Sharing my experience on trading fiat for bitcoin at $264.70

[alxs]

Had 2btc at mtgox, thought 5 seems like a nice number, so waited as climbed up, gambled and
placed buy order for 3 (forgot about fees)

2013/04/10 05:27:12    In       0.56702174 BTC    4.98540213 BTC
BTC bought: [tid:136559xxxxxx] 0.56702174 BTC at $264.60000

Didn't total 5btc so took another stab:

2013/04/10 05:29:13    In       0.03000000 BTC    5.01200000 BTC
BTC bought: [tid:136559xxxxxx] 0.03000000 BTC at $264.70000

So almost got peak and had my 5btc.

I was very proud to "buy" bitcoin at the peak of its "bubble" and emotionally moved.

I did not trade any of my hoarded btc (more than 5) during the roller coaster ride nor when it leveled out at 150
because I did not want to part with my btc for fiat ever.

Instead I traded some when the troll box at btc-e where all yelling and screaming about BitInstant or BitStamps price
constantly dropping and then gleefully scooping up "cheap coins."  Traded rest periodically later and currently have none.

I hope I did my little part to help that with that dip.  

So far, to date, that has been my entire contribution to bitcoin, I intend to rectify that and will troll forums to see what I can do.
I got very excited about bitcoin in 2011, could see its potential, then got distracted and forgot all about it like most sheeple.

In closing, I would like to thank the bitcoin community and the developers for what you have accomplished in such a short time.

I am looking forward to working with some of you if I can in this next phase.

Regards,

Alex

[1715262865]

1715262865

[1715262865]

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[calian]

If you stick around 6-9 months you might get a chance to try buying the bottom. Feels much better IMO.

[alxs]

Thank you for the reply.

I was happy to trade away all my hoarded btc "cheaply" because I don't need any btc right now nor do i need any fiat.

I need to learn how to use btc effectively now.  Only hoarded them to help with the bubble effect.

I traded fiat for btc for $3.

[tclo]

If you stick around 6-9 months you might get a chance to try buying the bottom. Feels much better IMO.

Could be 6-9 days at this rate.  It is already down to $50 and may not take that long to get down to $20.  It's down about 80% in one week, it seems.

So yes if you would have waited a week or so to buy, you would have 5 BTC instead of 1 BTC.  But if that doesn't matter to you, then just enjoy.

[Hippie Tech]

You could have done alot more for Bitcoin by cashing in and using the profit to buy mining gear. BTC/ crypto currencies must become a parasite to the fiat money system if it is to succeed.

I have no regrets with selling 2 BTC @ $65 CAD and 1.18 @ $152. Its as if my new Sapphire 7870xt, and its 520 mhash/s  , appeared out of thin air !

I approached the bank teller and asked, "Would you like to see what Bitcoins look like ?!" Showed her the $179.74 cheque, then signed it. ahaha...

pEACe

edit..

ok.. my ignores went up by 1 and I have not pissed anyone off in weeks ! WTF. :p

[wopwop]

you could have had 5 times more bitcoin now


i sold at the top and im proud too:

[w1R903]

Had 2btc at mtgox, thought 5 seems like a nice number, so waited as climbed up, gambled and
placed buy order for 3 (forgot about fees)

Thank you for your post, Alex.  Have you used any of the Bitcoin software?  Have you tried My Wallet on blockchain.info? What's on your wish list for Bitcoin in terms of software?  What would make it easier for you?

As a developer (although not a core bitcoin-qt/bitcoind developer), I'm curious to hear what you and others think.

[herzmeister]

maybe instead of selling your bitcoins for fiat, you could put them into shares. Shares of businesses that largely stay in Cryptoland might still be a bargain right now. They're often a good hedge against the Bitcoin value falling or not rallying fast enough.

[Killdozer]

Only hoarded them to help with the bubble effect.

[alxs]

Only hoarded them to help with the bubble effect.

Technically its true. I don't need any fiat and if was looking to make money would have sold at peak rather than watched the roller coaster with joy.

Thank you for your post, Alex.  Have you used any of the Bitcoin software?  Have you tried My Wallet on blockchain.info? What's on your wish list for Bitcoin in terms of software?  What would make it easier for you?

As a developer (although not a core bitcoin-qt/bitcoind developer), I'm curious to hear what you and others think.

Bitcoin software? No idea about any bitcoin software other than the wallet will need to investigate what you are referring to.  Will take a look at My wallet and blockchain.info.

As for software wish list, a decentralized exchange, even if starts as just for crypto. Then hopefully some bright person will figure out how to add fiat lol.  The interface for your own personal wallet needs to be simplified about 100x so my grandmother can use it, but that is a low priority. 

I expect after this round there is going to be an explosion of development for bitcoin as the world knows bitcoin is here to stay for good.

