Its looking Ugly, and will get worse!

[Edward50]

I'm feeling your pain, because I decided to buy 3 bitcoins around $700-900 to play around with. Now I am in the process of liquidating all my positions. Luckily 1 of my positions is up so much that I am breaking even right now. My goal is to break even and get out, just like I did in 2011 when I decided to buy a few to speculate with on mt gox.

So I feel your guys pain with the losses that will come. I am also taking losses, however small.

Many people could not understand why I never invested in bitcoins after the first bubble, watching the price fall from $30 to $2.00. Now you will hopefully understand. You will also understand more after a long prolonged fall as this is just the start. You will see just how ugly speculating is.

A fall from $30 to $2.00 is like a fall from $1000 to $66 dollars. You would also be doubtful about bitcoins at $66 after a long fall like that when bitcoins were only selling for $13 in January. Anyway, times were different then and bitcoins are much more tested and popular now so it would be easier to speculate at $66 dollar bitcoins than it was in 2011 and early 2012 when anything could have happened.

Hopefully your all slowly exiting and cashing in at the still high prices you can get.


 

[BitcoinTate]

The cat just bounced in china and she is on her way down again! Hold on boys, its gonna be a rough one!

[danielW]

lol not gonna happen, worst case scenario  $700 at least early January 8 Jan.

[danielW]

and its probably gonna be back around $800 by friday, so much unnecessary fear and panic now.

[tacotime]

Ho ho ho, Merry Christmas!

[traderCJ]

I am liquidating some of my positions as well.  Fortunately, I bought in far below the current price, so I'm just crying in my beer here.  I had a hunch December was going to be brutal.  I am bullish long term, but it seems like nothing but bad news and volatility, thanks to China.  Bitcoin swims along quite nicely as long as the press is positive.  I don't think we're going to get much rally-inspiring press until the new year.  Let's face it, the Bitcoin sentiment machine needs to be replenished frequently with good vibes.  Probably not going to happen for a few weeks.  We also need to get China hype priced out of Bitcoin.  As it is right now, the exchanges are damn near pegged to BTC China.  BTC China reacts violently to anything that smells of gov't regulation, for good reason.  Thus, the often flippant Chinese gov't can yank coin prices around like no other.  This has to stop.  In a perfect world, I'd rather just un-price China out of Bitcoin.  Totalitarian regimes simply can not and will not tolerate Bitcoin.  In the end, the Chinese pleb loses.  Sad, really.

One more thing, Ed50.  You talk a lot about bubbles, and I think a lot of this talk is incorrect.  There is no such thing as a bubble, rather only rapid changes in speculated value.  Call it what you like, but the word "bubble" implies something that is grown from a nominal point (no bubble -> bubble -> no bubble).  There is NO nominal opinion on the value of something .. it fluctuates constantly.

[BTCtrader71]

Many people could not understand why I never invested in bitcoins after the first bubble, watching the price fall from $30 to $2.00. Now you will hopefully understand. You will also understand more after a long prolonged fall as this is just the start. You will see just how ugly speculating is.

I agree with you that speculating is ugly; but investing is a different matter. An investor who believes in the fundamental value of bitcoin would have held even at $2. The speculator sells for no other reason than that the market is down.

Think of it this way. If you invest in bitcoin and it ends up going to zero forever (for whatever reason), you at least have the satisfaction of having supported something you believe in. If you speculate and lose your money, you don't have that.

[pand70]

I'm feeling your pain, because I decided to buy 3 bitcoins around $700-900 to play around with. Now I am in the process of liquidating all my positions.

You have a 2 and half years old account and you bought 3 bitcoins at 900$ just to get your feet wet? Something is off here...

[humanitee]

I'm feeling your pain, because I decided to buy 3 bitcoins around $700-900 to play around with. Now I am in the process of liquidating all my positions.

You have a 2 and half years old account and you bought 3 bitcoins at 900$ just to get your feet wet? Something is off here...

The dreaded double butthurt, god have mercy on his soul.

[Oldminer]

FUD FUD FUD lol

Ah Edward..we go back a long time don't we? And if I recall correctly, you were spreading FUD back in 2011? Anyway, seeing as you did so bad at trading I'll offer you some free financial advice: Buy now before the price bounces back up  

[Edward50]

I'm feeling your pain, because I decided to buy 3 bitcoins around $700-900 to play around with. Now I am in the process of liquidating all my positions.

You have a 2 and half years old account and you bought 3 bitcoins at 900$ just to get your feet wet? Something is off here...

Well, my other purchase was on mt gox, and I never bothered to move the bitcoins from mt gox. There just wasn't any reason to use them back then. I used them a lot now to speculate with.

[Edward50]

FUD FUD FUD lol

Ah Edward..we go back a long time don't we? And if I recall correctly, you were spreading FUD back in 2011? Anyway, seeing as you did so bad at trading I'll offer you some free financial advice: Buy now before the price bounces back up  

Well I did predict we were going to go really low then and I was right. I was only active during the drop. Nobody liked hearing the truth back then and also today.

[Dafar]

Lol Edward is pissed that he actually had BTC back in 2011..... and he's still at a loss! fucking LOL to you my friend

[Oldminer]

FUD FUD FUD lol

Ah Edward..we go back a long time don't we? And if I recall correctly, you were spreading FUD back in 2011? Anyway, seeing as you did so bad at trading I'll offer you some free financial advice: Buy now before the price bounces back up  

Well I did predict we were going to go really low then and I was right. I was only active during the drop. Nobody liked hearing the truth back then and also today.

Maybe, though if you had held your coins back then how much money would you have today?

Here, have a couple of charts to consider (the 1st chart is from chartschool.com):

[spiderbrain]

Worse or better? I sold some of my bitcoins at >$1000 because it was way over the log chart, and now I get to buy them back at half price? That sounds great! I suppose it makes it easier if you bought them for $5...

[pbody]

perspective:

2 months ago btc was at 110, and that was with China.

[MindGrenade]

Haha you say $30 to $2 is like 1000 to 66.. But you fail to realise 1 to 30 is like 100 to 3000. The higher it climbs the harder it falls, not taking into account btc is much more than it was then too. The same with the calculations basing this crash off Aprils. Yes it fell 70% but it gained much more than this rally then too.

I'm still seeing 550 as the low. We may hit it again, and in the coming weeks and months we will see a rally again towards 3-4000.

[GriTBitS]

I'm feeling your pain, because I decided to buy 3 bitcoins around $700-900 to play around with. Now I am in the process of liquidating all my positions.

You have a 2 and half years old account and you bought 3 bitcoins at 900$ just to get your feet wet? Something is off here...

that dude is like the biggest fucking troll on this forum!!! him and some dude called accord1 or something like that. Every time i start reading one of their posts im like what the fuck is this, then i look over and see the name and im like OOOO no fucking wonder!

[pand70]

Here, have a couple of charts to consider:

A rumor can absolutely crash bitcoin even before it gets confirmed and you guys still post charts of double tops, double bottoms and elliott waves?
Technical analysis 101 doesn't work on bitcoin.

[seleme]

My goal is to break even and get out, just like I did in 2011 when I decided to buy a few to speculate with on mt gox.

I feel sorry for you, buying in 2011 and only breaking out  

What a shit of investor you are mate