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Author Topic: OK, THIS IS FUCKING INSANE  (Read 9758 times)
deathcode
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April 03, 2013, 08:06:01 AM
 #41

I've mined for awhile at this point and was happy to see $3, $5, and by gosh, $10.  It had to be cashed since it also paid for office rent.  But at the same time, well, that's hindsight for you.  I'm sure we all would've loved to hold onto coins if we bought or mined them at $2 or whatever "cheap" price now.

But as someone said yeah, you can always cash-out what you put in and sit on the rest.   You may lose a few bucks (or a decent amount) in Intraday at the rate this is climbing but you've earned your investment back.  

I'm scared...

But no I do think we'll keep going up for awhile since as was said, the true power of this global money is being shown.

yeah I thought about selling a few btc to recover my investment, then again, my investment has been paid already. BTC is not my full time job, it's a fun way to learn something new and it keeps me engaged. I have more computers than a normal person would need and certainly more than my wife would like to see.
I'm still mining btw and I pay electricity out of my own pocket, I dont even sell BTC to pay the power bill since it's obviously better to keep the BTCs

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Sword Smith
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April 03, 2013, 08:27:12 AM
 #42

Even for a bull like myself, who's in dreamland right now and seriously considering selling just because I don't really know how am I going to play out the transfer of my money back to my accounts, this is plain insanity.
I have never seen this kind of sustained growth in any financial tool... not in commodities ( I used to trade coffee and OJ), not in silver/dollar much less in stocks minus some penny stocks that shouldn't be counted (Hello Granny Mae!!!)
Although many people call this a bubble, while I call it a correction, there is no doubt that there's a lot of speculation and people buying coins to hoard them and to speculate the price will continue to rise. I just cannot believe how the price has gone from $101, (on April 2nd at 6:43:15 GMT) when I bought 0.5 using money from a relative and I only bought 0.5 because I was somewhat skeptical and I was waiting for a small dip to get in, to a whooping $136 in about 24hrs!!!
That is just plain ridiculous and sorry if I sound like a moronic bear but it's insane to think differently about it.
So, where do we go from here? when are we hitting $200?
I read other posts about hittin $1000 this year and I was skeptical about it, but who's to say it isn't possible?


Bitcoin isn't OJ or coffee- It's something you can't compare to almost anything. As far as investments it's maybe more like Apple stock ( look at the price in 1984 and today....)
I own apple stock (unfortunately) as I jumped in at $490 and although your analogy is true, look at the time lapse in apple stock prices..
we are making 10-20% profits every 24hrs!!! that's fucking crazy dude!
We made 23 % the last three hours. Seems like a pretty regular ROI to me  Cool

David M
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April 03, 2013, 08:27:40 AM
 #43

Dude I'm a fucking atheist but nobody makes money this fast and this easy without going to some sort of hell....

LOL. 
axus
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April 03, 2013, 08:47:06 AM
 #44

Split up your stash, it's what Pirate did with his booty Cheesy  40,000 bitcoins is worth....?
EuroTrash
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April 03, 2013, 09:00:40 AM
 #45

Whatever. I'll die of a heart attack soon enough and my private keys will be lost.  Shocked

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wopwop
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April 03, 2013, 09:06:58 AM
 #46

headless BEAR attacking this super-bull rally but failing tremendeously  Cheesy Cheesy Cheesy
ManBearPig
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April 03, 2013, 09:11:23 AM
 #47

MASSIVE swing trading opps here!

Not that that's my thing of course Smiley

I tweet crypto nonsense: https://twitter.com/DunningKruger_
blksith0
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April 03, 2013, 09:15:45 AM
 #48

This graph needs to turn that frown upside down  Sad  Cheesy
kibblesnbits
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April 03, 2013, 09:17:49 AM
 #49

+1 what hyphymikey said

If your plan is to flip bitcoins for a short-term USD profit you will get eaten

But if your plan is to hold bitcoins and use them to pay businesses, you will come out on top

Dude I'm close to paying off my mortgage!!! my only two concerns are:
* When do I take my profits. (at one point I must take some profits, I haven't ever since I started mining and buying I haven't sold a single BTC)!
* How to avoid getting taxed like crazy when I transfer fiat back to my account.


