I'm out

[grimex]

bought some bitcoins hoping to profit from another price spike but got bored at prices idling at $19 and things getting weird as time passed so I withdrew my money and bailed out before an inevitable crash.

good luck to those staying in the game  

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[fascistmuffin]

That's what happens when you try to get rich quick.

[Oldminer]

This is a marathon not a sprint omg

[Bleak Morn]

bought some bitcoins hoping to profit from another price spike but got bored at prices idling at $19 and things getting weird as time passed so I withdrew my money and bailed out before an inevitable crash.

good luck to those staying in the game  

I could understand the need to share this attempt at a nugget of wisdom if it contained some kind of rational argument, but to me it comes off as "I am impulsive! You should be too so I feel better able to rationalize my shortcomings!"

I wonder, why would anyone want to say that?

Kind of like a person who loudly announces "Come on! Let's all walk out!" of a theatre if they think the show is crappy, only to be followed by nobody.

Is the forum for an application rooted in individualism the best place to try to get people to hop on your bandwagon?

[allocater]

You know when I was little, I used to think that all the adults who fall for get-rich-quick-schemes are stupid. That they don't know something I do. Now I know it was in fact the other way around. I didn't know something, they did. And they knew: Sometimes these schemes work. They have seen people get rich quick, with no work. I didn't know it could work, I didn't see people get rich. So in summary I now know it is perfectly reasonable for people to think that get-rich-quick-schemes could work, because they can. (1% of the time, but they can)

[hessenpepper]

Which begs the question, "Why is it stable?"  My bet is some big player is stabilizing it.  So is this person buying or selling?

Selling:
Loads of people discovered Bitcoins recently and want to buy some.  An early adopter with a lot of coins has a vested interest in making Bitcoins a success, so he is selling coins like crazy to keep speculators from creating a bubble (that means you grimex).  Bank of Satoshi Nakamoto perhaps?  This is a good thing.  Hopefully, other speculators will leave and things can stabilize again on their own.

Buying:
Loads of people are dumping Bitcoins and this guy is buying them up.  This seems unlikely.  Why would someone do this at $20?

[Xenomorph]

This is a marathon not a sprint omg

Yeah, no doubt.

We won't even begin to get an idea of what this stuff is for years.

[deadon]

Good idea, went further down.

[deadon]

Also, you shouldn't react to any market emotionally, such as "Being bored" - this mentality is sure to fail in any market. You should always have a clear reason as to why you are entering or exiting.

[mjoz]

bought some bitcoins hoping to profit from another price spike but got bored at prices idling at $19 and things getting weird as time passed so I withdrew my money and bailed out before an inevitable crash.

good luck to those staying in the game  

I agree this market manipulation is doomed to fail.  You cannot "build up" buyers by putting an artificial ceiling in.  No one is going to invest into anything that is locked in with the dollar.  People invest in high-risk because it yields high return and yes bitcoins is high risk regardless of any stabilizing attempts and is likely to remain so until the volumes and market cap is up.

[HaRRo]

Shouldve been more patient

[Bleak Morn]

You know when I was little, I used to think that all the adults who fall for get-rich-quick-schemes are stupid. That they don't know something I do. Now I know it was in fact the other way around. I didn't know something, they did. And they knew: Sometimes these schemes work. They have seen people get rich quick, with no work. I didn't know it could work, I didn't see people get rich. So in summary I now know it is perfectly reasonable for people to think that get-rich-quick-schemes could work, because they can. (1% of the time, but they can)

The mistaken assumption underlying your statement is that people are interested in BTC to get rich.

I haven't seen that to be the case.

People are interested in BTC because they don't like economic systems that are designed to be meddled with to suit the whims of their controllers.

To me the value in a BTC is not in it's daily price (which only reflects aggregate userbase calculations of supply and demand both in the present and the future) but in the concept that it stands for.

There will always be speculators who don't bother to understand the nature of the commodity underpinning their investiment. The economic ecosystem that's developing takes all kinds to function.  Attempts to regulate such characters away for percieved "unfair" activities, or to manipulate the market so that it "does what we want" are the sort of insanity that gave rise to a need for the BTC alternative in the first place.

Come for the promise of riches, but stay for the promise of liberty.

[rangle32]

I think this is going to be the case for many who come to check it out, find its not a fast moving scheme, and lose interest.

