Did I screw up?

[CodyCot]

Hi All,

Looking for some advice.

I consider myself to be an amateur in terms of investing, especially with Bitcoins.

Recently, I decided to jump on the bandwagon and purchase some Bitcoins, although, I believe that I was smart enough to wait until the peak collapsed so I could buy some Bitcoins for cheap and wait for the price to rise above what I paid for.

I bought 2.5 coins (not much, I know, but this is just a start for me) at $103 USD.

Was this foolish? Should I try to resell my coins and wait for them to lower a bit more? Or do you believe that they will rise once again?

I think I may have screwed myself a little...

Thanks

[1714049155]

1714049155

[1714049155]

1714049155

[CodyCot]

bump bump bump

[holy_cow]

Seems ok to me.  2.5 btc is worth $184 right now.

[Aianis]

Right now - its not very good.

[CodyCot]

Seems ok to me.  2.5 btc is worth $184 right now.

Sorry, I should've mentioned that the $103 was per Bitcoin, so in reality I paid $257.50 total.

[CodyCot]

Right now - its not very good.

Do you think I should try and resell them? Try and mitigate my losses for the time being and reattempt in a few days? Or should I just ride it out and see what I can make in the future?

[chip1]

Good investment...small but good to get the hang of things.

[CodyCot]

Good investment...small but good to get the hang of things.

Thanks, glad you think it was good.

I am on the fence at the moment. I thought it was good as a start (my first ever investment tbh), but I think I may have jumped the gun a little and screwed myself.

[Gabi]

Good investment, you did the right thing and waited for the bubble to pop before buying. Much much better than the people who bought at 200 or 250 

Now? Just hold.

[checksum]

Despite multiple DDoS attacks to the exchanges and following a major crash (THE major [1st ever] crash) - it's been remarkably stable past 1/2 day.

In the $70's @ BTC on most exchanges.

that's a good sign.
Personally, I'd keep a close eye on it and ride it out a bit longer, as exchanges harden their infrastructure and people are feverishly coming up with new creative ways to push BTC forward, following the crash (i.e. getting inventive with many people drafting P2P Exchange protocol https://github.com/p2p/bitcoin-exchange and actively SOLVING problems that caused the crash / ensuring the stability / viability of the currency)

[Gabi]

Remember the 2011 bubble, it went from 32 to 2. If you bought at for example 15 after the bubble popped , and then you saw it drop at 2, what would have you done? Sell? Ha, from 2 it recovered and skyrocketed to over 250!

These days are the days where we can buy cheap bitcoins 

[Taduliauskas]

Come on, it all depends on you !

Lets look at the situation:

Bitcoin has crashed, quite hardly, markets are down, price is low.

There are dozens of different opinions on every corner, someone thinks the price will rise fast and high soon enough, others makes a prognosis of slow sliding down to one digits numbers, between these two "peak" opinions there are millions of different speculations on every cent probably.

Conclusion - no one knows what will happen for sure, no one really knows if all this crash was manipulated or started naturally.

So, I do recommend for you to think rationally. What those 2.5 btc means to you. Maybe you invested most of your capital, or maybe it's just a week earnings. Well you care about them, because you ask our opinion, so answer this question to your self. Do I need extra 150usd right now ?

Maybe you have to pay your rent, buy equipment or something, then sell them, if you don't need money right now, leave them or try to speculate,

[chip1]

If bitcoin hits 250/260 Id sell out in a second again

[CodyCot]

Good investment, you did the right thing and waited for the bubble to pop before buying. Much much better than the people who bought at 200 or 250 

Now? Just hold.

Thanks for the reply, I'm glad a 'high ranking' member of the forums saw this.

Do you personally believe that it will bounce back within a month or so?

Despite multiple DDoS attacks to the exchanges and following a major crash (THE major [1st ever] crash) - it's been remarkably stable past 1/2 day.

In the $70's @ BTC on most exchanges.

that's a good sign.
Personally, I'd keep a close eye on it and ride it out a bit longer, as exchanges harden their infrastructure and people are feverishly coming up with new creative ways to push BTC forward, following the crash (i.e. getting inventive with many people drafting P2P Exchange protocol https://github.com/p2p/bitcoin-exchange and actively SOLVING problems that caused the crash / ensuring the stability / viability of the currency)

Yes, I have been watching and waiting for a number of days now. I've added a widget onto my smartphone and have been checking constantly.

I was thinking of adding more money into my account and purchasing more if they drop lower, but I will have to wait until Monday as the site I use wont be able to process it until then! Grrrr!

[wtfvanity]

Right now - its not very good.

Do you think I should try and resell them? Try and mitigate my losses for the time being and reattempt in a few days? Or should I just ride it out and see what I can make in the future?

lol, this is what is causing the panic.

Shit, I bought at 250, I better sell at 120 before they become worthless.

Then you get scared when it gets back to 200, so you buy again.

Then it drops to 80 so you sell once more.

Then it breaks 100, so you buy at 105.

Now it's 70, so you sell them again.

A fool and his money are soon parted.

Despite multiple DDoS attacks to the exchanges and following a major crash (THE major [1st ever] crash) - it's been remarkably stable past 1/2 day.

ROFL, the 1st ever crash, major crash? You guys are funny. Looking at a two week period, I hardly call going from 85 to 70 a major crash. If you look at it on a per hour basis, yeah, going from 200 plus into the 100's sure is scary.

