I am fucking panicking

[Gordonium]

It might get much much worse. A great test for people's faith in bitcoin, the people who truly care about bitcoin and are not in it just for the quick buck will remain. If you aren't one of them, just sell and leave now. You won't be missed.

I truly believe in Bitcoin and will still remain. I am just diversifying my assets.

[1714032285]

1714032285

[1714032285]

1714032285

[Gordonium]

That is probably right. There was a point where all of my net worth was in Bitcoins.

Unless it was a "just finished paying off my debts, first ~1000"-kind of net worth, that's pretty scary/ballsy.

Well put 1 zero more and and multiple it couple of times and we are talking about right amount of money. It was pretty scary/ballsy for me as a College student. But off course amount were only peanuts for real high rollers (In couple of years I hopefully will be high roller too).

[Wuji]

The higher the price the more I panic and sell to make profits.  The lower the price the more relaxed and confident I feel given the price is going lower week by week and not second by second.  This is why the masses always lose money because they feel good when price is high and buy and panic and freak out when it is low and sell.

Buy low, sell high, why is that so complicated?  Emotion is a mutha fucker and will destroy your profits, don't be driven by it.  Focus on the tangible not your feelings.

[rampantparanoia]

stop. drop. shut 'em down open up shop. oh. no. that's the ruff ryder's roll.

every dip comes with a launch, every launch comes with a dip. shit will balance out in time.

[BitChick]

I am seriously considering getting out of this game. Give some strength bros!

Imo you have invested too much into Bitcoin, if a price drop leads to panic.
Just hold an amount that you can afford to lose.

sounds like wise advice.

+1 to this.

I'm 100% in BTC.
This is not the most sensible position.

Good advice.

We have enough invested it would be a bit painful if we lost it all, but it really does not affect our quality of life so in all honesty, it is not a big deal.  It just means when hubby goes to buy his new car in a few months he won't be able to pay cash for it unless BTC goes up a whole lot.

I would add that people should not panic and sell all their BTC holdings regardless of it's volatility.  BTC is great for diversifying investments.  That is one of the major things financial advisers will say to do.

[rampantparanoia]

Buy low, sell high, why is that so complicated?  Emotion is a mutha fucker and will destroy your profits, don't be driven by it.  Focus on the tangible not your feelings.

This. +1

[ThatDGuy]

I am seriously considering getting out of this game. Give some strength bros!

Imo you have invested too much into Bitcoin, if a price drop leads to panic.
Just hold an amount that you can afford to lose.

sounds like wise advice.

+1 to this.

I'm 100% in BTC.
This is not the most sensible position.

Good advice.

We have enough invested it would be a bit painful if we lost it all, but it really does not affect our quality of life so in all honesty, it is not a big deal.  It just means when hubby goes to buy his new car in a few months he won't be able to pay cash for it unless BTC goes up a whole lot.

I would add that people should not panic and sell all their BTC holdings regardless of it's volatility.  BTC is great for diversifying investments.  That is one of the major things financial advisers will say to do.

It is good advice, it also allows any trading/buying/selling to be done with less emotion (for most people).

[N12]

I'm holding out for sure until Winklevoss IPO hits which values coins at $100 each. Lets see if the institutional investors like Bitcoin, easy to purchase a stake in.

Chill out man, worst case scenario, hold your bitcoins for a year and make a massive profit.

1) "Reginald Browne, head of exchange-traded product trading at Knight Capital Group Inc. (KCG), the largest lead market maker for ETFs and their cousins ETPs on the New York Stock Exchange, said he expects the examination to take years."

And even then, it may never get approved.

2) Seriously, THAT is your worst case scenario?

[DeathAndTaxes]

If you are "scared" about an investment/asset/purchase (any investment/asset/purchase) it likely is too large.  Life is short why inflict optional stress of yourself.  Ask yourself what about of Bitcoins could you hold such that you won't be scared, you won't panic, you are willing to ride it out to its inevitable conclusion (regardless of if that is success or failure).  Most likely you can logically reach a number in your mind.  Nobody else can tell you what it should be because everyone's risk threshold and personal wealth is different.    A venture capitalist with a billion dollar net worth might not blink at hold 100,000 BTC and an out of work family man might not be able to handle 10 BTC.

My guess is your current holdings are significantly larger than that comfort threshold.  As long as it is you will be stressed out.  Someone might reassure you today but tomorrow will come.  The price may go up and you feel better temporarily but at the first sign of weakness the doubts will come back.

[Jozzaboy]

I'm holding out for sure until Winklevoss IPO hits which values coins at $100 each. Lets see if the institutional investors like Bitcoin, easy to purchase a stake in.

Chill out man, worst case scenario, hold your bitcoins for a year and make a massive profit.

1) "Reginald Browne, head of exchange-traded product trading at Knight Capital Group Inc. (KCG), the largest lead market maker for ETFs and their cousins ETPs on the New York Stock Exchange, said he expects the examination to take years."

And even then, it may never get approved.

2) Seriously, THAT is your worst case scenario?

What's going to happen? Someone finds a problem with SHA-256? Quantum computers find a way to calculate the hash needed to unlock all blocks at the same time?

