Will You Sell when BTC Hits $1,000?

[Feneusens]

Yes, I am going to sell once it hit $1000...

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[Mageant]

I'll sell 1 or 2 BTC to buy new PC!
 

[Wilhelm]

If there are 7,000,000,000,000 people and all get in when we mined all coins then we will be sharing 1 BTC with 333 people.
That would mean that if every average joe has $10000 in cash now and we would go full-bitcoin a coin could become $3.3M.
So $100.000 a coin could be possible in the near future.

[Xer0]

Its honestly the most difficult question on earth right now for me.  Its obvious as we approach $500 that this is going to be an issue on the table for all of us.

How does one look at thousands (hundreds of thousands?) of dollars earned on the most risky investment known to mankind, and not "Grab" it and run?

You obviously haven't invested at all/maybe small amounts in life.
I see no reason to get my (example) $100,000 when it will be $200,000 in the near future.

and when its 200.000 you think "why not at 400.000"
or 800.000
or 2M

or... oh, its 10$ again

[Lauda]

Its honestly the most difficult question on earth right now for me.  Its obvious as we approach $500 that this is going to be an issue on the table for all of us.

How does one look at thousands (hundreds of thousands?) of dollars earned on the most risky investment known to mankind, and not "Grab" it and run?

You obviously haven't invested at all/maybe small amounts in life.
I see no reason to get my (example) $100,000 when it will be $200,000 in the near future.

and when its 200.000 you think "why not at 400.000"
or 800.000
or 2M

or... oh, its 10$ again

People are too greedy.
but it won't reach $10.

[ablewasiereisawelba]

I certainly see Bitcoin reaching $1,000+, though it may take 5-10 years to get there and stabilize.

Seriously?

BTC has gone up over 1500% in 2013. If it does not go to zero/close to zero, a single 100% rise within the next year at least is hugely likely.

[Korbman]

I certainly see Bitcoin reaching $1,000+, though it may take 5-10 years to get there and stabilize.

Seriously?

BTC has gone up over 1500% in 2013. If it does not go to zero/close to zero, a single 100% rise within the next year at least is hugely likely.

You seem to have missed the last part of my sentence, even with the emphasis.

Massive growth this year isn't indicative of a trend, and I agree that we will hit $1,000 *way* before 2018. But how many people do you think would sell at $1,000? I'm not talking about us on the forums, I'm talking about the normal people that are getting interested in Bitcoin now while the value is $400, or the big investors / investment funds who bought in at $100-200. For them to see massive xxx% short-term returns on their investment (compared to normal securities markets), I'm betting they'll dump quite a bit. It's more than enough to drive the price back under $1,000...and we all know how finicky people can be when they start seeing the market drop...

There are dozens of factors at play here that you may not be giving credit to. Stability takes time.

[jasonjm]

this is just fascinating. I can't remember when i was so interested in the outcome of something......

I am sitting here with popcorn, glued to my screen!

this poll is amazing.

I still maintain that 2.5% of users cashing out will drop the price 66% (roughly).

so 12.8% of users cashing out simultaneously will drop the price to close to 99%

I am literally sitting on the edge of my seat here waiting to see what happens next, its amazing! never seen anything move as erratically as bitcoin.

Bitcoin basically moves up and down at approx 50x the speed of any other currency , future or commodity I have traded. It's just nuts.

[XXthetimeisnowXX]

guess 1,000$ / BTC will have a huge psychological impact.
i predict a lot people to cash out.

ha thats why im cashing out at 920. im good with those gains dont need the extra little bit. i think if it gets to the high 900 we are going to see a huge huge huge crash back to 250. maybe ill cash out at 880 just to be safe. the only thing worse then cashing out at 400 is knowing you could have cashed out at 900. if it goes to 1200 then cool for everyone but ill be happy with my gains.

[windjc]

this is just fascinating. I can't remember when i was so interested in the outcome of something......

I am sitting here with popcorn, glued to my screen!

this poll is amazing.

I still maintain that 2.5% of users cashing out will drop the price 66% (roughly).

so 12.8% of users cashing out simultaneously will drop the price to close to 99%

I am literally sitting on the edge of my seat here waiting to see what happens next, its amazing! never seen anything move as erratically as bitcoin.

Bitcoin basically moves up and down at approx 50x the speed of any other currency , future or commodity I have traded. It's just nuts.

But you grossly underestimate the desire of bitcoin users to cash out. You compare it to other things you've traded. But everything you've traded (maybe with the except of precious metals to a small degree) has no emotional ties to the commodity. Bitcoin users do not want to "cash out". A few of the traders do, but the % of over owners/users do not want to cash out their bitcions at all.

The owners of BTC are overwhelming loyal to and emotionally invested in the OWNERSHIP of their coins.

So this big crash you a predicting back to <$70 is NEVER going to happen. Not unless there is some major major fundamental issue with Bitcoin that causes mass community doubt of the viability of the coin.  And the longer BTC exists, the longer the eco-system grows, the longer big money gets more and more involved, the less and less likely that scenario is.

[jasonjm]

I used the poll numbers at the top of this thread?

so I am not estimating or underestimating anything, the number is right there - it is you who is estimating.

whether or not the poll number is meaningless, and what size positions those who want to sell have, is a different discussion.

Also I have no buy orders in at all, no money on exchanges at all. So if it dipped down to $70 and went back up to $700 I would make nothing. So to me at this point it makes no difference whether it goes up to $2000 or down to $5, I have no skin in the game. But I still find it completely fascinating.

