I sold everything at $158/159 this morning

[redbos]

what a mess. this is not what bitcoin was meant to be...

[ByTeCee]

what was bitcoin meant to be?

[szpilman1]

good for you, bro

[jasonjm]

placing buy orders at

around 70 (10% account)
around 50 (20% account)
around 35 (40% account)
around 20 (15% account)
around 10 (15% account)

gnite all.

[wezelvis]

You done well son!

[rpm]

Lol grats on the sale and good luck to your future purchase

[toy4lov3rs]

placing buy orders at

around 70 (10% account)
around 50 (20% account)
around 35 (40% account)
around 20 (15% account)
around 10 (15% account)

gnite all.

Nice plan, keep us updated, I might follow your strategy

[jjtech]

Unlike most the bitcoin "investors" I think you are probably right, bitcoin is in a bubble, I don't think the currency will ever just die out and it could become a lot more popular than today but at the current usage the price is definitely overpriced.
[/quote]

And your opinion about BTC being overpriced is based on what? All those "bubble/overpriced" responses seem to me very generic and not backed by anything else but repeating something overheard on the tv, or maybe in the cab. It's a waste of breath. You can as easily say it's underpriced as overpriced or right priced or whatever.

[jjtech]

what was bitcoin meant to be?

Probably currency? Right now it's more of unstable fire sale seasonal commodity.

[naphto]

And your opinion about BTC being overpriced is based on what? All those "bubble/overpriced" responses seem to me very generic and not backed by anything else but repeating something overheard on the tv, or maybe in the cab. It's a waste of breath. You can as easily say it's underpriced as overpriced or right priced or whatever.

It is clearly overpriced since almost nobody uses bitcoins at all.
They just buy it, put it in a wallet, wait the price to rise, and then sell it.


The currency will never be massively adopted, because it has so many problems (delay for transaction, high fees, limited amount of available money in the world, and so on).
The people are just buying because the price is rising, and the price is rising because people are buying.

Meanwhile, early adopters and miners are selling it and becoming millionaires.
But some day you will not find any fucktars to pay more than x USD for one bitcoin ...

[jjtech]

It'll be the seasoned traders who win this war... preying on the emotions of the inexperienced.

You're probably right - morons will always remain morons. If morons wouldn't be morons than scavengers wouldn't thrive

[jjtech]

And your opinion about BTC being overpriced is based on what? All those "bubble/overpriced" responses seem to me very generic and not backed by anything else but repeating something overheard on the tv, or maybe in the cab. It's a waste of breath. You can as easily say it's underpriced as overpriced or right priced or whatever.

It is clearly overpriced since almost nobody uses bitcoins at all.
They just buy it, put it in a wallet, wait the price to rise, and then sell it.


The currency will never be massively adopted, because it has so many problems (delay for transaction, high fees, limited amount of available money in the world, and so on).
The people are just buying because the price is rising, and the price is rising because people are buying.

Meanwhile, early adopters and miners are selling it and becoming millionaires.
But some day you will not find any fucktars to pay more than x USD for one bitcoin ...

The first point you've made is sensible, rest is just a subjective opinion based on reading teal leaves and fortune telling.
Yes - there are not enough businesses accpeting btc at the moment and this is the main problem of this currency. And yes there are a lot of speculators as on every vulnerable market with potential to make a quick dollar.

problems like "delay for transaction", "high fees" will solve itself very quickly if currency will stabilise a bit more.
As per "amount of available money in the world" - I don't really know what you're talking about. That it's not enough btc for it to become reserve currency?
The last point is also a speculation. To say that "people are buying because the price is rising and the price is rising because people are buying" is truism. It applies to everything, it's supply and demand law applying more or less to everything on the market.

[sashahilton00]

Back @ $80/BTC. Good call to those who sold up

[Lethn]

The only people this affects are those who are trying to trade between the exchange rates and make a profit doing only that, the fact is people who stick entirely with Bitcoin are going to be unaffected.

[jjtech]

The only people this affects are those who are trying to trade between the exchange rates and make a profit doing only that, the fact is people who stick entirely with Bitcoin are going to be unaffected.