This quote hit home for me.  In 1998, I thought I was a genius in the stock market.  I had no formal training, didn't understand the basics, but I had a Datek account and every IPO that had anything to do with tech, I bought - lots.  A $1/share trade would turn into $11 in about two weeks.  I was seriously debating leaving a good, secure job and just sitting home and clicking "buy".  I thought "just another year and I'm buying a house".   Welll, 1999-2001 pretty much erased all profits.  I still have a stock certificate for "whatsforfree.com" i paid close to $20k for.  A single sheet of toilet paper is worth more, i could at least wipe with it.  This BTC is reminding me of those days of "irrational exuberance" (what the catch-phrase was).  This may be different, but to me it seems like only a dozen years ago I was in the same boat.  Anyone else feel the same?

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April 03, 2013, 09:19:12 AM
 #50

+1 what hyphymikey said

If your plan is to flip bitcoins for a short-term USD profit you will get eaten

But if your plan is to hold bitcoins and use them to pay businesses, you will come out on top

Dude I'm close to paying off my mortgage!!! my only two concerns are:
* When do I take my profits. (at one point I must take some profits, I haven't ever since I started mining and buying I haven't sold a single BTC)!
* How to avoid getting taxed like crazy when I transfer fiat back to my account.


This quote hit home for me.  In 1998, I thought I was a genius in the stock market.  I had no formal training, didn't understand the basics, but I had a Datek account and every IPO that had anything to do with tech, I bought - lots.  A $1/share trade would turn into $11 in about two weeks.  I was seriously debating leaving a good, secure job and just sitting home and clicking "buy".  I thought "just another year and I'm buying a house".   Welll, 1999-2001 pretty much erased all profits.  I still have a stock certificate for "whatsforfree.com" i paid close to $20k for.  A single sheet of toilet paper is worth more, i could at least wipe with it.  This BTC is reminding me of those days of "irrational exuberance" (what the catch-phrase was).  This may be different, but to me it seems like only a dozen years ago I was in the same boat.  Anyone else feel the same?
we are looking at a new future of money, not some stock of some website company

fundamentals are going strong for bitcoin
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April 03, 2013, 09:23:04 AM
 #51

It is insane, but I don't see why not $250 end of the month.

I love bitcoins - everything about them.
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Sword Smith
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April 03, 2013, 09:27:39 AM
 #52

+1 what hyphymikey said

If your plan is to flip bitcoins for a short-term USD profit you will get eaten

But if your plan is to hold bitcoins and use them to pay businesses, you will come out on top

Dude I'm close to paying off my mortgage!!! my only two concerns are:
* When do I take my profits. (at one point I must take some profits, I haven't ever since I started mining and buying I haven't sold a single BTC)!
* How to avoid getting taxed like crazy when I transfer fiat back to my account.


This quote hit home for me.  In 1998, I thought I was a genius in the stock market.  I had no formal training, didn't understand the basics, but I had a Datek account and every IPO that had anything to do with tech, I bought - lots.  A $1/share trade would turn into $11 in about two weeks.  I was seriously debating leaving a good, secure job and just sitting home and clicking "buy".  I thought "just another year and I'm buying a house".   Welll, 1999-2001 pretty much erased all profits.  I still have a stock certificate for "whatsforfree.com" i paid close to $20k for.  A single sheet of toilet paper is worth more, i could at least wipe with it.  This BTC is reminding me of those days of "irrational exuberance" (what the catch-phrase was).  This may be different, but to me it seems like only a dozen years ago I was in the same boat.  Anyone else feel the same?
Yes. I was too young to participate in the dotcom boom. I like your story on this, and I definitely think that the community needs a bucket of cold water thrown in its face. Instead of just sitting on our BTCs, we should all work on increasing the number of transactions being made in BTC instead of just sitting on bitcoinity counting our profits.

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April 03, 2013, 09:37:05 AM
 #53

People don't realize that if  bit coin goes to 1000 dollars like some say it will,so do other alt coin's value.

