Here we go again, bitcoin exchange rates have been doing just fine

[grod]

Wish I had sold all at $10 range. Still holding about 15 BTC and can't wait for the price to rally to sell into...

I believe you're not alone -- and this is exactly why technical analysis works.  I'm far longer than I want to be, and looking at volumes it looks like a vast majority of "sell every day" miners are in the same boat we're in.

Which means the pressure keeps on building the longer bitcoin stagnates or slowly declines.  Slow pain is far far FAR worse than a quick surgical massive drop that reverses instantly - which is why the last visit to below 6 was not capitulation.

So I feel comfortable selling at $8 knowing full well this isn't the bottom.  It may be the bottom for a week or two, but give it more time and we'll see below $7 again.  Unless the trend reverses -- but then only a fool would cling to outdated analysis and projections.

TL;DR -- I believe my upside of selling at $8 is larger than my downside, so no changes in strategy yet.  Y'all feel free to hoard. =)

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[pennytrader]

Wish I had sold all at $10 range. Still holding about 15 BTC and can't wait for the price to rally to sell into...

I believe you're not alone -- and this is exactly why technical analysis works.  I'm far longer than I want to be, and looking at volumes it looks like a vast majority of "sell every day" miners are in the same boat we're in.

Which means the pressure keeps on building the longer bitcoin stagnates or slowly declines.  Slow pain is far far FAR worse than a quick surgical massive drop that reverses instantly - which is why the last visit to below 6 was not capitulation.

So I feel comfortable selling at $8 knowing full well this isn't the bottom.  It may be the bottom for a week or two, but give it more time and we'll see below $7 again.  Unless the trend reverses -- but then only a fool would cling to outdated analysis and projections.

TL;DR -- I believe my upside of selling at $8 is larger than my downside, so no changes in strategy yet.  Y'all feel free to hoard. =)

Nicely said, especially on the upside/downside potential. People who said bitcoin has the upside potential of $1000, and even that's the case, didn't realize that the probability for that to happen is about 1 in a million chance.

Putting up sell orders

[grod]

Putting up sell orders

I'm going to risk waiting for the 'Tuesday Effect' (which on this week should be Wed.) -- doing that has been treating me well.  Feel free to taunt me if I'm wrong.

[pennytrader]

Putting up sell orders

I'm going to risk waiting for the 'Tuesday Effect' (which on this week should be Wed.) -- doing that has been treating me well.  Feel free to taunt me if I'm wrong.

I should listen to you since you've been observing the market longer than I did. My sell order is not executed yet and I'll wait for Wednesday.

[grod]

Oh great.   If we go with the usual internet statistic of 1 person conversing for every 100 lurking, if I just convinced 100 people to wait till Wed to sell and they each have about 2-4 weeks worth of mined coins... DOOM!

[dree12]

Oh great.   If we go with the usual internet statistic of 1 person conversing for every 100 lurking, if I just convinced 100 people to wait till Wed to sell and they each have about 2-4 weeks worth of mined coins... DOOM!

Considering the amount of trolling in these forums, I think the statistic is more like 1 person conversing for every -100 lurking. So, you just got more people to sell before Wednesday.

[Cluster2k]

Oh great.   If we go with the usual internet statistic of 1 person conversing for every 100 lurking, if I just convinced 100 people to wait till Wed to sell and they each have about 2-4 weeks worth of mined coins... DOOM!

Considering the amount of trolling in these forums, I think the statistic is more like 1 person conversing for every -100 lurking. So, you just got more people to sell before Wednesday.

Anyone who disagrees with me = troll
Anyone who agrees = rational, normal forum member

[mizike29]

There is no reason to sell right now unless you absolutely need the money.  Its hurting the market value, lowering the prices, and mining does not even pay for itself at this point.  We need something big to happen.  If newegg, or amazon or similar start accepting bitcoins, then the value will skyrocket.  If it stays like this, underground, geeky, risky, it really has no major future unless you run an exchange.

[pennytrader]

The fact is if I don't sell now, I might regret later when the price finally stablize at $1 or less.

Selling is also a good thing, to people who has a strong faith in bitcoin and can't wait to catch the bottom...

