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Author Topic: I was high on bitcoin - now I feel bad  (Read 2783 times)
wingding
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April 12, 2013, 03:05:30 PM
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The BTC crash these days make me feel disheartened. Not so much for the loss of money as for the potential loss of an great idea. I knew it was a bubble, and that some correction would take place. But this! A low $54! And who knows if that's the bottom? This must be something more than a correction, and my candidadates are:

1. Large money investors got in. (bitcoin volume is to small for mega-traders)
2. Sabotage by FED or other bankers - remember those people have free FIATs.
3. Too many people get worried, gain disbelief in the idea of bitcoin.
4. The lack purchasing power in BTC - beyond  alpaca socks

I am confused now, and uncertain for the future of cryptocurrencies. I want to buy in again with what I managed to change back to FIAT during the fall, but have lost my guts right now. If market is manipulated as in pt.2 - I cant see how me and the bitcoin community can pick up the fight. Bitcoin is definitly a genious idea - but is to vulnerable? Someone cheer me up here?

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peepee
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April 12, 2013, 03:07:15 PM
 #2

Grow a pair.

 Cry
Gabi
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April 12, 2013, 03:08:54 PM
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Great time to buy bitcoins.
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April 12, 2013, 03:09:24 PM
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Bitcoin is far from being over.

Bitcoin trinkets now on my online store: btc trinkets.com <- Bitcoin Tiepins, cufflinks, lapel pins, keychains, card holders and challenge coins.
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April 12, 2013, 03:14:01 PM
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We were at 30$ a little more than a month ago.

I see so many people complaining that the price is down yet most people here should still be in the profit Zone.

Even if we get back to 20$ and stay there. That's still great compared to the beginning of the year.

It's just the last few weeks that have been crazy where some Bubble Heads pushed the price to far.

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Saturn7
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April 12, 2013, 03:15:39 PM
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It's not as bad as the crash from $34, hell bitcoin is still at $74 (12/4/2013 16:15GMT),
If you told me 2 month ago Bitcoin would be trading at $70ish I would have laughed.
That's still double the old all time high.

First there was Fire, then Electricity, and now Bitcoins Wink
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April 12, 2013, 03:24:57 PM
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Don't worry.... Because every little thing, is gonna be alright.
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April 12, 2013, 03:25:17 PM
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Volatility is a good thing for a new currency.  Surviving the ups and downs of speculation shows the long term resiliency of Bitcoin and other crypto currencies.  This is a good thing for the long term health of a new product.
glendall
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April 12, 2013, 03:27:18 PM
 #9

Markets go up and down but ideas never die Smiley

If you are looking at BTC purely as a money making venture than, ya things don't look that great in the short-term. But think: you can only ever make a really big profit when stuff is cheap. No one gets in at the top of a peak and makes a lot of cash. The cash is made by taking a risk when things are closer to the bottom...

Besides money, if you are looking at the big picture of BTC and how far it has come in a few years & on top of that, how well it has been weathering some very big storms, then there is nothing to be glum about at all. I'd say BTC is doing fantastic.

There was a bubble. It's popped. BTC is fine though. It's gonna keep rollin' along and getting stronger...  

edit: I think the wildness of the last few weeks have made it easy to lose perspective. Look at BTC's price over the last year. We are at 75$ right now. I'd say this is really strong. Honestly. I would say sub $40 is a weak price for BTC right now, and $50 is reasonable, and $75+ is strong.

Bubble burst. Tons of money in and out like that. Most of it speculation. Still a great many of BTC holders have coins and held on and will continue to hold on for a long while yet...
bitbadger
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April 12, 2013, 03:36:19 PM
 #10

The BTC crash these days make me feel disheartened. Not so much for the loss of money as for the potential loss of an great idea. I knew it was a bubble, and that some correction would take place. But this! A low $54! And who knows if that's the bottom? This must be something more than a correction,

Two points:

1. What happened was a parabolic rise. When an index rises as fast and high as that, it's inherently unstable. And so it crashed. Also its when everyone is saying its going to rise further and further right away, then that's the time to be sceptical.

Steady growth is always better than parabolic growth.

Bitcoin has got rid of the March Madness, which was unsustainable.

See the chart here: http://falkvinge.net/2013/04/12/what-we-learn-from-this-bitcoin-correction/

2. All the positive fundamentals for bitcoin remain, regardless of, whether today's bitcoin trading price is 10$, $100 or $1000. It will fluctuate.

But the fundamentals remain. eg ease of transfer, speed of transfer, no fees, no banks involved, no bureaucracy.  All these positives still apply.

One thing we can be less sure of is that the currency will appreciate in an orderly fashion over time. It looks likely that we will see heavy swings up and down over time. But the general trend is up. Again, see the chart on the page at the URL above.

Also, the number of new entrants into the bitcoin market is growing fast (though it may have taken a temporary dive since Wednesday). So that's another positive fundamental in bitcoin's favour.
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April 12, 2013, 03:48:29 PM
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The BTC crash these days make me feel disheartened. Not so much for the loss of money as for the potential loss of an great idea. I knew it was a bubble, and that some correction would take place. But this! A low $54! And who knows if that's the bottom? This must be something more than a correction,

Two points:

1. What happened was a parabolic rise. When an index rises as fast and high as that, it's inherently unstable. And so it crashed. Also its when everyone is saying its going to rise further and further right away, then that's the time to be sceptical.

