I am fucking panicking

[Spaceman_Spiff]

<snip>
My point, is the fundamentals of long-term BTC holdings are not sound investing.
<snip>
 wheat, oil,  etc.  However, those items have an end use, ie convert to energy (machine or human energy).
<snip>
What is the intrinsic value of BTC when there is no general tax revenue to back up BTC?  

Back to basics:
Btc is worth something because it has a use.  It can be used as money.  Money has value.

If you want to talk about price, it boils down to this: How much will it be used, and for what?  Is it the best money available? For everything, or only for certain niches? etc. ..

EDIT: of course, wheat and oil will always be used, bitcoin might not be, so its more risky in that aspect.  But imo, you can't say it doesn't have value.

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[503guy]

you can't say it doesn't have value.

It doesn't have value.

According to the bitcoin foundation:

https://dl.dropboxusercontent.com/u/2877271/Bitcoin-Foundation-Response-to-California-DFI.pdf

[ZenInTexas]

The BTC economy is very very thin, in fact it does not exist.  Pirate, GLSBE, the various bitcoin banks failed for the same reason, having faith should not be the basis of an economy.  BTC currently has one and only one value added purpose: to facility the exchange of goods with the added bonus of little or no regulation.  However, once it does become regulated, it's value will diminish to the illicit goods trader.  Which means, it's value will then be determined by what the long-term holders think it's worth.  But, as I tell all real world traders, a previous price point or trend, does not indicate a future value.

In other words, it's value is based on what a counterparty is willing to pay - on any given day.  An investor looks at the fundamentals, a trader learns to love the volatility, a speculator wins big or looses big(but mostly just depends on luck when he buys and sells).  But a trader also knows when to step out of the way, when the train rolls downhill.

[protokol]

If I owned more than a double digit amount of bitcoin, I would indeed have sold when the price was bouncing around $95-$110, aiming to buy in again lower and increase my stash. I had an inkling that the price would slowly fall, but imo normal TA doesn't apply as accurately to BTC as it does to any other commodity/share/investment, so I chose to play it safe and hold.

I did some day trading (albeit tentatively) during the major bubble earlier this year, and increased my BTC holdings by about 30%, which was nice. Obviously this was due to the massive volatility, which has understandably subsided.

However, with the small amount of bitcoin I own (some of which I mined, some of which I bought at around 30-40 GBP [gutted I didn't save some of the 200+ bitcoin I spent in the last year through you know where] when it was priced at £6-8), and some of which I won on Seals (1btc>5 in less than a month) I don't feel it's worth the risk to try and make an extra couple of coins with the risk of losing more. Hence I am holding and going long due to my low capital.

If I owned triple or quadruple+ digit BTC I would definitely be trying to play the market and earn some significant assets.

But for me, right now, it seems obvious to hold the majority (70%) of my stash - the rest is going into silver and Litecoin.
Even if the value drops to 1/4 of what I bought in at, I won't panic, just buy probably more coin.

I think we are closer to global economic meltdown than most people think - I'm not saying it will happen overnight, could 1, 2, 5, 10 years, but when it does happen (which I do believe it will) things will kick off big style. And that's when the properties of bitcoin will show their true colours.

[jmutch]

What an excellent discussion in a few of the more "mature" responses.

Much more interesting read than what i expected from such an OP.

[Rampion]

The BTC economy is very very thin, in fact it does not exist.  Pirate, GLSBE, the various bitcoin banks failed for the same reason, having faith should not be the basis of an economy.  BTC currently has one and only one value added purpose: to facility the exchange of goods with the added bonus of little or no regulation.  However, once it does become regulated, it's value will diminish to the illicit goods trader.  Which means, it's value will then be determined by what the long-term holders think it's worth.  But, as I tell all real world traders, a previous price point or trend, does not indicate a future value.

In other words, it's value is based on what a counterparty is willing to pay - on any given day.  An investor looks at the fundamentals, a trader learns to love the volatility, a speculator wins big or looses big(but mostly just depends on luck when he buys and sells).  But a trader also knows when to step out of the way, when the train rolls downhill.

Pirate didn't fail at all. Pirate did a very successful scam, he did steal more than BTC500k and now its filthy reach. How is that failing?

[Gordonium]

Congrats for reaching top spot on google when searching for "fucking panicking"

Thank you. 

[XXthetimeisnowXX]

I am seriously considering getting out of this game.

You really should, before 'the collapse'.


(SO I CAN BUY THEM ALL!!! )

ha thanks for buying up all my cheep coins ;0 now i can buy back in sub 50.

[ZenInTexas]

Now here is where it gets scary, and if you as a investor/trader/speculator ignore the feeling of panic, you risk becoming a bag holder.  And I feel for the bag holders, I have been there (in other markets) and it's not a nice feeling.  Combine my fundamental analysis with a technical analysis...when it goes below the 200 day SMA, you have a confirmed bear trend, and it's more than likely going lower.

[XXthetimeisnowXX]

Now here is where it gets scary, and if you as a investor/trader/speculator ignore the feeling of panic, you risk becoming a bag holder.  And I feel for the bag holders, I have been there (in other markets) and it's not a nice feeling.  Combine my fundamental analysis with a technical analysis...when it goes below the 200 day SMA, you have a confirmed bear trend, and it's more than likely going lower.

+1 i got out and i was like damn i took a loss. some gain some loss. so glad i did most befor the 130 fall and kicked my self for not selling more at 101 and 94 respectivly. now im like thank the gods i got out alllllllllll the way out. ok three btc for old times sake but i wil buy if it goes to sub 40 i will buy a lot!!!!!

edit: wow add kicked in there, the point is ya get out now and kick your self or wait and get out at half this at 35 up to you. im not a bear im not a bull im a realist.