[N12]

There is no reason to sell right now unless you absolutely need the money.  Its hurting the market value, lowering the prices, and mining does not even pay for itself at this point.

Damn. Sorry for hurting the market value and lowering the price. I’ll ask your permission before I sell next time.

PS: It’s always profitable for someone to mine, or else everyone would stop. There’s also the difficulty adjustment to regulate this.

[grod]

There is no reason to sell right now unless you absolutely need the money.

Or unless you want more bitcoins for a lower price later.  I've been selling since $24, and along the way it's been all like, "thank you for selling me cheap bitcoins you stupid miner."  They were "cheap" at $24, $22, $20, $17.5, $15, $13, $11, $10.9... And with a bit of luck, $8 (although that's starting to look unrealistic).  You're welcome, and thank you for all the money you highly intelligent direct buyers.

The currently available FPGA miner can produce bitcoins for 20c at today's difficulty.  Factor in Moore's law and a looming difficulty nosedive and how long until you can get BTC for 2c/coin?  Power cost per coin isn't going to hold price up forever.  We miners will always be able to produce 7200/day -- at least until some time in 2012 when that goes to 3600/day.

[d'aniel]

The fact is if I don't sell now, I might regret later when the price finally stablize at $1 or less.

The fact is if I don't buy now at $30, I might regret later when the price reaches $1000 or more.

[pennytrader]

The fact is if I don't sell now, I might regret later when the price finally stablize at $1 or less.

The fact is if I don't buy now at $30, I might regret later when the price reaches $1000 or more.

That chance for it to go to < $1 is much greater than for it to go $1000. Know your odds...

[Minsc]

grod will you buy at $24/coin now?  I have lots ot sell you!

[proudhon]

The fact is if I don't sell now, I might regret later when the price finally stablize at $1 or less.

The fact is if I don't buy now at $30, I might regret later when the price reaches $1000 or more.

PM me.  I'm willing to sell for 1/3 of what you're willing to pay. 

[d'aniel]

The fact is if I don't sell now, I might regret later when the price finally stablize at $1 or less.

The fact is if I don't buy now at $30, I might regret later when the price reaches $1000 or more.

PM me.  I'm willing to sell for 1/3 of what you're willing to pay. 

lol you wish I was

Just pointing out the similarity between fear and greed is all.

[mizike29]

The point was, if everyone sells it hurts the bitcoin economy, theres no stability, people panic, people want to get there money back ASAP, prices drop even more, bitcoin loses more followers, businesses wont take the risk of accepting bitcoins etc etc, its a vicious circle. 

SO no YOU DONT NEED TO ASK ME TO SELL YOUR COINS.  My point was there is NO REASON TO SELL unless you absolutely need money right now period, if you care about bitcoins future.

Also, It is not always profitable for someone to mine, and people have stopped mining, look at the difficulty rating how it has slowed down.  You buy a computer now to mine, plus add in the cost of electricity, bitcoins selling for say 8 bux a coin, and now there actually around 6 bux, it will take forever to just pay off your computer, so no it is not profitable to mine.  I mine, and was making profit, but now its not worth it.  My card, ATI 6990, is a beast, but electricity and cost of the card, which many people bought similar cards or the same just for mining, and you cant even pay off the computer at this rate.

Yes I agree, there is much more chance for it to bottom out at a 1 dollar or less and stabilize there, then it going to 100 a coin.  Its not looking good, we were getting a little comfortable in the 10 to 12 range that it sat at for a while, now it just pushes most people away to see it drop to 6 bux so fast for no apparent reason.  Only hard core bitcoin supporters, which I am, and believers will keep saying how great bitcoins are, and how they will go back up, and you can make profit off of mining and selling bitcoins, but its all lies and or very very risky speculation with no data or facts to actually show that this is true.

[ribuck]

In the long run, Bitcoin is either going to be worth nothing, or a very large amount. So I figure it doesn't matter too much what it does in the meantime.

[farfiman]

Was sent here by reddit- looks about the same as discussions today.

[camponez]

Was sent here by reddit- looks about the same as discussions today.

Yeah. The future looks like the past...