To buy or not to buy, that is the question

[Edward50]

Maybe I should buy reasons:

Prices look cheap relative to the prices we just had
Looks like it could continue to go high and higher at this point

Maybe I shouldn't buy reasons:

China was the main reason why the prices rose so much now they are unloading all their coins
Is $575 dollar bitcoins sustainable without china
Prices were below $200 before china stepped in, why shouldn't they go back to that level
Will china start unloading tomorrow when they wake up
Are we just stabilizing here before we drop even further just like we have at $900, $800, $700
Will new buyers really want to fork over $600 or more dollars for a coin that just fell 50% from its highs, and china is no longer in the game

Hmmm.. What do you think?

[1715305166]

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[Burt]

buy it cheap while u can

[rampantparanoia]

Shakespeare, in response to the question, once said:

"fuck it. All in."

[MatTheCat]

Maybe I should buy reasons:

Prices look cheap relative to the prices we just had
Looks like it could continue to go high and higher at this point

Maybe I shouldn't buy reasons:

China was the main reason why the prices rose so much now they are unloading all their coins
Is $575 dollar bitcoins sustainable without china
Prices were below $200 before china stepped in, why shouldn't they go back to that level
Will china start unloading tomorrow when they wake up
Are we just stabilizing here before we drop even further just like we have at $900, $800, $700
Will new buyers really want to fork over $600 or more dollars for a coin that just fell 50% from its highs, and china is no longer in the game

Hmmm.. What do you think?

You know what I think and you know for at least the time being, that we think rather alike.

Question is, will we have the wits to recognise when the market has truly bottomed out and will we have the balls to enter it in a meaningful way?

[SgtSpike]

There can only be one person who buys at the very bottom.  Remember that.

[laowai80]

Buy when it's $1000, maybe it's safer then

[MatTheCat]

There can only be one person who buys at the very bottom.  Remember that.

Yeah....the April bottom was $50.

But $60 - $70 range was waved in everyone's faces for quite a period of time back in July 2013.

The absolute bottom, I am not interested in. That will always be hit by either the sublimely lucky, but more likely some high risk tolerant mad gambling bastard or some Bitcoin whale puppet-master ensuring that a certain price target becomes the bottom, although as market cap grows and grows, I would imagine market manipulation will become harder and harder to do.

Who knows, perhaps the money that will pile into Bitcoin at thee bottom will be from Wall Street, now that we just happened to have had an effective pump n dump from the Chinese government.

One of the interesting things out of all this is that it reveals how vulnerable Bitcoin is to interference from governments. Sure, if Bitcoin remained a small time underground thing as it was when I first started using them for Silk Road purchases, then there would be little that governments could do to harm it. But allow it the oxygen of publicity, tacitly approve of it or even encourage it, allow it to grow into a monster, then the whole Bitcoin universe will find itself at the mercy of governmental whim. Bitcoin nutters who view Bitcoin as the 'currency of freedom' might want to take note of this.

I think Bitcoin will tank quite a bit yet, there are still all those Chinamen who need to get rid of their coins so in my view, it must do. I think that Bitcoin will then have a period of stagnation, possibly during which big Wall St money quietly takes a large position over as long a period as possible, luring Joe Public in, and shaking him out. When these guys have a suitably dominant share of the market, my hypothesis is that we will have another Bitcoin bubble, hitting unfathomable heights and sucking in a huge volume of funds as Bitcoin goes truly  mainstream. The banks will suck in all the wealth, and then allow the whole thing to go 'pop' once again, resulting in a truly massive transfer of wealth from the hands of the masses, into the hands of the few.

Buy when it's $1000, maybe it's safer then

When I was selling at $1000, I was getting told by everyone here that I would be crying when I was buying back in at $1500.

Is that the standard line of the standard Bitcoin retard?

[laowai80]

When I was selling at $1000, I was getting told by everyone here that I would be crying when I was buying back in at $1500.

What do you have to do with anything?
OP obviously doesn't know when it's a good time to buy and when to sell.
You do know? Good for you.

[Edward50]

There can only be one person who buys at the very bottom.  Remember that.