Yep - you nailed it. This subject requires a bit of a buddist, abstract way of thinking. If people simply held to their btc regardless of the price and buy when it's cheaper, the price would have no choice to go up and stabilise, making more businesses to come on board etc. At some point it would become possible to live entirely on btc. If one will get a possiblity to work for btc and buy goods for btc, it's value in relation to dollar and rest of the paper will become irrelevant.
There would be some sort of parallel market, independant of the mainstream and there would be more and more business coming this way.

People trading it like crazy back and forth, speculating to make money on differences use the same rotten system that brought necessity of creating something like btc in the first place.
Value of btc is right now abstract, because there isn't much you can really do with it. And to change this more business have to come on board, and for that to happen price needs to stabilize and for the price to stabilize btc needs to be worth much more. But I mean MUCH, and to achieve this large % of people need to simply hold on to btc or/and buy as much as they can. At this point it's just a speculation if it's possible in current state of affairs. Bitcoin will have very hard time dealing with speculative maneuvers.. Buy cheap, than sell for a bit more, than wait for another ddos attack or whatever and buy again only to wait for a price to go up to sell. BTC is so volatile and relatively small that even an average investor from WS can disrupt it.

[ddpodd]

In the begining the price rise was steadily combined with the difficulty of mining and energy consumption, the bubble was caused by brokers trying cream the market, the people who use bitcoin day to day for purchases where getting ripped off, as the goods to mtgox value where off the chart. The problem will be now encouraging retailers to adopt bitcoin again after this i expect there could be a few stores dubious about the future of bitcoin BTC in the consumer market. After all if people cant spend the coins anywhere whats the point!!! alot of get rich people out there where only intrested in the growth of the coin, I saw brokers in the uk adding £45-65 per coin extra than mtgox price, these are the bubble makers. And no their prices did not reflect the % charges or currency exchanges. Greed corrupts, absolute greed completely corrupts.

[LacSplashdo]

I think the price will start to rise again, but that will take a while. I'll try to be patient

[queequeg]

It is already starting to rise again.  The nosedive happened so fast, and for reasons that are superficial to what BITCOIN itself actually is.  More exchanges will open, more alternatives to Mt Gox will arise, and this "pop" will look like just another of Bitcoin's many volatilities.

I am very glad I held and didn't panic sell.  Yes, selling at $250 and then rebuying at $70 would have been better - but it would have been lucky, and I'd rather hang in there for a longer term and sell a portion when I know I've made a decent profit, and keep a portion for long long term.

I could see it getting back up to $250 relatively soon, but hopefully with a much steadier and slower growth pattern.  Probably not likely though - speculators aren't going to disappear because of one crash, especially when the commodity is still growing in the public's eye and still holds an increasing degree of fundamental usefulness for the rest of us non-speculators.  I'm personally somewhere in between - I believe in BTC, but I also have some more immediate monetary goals which I know this BTC volatility will benefit.

[yefi]

It is already starting to rise again. 

Which is a selling opportunity given the trend.

[jjtech]

There is a logical problem with speculating on btc.
For now it seems that the most reasonable action is no action or buy. Don’t sell anything to make money on it, just hold on to it. And when price is down, buy as much as you feel  comfortable with. Don’t spend your food and mortgage money for it, don’t blow your savings , just invest a reasonable amount long term. Forget about selling for now. The lower the price the more I will buy and simply hold on to it. Point is that the money to buy cheap btc shouldn’t come from selling expensive btc, otherwise we perpetuate the mad circle. Bitcoin has become yet another tool of mindless Wall Street style manipulation and it will either end and bitcoin will stabilise or it's better if it crashes completely. Every situation where someone multiplies his money without putting any effort to it but using pure speculation is pathological. We have millions of tons of worthless currency because of this very reason. I don’t really know what are proportions of btc ownership, but I think it’s much more optimistic than fiat currencies, where elite owns 99% of it. Even if there are some btc millionaires and some wealthy speculators, proportions are still not as bad as in case of fiat money.