OK, THIS IS FUCKING INSANE

[blksith0]

This graph needs to turn that frown upside down   

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[kibblesnbits]

+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?

[wopwop]

+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

[Sword Smith]

+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.

[jubalix]

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.

[jubalix]

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

[KTE]

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.

[SlaveInDebt]

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.

[blksith0]

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

[lebing]

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

[SlaveInDebt]

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.

[Comodore]

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.

[Cluster2k]

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.

[johnyj]

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

[DoomDumas]

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 !!!

[johnyj]

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

[DoomDumas]

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 !

[hacknoid]

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.

[Puppet]

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.

[ffernandex]

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


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