Yeah....the April bottom was $50.

But $60 - $70 range was waved in everyone's faces for quite a period of time back in July 2013.

The absolute bottom, I am not interested in. That will always be hit by either the sublimely lucky, but more likely some high risk tolerant mad gambling bastard or some Bitcoin whale puppet-master ensuring that a certain price target becomes the bottom, although as market cap grows and grows, I would imagine market manipulation will become harder and harder to do.

Who knows, perhaps the money that will pile into Bitcoin at thee bottom will be from Wall Street, now that we just happened to have had an effective pump n dump from the Chinese government.

One of the interesting things out of all this is that it reveals how vulnerable Bitcoin is to interference from governments. Sure, if Bitcoin remained a small time underground thing as it was when I first started using them for Silk Road purchases, then there would be little that governments could do to harm it. But allow it the oxygen of publicity, tacitly approve of it or even encourage it, allow it to grow into a monster, then the whole Bitcoin universe will find itself at the mercy of governmental whim. Bitcoin nutters who view Bitcoin as the 'currency of freedom' might want to take note of this.

I think Bitcoin will tank quite a bit yet, there are still all those Chinamen who need to get rid of their coins so in my view, it must do. I think that Bitcoin will then have a period of stagnation, possibly during which big Wall St money quietly takes a large position over as long a period as possible, luring Joe Public in, and shaking him out. When these guys have a suitably dominant share of the market, my hypothesis is that we will have another Bitcoin bubble, hitting unfathomable heights and sucking in a huge volume of funds as Bitcoin goes truly  mainstream. The banks will suck in all the wealth, and then allow the whole thing to go 'pop' once again, resulting in a truly massive transfer of wealth from the hands of the masses, into the hands of the few.

Buy when it's $1000, maybe it's safer then

When I was selling at $1000, I was getting told by everyone here that I would be crying when I was buying back in at $1500.

Is that the standard line of the standard Bitcoin retard?

I agree with you in that it will bottom and then should stagnate for a while at a certain level. Or basically stabilize at a certain level, obviously above the all time low. I personally do not like trying to time the low as I feel it is too risky and not worth the reward of hitting the absolute bottom.

My original position in 2012 after it reached bottom was to just wait for it to stabilize and at that point buy. This way bitcoin finds its correct value and then you can have stable growth from that point. This would have been buying around $10 dollars as that seemed to be the long term stable growth point after hitting the low.

Right now I think it is best to just wait until everything stabilizes. There is still too much risk that it will head lower. Yes you could possibly make more money if you correctly timed the bottom and maybe we hit it already, but I am smart enough to not gamble with my fiat with the downside risk of it going lower.

I want to also say that one of the reasons that worried me about bitcoin originally was that I could not see how the US government would allow bitcoin to be an alternative form of payment. I saw what they did to those people who owned "egold" I believe or something like that. The government went in and raided them and shut them down. The China thing doesn't surprise me that much, but what does surprise me is that the US government supposedly seems more accepting to bitcoin than I would have expected in 2011.

[T.Stuart]

what does surprise me is that the US government supposedly seems more accepting to bitcoin than I would have expected in 2011.

I think it's because the blockchain offer some exciting possibilities tracking-wise, meaning more efficient taxing and tracing of villains

[David M]

I haven't bought any bitcoins since August 2012, but I am very tempted to start a little dollar cost average system from here till February.

[Kenshin]

Shakespeare, in response to the question, once said:

"fuck it. All in."

Which book did he say that? 

I say buy. Someone need to buy to get the price back up.

[T.Stuart]

Shakespeare, in response to the question, once said:

"fuck it. All in."

Which book did he say that? 

Bitcoin for Dummies

[xavier]

don't buy yet

[Hunterbunter]

There can only be one person who buys at the very bottom.  Remember that.

That's awesome.

Unless it's a series of orders at the same price wall that never breaks.

[T.Stuart]

Shakespeare, in response to the question, once said:

"fuck it. All in."

Which book did he say that? 