[Takkun]

Have fun

[grimex]

Looks like I bailed out at the right time 

[Madehimself]

Looks like I bailed out at the right time 

Sprint wise.

Time will only tell.

[bitdragon]

Thanks for your good wishes man-
still came back to check out the current price on an exchange after bailing out? You just weren't quite sure were you but feel better concluding you made the right decision, the price no longer idle and dropped- in USD terms of course after a day or two-

good luck to you too with your USD, EUR, GBP, CHF or whatever, send my wishes to Bernanke, Trichet, DSK and the gang- and do spread the word about what a boring and stale investment bitcoins are.

Price stable and boring in the BTC/USD pair is quite a statement to make and says alot about where you have been these last months and your understanding, experience and faith in the monetary system.

[TiagoTiago]

If you jump out of the train while it hasn't reached the station 'cause it's taking too long, you at the very least gonna get a bit bruised, it's safer to sit down and only unbuckle your seatbelts after the vehicle has come to a full and complete stop.

[grimex]

If you jump out of the train while it hasn't reached the station 'cause it's taking too long, you at the very least gonna get a bit bruised, it's safer to sit down and only unbuckle your seatbelts after the vehicle has come to a full and complete stop.

I TOLD YOU, hahaaa 

I jumped out of the train before it crashed

[coran007]

I just jumped in a few days ago but mostly with hardware I already had laying around so not much up front costs.  As to the poster that doesn't think people are in this to get rich quick, well I would says its split between 2 groups, those who want to get rich quick and those who just want to make some money   ok and maybe a 3rd group, those that need a currency that isn't easily traceable.

[Anduril]

I am quite shocked at the level of optimism still shown in the forum. I thought the Mt.Gox hack would surely bring the entire thing down, but I see people discussing prices when the exchange comes back up!

Weird.

[Thormandy]

I wouldn't give up so easy just yet, time is the key, but what's happening right now does throw some people off a lot lol

[Ilikeham]

I think the concept is sound, I think there are enough people adopting and accepting these to make it worthwhile and I'd love to see where this all is in five years.

I have silver bricks I bought 30 years ago, gold coins I bought 20 years ago. This week to week thinking is an internet phenomenon and I don't think it's valid in this instance where Bitcoins are concerned. There's a lot to happen with this alternate currency yet.

[libertyzeal]

I am quite shocked at the level of optimism still shown in the forum. I thought the Mt.Gox hack would surely bring the entire thing down, but I see people discussing prices when the exchange comes back up!

Weird.

The way I see it, mtgox isn't bitcoin, and if they can't keep their shit secure, another (better) exchange will step up to take that role.  I like mtgox, it took a lot of work and initiative to get up and running, but you can't be sloppy when handling your client's money, security is paramount.

[Anduril]

The way I see it, mtgox isn't bitcoin, and if they can't keep their shit secure, another (better) exchange will step up to take that role.  I like mtgox, it took a lot of work and initiative to get up and running, but you can't be sloppy when handling your client's money, security is paramount.

Of course mtgox is not bitcoin, but it was the largest exchange (61k customers!) The entire system has been compromised and shown to be susceptible to hacking. Tradehill had to close as well, so people are left holding pieces of digital value they cannot exchange.

[proto]

People who are only looking for an investment to increase their hoard of Dollars are missing a major point.

Many of us are here looking for an alternative system.  The value of BTC relative to USD is an interest, but not the whole-and-only reason for using BitCoins.  in fact, most of the problems and FUD seem to be centered around the places where the BitCoin economy intersects the government-sanctioned ones: the exchanges.  ("BTC went up too fast," "it went down too low," "it'll never hold," "it's too volatile," etc.) 

As the BitCoin economy grows and BitCoins are put to use, people will establish their value for goods and services. The exchange rates will stabilize. And, perhaps, people will be talking about the shortcomings of centrally-controlled currency backed by faith in mere governments.

[Anduril]

As the BitCoin economy grows and BitCoins are put to use, people will establish their value for goods and services. The exchange rates will stabilize. And, perhaps, people will be talking about the shortcomings of centrally-controlled currency backed by faith in mere governments.

That is a big if. This is going to create a lot of bad press, so people will just not think it is worth it, and will not risk getting involved. You need more merchants and more non-technical people to adopt for this to work, and I cannot see anyone entering the market now. So at least for a while the hopes of a growing economy are dashed.