How I know that the Bitcoin boat has sailed

[FlipPro]

Anyone who gets BTC below thousands of dollars each is "getting in" before the ship has sailed. This ship is one that will either fly humanity to a new galaxy or will crash and burn before it exists the atmosphere. It'll be worth thousands within a few years, or it will be worth almost nothing. It's an either-or thing. In a year, bitcoin will be WAY higher than $15, or it'll be sub-$1.

A run up to 30, back to 10, up to 20, back to 15... so what!!! This is all noise in a highly volatile, revolutionary new marketplace. 99.9999% of humanity has no idea what Bitcoins are. The client is still in beta! Hardly missing the boat, IMO.

This 9000 TIMES

[stic.man]

The problem I have is I think it'll go up a lot but not for awhile because there's zero infrastructure to support it

We need real shit to use it/make it. Is le

Just not happening yet

[CurbsideProphet]

Elwar,

It seems like you're an "all in" type of person.  I think one of your biggest mistakes is lack of diversification.  Selling gold to buy company stock is a good example.  This is a big investing mistake.  Not only should you never put all your money into a single stock, this is particularly important when that one stock is your place of employment.  For the simple reason that if your company goes under, you not only lose your job but all of your investments as well.

I'm of the opinion that our economy is in for a very rough ride.  The first thing you should have is a rainy day fund.  MINIMUM of 6 months worth of expenses, more if you can.  Then you can do your traditional investing in whatever you choose.  Lastly have a small portion for speculation like investing in Bitcoin, risking only as much as you can afford to lose without it impacting your life.

Hope you have better luck this time.

[stic.man]

I mean I have a shitload of coins and I'm struggling to figure out why these should increase at all the next few weeks/months

[Jaime Frontero]

I mean I have a shitload of coins and I'm struggling to figure out why these should increase at all the next few weeks/months

spend some.  it's that simple.

the hard part is finding the stuff you really want that you can pay for with Bitcoin.  me - i send out e-mails every day to vendors, asking if they'll take Bitcoin.

it's a process.  it's going to take time.

[stic.man]

I know but honestly the product available for purchase via BTC is a joke or way too much for what it is. I want to support vendors but it's really a joke right now. I wanna hold on to my coins but right now it seems kinda stupid to. I feel it'll drop a bit until it becomes viable at which point I'll love participating, but who knows when that'll happen.

In the short term I can't see how it'll gain value or even maintain with miners cashing out

[befuddled]

In the short term I can't see how it'll gain value or even maintain with miners cashing out

That steady stream of new-coin selling pressure will evaporate over time, of course. When the block bounty halves from 50 to 25 it will be interesting to see what effect that has on BTC price. Or we might even need to wait longer. But if your time horizon is much shorter than that, then yes, I can imagine the exchange rate can drop quite a bit. If you look on the log chart of BTC price at gox over the last year, there's a support line (implying exponential curve) that intersects the price axis around $3-$4 right now; we could retreat all the way back there and still have the longer term exponential trend intact. If we get back there I'll be buying.

[gigabytecoin]

Yes, another thread about the falling Bitcoin price.

I know the ship has sailed because I have finally put money into Bitcoins and every investment that I finally get around to making is at the end of its hayday.

Back in 2001 I finally bought some dotcom stock so that I could get in on the millions that everyone else had been making for the past few years...I had followed it closely from early on and finally bit the bullet and jumped in. That is when the dotcom bubble burst. I lost all of my investment.

I did see the gold thing skyrocketing back in 2005 so I knew that it would go up. So I dropped $20,000 in when it was $400 per ounce. Then my company, SAIC announced that they were going to IPO in a year and that they were offering employees share purchases up to $20,000. So I waited while gold JUMPED to $425 and sold sold sold...and put all of that money into SAIC's IPO at $42 per share which eventually split and dropped and I eventually got my money out at $18 per share.

Then came housing...I bought a house in 2007 at the height of the housing bubble. Fortunately I bought my house in Texas which was not as expensive as other places, needless to say, I lost money when I sold it 2 years later. I sold that house and bought a house in Florida...needless to say, the Florida market is not doing all that great right now.

