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Author Topic: OK, THIS IS FUCKING INSANE  (Read 9751 times)
Comodore
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April 03, 2013, 11:34:43 AM
 #61

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?

How could you be a bull not knowing that this is MONEY not stocks etc.
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April 03, 2013, 11:41:50 AM
 #62

The one question seldom answered on this forum is just what a person new to bitcoin is meant to think of all of this.

Imagine you had just heard of bitcoin and its amazing properties.  Then imagine you notice its value has just risen 900% in less than four months.  Who are you going to sell it to to make a profit?  Who is going to be the Greater Fool to buy them at $200 or $300?  Would you wonder about the exponential growth in price and remember your history in regards to other speculative bubbles?  Would you be concerned about the events of 2011 and how bitcoin left some speculators holding the bag with 90% losses within 6 months?

A few weeks ago we saw bitcoin's value fall almost 25% within an hour before recovering.  There's real risk out there and I don't think many people are paying much notice.

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April 03, 2013, 11:43:23 AM
 #63

In cyberspace, anything could happen, don't be limited by your imagination  Wink

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April 03, 2013, 11:53:01 AM
 #64

100 to 130 in 24h is the same as going from 50 to 65 in 24.. just seems more impressive because numbers are bigger.  That's the same %.
I recall when I sold a lot at 1$, thinking it was a top.. then it accelerate to 10 very fast..
Did'nt learn a lesson, I've sold part of my stash at 100, now I think it would just accelerate to 1000 and more..
I may buy some soon.. if it goes free to 200+, I'll buy for few grand, as 1000 will not be far..

On an investment PoV :
1 to 10 is the same as 10 to 100 and the same as 100 to 1000.

We must start thinking, speaking in mBTC..   I'll buy fiat with another part of my stash at 1 mBTC !!!
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April 03, 2013, 11:54:23 AM
 #65

I think a big reason behind the current rush is all those money that FED printed during the past 3 years

All these money have been sitting in someone's pocket, since there are just no good investment opportunities out there, maybe Gold/Apple/Google managed to grab a little of those money, but majority of those money had nowhere to go

Now they finally find a new star investment target, and several trillions of US dollar is pouring out

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April 03, 2013, 11:55:33 AM
 #66

I've already made my call $250/BTC by April 30, 2013.

Might be conservative.

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


Bitcoin is totally different of anything.. It's so new, unusual, revolutionary.. BTC is just about to give birth.. it will have a bigger impact on society than the internet itself !
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April 03, 2013, 12:01:09 PM
 #67

The one question seldom answered on this forum is just what a person new to bitcoin is meant to think of all of this.

Imagine you had just heard of bitcoin and its amazing properties.  Then imagine you notice its value has just risen 900% in less than four months.  Who are you going to sell it to to make a profit?  Who is going to be the Greater Fool to buy them at $200 or $300?  Would you wonder about the exponential growth in price and remember your history in regards to other speculative bubbles?  Would you be concerned about the events of 2011 and how bitcoin left some speculators holding the bag with 90% losses within 6 months?

A few weeks ago we saw bitcoin's value fall almost 25% within an hour before recovering.  There's real risk out there and I don't think many people are paying much notice.

It's rise certainty has been spectacular. But for myself I am reassured by those 25% drops exactly because of the immediate rebound. Reality is there are many people out the with thousands of bitcoins. At some point they are going to cash something out. Let's say right now they wanted to become a millionaire and drop 10,000 coins. Well the wall of buy orders would catch that and keep the price above $110. The fact the price is constantly going up means people want the coins now at whatever the price is.

And i would think that as the price goes ever higher the number of big selling will decrease. Grabbing profit is smart, but I don't think grabbing $10 million in one go would be smart. You are going to get taxed heavy or at the very least attract a lot of attention.

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April 03, 2013, 12:11:13 PM
 #68

Im in the same boat, as, well; most people here.  The amounts will vary but the feeling will be similar.

I did sell some at $50 and I dont feel bad about it.
In fact I sold and used a bunch of coins at $6 and I dont even feel too bad about that.
Ive only sold a relatively small portion of my coins and whatever happens; its still the best investment Ive ever made and likely ever will make.  So I dont see why I should feel bad. OF course I could have made even more. We all could have made even more if we had we sold pizza's for 15K BTC. Or mined in 2009. The only thing I feel slightly bad about is handing out a dozen Casascius series 1 coins to people who have all lost them now. These coins now sell for 5x their BTC value.

Anyway, I will sell some more today, and I will keep selling small amounts as the price keeps rocketing up. If bitcoin breaks $1000 or $10000 one day I will probably still have roughly half my coins and  be rich and I cant lose too much sleep over possibly having been even richer. If bitcoin enters a big crash, I will have some spare fiat at hand to buy back.
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April 03, 2013, 01:53:48 PM
 #69

If you switch your charts to a logarithmic scale, things look much less dramatic,


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April 03, 2013, 03:04:41 PM
 #70

I've been in this exact situation before . . . in 2011. Look at the log chart above. In terms of percentage gains, the run-up then was MORE dramatic (though this one may get bigger at some point).

