Anyone else bought high? Worried? Still holding strong? (I bought in at $1080)

[krishatnet]

I entered into bitcoins when they are at 130$ they reached 1000. Good luck to you

[1714995199]

1714995199

[uininPeter]

Looks like it's rising fast now! Time to buy?

Price is very volitale now, could go down next hour as well

[Sigmoid]

Look deep into yourselves, and ask the following question:
"Why am I in Bitcoin?"

HONESTLY.

If the response is "I read this awesome cypherpunk article in 2009 about a new libertarian, totally free currency, and I've been an advocate since", my hat's off to you Sir, even though I personally think you're full of it.

If the response is, however, "I read about it in the news, and realized that if I were an early adopter, I could be a focken millionaire by now, so I'm here because it's better late then never", then realize the following:
99% of all the people here, of all the people you're trading with, are here for the SAME REASON.

Be honest with yourself. You want to be part of the next big thing that will make you wealthy. That's your SOLE reason for being here.

There's only one problem with that. Bitcoin is not the next big thing, it's the latest big thing. It's already happened. You can't duplicate the success of early adopters. It's mined dry. The price has been to heaven and back. Once everyone has realized that, and the inherent flaws of the system become apparent, things will just wind down.
All these people will take their money and buy penny stocks or real estate in the asteroid belt or whatever. The miners will take their rigs offline because they won't even pay for their own upkeep anymore.

I'm not saying the idea of cryptocurrency is dead, but I'm certain that if a crypto will in fact make it to widespread adoption, it will not be Bitcoin. Bitcoin has several horrible flaws.

[htspringer]

Any other newbies out there that bought high and have still held strong?

I truly believe that cryptocurrencies are the way of the future, and that in all likelihood, Bitcoin will be the one to rule all, but I have to say, these recent developments and subsequent crashes have me a little worried.

I'm sure some will take advantage and cultivate the fear here by posting some FUD, but any positive comments would be much appreciated!

Do you think we have reached the low yet?

Do you think we can recover from this? Even without the large chunk of daily trades that China brought to the table?

I wouldn't worry.
Most of the naysayers are spineless liberals who can't stand the idea do a currency that is not subject to the whims of beaurocrats.

[miau]

as many other I made a mistake a few years back when I fist tried mining.I didn't realize the potential and dumped everything after a while.
Than this year when BTC was @100 usd checked again but again didn't give it much importance....work and life took over.....so when the price got high (830euro) I bought in telling myself I can't miss the 3rd time

LOL now with the price drop and situation doesn't seem like a great move but Im mining and keeping my much payed coins and hope things get better

[shorena]

-snip-
Do you think we have reached the low yet?
-snip-

http://bitcoincharts.com/charts/mtgoxEUR#rg60zigDailyztgSzm1g10zm2g21zxzi1gMACDzv

nope still going down fast.

Well if you care for the bigger trends..

[Sigmoid]

I wouldn't worry.
Most of the naysayers are spineless liberals who can't stand the idea do a currency that is not subject to the whims of beaurocrats.

Okay, answer me this.

Who has both the resources AND the motivation to take absolute control over bitcoin through implementing a 51% mining takeover?

The... government, maybe? Bingo!

[darkchaos]

Hello,

I also noticed massively pricedroppings, thanks to China.
Fortunately, i only had 1 BTC and 1 Litecoin for which i diidn't pay. However, on a Dutch forum some people where panicking over the massive drops.
Lots of the members either went Short or just hang on to their BTC for live.  

I think there's no need to worry. Price's might go back up again, as it looks like it's doing now.
I just wish that i went into the mining when i first read about BTC, which was back in 2010 or 2011.

[vendetahome]

I'm not saying the idea of cryptocurrency is dead, but I'm certain that if a crypto will in fact make it to widespread adoption, it will not be Bitcoin. Bitcoin has several horrible flaws.

Name the flaws, I dont see any.
Your dreamer if you think some altcoin magically take over Bitcoin. Most devs working on Bitcoin software, and the software is so reliable only because of them. If not Bitcoin, no decentralized cryptocurrency will succeed

[kisa2005]

Look deep into yourselves, and ask the following question:
"Why am I in Bitcoin?"

HONESTLY.