I found out about BitCoins about a year ago and tried to get the mining to work on my computer but after it rebooted once it started coming up with errors so I gave up on trying to mine, back when a Bitcoin was worth less than a dollar.

I have always planned on getting some Bitcoins but just never got around to it...until this past week. I finally got money transferred through my Dwolla to MtGox and bought at $16.00 per BitCoin.

Expect BitCoin to now crumble like all of my other investments.

I have also been looking into land in Costa Rica...

So basically you think you are a huge loser... and because you found out about Bitcoin then it is doomed to fail basically?

Don't worry so much! Just because you bought at $16 USD and it's at 15.50 right now doesn't mean anything. The market is volatile. Either you are in it for 5 minutes or you are in it for life.

The USD dropped considerably in value just in the last few days, that is probably reflected on MtGox's charts.

Stay strong, carry on.

[makomk]

"The initial hype has sailed."
Are you kidding me? Everywhere i go (outside of the internet...) i try to talk about bitcoin, introduce it to people, so far i've not met a single person that has even heard about it.

Outside of the internet, there's probably not much of a market for bitcoins though. It's only really suitable for the technically minded right now...

[aral]

The USD dropped considerably in value just in the last few days, that is probably reflected on MtGox's charts.

That should increase the value of bitcoin.

[Phoenix]

Did you, in your previous investments have any real way to actively assist or improve the return on your investment ? This time you do; get people and businesses to accept bitcoins.

What is the ratio of the businesses accepting bitcoin now to those accepting it last year when you started ? That's probably a far better indication of inherent value than a summer weekend's mt. gox exchange rate.

[Capitan]

OP, sounds like you are bad with money, and need to learn the concept of diversification.

[evoorhees]

I'm of the opinion that our economy is in for a very rough ride.  The first thing you should have is a rainy day fund.  MINIMUM of 6 months worth of expenses, more if you can.  

This is very good advice, with the caveat that you keep this rainy day fund in REAL money like gold/silver instead of dollars. If we want to talk about "ships that have sailed" it's the US Dollar

[Phinnaeus Gage]

Yes, another thread about the falling Bitcoin price.

I know the ship has sailed because I have finally put money into Bitcoins and every investment that I finally get around to making is at the end of its hayday.

Back in 2001 I finally bought some dotcom stock so that I could get in on the millions that everyone else had been making for the past few years...I had followed it closely from early on and finally bit the bullet and jumped in. That is when the dotcom bubble burst. I lost all of my investment.

I did see the gold thing skyrocketing back in 2005 so I knew that it would go up. So I dropped $20,000 in when it was $400 per ounce. Then my company, SAIC announced that they were going to IPO in a year and that they were offering employees share purchases up to $20,000. So I waited while gold JUMPED to $425 and sold sold sold...and put all of that money into SAIC's IPO at $42 per share which eventually split and dropped and I eventually got my money out at $18 per share.

Then came housing...I bought a house in 2007 at the height of the housing bubble. Fortunately I bought my house in Texas which was not as expensive as other places, needless to say, I lost money when I sold it 2 years later. I sold that house and bought a house in Florida...needless to say, the Florida market is not doing all that great right now.

I found out about BitCoins about a year ago and tried to get the mining to work on my computer but after it rebooted once it started coming up with errors so I gave up on trying to mine, back when a Bitcoin was worth less than a dollar.

I have always planned on getting some Bitcoins but just never got around to it...until this past week. I finally got money transferred through my Dwolla to MtGox and bought at $16.00 per BitCoin.

Expect BitCoin to now crumble like all of my other investments.

I have also been looking into land in Costa Rica...

Tell me more about the land in Costa Rica. Is Laissez Faire City having a fire sale? 

Actually, I found this post while searching for SAIC, trying to track down some guy, but not sure if it's the same JW (not Jehovah Witness). I don't make a habit of bumping old treads just to add humor, but this one tickled me and I wanted to share that tickle with the community.

Now back to hunting this JW guy.

