I sold everything at $158/159 this morning

[MrPickles]

lots of people posted the same thing at 30! and regret it

To all of you panic buying because you missed the "greatest thing ever", mark this post, within 6 months you will be able to buy in much lower, I have a large buy order at $35 (just above the 2011 high).

if this were an established commodity like gold, copper, soybeans, or a currency cross, which I have been trading for 15 years, that is the smart buy point - not at $159

you just need to look at the naivete of the posts on this board to know this is a sucker rally.

"i'm loaning money to ....."
" I save $200 a month and im putting it all in bitcoins ...... "
"we are revolutionaries......."


good luck to all the future bitcoin millionaires :-)

[1715575543]

1715575543

[igba]

I think investing in bitcoin is better than investing in technology stocks. I can see so much development going on this year and I don't see why anyone should sell everything. Hell, at least keep one coin.

[vervolioman]

To all of you panic buying because you missed the "greatest thing ever", mark this post, within 6 months you will be able to buy in much lower, I have a large buy order at $35 (just above the 2011 high).

You will wait long to fill your buy order - considering it will take long, how safe are your $ there ? 

[Seagull]

This is going to be like throwing the titanic off a cliff when the down move comes.

Damn right.

I am no expert but I have trading in stocks, FX and commodities on regulated markets for over 20 years in a purely amature but very active fashion.  I was participant in the dot com bubble in the 90's and the recent credit crunch so I would class myself as quite battle hardend.  

If this starts falling it will have no buyers until it hits rock bottom.  There will be no brakes; nobody covering shorts and no real world assets to limit the fall out.    

Sure it might go up some more.  

Most likely some people around here are soon going to see some primal brutal human fear kicking them in face.  Remember these words, soon you will understand their meaning.

[jwzguy]

This is going to be like throwing the titanic off a cliff when the down move comes.

Damn right.

I am no expert but I have trading in stocks, FX and commodities on regulated markets for over 20 years in a purely amature but very active fashion.  I was participant in the dot com bubble in the 90's and the recent credit crunch so I would class myself as quite battle hardend.  

If this starts falling it will have no buyers until it hits rock bottom.  There will be no brakes; nobody covering shorts and no real world assets to limit the fall out.    

Sure it might go up some more.  

Most likely some people around here are soon going to see some primal brutal human fear kicking them in face.  Remember these words, soon you will understand their meaning.

I guess you haven't bothered to look at the charts in the last week?

[Gamah]

It bothers me when I see people compare bitcoin to the stock market. While I realize we are trading a commodity AND a currency at the same time... it's really hard to realize that selling bitcoin doesn't actually hurt anyone.


Even if one singular person bought all current bitcoin on the market at this second, the network would still be generating 250 BTC/hour on average... which would in turn make those btc even MORE scarce, thus the USD/EUR/etc people would be willing to pay for each would climb more.

On the flipside, if everyone SOLD all bitcoin on the market right this second, someone would still have to HAVE all of the bitcoin.... and again, we'd still be chugging out 250/hour, and thus the price people will be willing to pay goes up... the demand really doesn't change in relation to the supply as it does with most conventional currencies or commodities.

The only thing that can hurt bitcoin (in terms of it's dollar value) is if all of the exchanges were to go down simultaneously.

[burgersburgers]

<sarcasm>

lets put all our coins into services created by the instawallet team. they know their stuff! i wonder if they will ever start up a finincial advice service or develop an offline wallet client for us all

</sarcasm>

[rvmelkonian]

The thing is... traditional market analytical methods don't yet hold true to bit coin, in theory there could never be a pull back... IN THEORY. 

 

[Lethn]

I know this might seem mad, but I'd actually be glad if all the speculators jumped off the Bitcoin train, because then the currency would be used more by normal people and as a currency rather than an investment hedge against inflation so if you look at it from my point of view a massive correction might end up being a really good thing and not the scary end of the world scenario everyone is screaming about right now. This actually reminds me a lot of what people were saying with the paper currency economies as well so maybe now I'll actually be able to get to see a correction and the positive effects it might bring.

[Teka]

Please check back in a year and let me know how that worked out for you.

+1 Bitcoins will reach at least $300 unless the government shuts it down

[alexh]

I sold a couple too, just wanted to go save. Got nothing to risk tbh.

[ltc_foundry]

Nothing wrong with some profit taking. If i had a deep balance I woud have been dumping ~5% a week or so for the past two weeks. And would be keeping 50% in my wallet regardless.

I think liquidating some of your wallet now at historic highs couldn't possibly be seen as a bad move. Liquidating everything and then braying like a donkey about "See you at $27, suckers" reeks of amateur.

[2dogs]

Nothing wrong with some profit taking. If i had a deep balance I woud have been dumping ~5% a week or so for the past two weeks. And would be keeping 50% in my wallet regardless.

I think liquidating some of your wallet now at historic highs couldn't possibly be seen as a bad move. Liquidating everything and then braying like a donkey about "See you at $27, suckers" reeks of amateur.

True dat.

Beware of anyone who proclaims to be able to foretell the future ( or the future price of BTC).

[darkmethod]

I sold off 1/3 of my coins today. I plan on riding out the bubble with the remainder. I reaped a large return based off my initial investment and will be going on an extended vacation as a result. No regrets and I still have skin in the game.

[ltc_foundry]

Oh and OP, we're at $166 right now.

[Teka]

How many coins did the op sell?

[ltc_foundry]

There is also the 16 or so members who have ~25% of the bitcoins, that right now could be work about $500 mil dollars.  

It's estimated that Satoshi (him or they) mined over a million coins himself.

[deathcode]

every time i see one of these posts make me smirk a little.
Everyone betting on fiat (because selling bitcoin is betting that fiat will not lose anymore ground against bitcoin) has been wrong so far...
That being said, everyone has a target profit and that's perfectly fine to close positions... other people will open new ones.
Best of luck and don't ever regret your decision.

[ltc_foundry]

every time i see one of these posts make me smirk a little.
Everyone betting on fiat (because selling bitcoin is betting that fiat will not lose anymore ground against bitcoin) has been wrong so far...
That being said, everyone has a target profit and that's perfectly fine to close positions... other people will open new ones.
Best of luck and don't ever regret your decision.

The only real achilles heel is the exchanges. When (not if) gox becomes the target of state action, the price will crash.

[jackl526]

Yeah, I also sold all bitcoins today (all 1318) and set buy order at $27. See you soon, suckers 

How do you sell that amount at once? At a price of $160, selling 1300 BTC would net $208,000 before any fees are taken out. A big fear of mine with BTC is the fact that even though they have FLOWN to new heights, it doesn't seem feasible to cash them out. Everyone is rich now who was an early adapter but it's all on paper and there aren't many respectable ways to spend the BTCs.


Here's a question for anyone willing to respond:

"How can anyone be secure in BTC when it's unregulated?"

For instance, they aren't backed by anything of real value. They aren't widely accepted. They are a direct competitor of the USD and other worldwide currencies controlled by governments. How are BTC safe from attacks from said governments, or even from hackers? What if the American banks/government have been buying up any BTC they can, driving the price up? What will prevent them from dumping after they pump it all up? How are BTC able to avoid the manipulation that every other currency/stock/fund/commodity is vulnerable to when the "big boys" want something to happen in their favor?

How will BTC be able to grow as a currency when the price flucuates WILDLY on a regular basis?