Don't panic and sell over China; "Spartans hold"

[ohiofarmer]

With all the speculation over what's about to happen (or not happen) in China (http://www.coindesk.com/china-bans-payment-companies-working-bitcoin-exchanges-sources-claim/), I thought it was refreshing to read a Mashable piece that came out today on Cameron Winklevoss.

"Some days I don't even look at the price. I'm in this for the long-haul. Spartans hold."

Full story (where he's calling for bitcoin at $40k) here: http://mashable.com/2013/12/16/cameron-winklevoss-bitcoin/

[Reece523]

If someone would have sold for 1100+, they could buy back in for almost double the Bitcoins today. It is something to consider -- even if you believe in Bitcoins, it may be best to sell and then buy back in once the market has bottomed out (this advice would unfortunately have been more useful last week...).

[ohiofarmer]

If someone would have sold for 1100+, they could buy back in for almost double the Bitcoins today. It is something to consider -- even if you believe in Bitcoins, it may be best to sell and then buy back in once the market has bottomed out (this advice would unfortunately have been more useful last week...).

That is a good point, but I never have great success when I'm trying to time any financial market, particularly one as volatile as bitcoin. I think if you're confident in your investment for the long haul, you sleep better at night, and you end up making a lot more than someone who flops around like a sheet in the wind.

[taltamir]

I wish I bought bitcoin at any time when it was under 100$, then sold when it was over 1000$, then buy again after the china collapse. Actually if china cracks down then it would create an excellent time to buy... Although I pity the chinese people who got screwed by "their" government

[_wayfarer_]

Panic all you want, sell all you want.  That's when the smart people scoop up their shares and make more in the long-term.  It's like Warren Buffet's famous saying, "Be fearful when others are greedy, be greedy when others are fearful."

[qiwoman]

I wish I bought bitcoin at any time when it was under 100$, then sold when it was over 1000$, then buy again after the china collapse. Actually if china cracks down then it would create an excellent time to buy... Although I pity the chinese people who got screwed by "their" government

I also feel sad about the Above. I was shocked to see the BTC price plummet. If I had known I would have sold when I was holding it at 1k and then bought and got double my money's worth but oh well I wasn't seeing this forthcoming so I lost out, especially when I bought 400 bucks worth of BTC for 1050 bucks from the robocoin atm down the road in Vancouver lol.

[SilverandBitcoins]

I don't have a lot invested, but I'm holding what I've got and will probably buy a little more when it goes a bit lower.

[ohiofarmer]

I don't have a lot invested, but I'm holding what I've got and will probably buy a little more when it goes a bit lower.

A true spartan! 

[TraderTimm]

Holding to prior decline patterns, the likely rock-bottom is around 260's before gaining ground again.

But keep it up with the "hold spartans" thing, I'm sure that's what the market listens to... (not really.)

[JayB]

If someone would have sold for 1100+, they could buy back in for almost double the Bitcoins today. It is something to consider -- even if you believe in Bitcoins, it may be best to sell and then buy back in once the market has bottomed out (this advice would unfortunately have been more useful last week...).

That was exactly my point in my topic here --> https://bitcointalk.org/index.php?topic=361561.0

[pand70]

With all the speculation over what's about to happen (or not happen) in China (http://www.coindesk.com/china-bans-payment-companies-working-bitcoin-exchanges-sources-claim/), I thought it was refreshing to read a Mashable piece that came out today on Cameron Winklevoss.

"Some days I don't even look at the price. I'm in this for the long-haul. Spartans hold."

Full story (where he's calling for bitcoin at $40k) here: http://mashable.com/2013/12/16/cameron-winklevoss-bitcoin/

I guess today isn't on of these days 

[jojo69]

[empoweoqwj]

If someone would have sold for 1100+, they could buy back in for almost double the Bitcoins today. It is something to consider -- even if you believe in Bitcoins, it may be best to sell and then buy back in once the market has bottomed out (this advice would unfortunately have been more useful last week...).

We are all perfect traders with hindsight

[piramida]

If someone would have sold for 1100+, they could buy back in for almost double the Bitcoins today. It is something to consider -- even if you believe in Bitcoins, it may be best to sell and then buy back in once the market has bottomed out (this advice would unfortunately have been more useful last week...).

Very stupid advice, thanks. Works well but only in retrospective.

[_wayfarer_]

Selling at the top is a myth, trying to do so will only lose your investment.  I bet a lot of people like this dumped at $250 because they figured it was peaking.

[mvdheuvel1983]

Selling at the top is a myth, trying to do so will only lose your investment.  I bet a lot of people like this dumped at $250 because they figured it was peaking.

Yeah, but those people probably made a big profit also.

If you bought at 50 and sold at 250 it's probably because you had enough profit to step out. Nothing wrong with that. Those people didn't lose their investment, they made a profit no bank could ever give them on their savings.

The people who bought those coins at 250 and sold at 1250 probably thought the same thing. Enough is enough.

At the moment I just feel sorry for the people who bought the coins at 1250.. they must be really nervous now 

But maybe in a year they sell their coins at 6250 and the whole thing repeats itself again.

[BitchicksHusband]

Selling at the top is a myth, trying to do so will only lose your investment.  I bet a lot of people like this dumped at $250 because they figured it was peaking.

You're right.  There are people moaning on the board all the time "I sold at $250 and I never bought back in."  These are the same people saying, "I'll buy when it goes back to $300."

If that's you, BUY NOW before Christmas.  This is a great low period.  Buying pressure is reduced because of the holidays and will go back up in January.

[Dafar]

With all the speculation over what's about to happen (or not happen) in China (http://www.coindesk.com/china-bans-payment-companies-working-bitcoin-exchanges-sources-claim/), I thought it was refreshing to read a Mashable piece that came out today on Cameron Winklevoss.

"Some days I don't even look at the price. I'm in this for the long-haul. Spartans hold."

Full story (where he's calling for bitcoin at $40k) here: http://mashable.com/2013/12/16/cameron-winklevoss-bitcoin/

IT DID NOT COME OUT TODAY... this was said a few days before when everything was all lovely and dandy and people had the moon reflecting on their eyes. Don't let this comment delude you from the terrible news from China, that news was a blow in the gut to bitcoin commerce. A huge blow, since one of the reasons the price increased so much is because of how involved China was. Everyone expected them to be the forefront to embrace this technology, now it is the opposite. So stop being delusional...


With that said, his statement is probably still valid. All we need is to reach a market cap of $400billion which is possible if scumbag banks and governments don't try to ban bitcoin from all the major countries. I'm really hoping for America to step up their involvement with bitcoin that surpasses China.

[aminorex]

I'm actually hoping for more governments to ban bitcoin.  It will increase the credibility of bitcoin as a means of avoiding wealth confiscation.  There are many trillions of USD in liquid funds hiding from governments that want to take it all if they can.  Just one of those trillions flowing into BTC would mean a massive redistribution of wealth to the current holders.

[_wayfarer_]

At the moment I just feel sorry for the people who bought the coins at 1250.. they must be really nervous now 

Yeah, well buying at that price was the wrong decision, not in retrospect, but at the time it was a bad decision, because the price was riding way over the EMA line.  The problem is mostly lack of good information, and lack of understanding of the information that is available.

If you're just investing for short term gain, you're going to be taken in the long-term.