If people buy 10 million DVC now,it could be worth a penny when bit coin is worth 1000 dollars EACH.
100,000 dollars will pay off their college debt,and get them a decent car to save them gas money



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jubalix
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April 03, 2013, 09:57:16 AM
 #54

Even for a bull like myself, who's in dreamland right now and seriously considering selling just because I don't really know how am I going to play out the transfer of my money back to my accounts, this is plain insanity.
I have never seen this kind of sustained growth in any financial tool... not in commodities ( I used to trade coffee and OJ), not in silver/dollar much less in stocks minus some penny stocks that shouldn't be counted (Hello Granny Mae!!!)
Although many people call this a bubble, while I call it a correction, there is no doubt that there's a lot of speculation and people buying coins to hoard them and to speculate the price will continue to rise. I just cannot believe how the price has gone from $101, (on April 2nd at 6:43:15 GMT) when I bought 0.5 using money from a relative and I only bought 0.5 because I was somewhat skeptical and I was waiting for a small dip to get in, to a whooping $136 in about 24hrs!!!
That is just plain ridiculous and sorry if I sound like a moronic bear but it's insane to think differently about it.
So, where do we go from here? when are we hitting $200?
I read other posts about hittin $1000 this year and I was skeptical about it, but who's to say it isn't possible?



You have never seen this because it's not growth, into replacement of gov fiat FRB, it going to go up to the value of market penetration

As I keep saying all the financial instrument you knew to date, merely swapped around existing fiat value created by by FRB/CCR

no one made a single dollar on stocks just swapping around existing Fiat amounts, this is replacement/displacement of the whole Govt FIAT system to the point of penetration, it will rise to that penetration level, which will be at least $200,000 K per coin

the only question remains which Crypto will win out, how many cryptos can the market support. I suspect, LTC will suck the life out of BTC because there are less early adopters, and secretly people want to see that wealth sucked of early adopters and  out LTC is harder, faster to centralize, further LTC has not as many larger holders so will be more stable and PPC will then suck the life out of LTC, because of its low energy system, and it solves the lost coins problem, so people will feel better about that.

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April 03, 2013, 09:59:46 AM
 #55

Do you think the early investors of microsoft or other huge .coms felt the same way?

the problem is that they didn't experience this amount of growth in such a short term!


Yes but Micosfoft / apple is what 10$ bucks from everyone.....its scraps


they are side shows in the scheme of things, look at the trade market values, 100x or 1000x apples

this i deep in the machine

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April 03, 2013, 10:19:42 AM
 #56


Dude I'm close to paying off my mortgage!!! my only two concerns are:
* When do I take my profits. (at one point I must take some profits, I haven't ever since I started mining and buying I haven't sold a single BTC)!
* How to avoid getting taxed like crazy when I transfer fiat back to my account.


I'm in the same boat as you (except I'm lucky to not have any debt). What I'm going to do is lighten up the load by 10% when that is enough to recoup my initial investment. My mean buy price is $20 so there's still a bit to go. Then I'll make my next game plan.

When doing my first investment at the turn of the year, I decided that I will hold for 1yr and see where we are at that point and make plans accordingly, unless there's a big change in fundamentals that shakes my beliefin bitcoin. I also made half-jokingly a plan that if the value increases tenfold, I will cash out my initial investment because the hit to my BTC portfolio will be relatively small for the gains I get in fiat in that point.

Sure, if btc goes up another 10x I only get a 9x growth at that point, but hey - you can't have your cake and eat it too.

I know you might already be beyond the 10x threshold, but I feel like mine is a solid plan. I'll invest the cashed out portion to some more stable instruments.
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April 03, 2013, 10:30:39 AM
 #57

I think it's the beginning of last leg - vertical one. Could go like that for several days...

Yepp BFL is about to release...














a statement about a release.

"A banker is a fellow who lends you his umbrella when the sun is shining, but wants it back the minute it begins to rain." - Mark Twain
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April 03, 2013, 10:35:00 AM
 #58

I think it's the beginning of last leg - vertical one. Could go like that for several days...

Yepp BFL is about to release...

What, you think BFLs with make the price of bitcoin go down?

I kind of figured: Fast miners -> increased difficulty -> higher price
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April 03, 2013, 10:35:15 AM
 #59

I think it's the beginning of last leg - vertical one. Could go like that for several days...

Yepp BFL is about to release...














a statement about a release.

I lol'd

Bro, do you even blockchain?
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April 03, 2013, 10:36:53 AM
 #60

I think it's the beginning of last leg - vertical one. Could go like that for several days...

Yepp BFL is about to release...

What, you think BFLs with make the price of bitcoin go down?

I kind of figured: Fast miners -> increased difficulty -> higher price

Just a thought that came out of my tinfoil.

"A banker is a fellow who lends you his umbrella when the sun is shining, but wants it back the minute it begins to rain." - Mark Twain
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