The real cause of the "panic"

[esop]

This all happened before and I an not talking tulip mania. I am talking to the first bitcoin panic, all the way 10/10/10 mtgox decided who could buy and sell out of the panic based on who you knew. The same today with bid price far exceeding ask but not being executed. A small group of individuals at gox stopped bids from every one but the group during a supposed ddos. Well joke is on every one who sold or got stopped out you just made the group a lot of coin. History repeated, gox won you lose.

The only way to defeat banksters is to not deal with them. EVER.
Never sell a bitcoin for USD!! SPEND IT on things or service or commodities.
Never trade a bitcoin on a market!! Invest in someones idea.

This will happen again and again and again and I am just wasting my time again.

[1715010983]

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[Steve]

Never sell a bitcoin for USD!! SPEND IT on things or service or commodities.

+1000 I've never understood the logic in selling bitcoins.

[BTCisthefuture]

Never sell a bitcoin for USD!! SPEND IT on things or service or commodities.

+1000 I've never understood the logic in selling bitcoins.

The logic resides in the fact that fiat currency is still very stable for the most part. Bitcoin hasn't been over the years. When it comes to finances people want some stability. If they can make some money through a bitcoin investment or they can cashout to prevent losing their entire investment you will have a hard time convincing people not to.

[Sitarow]

Never sell a bitcoin for USD!! SPEND IT on things or service or commodities.

+1000 I've never understood the logic in selling bitcoins.

Save up and buy a house or a car or other big ticket items

[alkhdaniel]

Never sell a bitcoin for USD!! SPEND IT on things or service or commodities.

+1000 I've never understood the logic in selling bitcoins.

So you can buy them back 30 seconds later for a nice $50 profit

I always get stressed out if i don't get my bitcoins back in less than 5 minutes after selling haha.

[Steve]

Never sell a bitcoin for USD!! SPEND IT on things or service or commodities.

+1000 I've never understood the logic in selling bitcoins.

The logic resides in the fact that fiat currency is still very stable for the most part. Bitcoin hasn't been over the years. When it comes to finances people want some stability. If they can make some money through a bitcoin investment or they can cashout to prevent losing their entire investment you will have a hard time convincing people not to.

That isn't logic, it's normalcy bias.  Use bitcoins to buy things when you need to buy things, but for goodness sake don't trade it for an inferior form of money.  I fear that too many people new to bitcoin don't understand this simple concept and they're selling bitcoin out of fear that it might trade lower...or they want to lock in some gains.  Some people say that bitcoin can't go up in value forever...but in fact it can.  In fact, it's designed to go up in value forever over any sufficiently long timeframe so long as it's the best form of money in existence (which it is and will likely forever be).

[Deth]

Use bitcoins to buy things when you need to buy things, but for goodness sake don't trade it for an inferior form of money.  I fear that too many people new to bitcoin don't understand this simple concept and they're selling bitcoin out of fear that it might trade lower...or they want to lock in some gains.

...or they are just so greedy to understand that

[Impaler]

Never ascribe to malice what stupidity alone can explain.  The bubble simply burst, what's so hard to understand about that?

[HappyBitCoinUser]

ONLY reason for panic is people invested more than they could afford to lose, and some probably with loaned money.

Everyone that panic can only blame themselves for the price drop. Price can't go down if you hold your ground.

So many tards in the BTC market, but then again, thats why the price went up in the first place 

[etotheipi]

Never sell a bitcoin for USD!! SPEND IT on things or service or commodities.

+1000 I've never understood the logic in selling bitcoins.

The logic resides in the fact that fiat currency is still very stable for the most part. Bitcoin hasn't been over the years. When it comes to finances people want some stability. If they can make some money through a bitcoin investment or they can cashout to prevent losing their entire investment you will have a hard time convincing people not to.

That isn't logic, it's normalcy bias.  Use bitcoins to buy things when you need to buy things, but for goodness sake don't trade it for an inferior form of money.  I fear that too many people new to bitcoin don't understand this simple concept and they're selling bitcoin out of fear that it might trade lower...or they want to lock in some gains.  Some people say that bitcoin can't go up in value forever...but in fact it can.  In fact, it's designed to go up in value forever over any sufficiently long timeframe so long as it's the best form of money in existence (which it is and will likely forever be).