I remember my friends and family all told me to sell at $30. I didn't. Then during the long decline they were all shaking their heads and saying "I told you so - sell before you lose it all". I just smiled and held on.

Even now, I'm not rich (I only ever invested $200). I wish I could have talked my wife into a bigger investment then, but I'm not complaining. That $200 has been the best investment of my life.

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April 03, 2013, 03:26:51 PM
 #71

I've been in this exact situation before . . . in 2011. Look at the log chart above. In terms of percentage gains, the run-up then was MORE dramatic (though this one may get bigger at some point).

I remember my friends and family all told me to sell at $30. I didn't. Then during the long decline they were all shaking their heads and saying "I told you so - sell before you lose it all". I just smiled and held on.

Even now, I'm not rich (I only ever invested $200). I wish I could have talked my wife into a bigger investment then, but I'm not complaining. That $200 has been the best investment of my life.

We all look back and wished we invested more, or didn't sell so much. However, you have to look on the positives. Bitcoin is growing not just in price but in popularity. Soon it will be a payment option everywhere and that's something to be happy about.

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April 03, 2013, 03:39:22 PM
 #72

So, MT fucking Gox was down for a few hours, and you'd think that panic might set in at least temporarily, you know, the usual flash dip...
so far it's showing resistance at 135...
I think we'll see 160 today at some point!
Fasten your seat belts!

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April 03, 2013, 03:49:46 PM
 #73

So, MT fucking Gox was down for a few hours, and you'd think that panic might set in at least temporarily, you know, the usual flash dip...
so far it's showing resistance at 135...
I think we'll see 160 today at some point!
Fasten your seat belts!
I agree... and most people who signed up with Gox in the past two weeks haven't even bought in yet. $500 here we come withing two weeks!

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April 03, 2013, 04:13:42 PM
 #74

So, MT fucking Gox was down for a few hours, and you'd think that panic might set in at least temporarily, you know, the usual flash dip...
so far it's showing resistance at 135...
I think we'll see 160 today at some point!
Fasten your seat belts!
I agree... and most people who signed up with Gox in the past two weeks haven't even bought in yet. $500 here we come withing two weeks!

Fuck no, give me a dip, I want my coins back !  (only a small percentage for dip trading, I am not so stupid to sell a large amount)
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April 03, 2013, 04:16:57 PM
 #75

So, MT fucking Gox was down for a few hours, and you'd think that panic might set in at least temporarily, you know, the usual flash dip...
so far it's showing resistance at 135...
I think we'll see 160 today at some point!
Fasten your seat belts!
I agree... and most people who signed up with Gox in the past two weeks haven't even bought in yet. $500 here we come withing two weeks!

Fuck no, give me a dip, I want my coins back !  (only a small percentage for dip trading, I am not so stupid to sell a large amount)

You bailed on the rocket? But you were steering the damn thing!

Now me and Chalkbot are flying into the sun with no pilot. You're the only one with thumbs for God's sake!
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April 03, 2013, 04:20:05 PM
 #76


On an investment PoV :
1 to 10 is the same as 10 to 100 and the same as 100 to 1000.


No, "100 to 1000" requires 10 times of USD than "10 to 100". Who is going to pay the extra USD?

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April 03, 2013, 04:21:24 PM
 #77


On an investment PoV :
1 to 10 is the same as 10 to 100 and the same as 100 to 1000.


No, "100 to 1000" requires 10 times of USD than "10 to 100". Who is going to pay the extra USD?

Investment POV != Market POV
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April 03, 2013, 05:37:57 PM
 #78

Fuck no, give me a dip, I want my coins back !  (only a small percentage for dip trading, I am not so stupid to sell a large amount)
You bailed on the rocket? But you were steering the damn thing!

Now me and Chalkbot are flying into the sun with no pilot. You're the only one with thumbs for God's sake!

Haha, Spiff will always find himself in these types of situations. That's just what the guy lives for! I'm sure he's clinging to the tail fin of the ship right now, planning his death-defying stunt that has him return to the cockpit with 500 dead bears in his wake.

Personally, I think the sun might be a giant shining bitcoin, so I won't stop smiling no matter what happens!
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April 03, 2013, 05:42:06 PM
 #79

No, "100 to 1000" requires 10 times of USD than "10 to 100". Who is going to pay the extra USD?

Calm down, the govt is printing it as fast as they can....

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April 03, 2013, 05:49:37 PM
 #80

No, "100 to 1000" requires 10 times of USD than "10 to 100". Who is going to pay the extra USD?

Calm down, the govt is printing it as fast as they can....

I know you're joking, but a fun fact; The Fed prints about 2.83 billion a day, so a single days worth of printing put toward bitcoin would quadruple the entire bitcoin market cap.
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