why I sold my bitcoins....

[shmadz]

this thread is interesting to me. I had the same feeling as the OP in around the same price range when I traded roughly 56 btc for an imaginary promise that I might at some time in the indeterminate future get a magical money-making device delivered to my door... (i.e. avalon batch 2.1)

I remember the price at that time was approaching the old *all-time high* and thought, "this is a pretty good deal! I can just buy back when the price dips back to sanity"

well, since then, I've been incrementally selling the rise, and waiting to buy the pull-back. (as a miner, I thought this was prudent, didn't want to be on the hook for the outlay - which is not extreme, but not negligible in my case_)

but where the heck is my pull-back? since then it's been straight up, other than 2 opportunities for me (was able to get back some coins at 38, 36, but never quite hit my 34 bid, both times  

at the time of this writing virtex (yes, I'm from canada) is at 64* with only marginal resistance on the up side, this makes me fearful that this run is the true opportunity and that if I ever receive any magical mining hardware it will be far to late to ever get those bitcoins back...

Either that, or this whole thing will collapse tomorrow... exciting times!  

* price actually hit 65.8 while I wasn't looking, can't help myself at these prices, gonna try new strategy though to keep me in check, just gonna sell half of what I earn each week, and try to stockpile the rest...

[Spaceman_Spiff]

 

I think it would be both physically and figuratively more correct if the bears in this pic were getting burned...

[BitPirate]

Either that, or this whole thing will collapse tomorrow... exciting times! 

Price is being driven up by newcomers pouring in. That's not going to precipitate a crash.

[zoinky]

Either that, or this whole thing will collapse tomorrow... exciting times!  

Price is being driven up by newcomers pouring in. That's not going to precipitate a crash.

Sarcasm, right?

[BitPirate]

No, it's not.

Newcomers are coming in and buying high. Why would they sell low?

[Spaceman_Spiff]

No, it's not.

Newcomers are coming in and buying high. Why would they sell low?

Newcomers often contain weak hands.  But a few corrections later, the strong remain, and the net effect is positive imho.

[BitPirate]

No, it's not.

Newcomers are coming in and buying high. Why would they sell low?

Newcomers often contain weak hands.  But a few corrections later, the strong remain, and the net effect is positive imho.

True... and more hands is better; particularly when they have more to gain and less to lose from holding.

I think we're seeing the Reddit effect this week + EU uncertainty. The current rally has more steam left in it yet.

[Spaceman_Spiff]

No, it's not.

Newcomers are coming in and buying high. Why would they sell low?

Newcomers often contain weak hands.  But a few corrections later, the strong remain, and the net effect is positive imho.

True... and more hands is better; particularly when they have more to gain and less to lose from holding.

I think we're seeing the Reddit effect this week + EU uncertainty. The current rally has more steam left in it yet.

You could be right.  Cyprus is probably big psychologically.  Given the amount of news we have had these past weeks, and the variable lag between a person getting interested in bitcoin and acquiring it for the first time (or acquiring more), I have given up on trying to ID the causes of price movement.  

[00null]

If bitcoins are ever at the price level of 1 BTC = $10k, they will not be used for gambling microtransactions or small online purchases, they will be used by bankers and gangsters (can you tell the difference?) to hide and move large sums of money.

Why not both?

Because of the limited size of blocks, there can only be so many transactions processed per block. Because of the way the transaction fee works it makes sense to send large transactions rather than small ones. This can be mitigated somewhat by increasing the maximum block size, and by lowering the threshold for requiring a fee, but as the value of one bitcoin goes up, the amount of bitcoins in a microtransaction or purchase goes down.
The fees have been lowered in the past, and if the price of bitcoins continues going up they could be lowered again, but if blocks are getting filled up then it does not make sense to lower the fee.

Don't assume that all Bitcoin transactions occur on the blockchain. That is very naive. In the future, the vast majority of transactions will never touch the blockchain. They will be internal transactions between the large successful ewallets.

This is a really weird statement considering it comes from the main polluter... See, only you yourself could make this a reality - change SD and the block size will be fine for years!

[Jutarul]

Don't assume that all Bitcoin transactions occur on the blockchain. That is very naive. In the future, the vast majority of transactions will never touch the blockchain. They will be internal transactions between the large successful ewallets.

This is a really weird statement considering it comes from the main polluter... See, only you yourself could make this a reality - change SD and the block size will be fine for years!

However, he makes a valid point. bitcoin is a tool to perform direct trade settlement or clearing balances in a trust-free environment - this resembles the role of gold.
Once you have established a trust relationship with another entity or institute you can maintain an off-blockchain balance sheet and do the clearing only occasionally through the blockchain.

[smoothie]

OP so fail.

[01BTC10]

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.

Well played.

[muyuu]

Someone with more sense has these sweet coins now.

[Hexadecibel]

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.

Well played.

Maybe we just don't understand his cunning plan?...

[creativex]

At strategic points during the last month or so when I felt we were heading for a downturn(usually Thursday nights) I simply bought some toys at the bitcoinstore. At first I would look at the price after I bought and shake my head, but now I just play with the gear I got and feel good about supporting the BTC economy. Feels a whole lot better than selling for garbage fiat and if the price had tanked I'd be patting myself on the back for exchanging the coins for gear.

[smoothie]

The OP:

I LOLed here. That is some funny ass shit!  

[BIGMERVE]

[mike938]

At strategic points during the last month or so when I felt we were heading for a downturn(usually Thursday nights) I simply bought some toys at the bitcoinstore. At first I would look at the price after I bought and shake my head, but now I just play with the gear I got and feel good about supporting the BTC economy. Feels a whole lot better than selling for garbage fiat and if the price had tanked I'd be patting myself on the back for exchanging the coins for gear.

Great thing to do. I've been trying to do the same but can't find anything to buy on there. Seems a lot of the higher end things are missing (4TB SAS drives, 500G samsung pro SSD for example) preventing me from buying. Although, so far that's done me well with the (not so) slow increase in value.

[creativex]

At strategic points during the last month or so when I felt we were heading for a downturn(usually Thursday nights) I simply bought some toys at the bitcoinstore. At first I would look at the price after I bought and shake my head, but now I just play with the gear I got and feel good about supporting the BTC economy. Feels a whole lot better than selling for garbage fiat and if the price had tanked I'd be patting myself on the back for exchanging the coins for gear.

Great thing to do. I've been trying to do the same but can't find anything to buy on there. Seems a lot of the higher end things are missing (4TB SAS drives, 500G samsung pro SSD for example) preventing me from buying. Although, so far that's done me well with the (not so) slow increase in value.

Yeah, it's a little cramped working within the confines of their product lines, but I've found some gems. I needed a new AIO color laser and my old server was in need of retirement. They have respectable prices on 2P G34 boards and opty 63xx, so I assembled a cheapskate 24 core w/ 64GB of ram.

[ineededausername]

OP is back in the gambling forum where his ilk belongs