Can you please call my bank and convince them to let me pay off my mortgage in Bitcoins? 
(I say that as a joke, but I just realized it's theoretically possible you could make that happen)

Sure BTC is great.  But most of life revolves around fiat -- especially debts that were issued in fiat.  And who the hell wants to take a debt out in BTC when it could go up 20x by next year and they'll be declaring bankruptcy?  I believe there will be a point in time in which BTC stabilizes, and probably at a value much higher than it is now.  But it's going to be turbulent, and probably a long time before BTC can truly act as a replacement for fiat.  Until then, some of us would like to diversify -- BTC, USD, Gold, Real estate, etc.  That requires cashing some out...

[Cluster2k]

Can you please call my bank and convince them to let me pay off my mortgage in Bitcoins? 
(I say that as a joke, but I just realized it's theoretically possible you could make that happen)

Correct.  I can't pay off my loan in gold, silver or rhodium either.  The bank simply won't take it.  Need the local currency.

Even shops that sell items priced in bitcoins almost without exception obtain those items in their local government's currency, or another government's currency if the item is imported.

Sure BTC is great.  But most of life revolves around fiat -- especially debts that were issued in fiat.  And who the hell wants to take a debt out in BTC when it could go up 20x by next year and they'll be declaring bankruptcy? 

Taking out a loan in BTC to be repaid in BTC would guarantee bankruptcy.  The lender is hardly going to lend out BTC if the value in USD$ will increase without charging a hefty amount of interest, and how do you pay back a loan in BTC when the commodity is being hoarded in the hopes its value will go higher?  More people will be chasing a dwindling supply of new bitcoins to pay back loans.  Would be fun to watch however.

[Frost]

The logic resides in the fact that fiat currency is still very stable for the most part. Bitcoin hasn't been over the years. When it comes to finances people want some stability. If they can make some money through a bitcoin investment or they can cashout to prevent losing their entire investment you will have a hard time convincing people not to.

This!

[essem]

Never sell a bitcoin for USD!! SPEND IT on things or service or commodities.

+1000 I've never understood the logic in selling bitcoins.

The logic resides in the fact that fiat currency is still very stable for the most part. Bitcoin hasn't been over the years. When it comes to finances people want some stability. If they can make some money through a bitcoin investment or they can cashout to prevent losing their entire investment you will have a hard time convincing people not to.

That isn't logic, it's normalcy bias.  Use bitcoins to buy things when you need to buy things, but for goodness sake don't trade it for an inferior form of money.  I fear that too many people new to bitcoin don't understand this simple concept and they're selling bitcoin out of fear that it might trade lower...or they want to lock in some gains.  Some people say that bitcoin can't go up in value forever...but in fact it can.  In fact, it's designed to go up in value forever over any sufficiently long timeframe so long as it's the best form of money in existence (which it is and will likely forever be).

Hi

Apart from your commercial interests in Bitcoin, what else qualifies you to state that Bitcoin is superior to fiat?

[HappyBitCoinUser]

Experience?

[essem]

More like stupidity

[farfiman]

Never sell a bitcoin for USD!! SPEND IT on things or service or commodities.

+1000 I've never understood the logic in selling bitcoins.

The logic resides in the fact that fiat currency is still very stable for the most part. Bitcoin hasn't been over the years. When it comes to finances people want some stability. are greedy. If they can make some money through a bitcoin investment or they can cashout to prevent losing their entire investment you will have a hard time convincing people not to.

[zedicus]

https://bitcointalk.org/index.php?topic=172944.msg1801287#msg1801287

post#35



Put that s*** on blast ! get gox to do something about it!

[imanikin]

...
The only way to defeat banksters is to not deal with them. EVER.
Never sell a bitcoin for USD!! SPEND IT on things or service or commodities.
Never trade a bitcoin on a market!! Invest in someones idea.
...
This will happen again and again and again and I am just wasting my time again.

+1 Leave the speculating to the speculators, or risk being fleeced by them. The only trouble is that they will continue to set the value of B and affect us anyway, at least until B becomes the unit of account.

Right now, even when we spend B for goods and services, the underlying value is set in mtgoxUSD, and most merchants immediately buy fiat with our B, because they have to pay their suppliers, expenses, and taxes in fiat. They also have to do it to avoid losing their profit in gox pump-and-dump exchange rate crashes (aka "corrections" in Bitcoin)  that we see again and again.