[XXthetimeisnowXX]

If there are 7,000,000,000,000 people and all get in when we mined all coins then we will be sharing 1 BTC with 333 people.
That would mean that if every average joe has $10000 in cash now and we would go full-bitcoin a coin could become $3.3M.
So $100.000 a coin could be possible in the near future.

the only problem with this is you are betting on everyone on earth, well the fundamental problem with that is all seven trillion people do not own a computer, all 7T do not have a home, all 7T are not employed .....US or otherwise. other countries have unemployment rates at 80%+. some people are starving. and you think that they are going to go buy a magical bitcoin that is not tangible. well i think that there are way to many slums and poor for you to count them into your pool. and out of all the middle class people that can afford them most would not buy them just because they just dont know enough about computers and cryptocurencys etc. out of the ones that would by them i think we are at about 25% of people that will buy them have. yes the price could go up dramatically but do not do the "everyone in the world" thing. that just bugs me. they are starving or living with the most precarious living conditions and have no electricity so how the F would they buy a bitcoin. some people make less then the current price of a bitcoin in a year.

get excited about bitcoins and thats fine but you can not just say 7T people in the world .... imagine if everyone bout one. its just 100% wrong to say that is going to happen.

on the other hand if whales the top 1 percent with 90 % of the wealth get in and they can do some damage.... both up and down.

[windjc]

I used the poll numbers at the top of this thread?

so I am not estimating or underestimating anything, the number is right there - it is you who is estimating.

whether or not the poll number is meaningless, and what size positions those who want to sell have, is a different discussion.

Also I have no buy orders in at all, no money on exchanges at all. So if it dipped down to $70 and went back up to $700 I would make nothing. So to me at this point it makes no difference whether it goes up to $2000 or down to $5, I have no skin in the game. But I still find it completely fascinating.

That's 13% of people on a speculation forum, where most people are traders. So that's the small % of traders I was referring to.

You mentioned in another thread that you had put in buy orders below $70 and $35 I thought. Maybe I misread.

[jasonjm]

no you didn't misread

Initially I did do that, orders at 70 and 35, but subsequently I changed my mind, cashed out 100% and removed all money from exchanges, and purchased gold silver and platinum (all physical).

Once the crazy chinese have arrived like this, bitcoin's risk profile has gone beyond my comfort level, so I am out. I do not believe for one second that the chinese truly believe in the merits of bitcoin, they are 90+ % speculators.

BTW I agree with you this poll on a speculator sub forum is probably skewed. So +1 for you there. But on the flip side, I can guarantee the speculators accounts on average are way larger than than the non speculators accounts. You don't make a living speculating with 1 BTC.

I am glued to the outcome of this hehe

[crazy_rabbit]

Why would you sell if it hits $1000? If it hits $1000, it can hit $5,000, or $10,000.

Buy and hold till the day you don't "sell" bitcoins anymore. Buy and hold till they ARE money.

[adamstgBit]

Why would you sell if it hits $1000? If it hits $1000, it can hit $5,000, or $10,000.

Buy and hold till the day you don't "sell" bitcoins anymore. Buy and hold till they ARE money.

news flash bitcoin can be used to buy wtv the fuck you want. in most cases at the click of a button.

it is money, spend it.

[ablewasiereisawelba]

I certainly see Bitcoin reaching $1,000+, though it may take 5-10 years to get there and stabilize.

Seriously?

BTC has gone up over 1500% in 2013. If it does not go to zero/close to zero, a single 100% rise within the next year at least is hugely likely.

You seem to have missed the last part of my sentence, even with the emphasis.

Massive growth this year isn't indicative of a trend, and I agree that we will hit $1,000 *way* before 2018. But how many people do you think would sell at $1,000? I'm not talking about us on the forums, I'm talking about the normal people that are getting interested in Bitcoin now while the value is $400, or the big investors / investment funds who bought in at $100-200. For them to see massive xxx% short-term returns on their investment (compared to normal securities markets), I'm betting they'll dump quite a bit. It's more than enough to drive the price back under $1,000...and we all know how finicky people can be when they start seeing the market drop...

There are dozens of factors at play here that you may not be giving credit to. Stability takes time.

Interesting. I disagree-- the price can't be stable at $1,000, ever.

Stability is not entirely, or even mostly a function of market psychology. It is a function of the market cap. As long as seven figure USD buys/sells can shake the market, there will not be stability.

[Alty]

BTC seems to have reached a point whereby whenever there is a mini crash there are investors on standby with purchase orders ready to snap up coins preventing another complete free-fall.

[Lauda]

BTC seems to have reached a point whereby whenever there is a mini crash there are investors on standby with purchase orders ready to snap up coins preventing another complete free-fall.

This is what I've been pointing out, it can't crash.

[jasonjm]

BTC seems to have reached a point whereby whenever there is a mini crash there are investors on standby with purchase orders ready to snap up coins preventing another complete free-fall.

This is what I've been pointing out, it can't crash.

in trading in the last few years regarding to the US financial markets, this is what is known as BTFD  - buy the f*cking dip

this is because the fed always pumps up any decline with new POMO money to send the markets right back up.....

right now bitcoin speculators have also been BTFD - because it has worked every time in the past - until it doesn't. Unlike the US markets there is no FED backstopping bitcoin. So when BTFD eventually doesn't work with bitcoin it will be brutal IMO. You are going to have a big decline, then everyone will BTFD, then instead of rallying there will be an even bigger decline as the new longs bail, plus buy orders pulled as those even lower become skeptical of BTFD and steer clear.

But lets see how it plays out, love it!