What to do..?

[smurf2094]

So uh I'm a pretty big newbie. I don't know if I'm totally fucked or not so it would be amazing if someone could give me some advice and not sarcasm to get me even more fucked...

So I bought 4btc at $115/btc... I did this almost 2 weeks ago. Now that mtgox is down, what should I do? Hold onto my btc and hope for the best or sell out once mtgox reopens and accept my losses

Thanks

[dontek]

Hold.
This will pass.
Selling out now is the speculators way out.
Ride this storm out. Don't make mistakes the others are making.

[orymh]

I second dontek's suggestion.

I expect prices will drop sharply on Mt. Gox when they reopen, but there's no shortage of people waiting to buy like crazy in the $50-$100 range. We may not see $260 again this week, but I think a recovery to around $150-$180 is likely.

[jojo69]

actually, the other exchanges are growing like mad and have already stabilized near 100, I am less and less sure we will even see the goxdump 9 hours from now

[orymh]

Very true, jojo. I think a lot depends on the people who had pending sells already set before Mt. Gox blew itself up: if they haven't canceled those, we'll see a fall-off by default as soon as Mt. Gox starts processing orders again. Fortunately, Gox is allowing people to cancel existing orders while they're down, so some of that unrealistic churn hopefully won't happen.

[dontek]

actually, the other exchanges are growing like mad and have already stabilized near 100, I am less and less sure we will even see the goxdump 9 hours from now

Which is pissing me off right now! LOL.
I am sitting here staring at $USD sitting in my MTGox account with no way (that I know of) to transfer it to a different exchange and purchase right now. I'd like to buy but have no way to do so until this fiasco comes back online.
One thing is for sure, I'm not using MtGox for anything ever again.

[pushitup]

1st lesson in trading business.... DONT PANIK!
2nd lesson dont invest money that you cant afford to lose.

[dontek]

1st lesson in trading business.... DONT PANIK!
2nd lesson dont invest money that you cant afford to lose.

Hah. I saw that you added the 2nd lesson as soon as I hit quote.

Wondering how much the 2nd lesson also has to do with the last 24 hour fiasco.
Tons of people yesterday were quoted as saying "How can I get my money out now?! I can't afford to lose it!". Well, you never invest what you can't afford to lose anyways. People jumping on the bandwagon all of a sudden, what did they think was going to happen. Think many people looked at this as a "get rich quick" idea and then when things started happening (overflow of traffic, DDOS Attacks, whatever), they were like "OH SHIT, SELL SELL SELL SELL!", which was the absolute incorrect thing to do.

[wojtek]

1. move your bitcoins to other exchange now
2. sell @ 90usd
3. wait few days
4. see bitcoin price becoming single digit

[smurf2094]

Thank you so much everyone. I'm so much relieved to hear what y'all said. Every other thread in the speculations forum was just a bunch of sarcasm, or what it seemed like, and eating popcorn... Haha

actually, the other exchanges are growing like mad and have already stabilized near 100, I am less and less sure we will even see the goxdump 9 hours from now

Which is pissing me off right now! LOL.
I am sitting here staring at $USD sitting in my MTGox account with no way (that I know of) to transfer it to a different exchange and purchase right now. I'd like to buy but have no way to do so until this fiasco comes back online.
One thing is for sure, I'm not using MtGox for anything ever again.

What other exchange do you recommend? I've been using mtgox for a while because I use my BTC for other things but I actually held my BTC in the account this time hoping to make a little money

[Xenotron]

What other exchange do you recommend? I've been using mtgox for a while because I use my BTC for other things but I actually held my BTC in the account this time hoping to make a little money

http://www.bitcoincharts.com/
See all exchanges here on the right. If you really decided to sell your BTC today - just choose the one with highest rate.