[Blindfolded]

ONLY reason for panic is people invested more than they could afford to lose, and some probably with loaned money.

Everyone that panic can only blame themselves for the price drop. Price can't go down if you hold your ground.

So many tards in the BTC market, but then again, thats why the price went up in the first place 

+1


I think you nailed it.

[Manticore]

Never sell a bitcoin for USD!! SPEND IT on things or service or commodities.

+1000 I've never understood the logic in selling bitcoins.

The logic resides in the fact that fiat currency is still very stable for the most part. Bitcoin hasn't been over the years. When it comes to finances people want some stability. If they can make some money through a bitcoin investment or they can cashout to prevent losing their entire investment you will have a hard time convincing people not to.

That isn't logic, it's normalcy bias.  Use bitcoins to buy things when you need to buy things, but for goodness sake don't trade it for an inferior form of money.  I fear that too many people new to bitcoin don't understand this simple concept and they're selling bitcoin out of fear that it might trade lower...or they want to lock in some gains.  Some people say that bitcoin can't go up in value forever...but in fact it can.  In fact, it's designed to go up in value forever over any sufficiently long timeframe so long as it's the best form of money in existence (which it is and will likely forever be).

Yes, but there is a real dilemma in that one day an item is .23 BTC and the next day it's 1.23 BTC. The marriage of commodity and currency is interesting but makes for incredible volatility.

[antihexe]

Never sell a bitcoin for USD!! SPEND IT on things or service or commodities.

+1000 I've never understood the logic in selling bitcoins.

The logic is "make money." The thousands in cash I made today will only hold their value while I wait for the exchanges to settle.

[aigeezer]

All my BTC has come from mining. I've never exchanged any for fiat in either direction. Probably because of this, I've felt numb to the whole "bubble" thing, and it hasn't even seemed to me as though BTC was volatile - my modest BTC pile just kept growing slowly throughout, as planned. Subjectively - it seemed that the world of fiat was all abuzz and trying to buy/sell BTC, but I just didn't (don't) care about short-term fiat/BTC pairing.

There was and is great excitement in the air. I just don't feel part of it, for better or worse. Accumulating fiat has always bored me for some reason - the actual details of the necessary transactions just never seemed "real enough" or "fun enough" to bother with. Ironically, the BTC abstraction seems vividly real to me, perhaps because it doesn't change on political whims.

As to cause of the "panic", I would guess mischief rather than simple fear/greed patterns, but who knows? It's hard to guess why it would kick in at any particular moment.

Let's talk it all over in 20 years or so. For now, I'm just glad to see that the "panic" seems to have stopped most of the "ain't it awful" buzz about BFL for a while.   ;-)

[Blindfolded]

All my BTC has come from mining. I've never exchanged any for fiat in either direction. Probably because of this, I've felt numb to the whole "bubble" thing, and it hasn't even seemed to me as though BTC was volatile - my modest BTC pile just kept growing slowly throughout, as planned. Subjectively - it seemed that the world of fiat was all abuzz and trying to buy/sell BTC, but I just didn't (don't) care about short-term fiat/BTC pairing.

There was and is great excitement in the air. I just don't feel part of it, for better or worse. Accumulating fiat has always bored me for some reason - the actual details of the necessary transactions just never seemed "real enough" or "fun enough" to bother with. Ironically, the BTC abstraction seems vividly real to me, perhaps because it doesn't change on political whims.

As to cause of the "panic", I would guess mischief rather than simple fear/greed patterns, but who knows? It's hard to guess why it would kick in at any particular moment.

Let's talk it all over in 20 years or so. For now, I'm just glad to see that the "panic" seems to have stopped most of the "ain't it awful" buzz about BFL for a while.   ;-)

Same here. Only difference is that I have spent plenty of bitcoins on dumb stuff. I still have my fair share, and I feel immune to panic selling because I have little cost involved. Bitcoin makes a great hobby.

 

[bitcon]

cause of the panic: Bernanke!

[Krabby]

cause of the panic: Bernanke!

I would literally be pulling my hair out in your position.
You get my respect Supah-Cappah-Con-Bit'r.