~Bruno~

[bbit]

dude, put your chin up and suck your tummy in and we'll get through this together! 

[Elwar]

Ironic that this thread would pop up from over a year ago.

I just sold all of my Bitcoin last week for $2k. I initially invested $10k.

I got in at $16 with about 625 BTC. With some decent trading I got it up to about 750 as it fell and fell...I was close to 800 at around $5 and decided to try to salvage anything I could by jumping in with Bitcoinica.

I got Zhoutghouned several times to the point that I was down to around 200 BTC. After seeing a manipulative trend on Bitcoinica I moved almost all of my BTC out of Bitcoinica about a month before it died.

I just bought a pool house last week as an investment for $52k, cashed out my BTC to help with the down-payment.


As for Costa Rica...it got too expensive to buy there.

[Spekulatius]

Ironic that this thread would pop up from over a year ago.

I just sold all of my Bitcoin last week for $2k. I initially invested $10k.

I got in at $16 with about 625 BTC. With some decent trading I got it up to about 750 as it fell and fell...I was close to 800 at around $5 and decided to try to salvage anything I could by jumping in with Bitcoinica.

I got Zhoutghouned several times to the point that I was down to around 200 BTC. After seeing a manipulative trend on Bitcoinica I moved almost all of my BTC out of Bitcoinica about a month before it died.

I just bought a pool house last week as an investment for $52k, cashed out my BTC to help with the down-payment.


As for Costa Rica...it got too expensive to buy there.

Try Panamá! People say its like Costa Rica 20 years ago.

[Realpra]

Expect BitCoin to now crumble like all of my other investments.

Sorry to hear your bad luck.

I only lost 3.75% of my stock value during the 2008 financial crisis and those were stocks I had bought when 16-17 with no experience.
With no proof to back it up I remember saying that the housing bubble and peoples spending habits were crazy before it all went sour.

I am now 23, I got some BTC at 4.8 and recently bought more at 10.10.

My strategy is to think über-long term because I know despite all emotion and manipulation that markets are ultimately logical. This means on a long time frame you CAN predict them.

An example:
Right now I could probably buy Italien bonds or similar at ~7% and be pretty sure that the ECB would print the money to cover it despite all logic that they are a corrupt state that should fail and then reform.
(Much like I thought about pirate bonds)
However I would never invest in such a way because it is not creating real wealth - even IF it worked I would be living in a worse off world which then hurts me.

I heard of BTC in 2011 but wrote it off because you could not divide them by more than 100.000.000 - that's how long term I am. I ONLY changed my mind because I realized the protocol is not as set in stone as I originally thought it was.
I would have sold all my BTC months ago if I had not been able to invent the swarm client (search forum if curious).


My advice to you is to stay in BTC with at least some funds and in general invest small in many things. Also: Invest in small things, big things are MORE likely to fail not LESS.

[Phinnaeus Gage]

I remember a post by Rassah a few months stated that he, too, had a many investments sour shortly after each time he invested in them. Perhaps if you and Rassah would be so kind as to let us know what your next investments would be, thereby allowing us to short them, thus at least earning us a profit at yours expense. Remember, we're all in the same boat. BTW, has anybody else seen a goat roaming the deck?

~Cackling Bear~

[Seal]

Ironic that this thread would pop up from over a year ago.

I just sold all of my Bitcoin last week for $2k. I initially invested $10k.

I got in at $16 with about 625 BTC. With some decent trading I got it up to about 750 as it fell and fell...I was close to 800 at around $5 and decided to try to salvage anything I could by jumping in with Bitcoinica.

I got Zhoutghouned several times to the point that I was down to around 200 BTC. After seeing a manipulative trend on Bitcoinica I moved almost all of my BTC out of Bitcoinica about a month before it died.

I just bought a pool house last week as an investment for $52k, cashed out my BTC to help with the down-payment.


As for Costa Rica...it got too expensive to buy there.

Elwar, can you give me your predictions for the next month?

I'll go trade against your advice . Much appreciated.

Alternatively, have you ever thought about being a bear trader? As in, trading on prices going down? You might do quite well!