If the response is "I read this awesome cypherpunk article in 2009 about a new libertarian, totally free currency, and I've been an advocate since", my hat's off to you Sir, even though I personally think you're full of it.

If the response is, however, "I read about it in the news, and realized that if I were an early adopter, I could be a focken millionaire by now, so I'm here because it's better late then never", then realize the following:
99% of all the people here, of all the people you're trading with, are here for the SAME REASON.

Be honest with yourself. You want to be part of the next big thing that will make you wealthy. That's your SOLE reason for being here.

There's only one problem with that. Bitcoin is not the next big thing, it's the latest big thing. It's already happened. You can't duplicate the success of early adopters. It's mined dry. The price has been to heaven and back. Once everyone has realized that, and the inherent flaws of the system become apparent, things will just wind down.
All these people will take their money and buy penny stocks or real estate in the asteroid belt or whatever. The miners will take their rigs offline because they won't even pay for their own upkeep anymore.

I'm not saying the idea of cryptocurrency is dead, but I'm certain that if a crypto will in fact make it to widespread adoption, it will not be Bitcoin. Bitcoin has several horrible flaws.

Sigmoid, according to several questionnaires, most Europeans and Americans even haven't heard of Bitcoin yet. For a global bubble that you suggest BTC is now, its market cap of $10Bn magnitude seems way to small. BTC hasn't yet really happened. No major institutions got involved, not enough money has been made, from a global perspective... My view is that cryptos is more like a religious/social movement, and can still reappear from weakness to new strength in the coming years. True, even if BTC is not the one to succeed, for now it remains the biggest and most important, so will be in use even for those looking to diversify into different crypto projects, which will likely cure the horrible flaws...

[dimka]

Bitcoin will not go under 300 in my opinion, so no worries.

[Michael Robinson]

I bought all my Bitcoins at $1050 on Coinbase.  A few days later the "China Announcement" was released, I was still awake at 4 am and saw the announcement 1 minute after it was released.  Knowing the value was going to plummet fast, I logged into Coinbase to sell my coins before they started dropping.  However, despite taking the money out of my bank account days prior, Coinbase hadn't actually given me my Bitcoins yet.  So all I could do is watch in horror as the price crashed from $1200 to $500 before Coinbase finally gave me the coins.  

Since then I've tried to buy more coins at the bottom of the two latest crashes, but despite coming out of the same bank account as my 1st purchase, Coinbase keeps cancelling them for being "high risk".  *which is absurd, my credit score is over 800 and I've never cheated a single person out of $1 in my entire life*  

Coinbase is the ultimate scam, as of last week they have cost me $4,000, and as of this week almost $8,000.  They've left a bitter taste in my mouth, I am about done over the whole Bitcoin craze.  I think at this point I'm going to hope they get back up to the $1,000 range, so I can sell and go do something else with my money.

[Delinquency]

You should have enabled instant buy for Coinbase.

For all those who bought high,
It is December and many people are taking their profits and coming home with loads of cash so this should be normal for the end of the year.

And with China, that's a temporary set back by the market but the price should have held at least $700 for the announcement.
Losing bank support from China isn't that bad-- By law, they have to get rid of their bitcoins now so they're dumping it. After that, hopefully more bitcoins can be in circulation.

And if it decreases even more, it's is just a way for bitcoin investors to buy at a lower price.

-Still holding 11 bitcoins since $200.

[sneeze]

Me thinks you should start hodling on to your coins from now on!

[kisa2005]

I bought all my Bitcoins at $1050 on Coinbase.  A few days later the "China Announcement" was released, I was still awake at 4 am and saw the announcement 1 minute after it was released.  Knowing the value was going to plummet fast, I logged into Coinbase to sell my coins before they started dropping.  However, despite taking the money out of my bank account days prior, Coinbase hadn't actually given me my Bitcoins yet.  So all I could do is watch in horror as the price crashed from $1200 to $500 before Coinbase finally gave me the coins.  

Since then I've tried to buy more coins at the bottom of the two latest crashes, but despite coming out of the same bank account as my 1st purchase, Coinbase keeps cancelling them for being "high risk".  *which is absurd, my credit score is over 800 and I've never cheated a single person out of $1 in my entire life*  

Coinbase is the ultimate scam, as of last week they have cost me $4,000, and as of this week almost $8,000.  They've left a bitter taste in my mouth, I am about done over the whole Bitcoin craze.  I think at this point I'm going to hope they get back up to the $1,000 range, so I can sell and go do something else with my money.

