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Author Topic: I sold all my bitcoins before the massive price jump.  (Read 3668 times)
BurntSnow (OP)
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April 06, 2013, 08:05:58 PM
 #1

I hate my life.


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Mike Christ
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April 06, 2013, 08:09:18 PM
 #2

Buy back in and ride to $1000 Tongue

BurntSnow (OP)
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April 06, 2013, 08:16:02 PM
 #3

The price is pretty high right now. How am I supposed to know it's not just a bubble?


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maxmint
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April 06, 2013, 08:30:12 PM
 #4

The price is pretty high right now. How am I supposed to know it's not just a bubble?

You can't know and nobody knows. But do you wanna post "I did not buy before the massive price jump" when we hit $1000?

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glitch003
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April 06, 2013, 09:55:12 PM
 #5

The price is pretty high right now. How am I supposed to know it's not just a bubble?

It's a risk you take.  If someone offered you 1000% return on a coin flip, but if you lose the flip you lose your investment, would you take it?  You control how much you want to risk, it could be as little as buying $20 of BTC or $1000, it's up to you.  But you might as well get in on the game, even if it's just a little bit.

If you lose the investment, well at least you had fun and learned something Smiley
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April 06, 2013, 09:56:20 PM
 #6

The price is pretty high right now. How am I supposed to know it's not just a bubble?

How were you supposed to know to hold on to your Bitcoins last time? Become more educated this time around, but I think there's always a high amount of pure luck (being in the right place at the right time) when it comes to speculation. Good luck!
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April 06, 2013, 09:56:46 PM
 #7

The price is pretty high right now. How am I supposed to know it's not just a bubble?

For 20 BTC, I'll tell you if its a bubble or not.

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molecular
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April 06, 2013, 10:26:27 PM
 #8

I hate my life.

may I ask: why did you sell all of them?

I admit to having sold some just 2 days ago. More than I ever sold, maybe about 5% of my stash.

And even that will probably make me feel bad on wednesday.

I take it you viewed bitcoin as "a way to make money"? Well, you did make money, didn't you? And that's what you wanted to achieve. So why do you feel like shit now?

Imagine it goes up further... if you get back in, you've only missed a little bit of the runup. If you don't and it goes up to 1 gold bar, you'll probably hate yourself even more.

When making a decision (like should I sell or should I buy) while you are missing some information (like: is bitcoin going to go up or down) there is an easy way to come to help come to a solution:

Imagine each of the 4 possible scenarios and evaluate how bad/good the result would make you feel:

(replace either buy or sell with "do nothing" depending on your situation)

  • 1.) you buy, bitcoin down
  • 2.) you buy, bitcoin up
  • 3.) you sell, bitcoin down
  • 4.) you sell, bitcoin up

The evaluation depends a little bit on your preferences. I, for one, want to avoid feeling really really bad, so I try to avoid option 4.) because selling bitcoin and seeing it go up when you believe in it would be just gut-wrenching.

Option 1.) would also make me feel bad, but clearly not as bad as 4.). I have long regained the fiat I put into bitcoin (way too early, btw) so I could tell myself: "nice try, too bad it didn't work, let's try the next thing" in case of a Bitcoin failure (yea right!). 1.) would mainly make me feel bad because all my friends and familiy who have been repeatedly and strongly suggesting to me to "sell all my stash" would then tell me: "see, I told you so, why didn't you sell, you idiot, you could've had this much fiat, now you have nothing".

Also on the good side: 2.) would make me feel better than 3.). So I'm clearly biased towards 1/2 (buy) and that's what I mainly did (hold 95%)

Well anyhow, maybe this helps someone making decisions without having sufficient information.

You have to live with the consequences of your actions, so why not do some simulations in your head of the different possible outcomes.

And yet another very good advice by lucif: If you're emotional and you're lacking coordinates, DON'T DO ANYTHING. Go walk the street, sleep or whatever until you have a clear view. Then make a new plan.

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April 06, 2013, 10:27:56 PM
 #9

I hate my life.

Be the man. Enjoy1  Cheesy

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Mike Christ
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April 06, 2013, 10:38:56 PM
 #10

I predict Bitcoin or its alternatives will take over the world as the #1 currency of choice.  Therefor, mass adoption will ensue, and the price for a single Bitcoin will rise to high enough levels to feed and clothe you for the rest of your life--that is, if Bitcoin remains the king of crypto-currencies.

So if you think this is a bubble, just wait ten years from now, and saying to yourself, "We thought that was a bubble?!"

molecular
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April 06, 2013, 10:49:25 PM
 #11

I predict Bitcoin or its alternatives will take over the world as the #1 currency of choice.  Therefor, mass adoption will ensue, and the price for a single Bitcoin will rise to high enough levels to feed and clothe you for the rest of your life--that is, if Bitcoin remains the king of crypto-currencies.

So if you think this is a bubble, just wait ten years from now, and saying to yourself, "We thought that was a bubble?!"

exactly. The first "bubble" isn't even visible on the all-time chart any more. Here's a zoom-in to the old times (I wasn't around):


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Amitabh S
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April 06, 2013, 11:01:36 PM
 #12

There is still hope! Start collecting Litecoins.

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April 06, 2013, 11:08:37 PM
 #13

There is still hope! Start collecting Litecoins.

How many coins did you sell ?

Take solace in my story: https://bitcointalk.org/index.php?topic=169140.0  Shocked

Remember: "Money is only really money, when its moving!"  Roll Eyes

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April 06, 2013, 11:10:46 PM
 #14

Buy and hold.

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April 06, 2013, 11:17:17 PM
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To the OP. Although it may seem strange at the moment, you will be happier later on knowing that you supported the Bitcoin economy.

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April 07, 2013, 02:42:45 AM
 #16

I hate my life.
Then buy the same amount of Bitcoins you had before, and know that you only lost out on ~$130 of the price jump, and got in on the other $880. Which is a lot better than most people will do.

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April 07, 2013, 03:39:26 AM
 #17

One strategy I think is good........ invest half of what you might invest into bitcoins. If the price drops and it is a bubble then invest the other half. If it can go to this high of a price once it can again. If it doesn't drop but just keeps going up you also win.
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April 22, 2013, 06:40:50 PM
 #18

To the OP. Although it may seem strange at the moment, you will be happier later on knowing that you supported the Bitcoin economy.

Jesus Christ! So the 'bitcoin' economy is supposed to be a 'good cause' of some kind? Get a real religion! The only ones supported here are they who made all the coins when they were easy to produce.
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April 22, 2013, 06:46:12 PM
 #19

Need a gun?
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April 22, 2013, 06:50:39 PM
 #20

Need a gun?
Thanks, but no, I just make a better cryptocoin
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