My intent this round is to only purchase goods from online merchants that accept bitcoin.  I never even looked at my wallet for the last 2 years, wont be doing that again.  My wife likes gambling so will introduce her to satoshi dice as well as other sites.  Going to have to find repository of online merchants that accept bitcoin but im sure thats not hard to find.

maybe instead of selling your bitcoins for fiat, you could put them into shares. Shares of businesses that largely stay in Cryptoland might still be a bargain right now. They're often a good hedge against the Bitcoin value falling or not rallying fast enough.

That is precisely what i intend to do.  I don't care what the trade value of btc is to usd as long as i buy them low

[annette786]

OP:  The hedge funds are already in BTC and looks like they will end up owning it. Based in the marketcap and volume now, it won't be long before they get control.  They will take the price to a place much higher than your entry price.  I wouldn't be surprised if it happens within 90 days.

[fabrizziop]

OP:  The hedge funds are already in BTC and looks like they will end up owning it. Based in the marketcap and volume now, it won't be long before they get control.  They will take the price to a place much higher than your entry price.  I wouldn't be surprised if it happens within 90 days.

it looks like you bought at the top of the bubble and are justifying yourself/ rationalizing the decision.

[dg2010]

you could have had 5 times more bitcoin now
i sold at the top and im proud too:

Except for the fact that you have been screaming BUY CHEAP COINS constantly for the past 3 weeks and being very vocal about the future of bitcoin.

You are a degenerate. Plain and simple.

[johnyj]

If you are interested in getting more coin, put a buy order of same amount of dollar at the end of each week/month, so you will lower your average cost very quickly if price going down

[n8rwJeTt8TrrLKPa55eU]

We have seen rises of approximately 10x and drawdowns in the order of 80% to 90% from major tops to major bottoms.  Those kinds of moves correlate reasonably well to similar euphoria and despair cycles in other (stock, real estate, etc) markets.

Looking at the chart, if history repeats, I'd guess a bottom in the 20s to 40s (possibly already met) and then, after a very boring long sideways range which forces out any remaining short-term speculators, another eventual 10x rise for the next major move, bringing the price to somewhere between $1000 and $3000.

So a purchase in the 260s might not look too bad in a year or two, just like a purchase at 31.9 in 2011 doesn't look so bad in 2013.

All that, of course, assumes that Bitcoin and its ecosystem continue to improve and get traction, with no unsolvable problems arising.

[zakoliverz]

yes, If you think it is going up soon you can use Dollar-Cost Averaging.

[alxs]

OP:  The hedge funds are already in BTC and looks like they will end up owning it. Based in the marketcap and volume now, it won't be long before they get control.  They will take the price to a place much higher than your entry price.  I wouldn't be surprised if it happens within 90 days.

What do you mean by "get control" ?

[Spendulus]

Had 2btc at mtgox, thought 5 seems like a nice number, so waited as climbed up, gambled and
placed buy order for 3 (forgot about fees)

2013/04/10 05:27:12    In       0.56702174 BTC    4.98540213 BTC
BTC bought: [tid:136559xxxxxx] 0.56702174 BTC at $264.60000

Didn't total 5btc so took another stab:

2013/04/10 05:29:13    In       0.03000000 BTC    5.01200000 BTC
BTC bought: [tid:136559xxxxxx] 0.03000000 BTC at $264.70000

So almost got peak and had my 5btc.

I was very proud to "buy" bitcoin at the peak of its "bubble" and emotionally moved.

I did not trade any of my hoarded btc (more than 5) during the roller coaster ride nor when it leveled out at 150
because I did not want to part with my btc for fiat ever.

Instead I traded some when the troll box at btc-e where all yelling and screaming about BitInstant or BitStamps price
constantly dropping and then gleefully scooping up "cheap coins."  Traded rest periodically later and currently have none.

I hope I did my little part to help that with that dip.  

So far, to date, that has been my entire contribution to bitcoin, I intend to rectify that and will troll forums to see what I can do.
I got very excited about bitcoin in 2011, could see its potential, then got distracted and forgot all about it like most sheeple.

In closing, I would like to thank the bitcoin community and the developers for what you have accomplished in such a short time.

I am looking forward to working with some of you if I can in this next phase.

Regards,

Alex

I can help.  At any moment in time I will simply set a peak price and you can buy direct from me.

<Just kidding...>

[Jim Rockford]

I was very proud to "buy" bitcoin at the peak of its "bubble" and emotionally moved.

You are an idiot and proud of it.

I am looking forward to working with some of you if I can in this next phase.

Oh, there's plenty of folk here who would love to work with somebody of your calibre.

[alxs]

I was very proud to "buy" bitcoin at the peak of its "bubble" and emotionally moved.

You are an idiot and proud of it.

I am looking forward to working with some of you if I can in this next phase.

Oh, there's plenty of folk here who would love to work with somebody of your calibre.

Now that is the reaction i was looking for!

Finally!