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Author Topic: The panic seller irony  (Read 5442 times)
neurotypical
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September 10, 2017, 12:27:16 PM
 #1

I know some coworkers that sold BTC today, they are real casuals, they got into BTC because they heard it went up a lot, they don't know even to set a local wallet so they store their coins on Coinbase or wherever the fuck they buy at.

Well, they sold today at at the dip near the $4000 double bottom.

The irony is, these casuals are the ones that are always complaining about how it's unfair that BTC is distributed in the hands of few whales, YET, they are the ones that constantly panicsell and give their cheap BTC back to these same hands they are complaining about, because guess who is profiting the most on these dumps: whales. They buy lots of cheap BTC.

If you want whales to stop having so much BTC, don't panic sell or you will keep feeding them. Just focus on your own portfolio and keep stacking BTC on the dips. In the long term, we will win.
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September 10, 2017, 01:09:47 PM
 #2

I know some coworkers that sold BTC today, they are real casuals, they got into BTC because they heard it went up a lot, they don't know even to set a local wallet so they store their coins on Coinbase or wherever the fuck they buy at.

That's the problem right here, people buying in without actually trying to understand cryptocurrencies and their implications. Of course they leave the market at the slightest sneeze, I would too if I were only in it for the gamble.


Well, they sold today at at the dip near the $4000 double bottom.

We still don't know whether USD 4k,- is actually going to hold though, don't jinx it. USD 5k,- may also turn out to be a double top :X


The irony is, these casuals are the ones that are always complaining about how it's unfair that BTC is distributed in the hands of few whales, YET, they are the ones that constantly panicsell and give their cheap BTC back to these same hands they are complaining about, because guess who is profiting the most on these dumps: whales. They buy lots of cheap BTC.

If you want whales to stop having so much BTC, don't panic sell or you will keep feeding them. Just focus on your own portfolio and keep stacking BTC on the dips. In the long term, we will win.

I wouldn't go so far as to say that it's mostly whales buying up these dumps. But there's a certain irony in people complaining about missing out while also either a) not trying to get started with cryptos in the first place and b) not being patient enough to hold.


Either way, I wouldn't worry much. It's no one's loss. They'll be back sooner or later.

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September 10, 2017, 01:10:51 PM
 #3

It's not surprising that not everybody has the risk tolerance for such speculative markets. I'd be happier if crypto could be accessible to more people as a utility but sadly it's all tied to bitcoin's price a bit too much.



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September 10, 2017, 01:11:16 PM
 #4

Amen Brother.
Stop worrying about what the other guy is doing and answer your own questions. There is no expert out there who knows the future.
neurotypical, your example is a good illustration of why you shouldn't follow the crowd. I'm guessing your co-workers are not stupid. They may be great at what they do. However, when people are afraid and trying to make decisions without knowledge, they look to the group and copy that behavior.  Which means buying near the top in a market frenzy and selling near the bottom in a panic. Exactly the opposite of what you want.

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September 10, 2017, 01:20:35 PM
 #5

Do we need the real casual traders? They might complain and put off a few people, but that is the maximum damage they can do. It is best that the weak hands are shaken as quickly as possible.
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September 10, 2017, 01:24:33 PM
 #6

I'm usually hold my bitcoin as long as possible that why I'm consider as investor but there is a risk beneath it
For example being investor may have great profit if you hold it in long term but if bitcoin vanish before let say 2019 , we are loss !
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September 10, 2017, 01:34:34 PM
 #7

I think that especially with bitcoins, people are constantly under pressure.
Every stock exchange opens and closes each day. And they have weekends as well.
Those are times when you can not trade and you have time to think about your investments.
The cryptocurrencies don't have that. Every time you turn on your computer you can see movements in the charts. There is no break.
No break for the market to cool off either, by the way.
Sometimes this is all just too much, and the people sell.

I would say that if somebody plans to hold coins over a longer period of time, it would be a smart move to avoid the charts.
You can't feed the whales that way.

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September 10, 2017, 01:40:34 PM
 #8

Agreed before they get into something like crypto-currencies they should really study it first because everyday there is a dip they panic sell which is not good according to you that only the whales benefits this. Clearly before trying something first they join a community to properly gain knowledge about the bitcoin digital currency or any group that teaches bitcoin. Start from the basics as they said cause others are being affected by their stupid actions.


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September 10, 2017, 01:45:03 PM
 #9

Day trading without any information that can give you an edge, especially on unregulated markets, is one of the worst things you can do in finance, especially if you buy/sell in panic mode. Smart people make very long term bets, by picking something that in their opinion has untapped potential - this is why so many people tell others to just hodl, because Bitcoin can grow to 5 or 6 figures if it will continue getting adoption. It's better to just relax and stop checking price and news every 20 minutes and thinking when to sell - it's investment for years and decades.

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September 10, 2017, 01:57:34 PM
 #10

While I agree with the OP, not everyone can handle the risk to lose money, or not everyone has the stomach to handle the volatility of the crypto market which is surely higher than a lot of things to compare with. With the fud posted here and there, it can be understandable, some are gambling with a lot of money

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September 10, 2017, 01:59:40 PM
 #11

People selling now at 4k are missing huge potential upside, many newbies got into bitcoin at 2k and have doubled their money so cant blame them but we need stronger hands waiting for 40k, 100k etc.  I know when i first got into crypto i trippled up really quickly and it caused me to sell out some the next week after investing for first time.  There aren't many things you can get those kind of quick easy ROIs.

