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Author Topic: Why do people sell at 15 when the price could rebound to 30?  (Read 6633 times)
imperi
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July 04, 2011, 02:36:53 PM
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I'm just trying to understand the mentality.
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Creating a Bitcoin client that fully implements the network protocol is extremely difficult. Bitcoin-Qt is the only known safe implementation of a full node. Some other projects attempt to compete, but it is not recommended to use such software for anything serious. (Lightweight clients like Electrum and MultiBit are OK.)
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mouse
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July 04, 2011, 02:39:48 PM
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Why do people hold at 30 when the price could drop to 15?

Any intelligent fool can make things bigger, more complex and more violent. It takes a touch of genius and a lot of courage to move in the opposite direction.
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July 04, 2011, 02:40:28 PM
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"could"
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July 04, 2011, 02:41:20 PM
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I'm just trying to understand the mentality.

Because the price could just as easily drop to $1 again also.  Because people need fiat currency to buy something.  I personally have no intentions to sell under $18, but people always have reasons to sell.  Everytime you buy a bitcoin someone had to sell it.

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imperi
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July 04, 2011, 02:43:19 PM
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I'm just trying to understand the mentality.

Because the price could just as easily drop to $1 again also.  Because people need fiat currency to buy something.  I personally have no intentions to sell under $18, but people always have reasons to sell.  Everytime you buy a bitcoin someone had to sell it.

The price could not drop to $1 since so many people are actively interested in Bitcoin, unless there is a fundamental problem with it.
bitcola
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July 04, 2011, 02:43:45 PM
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The market price reflects future expectations.

If everyone thought it would definitely go to 30, the price wouldn't be 15, it would be 30.
stic.man
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July 04, 2011, 02:44:07 PM
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i'm not worried long term but I can see people in the short term selling some and hoping to buy back later

there are still a ton of people who got in at pennies per making enormous gains even at 15
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July 04, 2011, 02:44:34 PM
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The Electric Company doesn't accept BTC ..... yet
Rob P.
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July 04, 2011, 02:55:18 PM
 #9

It's called "confidence".

If you're confident that the Bitcoin will go to 30, within a "reasonable" amount of time.  You'll hold.
If you're not confident that the Bitcoin will rise, you're more likely to be willing to sell lower.

Additionally, confidence can move the entire market as well.  If everyone is confident the Bitcoin will rise to 30, it will, because there will be no sellers at lower prices.  If confidence is weaker, then more people will be willing to sell lower than the current asking price, and the price will fall, until confidence in the market stabilizes it again.

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Piper67
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July 04, 2011, 02:55:45 PM
 #10

I'm just trying to understand the mentality.

Because the price could just as easily drop to $1 again also.  Because people need fiat currency to buy something.  I personally have no intentions to sell under $18, but people always have reasons to sell.  Everytime you buy a bitcoin someone had to sell it.

Also, and perhaps more importantly, every time someone sells a bitcoin, someone else has to buy it... you have to figure people aren't buying bitcoins by the thousands with the expectation the price will plummet :-)

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July 04, 2011, 03:05:20 PM
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Bitcoin will always have downward pressure because a large portion of miners want to get paid, and not speculate.  Price only gets held up if there's new or renewed interest in bitcoin.  The former means someone just found bitcoin and is interested in participating, the latter means someone who already is interested in bitcoin couldn't resist the new price.

Meatpile
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July 04, 2011, 03:15:08 PM
 #12

Maybe what the original poster really meant was why was there so many coins (6000) for sale at exactly $15?

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July 04, 2011, 03:17:05 PM
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It's called "confidence".

If you're confident that the Bitcoin will go to 30, within a "reasonable" amount of time.  You'll hold.
If you're not confident that the Bitcoin will rise, you're more likely to be willing to sell lower.

Additionally, confidence can move the entire market as well.  If everyone is confident the Bitcoin will rise to 30, it will, because there will be no sellers at lower prices.  If confidence is weaker, then more people will be willing to sell lower than the current asking price, and the price will fall, until confidence in the market stabilizes it again.

If you see the market going down hard, you should sell some regardless of where you think it will be, especially if you have zero commission.  You can always buy back cheaper.  If it doesn't drop as much as you thought it was you can buy back relatively quickly without too much loss, but if you are right, then you earned yourself more coins, or can keep the same balance and take USD.

dinzy
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July 04, 2011, 03:18:04 PM
 #14

Maybe what the original poster really meant was why was there so many coins (6000) for sale at exactly $15?



no, that sell wall did not exist when he posted. 
hugolp
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July 04, 2011, 03:20:00 PM
 #15

"could"

Agreed. Also, time has a value.
bitbot
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July 04, 2011, 03:20:43 PM
 #16

 sell at 15 buy at 14, resell at 15

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m0w3r
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July 04, 2011, 03:57:14 PM
 #17

The Mt Gox disaster may have been the mortal blow to bitcoin with regard to confidence.   
The bad publicity can be deadly for a new currency.
If so, we know to blame the stupid stupid people behind Mt Gox, and their stupid security, and stupid greedy financial audit of stupidity.
bitbot
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July 04, 2011, 04:01:50 PM
 #18

hope everyone bought at 14.2

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July 04, 2011, 04:03:01 PM
 #19

A dollar in hand is worth two in the bush?

The gospel according to Satoshi - https://bitcoin.org/bitcoin.pdf

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J.
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July 04, 2011, 04:14:53 PM
 #20

The Mt Gox disaster may have been the mortal blow to bitcoin with regard to confidence.   
The bad publicity can be deadly for a new currency.
If so, we know to blame the stupid stupid people behind Mt Gox, and their stupid security, and stupid greedy financial audit of stupidity.


I know people who bought when the price was $ 27 ore even $ 31, so they've lost a lot of money, and do not dare buy more right now, although the price is good compared to when they bought the first time.

In addition, there are many who have lost confidence in the system, they still believe in bitcoin, but it is the stock market that is the problem

and we must not forget that it is not the easiest to get money in to buy.

there are also many flaws in the system, yesterday I got a warning from our system that the price of 1 bitcoin was $ 112.089, but we could not see it anywhere on the market. 2 days ago it was down for 2.99, but you could not buy.

So I think that people who have mining or bought very cheaply want money in their account so they can buy as soon as it drops again and then hope that it rises to what we all hope.


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