[AlgoSwan]

I think you've made a good investment and you were lucky enough to not bought @ 200's. Another wise decision would be to invest some mining hardwares and start mining it while you can. And always diversify your portfolio with alt.cryptocurrencies such as NMC or PPC maybe even some LTC. Here is my basket

BTC 60%
NMC 30%
PPC 8%
LTC 2%

Thinking to add some TRC %1, but not so sure.

[Gabi]

others makes a prognosis of slow sliding down to one digits numbers

Call me when we hit one digits, so i'll buy tons of bitcoin

Do you personally believe that it will bounce back within a month or so?

In just a month? Dunno. But i believe that in some months it will bounce back and then it will rise to even higher prices.

Just look at fundamentals, there are tons of services and merchants who accept bitcoin. BitPay did over 2 millions $ of transactions in March. This is not speculation, this is real economy, people using bitcoin to buy things.

Bitcoin didn't die in 2011 after the bubble, why should it die today?  

[CodyCot]

Come on, it all depends on you !

Lets look at the situation:

Bitcoin has crashed, quite hardly, markets are down, price is low.

There are dozens of different opinions on every corner, someone thinks the price will rise fast and high soon enough, others makes a prognosis of slow sliding down to one digits numbers, between these two "peak" opinions there are millions of different speculations on every cent probably.

Conclusion - no one knows what will happen for sure, no one really knows if all this crash was manipulated or started naturally.

So, I do recommend for you to think rationally. What those 2.5 btc means to you. Maybe you invested most of your capital, or maybe it's just a week earnings. Well you care about them, because you ask our opinion, so answer this question to your self. Do I need extra 150usd right now ?

Maybe you have to pay your rent, buy equipment or something, then sell them, if you don't need money right now, leave them or try to speculate,

Thanks for this reply, it really puts it into perspective.

Yes I believe that I may hold onto them for the time being, I did only invest part of one paycheck into these coins (although it was a large portion of the paycheck, but I can survive with what I have got).

I do care about them, but it's more because I don't want to totally screw up my first time investments. I want to try and make this work out for me to make it as profitable as possible.

I believe I will be in for the long term, it will be interesting to see what the future holds!

If bitcoin hits 250/260 Id sell out in a second again

Agreed

Right now - its not very good.

Do you think I should try and resell them? Try and mitigate my losses for the time being and reattempt in a few days? Or should I just ride it out and see what I can make in the future?

lol, this is what is causing the panic.

Shit, I bought at 250, I better sell at 120 before they become worthless.

Then you get scared when it gets back to 200, so you buy again.

Then it drops to 80 so you sell once more.

Then it breaks 100, so you buy at 105.

Now it's 70, so you sell them again.

A fool and his money are soon parted.

Despite multiple DDoS attacks to the exchanges and following a major crash (THE major [1st ever] crash) - it's been remarkably stable past 1/2 day.

ROFL, the 1st ever crash, major crash? You guys are funny. Looking at a two week period, I hardly call going from 85 to 70 a major crash. If you look at it on a per hour basis, yeah, going from 200 plus into the 100's sure is scary.

This is what I am trying to avoid, I don't want to fall over myself making irrational decisions with my investments.

In your position, would you have bought BTC for that price? Or would you have potentially waited longer before buying?

[CodyCot]

I think you've made a good investment and you were lucky enough to not bought @ 200's. Another wise decision would be to invest some mining hardwares and start mining it while you can. And always diversify your portfolio with alt.cryptocurrencies such as NMC or PPC maybe even some LTC. Here is my basket

BTC 60%
NMC 30%
PPC 8%
LTC 2%

Thinking to add some TRC %1, but not so sure.

I am also beginning to invest into LTC, I was going to focus more on LTC than anything and use that as an extreme long term investment plan.

I was also looking at TRC, but I need to learn more about all the other Alt Currencies before I do anything.

others makes a prognosis of slow sliding down to one digits numbers

Call me when we hit one digits, so i'll buy tons of bitcoin

Do you personally believe that it will bounce back within a month or so?

In just a month? Dunno. But i believe that in some months it will bounce back and then it will rise to even higher prices.

Just look at fundamentals, there are tons of services and merchants who accept bitcoin. BitPay did over 2 millions $ of transactions in March. This is not speculation, this is real economy, people using bitcoin to buy things.

Bitcoin didn't die in 2011 after the bubble, why should it die today? 

You're right, I don't think it will die in the long term, I think it may slow down to a crawl, then slowly pick up once people start thinking about it again.

[Epicurus]

Hi All,

Looking for some advice.

I consider myself to be an amateur in terms of investing, especially with Bitcoins.

Recently, I decided to jump on the bandwagon and purchase some Bitcoins, although, I believe that I was smart enough to wait until the peak collapsed so I could buy some Bitcoins for cheap and wait for the price to rise above what I paid for.

I bought 2.5 coins (not much, I know, but this is just a start for me) at $103 USD.

Was this foolish? Should I try to resell my coins and wait for them to lower a bit more? Or do you believe that they will rise once again?

I think I may have screwed myself a little...

Thanks

Any time you "jump on a bandwagon" when investing, you're probably not being wise. One doesn't make money by "jumping on a bandwagon". You do it by predicting what the next big thing is and buying it before the masses discover it. Witness how many people were still buying houses in 2005-2006, and then lost their shirts when the housing market crashed. Look at how as the Dow hit record highs recently, ordinary investors have been pouring money into mutual funds. Guess who is going to lose the most when the stock market next corrects?

So yes, it was probably foolish to jump in during a phase of rapid price appreciation (you want to buy when the price of something goes down, not when it goes up), but it's also totally understandable. Bitcoin is exciting.

If I were you, I'd just hold onto them now.