 
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September 10, 2017, 02:11:36 PM
 #12

Day trading without any information that can give you an edge, especially on unregulated markets, is one of the worst things you can do in finance, especially if you buy/sell in panic mode. Smart people make very long term bets, by picking something that in their opinion has untapped potential - this is why so many people tell others to just hodl, because Bitcoin can grow to 5 or 6 figures if it will continue getting adoption. It's better to just relax and stop checking price and news every 20 minutes and thinking when to sell - it's investment for years and decades.

I agree that BTC should be good investment for future and we should be hold it for next 10-20 years.But many users of BTC just want to get some quick money and they sell when they see such drastic price drop,it is simply fear that they could lose their invested money.

On the other side users who knows how all this work just hold and maybe buy some extra coins.It is all about few things : do you belive in BTC - do you have time to wait maybe 10+ years for big profit - do you know all the facts how BTC works(total amount of coins,halvings,adoption etc..)


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September 10, 2017, 02:19:09 PM
 #13

I know some coworkers that sold BTC today, they are real casuals, they got into BTC because they heard it went up a lot, they don't know even to set a local wallet so they store their coins on Coinbase or wherever the fuck they buy at.

Well, they sold today at at the dip near the $4000 double bottom.

The irony is, these casuals are the ones that are always complaining about how it's unfair that BTC is distributed in the hands of few whales, YET, they are the ones that constantly panicsell and give their cheap BTC back to these same hands they are complaining about, because guess who is profiting the most on these dumps: whales. They buy lots of cheap BTC.

If you want whales to stop having so much BTC, don't panic sell or you will keep feeding them. Just focus on your own portfolio and keep stacking BTC on the dips. In the long term, we will win.
yes thats true hold tight don't panic about the bitcoin dip for now, i believe bitcoin goes bounce again if the issue of the china ICO banned, but i think if the  issue fixed sooner the bitcoin price value are pumping again and back to normal price value.

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September 10, 2017, 02:23:13 PM
 #14

This is a normal thing to happen not only in cryptocurrency market but also in forex and stock trading as well. And the issue here is both the lack of skill and a lack of emotional control. Theses people try to enter in the world of trading thinking that it is a simple buy and sell process but if you really want to earn money you must know hot to do technical analysis first and to know what a shakedown looks like. We must turn people who participate in panic selling into people who will buy Bitcoin at the bottom instead.

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luigii
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September 10, 2017, 02:39:35 PM
 #15

I almost did the same mistake, when I entered the crypto market and next week BTC dropped 30-40%. I stop checking charts and forgot about that. I do the same thing every time when the market is going down.

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September 10, 2017, 02:41:56 PM
 #16

Amen Brother.
Stop worrying about what the other guy is doing and answer your own questions. There is no expert out there who knows the future.
neurotypical, your example is a good illustration of why you shouldn't follow the crowd. I'm guessing your co-workers are not stupid. They may be great at what they do. However, when people are afraid and trying to make decisions without knowledge, they look to the group and copy that behavior.  Which means buying near the top in a market frenzy and selling near the bottom in a panic. Exactly the opposite of what you want.

The main 2 problems are the fact that people indeed come without any knowledge of why bitcoin matters in the long term, and why this price noise means nothing. If they really knew about bitcoin and had that "aha moment", then they would develop a strenght to hold during price corrections or even legit crashes as we saw in 2013. I was there in 2013, watching it crash, and I didn't care, I knew in the long term I would be ok because I knew the vision of decentralized money was intact with or without MtGox.


The second problem is newbies look at the linear chart instead of the logarithmic chart, this is insane because the linear chart has been looking like a bubble since $2000. Nobody uses the linear chart anymore to chart bitcoin, all big hands are using log charts, and judging by log chart we are not overbought by any means.
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September 10, 2017, 02:49:41 PM
 #17

I know some coworkers that sold BTC today, they are real casuals, they got into BTC because they heard it went up a lot, they don't know even to set a local wallet so they store their coins on Coinbase or wherever the fuck they buy at.

Well, they sold today at at the dip near the $4000 double bottom.

The irony is, these casuals are the ones that are always complaining about how it's unfair that BTC is distributed in the hands of few whales, YET, they are the ones that constantly panicsell and give their cheap BTC back to these same hands they are complaining about, because guess who is profiting the most on these dumps: whales. They buy lots of cheap BTC.

If you want whales to stop having so much BTC, don't panic sell or you will keep feeding them. Just focus on your own portfolio and keep stacking BTC on the dips. In the long term, we will win.

Bitcoin panic sellers are a part of bitcoin, everytime bitcoin takes a dip, they appear. Some people can't really handle seeing it decrease so sell them at the price, that now it's near 4000$. Other's just sell  because they invested or risked money that they couldn't afford to lose.  If there wasn't anyone selling BTC, well demand would grow, or it could hold bitcoin in a stable price perhaps.

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Kprawn
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September 10, 2017, 02:54:32 PM
 #18

Yes, these panic sellers are the food for these whales. The whales have enough influence and money to generate "false" dumps and

people {mostly short term speculators} will fall for this. They will sell at the slightest dip in the price. {most of them are used to the

normal small fluctuations in commodities and not the scale of volatility that Bitcoin has.}  Wink   .....Leave them to sell, we just LUV

the cheaper coins.  Wink

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September 10, 2017, 03:05:14 PM
 #19

People always took the bait whenever the price go down they start to do panic selling which is obviously a no no. Those people should know that it was actually the best time to stock up their bitcoin collection and wait for the price to increase again and make profits.

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September 10, 2017, 03:32:24 PM
 #20

Many people do not know that trading is a game of skills and most times jump into it without thinking that it takes them time to make money from their day job. Some even involved in hard labour and most times lose those money with a fantasy that there are going to make serious profit from buy coins at the wrong time. You should buy when bitcoin is low and sell when it is high but most traders do the opposite and lose their hard earned money.

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