How does it feel to have sold < $30?

[smoothie]

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

OP so how does it feel to have sold < $30?

[uhoh]

Talk about a rub down! Leave the guy alone! 

[smoothie]

Talk about a rub down! Leave the guy alone! 

Can't help myself in trolling that lol

[ineededausername]

oh god it must be horrifying to have been a bear...

[smoothie]

Sell "high" at $29 and buy higher at $92

yes now you ahve 1/3 of your bitcoins you started with. 

[proudhon]

Odds are he'll get a chance to buy back lower than when he sold.  I wouldn't worry about it if I were him.

[uhoh]

TEAM PROUDHON!

[oakpacific]

To quote myself from the post:

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

[smoothie]

Odds are he'll get a chance to buy back lower than when he sold.  I wouldn't worry about it if I were him.

Odds? What probability or analysis are you using to get these "odds"?

Oh wait, let me guess you're just guessing...

[fcmatt]

so you are ridiculing a person who made a profit back then with 20/20 hindsight available to you today that he should have been able
to make more?

really?

[oakpacific]

so you are ridiculing a person who made a profit back then with 20/20 hindsight available to you today that he should have been able
to make more?

really?

See this:

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

OP came here to brag about his selling and ridicule those still holding, it's not unfair that he gets the same back for himself.

And yeah, he made it clear that he sold with the expectation that the price will drop, not just to realize his profits.

[Crazy]

Oh wait, let me guess you're just guessing...

You're not?

[smoothie]

so you are ridiculing a person who made a profit back then with 20/20 hindsight available to you today that he should have been able
to make more?

really?

YES! 

[smoothie]

so you are ridiculing a person who made a profit back then with 20/20 hindsight available to you today that he should have been able
to make more?

really?

See this:

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

OP came here to brag about his selling and ridicule those still holding, it's not unfair that he gets the same back for himself.

And yeah, he made it clear that he sold with the expectation that the price will drop, not just to realize his profits.

+1