Sorry to hear that! I have bought some coins at the recent top, however not with a view to sell 500$ higher or lower. Whether BTC goes to 5000$ next year or not, possessing this option and participating in the community is a decent risk/return profile in my view. Perhaps you are a skillful trader, but even skillful traders have losing streaks. So with the benefit of hindsight, your buy decision was wrongly timed, and your good timing decisions were screwed by coinbase. Get over it, sh-t happens, and with some luck all long-term holders will be rewarded for staying put.

[Prolifik]

Bitcoins have a trend of going up 1000% a year.
Hope that makes you feel better.

Bitcoin also hasn't hit the S curve all big tech things eventually hit.
The S curve is where the price shoots way up and pretty much stays there.

[Bitcoin-hotep]

Best bet is to diverge funds into altcoins that are losing value but that will go back up

Forget the USD value and start thinking about how to turn your bitcoins into more bitcoins

[quone17]

Hope you did not max buy over $1k.  Let it just be a lesson to keep some powder dry in the future, so that if the price goes down you have some money/ammo to buy and lower your cost average.

[ThisTimeYes]

You didn't choose a great entry point, but just don't try to fix it by selling at a lousy exit point, too!

I think people with deep pockets are taking advantage of the confusion in China by dumping and pushing the price lower, and getting the weaker hands to do the same.  There are a lot of false rumors floating around.  Fairly soon they will be on a buying spree, and we'll see a nice rally.

I cannot call the low point because I'm not privy to their plans, but we will definitely recover.  We'll be back over $1000 by the end of January 2014, and perhaps a lot sooner.

Bitcoin is the only cryptocurrency that matters.

Just hang in there!

Thanks all for the comforting words. I do plan on holding - I told myself when I got into this that I was going to treat it like a long-term investment and leave it for at least 6 months (which is hardly 'long-term' in the real world, but in 'Bitcoin world' it sure is!).

Mostly I'm kicking myself because if had held off just a week or two, I could have bought 14 coins, not 7.7 (hindsight is a bitch ain't it).

Whatever you do don't get married to BTC.  It is not the only coin that matters by a long shot.  Don't believe what anyone tells you about price predictions as they know almost nothing.  What you can do if you believe in the longer term prospects is average yourself into the market and bring your average price down.  Especially now that the price is lower it would be a good time to do this.  If you are skittish, then hold out and wait, if you still like it, do not wait for overconfirmation.  This is a hallmark of newbie trading.  

Start looking at other alt coins now as one will likely displace the bitcoin protocoll at some point in the future (or at least become a viable competitor).  

Wish you luck friend

[Sigmoid]

Name the flaws, I dont see any.
Your dreamer if you think some altcoin magically take over Bitcoin. Most devs working on Bitcoin software, and the software is so reliable only because of them. If not Bitcoin, no decentralized cryptocurrency will succeed

Well, in the same vein, in the 80s you could have argued that if one day everyone will have a computer in their pockets, it will be made by Commodore.
Where is Commodore today?

As for the flaws, there are three major ones (to rule them all and in the darkness bind them):

Deflationary model.
It's a horrible idea, and a defunct system purposely discarded in the early 20. century. The problem with today's fiat currencies isn't stable inflation, it's manual control by governments in form of easings and tightenings. A currency with a stable, fixed rate of inflation would be preferrable. Deflation favors the lender (stockpiler) as opposed to the borrower (innovator / producer). For example, you buy a farm. The value of the farm will drop with time due to deflation, while the borrowed capital debt will stay constant (and accrue interest). It was bad enough a hundred years ago, believe me you don't want it back.

Messed up mining rewards system
The mining infrastructure, due to the borked rewards system, is ultimately self-destructive, leading the network toward centralization and eventually evaporation.
I've already written about this extensively. It pretty much counteracts all the big pretty words that were said in the manifesto, like "independence" or "decentralization".

Disproportionate holdings of early adopters
Due to the mining curve, the majority of Bitcoin is held by a few early adopters, and this will not change. Unless the goal is to create a new evil financial elite / illuminati to replace the current one, I don't see what good Bitcoin can do for us.