Bitcoin for Dummies

That was a TV show, not a book!

http://www.imdb.com/title/tt2148561/?ref_=fn_al_tt_1

Ha ha!    I haven't seen that, honest.

[MatTheCat]

I want to also say that one of the reasons that worried me about bitcoin originally was that I could not see how the US government would allow bitcoin to be an alternative form of payment. I saw what they did to those people who owned "egold" I believe or something like that. The government went in and raided them and shut them down. The China thing doesn't surprise me that much, but what does surprise me is that the US government supposedly seems more accepting to bitcoin than I would have expected in 2011.

We have now seen proof of how a government of an economically prominent country could allow Bitcoin to explode upwards, tacitally encouraging it's growth, before turning viciously upon it and decapitating it. If the Chinese government could have such an effect, just think what the US government could do.

Bring Bitcoin right into the public domain, bring it to the point where even yer grandma is making Bitcoin transactions on her mobile phone, allow its value to dramatically increase through a series of mini booms n busts, albeit with the same old state favoured financial institutions actually owning market dominating shares of Bitcoin. Insignificant boom bust cycles, until it is so firmly lodged in public psyche that it is common knowledge, that in the long run, Bitcoin can only ever go up, just like housing. Sooner or later, vast amounts of wealth from the richest to the poorest people in the world start pouring into Bitcoin, at which point, Jp Morgue and Goldman Sachs start unloading surplus Bitcoin, raking in vast profits, keeping back just enough to trigger a massive crash, at which point the US government steps in and hits Bitcoin with highly restrictive legislation 'to protect the people', thus causing vast amounts of 'wealth' to evaporate into dust, leaving everyone totally impoverished.

At this point, it will have been proven that decentralised currencies left to the whim of free market forces don't work. But fortunately the western financial establishment are here to save us, with their own centrally controlled crypto currency, that we can all use in much the same ways as we had gotten accustomed to spending Bitcoins in, but with the added benefits of bankers having control over currency in order to prevent hoarding from paying off and speculative bubbles from forming. 2Hooray" we all say, and best of all, we can never lose our 666coins, because our wallets will be stored in small chips implanted into our foreheads, along with a whole load of other personal data.......academic grades, criminal records, medical records and of course a GPS signal, to prevent us from ever getting lost.

[humanitee]

I want to also say that one of the reasons that worried me about bitcoin originally was that I could not see how the US government would allow bitcoin to be an alternative form of payment. I saw what they did to those people who owned "egold" I believe or something like that. The government went in and raided them and shut them down. The China thing doesn't surprise me that much, but what does surprise me is that the US government supposedly seems more accepting to bitcoin than I would have expected in 2011.

We have now seen proof of how a government of an economically prominent country could allow Bitcoin to explode upwards, tacitally encouraging it's growth, before turning viciously upon it and decapitating it. If the Chinese government could have such an effect, just think what the US government could do.

Bring Bitcoin right into the public domain, bring it to the point where even yer grandma is making Bitcoin transactions on her mobile phone, allow its value to dramatically increase through a series of mini booms n busts, albeit with the same old state favoured financial institutions actually owning market dominating shares of Bitcoin. Insignificant boom bust cycles, until it is firmly lodged in public psyche that in the long run, Bitcoin can only ever go up. Sooner or later, vast amounts of wealth from the richest to the poorest people in the world start pouring into Bitcoin, at which point, Jp Morgue and Goldman Sachs start unloading surplus Bitcoin, keeping back just enough to trigger a massive crash, at which point the US government steps in and hits Bitcoin with highly restrictive legislation 'to protect the people', thus causing vast amounts of 'wealth' to evaporate into dust, leaving everyone totally impoverished.

At this point, it will have been proven that decentralised currencies left to the whim of free market forces don't work. But fortunately the western financial establishment are here to save us, with their own centrally controlled crypto currency, that we can all use in much the same ways as had gotten accustomed to spending Bitcoins, but with the added benefits of bankers having control over currency in order to prevent hoarding from paying off and speculative bubbles from forming. 2Hooray" we all say, and best of all, we can never lose our 666coins, because our wallets will be stored in small chips implanted into our foreheads.

lmfao.