Steady growth is always better than parabolic growth.

Bitcoin has got rid of the March Madness, which was unsustainable.

See the chart here: http://falkvinge.net/2013/04/12/what-we-learn-from-this-bitcoin-correction/

2. All the positive fundamentals for bitcoin remain, regardless of, whether today's bitcoin trading price is 10$, $100 or $1000. It will fluctuate.

But the fundamentals remain. eg ease of transfer, speed of transfer, no fees, no banks involved, no bureaucracy.  All these positives still apply.

One thing we can be less sure of is that the currency will appreciate in an orderly fashion over time. It looks likely that we will see heavy swings up and down over time. But the general trend is up. Again, see the chart on the page at the URL above.

Also, the number of new entrants into the bitcoin market is growing fast (though it may have taken a temporary dive since Wednesday). So that's another positive fundamental in bitcoin's favour.


+1  on the falkvinge article.  thanks for that!

The 4ner
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April 12, 2013, 03:49:55 PM
 #12

Great time to buy bitcoins.

That is if anyone is willing to sell.
CasinoBit
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April 12, 2013, 04:40:00 PM
 #13

The BTC crash these days make me feel disheartened. Not so much for the loss of money as for the potential loss of an great idea. I knew it was a bubble, and that some correction would take place. But this! A low $54! And who knows if that's the bottom? This must be something more than a correction, and my candidadates are:

1. Large money investors got in. (bitcoin volume is to small for mega-traders)
2. Sabotage by FED or other bankers - remember those people have free FIATs.
3. Too many people get worried, gain disbelief in the idea of bitcoin.
4. The lack purchasing power in BTC - beyond  alpaca socks

I am confused now, and uncertain for the future of cryptocurrencies. I want to buy in again with what I managed to change back to FIAT during the fall, but have lost my guts right now. If market is manipulated as in pt.2 - I cant see how me and the bitcoin community can pick up the fight. Bitcoin is definitly a genious idea - but is to vulnerable? Someone cheer me up here?

Heard some people claim Bitcoin might be worth 3 mil USD per coin one day, even though it is clearly an exaggeration it makes you think...
warpio
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April 12, 2013, 04:48:14 PM
 #14

was? haha I'm still high on bitcoin... this is a hella fun ride  Cheesy
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April 12, 2013, 04:51:07 PM
 #15

"Heard some people claim Bitcoin might be worth 3 mil USD per coin one day, even though it is clearly an exaggeration it makes you think..."

Not if we don't dump those rank amateurs at mt.gox. They are basically running crappier hardware than most solo miners, along with badly written code. What is needed is to have someone who has set up a decent size e.g. stock exchange to design a trading environment that is mostly bullet proof. Those f-wits made the situation 20 times worse than it was.
CasinoBit
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April 12, 2013, 06:00:43 PM
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"Heard some people claim Bitcoin might be worth 3 mil USD per coin one day, even though it is clearly an exaggeration it makes you think..."

Not if we don't dump those rank amateurs at mt.gox. They are basically running crappier hardware than most solo miners, along with badly written code. What is needed is to have someone who has set up a decent size e.g. stock exchange to design a trading environment that is mostly bullet proof. Those f-wits made the situation 20 times worse than it was.

I am currently making negotiations for establishing an exchange myself. All of the points against gox have been noted. It is only a matter of time until either I myself establish a professional exchange along with my team or someone else will, on the grand scale someone is bound to fill in that void left after gox.
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April 12, 2013, 07:41:01 PM
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Casinos are another high frequency trading environment where everything needs to be rock solid. If that's the sort of background you have then keep us posted.
CasinoBit
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April 12, 2013, 09:58:53 PM
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Casinos are another high frequency trading environment where everything needs to be rock solid. If that's the sort of background you have then keep us posted.

The casino is pretty solid, loss of coin, hacking, DDOS, too much traffic too fast etc have all been accounted for. The version is still beta however, should a failed payment occur we will handle it to the best of our ability to resolve the situation as fast as possible.

Once the server throws an exception it is logged and an SMS is sent to my "work" blackberry, so far this hasn't happened once, we do however verify every transaction larger than a set amount of dollars with more than zero confirmations as faking (e.g. double spending) transactions becomes profitable and we fetch the prices from Gox for this purpose, once their server has crashed it has notified us of that and has started using another exchange as a source, this was logged as an unimportant exception which is unworthy of an SMS basically.

You can try the casino yourself, as for the exchange the idea is a little bit different than Gox so I am not going to elaborate on that but security wise we would have to be superior to most commercial banks, e.g. custom written bitcoin server, java powered website, properly encrypted and stored data, someones needs to take control over this billion dollar market.
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April 12, 2013, 10:38:23 PM
 #19

You're acting like the end of time is neigh, we're up a factor of 5(!) compared to two months ago. What the hell do you want?

.
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April 12, 2013, 10:51:28 PM
 #20

yep, time to buy more at rock bottom prices.  I love booms and busts!
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