why I sold my bitcoins....

[piramida]

better to be left holding a bag of bitcoins than with a bag of paper.

[Elwar]

So Bitcoins are a good investment at $5 but not at $27? What makes them good at $5?

Even if it were true that it is only good for gambling and drugs, the worldwide drug trade has a yearly revenue of over $300 billion. Even if all Bitcoins were distributed and Bitcoins were used in only 1% of the drug trade, Bitcoin would need to be worth over $100/BTC just for that small sliver of commerce.

When did you buy in? Was it at $5? Or did you buy in high according to your valuation of Bitcoin?

[n8rwJeTt8TrrLKPa55eU]

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

As Falkvinge and others here have pointed out, drugs and gambling by themselves could potentially drive BTC usage in the many billions.  Silk Road and current gambling usage is peanuts.

But beyond that, I think you're severely underestimating worldwide demand for a private, portable, wealth storage/protector/diversifier/transferor outside of the banking system.  We're talking trillions.

Sure, there might be a price correction coming.  But trying to play short-term trades with something with this much potential, sounds terribly shortsighted and likely to end in regret.

[flaab]

I just gold out by 80% of my bitcoins :-)

[BlackBison]

Two charts for you.

How the dow looked in 1950:





You could easily say everything you have said about BTC about this chart, sold everything for your perfectly logical reasons. Unfortunately the price then proceeded to do this:





Obviously there are more applicable charts than this but I would have to make the screenshots myself which I can't be bothered to do, but you get the idea.

Bubble moves on new technologies are almost always explosive.. they tend to overshoot as people get overly excited in the mania. See the dotcom bubble charts for the industry leaders like Amazon etc. They bubbled then crashed even though they were fundamentally huge companies that have changed the world. This time its different though right?  

Let me leave you with a famous quote:

"The market can stay irrational longer than you can stay solvent."
-- John Maynard Keynes

[KTE]

... trying to play short-term trades with something with this much potential, sounds terribly shortsighted and likely to end in regret.

This is all the wisdom required to invest in BTC successfully. It's very entertaining to read this forum though.

[Zangelbert Bingledack]

For centuries bankers have amassed a legendary share of the world's wealth because they understood money better than the general public.

If Bitcoin is the future, those who understand it first stand ready to do the same.

[MacMiner]

Time to sell some bitcoins?

[Luno]

On this very page, some ten posts ago, I was reticuled for suggesting that it looked like there was a imminent downturn ahead.

Guess who is LOL'ing now!

[KTE]

This is so much fun, let's see what happens now. It's a big gamble to brag about being right this soon on the slope   

[xxjs]

"Why I chose to live in the gutter, although I was in the know."

May be it could be a bestseller.

[jimbobway]

Bear strategy:

1) Sell bitcoins
2) Write big wall of seemingly convincing text on why bitcoin will go down and post in forums.
3) Wait for people to read it and for psychological drop.
4) Price of bitcoins rises
5) Panic and buy higher
6) Bears win and bulls win more.
7) Profit!

[baggyp]

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

This is my first post outside the newbie section. I came here for the read and stayed for the lols. This made me snort outloud. Thanks.

[byronbb]

Obvious troll-FUD post is obvious.

[Beta-coiner1]

I just gold out by 80% of my bitcoins :-)

I like your thinking.:-)

I think the main point of the original post is simply about the retainment of value of one's investment whether it is shuffled amongst precious metals,fiat or back into BTC.

[Jutarul]

When you say over- or under-"priced". There is a price for generating BTC: The amount of power you spent and a fraction of the hardware you use for that. Last time I checked it was about $12 cost per generated BTC for the average miner (ASIC miner pay less on average). If there is a correction coming, it's unlikely it breaks through that price barrier... same was true when BTC hit the $2 level after the crash.

That said - I could use some more $12 BTC. Please dump.

[Luno]

I might be a bear at heart, but as soon as we are dipping I become a shy bull:

[aurora]

I sold most of mine too. Bitcoin market is way too small to be stable.  I see profit I sell. Keeping coins and thinking that one day I be reach doesn work for me. I have money now. All of you , dreamers, make sure you wont pull hair on your head when it crashes. I can deal that I could sell coins for more. Can you deal with loosing thousand of dollars when you could sell for more?
Better to have real money in my pocket now than some dream money I could get in future

[notig]

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

There isn't such a thing as natural growth of bitcoin. How can there be some natural growth as to the amount of people willing to say... convert their wealth from dollars to bitcoin? There can't. You can't predict how many people would do this or even really measure it. It seems that natural growth means actual usage.... but that can't be the growth pattern that bitcoin will ultimately use because it is not only just a medium of usage. It's not just a currency.

The only way you could say that bitcoin would have a natural growth is if there was programmed in the protocol a slow decrease in the value of all bitcoins over time at some small amount that would prevent people from using it as something other than just a currency.

[lebing]

The bears are just making it more enticing for the stampede coming on Tuesday. Ignore the mega/reddit announcements at your own risk.