[derr777]

I sold over half my holdings at 31.50 long, long ago... its all a matter of perspective.  At the time I had a 400% profit at 31.50 ;p

This only looks low due to where we've been recently.  Go back a year and a half, and 70 looks awesome

[SOSLOVE868]

I sold over half my holdings at 31.50 long, long ago... its all a matter of perspective.  At the time I had a 400% profit at 31.50 ;p

This only looks low due to where we've been recently.  Go back a year and a half, and 70 looks awesome

The price volatility is because of people like you who get their coins very cheap....they can dump it any time with profit, I think when those earlier adopters runs out BTC ,the price will eventually steady....but how long ?no one knows it......

[madams]

From a chart/technical perspective, since we broke through the recent lows of 88 and 79, the price needs to retest the post-bubble low of 50, IMHO.

If we hold and bounce from there on huge volume (capitulation/panic/pain that clears out the sellers), we should begin to head higher.

Just in case this high-probability scenario doesn't play out, I have been buying a little in 5 increments on the way down. If this scenario does happen, I will load up in the low 50s.

[XXthetimeisnowXX]

I sold over half my holdings at 31.50 long, long ago... its all a matter of perspective.  At the time I had a 400% profit at 31.50 ;p

This only looks low due to where we've been recently.  Go back a year and a half, and 70 looks awesome

 

oh i agree, i remember when they were 2.50 to 3.50 each. and when they went to five buck i was like what the fuck this is so god damn expensive i spent 250 once to get 78 coins thinking it was a rippoff. haha wow.

my point is its not going to stabalize or bounce we are going to go to fifty. you can hold and you will profit for sure in the long. we will be at 825 this time next year.

[SOSLOVE868]

I sold over half my holdings at 31.50 long, long ago... its all a matter of perspective.  At the time I had a 400% profit at 31.50 ;p

This only looks low due to where we've been recently.  Go back a year and a half, and 70 looks awesome

 

oh i agree, i remember when they were 2.50 to 3.50 each. and when they went to five buck i was like what the fuck this is so god damn expensive i spent 250 once to get 78 coins thinking it was a rippoff. haha wow.

my point is its not going to stabalize or bounce we are going to go to fifty. you can hold and you will profit for sure in the long. we will be at 825 this time next year.

Just sold all you coins ,I am sure that after one year ,you will needs to pay double price for it...for sure....

[XXthetimeisnowXX]

I sold over half my holdings at 31.50 long, long ago... its all a matter of perspective.  At the time I had a 400% profit at 31.50 ;p

This only looks low due to where we've been recently.  Go back a year and a half, and 70 looks awesome

 

oh i agree, i remember when they were 2.50 to 3.50 each. and when they went to five buck i was like what the fuck this is so god damn expensive i spent 250 once to get 78 coins thinking it was a rippoff. haha wow.

my point is its not going to stabalize or bounce we are going to go to fifty. you can hold and you will profit for sure in the long. we will be at 825 this time next year.

Just sold all you coins ,I am sure that after one year ,you will needs to pay double price for it...for sure....

no i watch the price daily, im not going to check back a year latter and be like oh wow it up. unless it goes up 200 in a day...doubtful...then i will get back in once it has hit bottom repeats 2011 and starts climbing for a solid month. then and only then will i get back in.

[SOSLOVE868]

I sold over half my holdings at 31.50 long, long ago... its all a matter of perspective.  At the time I had a 400% profit at 31.50 ;p

This only looks low due to where we've been recently.  Go back a year and a half, and 70 looks awesome

 

oh i agree, i remember when they were 2.50 to 3.50 each. and when they went to five buck i was like what the fuck this is so god damn expensive i spent 250 once to get 78 coins thinking it was a rippoff. haha wow.

my point is its not going to stabalize or bounce we are going to go to fifty. you can hold and you will profit for sure in the long. we will be at 825 this time next year.

Just sold all you coins ,I am sure that after one year ,you will needs to pay double price for it...for sure....

no i watch the price daily, im not going to check back a year latter and be like oh wow it up. unless it goes up 200 in a day...doubtful...then i will get back in once it has hit bottom repeats 2011 and starts climbing for a solid month. then and only then will i get back in.

Ok, I am going to ignored the BTC price ,as long as I only have 500 btc in total.....store in paper wallet, let's god to deciding the future of my fund.

[computerparts]

The price is just going to tank. This is only the beginning. Get out now while you can.

[SOSLOVE868]

The price is just going to tank. This is only the beginning. Get out now while you can.

I disagree with you ,you can sell as much as you can ,but BTC value isn't only 70 usd...sell below any than this just insane .. assume all those miners would they allows BTC become valueless ? if they allow that then all money they prior invest in mining devices is lose...People panic need a proper reason to doing that ,why should you panic ?can you give me some reason??? why should we sell below 70?

[peonminer]

The price is just going to tank. This is only the beginning. Get out now while you can.

I disagree with you ,you can sell as much as you can ,but BTC value isn't only 70 usd...sell below any than this just insane .. assume all those miners would they allows BTC become valueless ? if they allow that then all money they prior invest in mining devices is lose...People panic need a proper reason to doing that ,why should you panic ?can you give me some reason??? why should we sell below 70?

Because if you don't you'll be kicking yourself when LTC is at $5.00 and surpasses BTC. ASIC is killing BTC. It's becoming centralized. It will turn into the rouge world currency. It's already used for laundering and scamming. Who wants to fund the bad guys? Not us.




( this entire post was a lol, please, sell your BTC so I can buy them all )