Government outlaws Bitcoin? (You know even for that, I would keep going. Supply and demand)

[DeathAndTaxes]

I'm holding out for sure until Winklevoss IPO hits which values coins at $100 each. Lets see if the institutional investors like Bitcoin, easy to purchase a stake in.

If you are going to rely on the S-1 please READ the S-1.  The ETF doesn't value coins at anything.  To pay the registration fee they need to provide an approximate IPO because the fee is a % of the fund value.  The price they used in the S-1 was the volume weighted average for the price across the three largest exchanges on the day of the filing and for the sole purpose of paying the SEC their fee.

Proposed maximum offering price per Share(1): $20.09

(1)   Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(d) under the Securities Act of 1933. Each Share comprising the initial Baskets of Shares represents 0.20 Bitcoins and is offered at a per Share price equal to the price equal to the number of Bitcoins comprising such Share. The price of Bitcoins is based on a weighted average of the average of the high and low transaction prices of Bitcoins on June 27, 2013 on three major Bitcoin Exchange sites: Mt. Gox K.K., Bitstamp and BTC-e.

If they would have filed the day Bitcoin hit $266 they would have used that price for the filing as well.   If/when the ETF is approved, the initial baskets of shares will be sold pre-IPO at the CURRENT price whatever that may be $20 or $20,000.

[Jozzaboy]

I'm holding out for sure until Winklevoss IPO hits which values coins at $100 each. Lets see if the institutional investors like Bitcoin, easy to purchase a stake in.

If you are going to rely on the S-1 please READ the S-1.  The ETF doesn't value coins at anything.  To pay the registration fee they need to provide an approximate IPO because the fee is a % of the fund value.  The price they used in the S-1 was the volume weighted average for the price across the three largest exchanges on the day of the filing and for the sole purpose of paying the SEC their fee.  Nothing more.

If/when the ETF is approved baskets will be sold at the CURRENT price whatever that may be $20 or $20,000.

News to me. Ok, i'll take a closer look and re-evaluate my position. Thanks.

[Gordonium]

The higher the price the more I panic and sell to make profits.  The lower the price the more relaxed and confident I feel given the price is going lower week by week and not second by second.  This is why the masses always lose money because they feel good when price is high and buy and panic and freak out when it is low and sell.

Buy low, sell high, why is that so complicated?  Emotion is a mutha fucker and will destroy your profits, don't be driven by it.  Focus on the tangible not your feelings.

Yeah because it is always wise to grap the falling knife... (I don't believe that Bitcoin is falling knife, just speaking in general.)

[Jozzaboy]

This is why is it not wise to panic. Look at the price slowly crawling back up to the price of the last drop today.

Only short if you are 100% sure it will drop and willing to bet money on it. Otherwise, keep your finite currency instead of printable currency.

[jago25_98]

I have rich and I have been poor.

When I was rich I think I felt it didn't suit me. My ego said no.

It's like being with a very beautiful woman... and messing it up because you just don't feel worthy. That can happen.

If panic is coming on you might have to admit to partial sell to get to that level of trading that feels natural again. It takes a loss to find where that point is.

Before I lost a lot of money I had a gut feeling. I ignored it. It gave me about a months notice, that's quite a lot. Likewise I would guess you've had this feeling for a while.

Introspection to inner knowledge is not easy. You got to delete anything that gets in the way - logic, guilt, fear...

[oda.krell]

[...]

Buy low, sell high, why is that so complicated?  Emotion is a mutha fucker and will destroy your profits, don't be driven by it.  Focus on the tangible not your feelings.

Yeah because it is always wise to grap the falling knife... (I don't believe that Bitcoin is falling knife, just speaking in general.)

That's not what "buy low, sell high" means. In fact, the two are incompatible. If done right, buy low is precisely not catching a falling knife, but picking it up from the floor.

Well, it's all just metaphors anyway.

What I really don't get is the "I'll hold, no matter what" stance a lot of people seem to take. Ultimately, it probably runs down to the difference between investors and speculators. The former believe in the product itself, and would somehow consider it treason to sell their entire position, the latter are agnostic about the product itself, and just try to make a profit.

I strongly suggest to break down this distinction in your mind.

Even if you believe in a bright future for bitcoin, i.e. you have reasons to be an "investor", there is absolutely nothing wrong with going short now, to buy back cheaper later. It's not without risk, but if you keep in mind not to be too greedy and wait too long to buy back, you'll be fine. Because, be honest with yourself: does it really look like the price is going to skyrocket tomorrow? Probably not.

Sell now. Buy back later. You'll sleep better, and your total amount of btc will be higher in addition.

[Jaroslaw]

dont panic just sell your coins and buy-back at lower position

[Frozenlock]

Sell now. Buy back later. You'll sleep better, and your total amount of btc will be higher in addition.

Yup.
The odd thing is that if really you are a Bitcoin believer, you should want to increase your stash.
Well, downtrends like this are golden opportunities.

[chufchuf]

Just wait a bit.

I'm buying more, just waiting to see how many bears get in on the pile.

fapfapfap

[dopamine]

Why panic, hedge your BTC wit LTC