all agree that this is a bubble and not the natural grow of bitcoin.

[Frequency]

Everybody should know what he thinks is the right moment to say " Btc is overpriced" maybe at this moment it is, but in the longrun you will be glad you still own a few of the btc and also wake up thinking america is the only place on earth (amazon) if only 1% of the rest of the world gets to know btc $27,- is nothing, nothing at all..!!

[jl2012]

SELL!!!!! Last chance to sell at $27!!!! I wish all bears sell!!!!

[XxionxX]

Bitcoin is a gamble.

And like any good investment you run the chance of losing all of your money. But If you truly believe that bitcoin is the wave of the future, you hold, no exceptions. You only 'cash out' when you need to purchase assets, divest your fortune into other investments, or you need the liquid cash badly for some reason.

Yes we run the risk of crashing in the near future due to 'weak hands', but who cares? I am here for the long haul, I could care less if the market crashes in the near future. I would probably buy more coins in fact.

The only reason I would stop buying is if something catastrophic happened to bitcoin itself. I am not here to be a daytrader.

Hipster? Please. I live on a ranch and I fix computers/program as a hobby. I weld and fix fences as a part time job and I work for a tv station. Stereotype broken.

Edit:

P.S. Please sell because Coinbase needs your coins, they keep running out! XD

[Herodes]

I sold a nice chunk of my bitcoins recently.  The reason I did this stems from my thinking that bitcoins @  27-28 are way overpriced and I wanted to cashout before it crashes.

Would you say the fundamental drives are not stronger now than when the bubble happened in the summer 2011 ?

Personally I think we will see far higher prices in the future, although there may be corrections along the way.

[Melbustus]

...<small, limited thinking>...

Again, the two biggest beneficiaries of bitcoin are gambling websites and silk road.  

...<more small limited thinking>...

If memory serves, the size of the online poker market in 2006 was $8,000,000,000. And that's revenue, not flow. And that's just poker, not all gambling.

And all gambling is not all commerce.

And consumer-commerce isn't all of bitcoin's theoretical monetary value.

And bitcoin's purely monetary-use value is not all the theoretical value provided by humanity's first decentralized authoritative record system.


OP, you may of course be right. But the potential is just too huge to ignore. On 5yr+ timescales, I think bitcoin is a considerably +EV bet at current prices.

[Zangelbert Bingledack]

No argument in OP, just opinion. Why should we care?

[John (John K.)]

Each one to themselves I guess.

I like bears who just can't wait to tell everyone after they sold their bitcoins like it's them losing their virginities.

This exactly. 

[Luno]

Each one to themselves I guess.

I like bears who just can't wait to tell everyone after they sold their bitcoins like it's them losing their virginities.

This exactly. 

Anyone here left holding the bag, can just lie and brag about how they sold at the top.

[oakpacific]

Each one to themselves I guess.

I like bears who just can't wait to tell everyone after they sold their bitcoins like it's them losing their virginities.

This exactly. 

Anyone here left holding the bag, can just lie and brag about how they sold at the top.

It's FUD or they can hold until the price rises up again and start bragging.