It makes no sense, but I'm holding.

[mb300sd]

I bought 6 BTC at $12/BTC, and have managed to increase it to 26 BTC, mostly through smart gambling and 4BTC from mining. Should have sold earlier, but at this point, I'm still in the green... Going to hold and ride this out until it either gets back to $15 or hits 0.

Whos with me?

[Minsc]

I did that in the crash about a month ago.  It never came back up and I wished I would've sold to buy it back at 5 or 6 dollars.  This time it could go even lower who knows?  When it started crashing below $10 a couple weeks ago, I sold and was glad because it quickly went to $8.

I really thought it would have swung up by now but oddly it's still falling.  If you look at the front page of https://deepbit.net/, mining difficulty has decreased a little bit but it's still higher than July.

[MrGaSp]

I had 71 BTC that i sold a few days ago, at about 8.25.  I kept 10 of them others, and i will continue to mine, those i will hold.  I do believe the price will go back up, I just needed money for a media server =P, and a kindle for the wife.

[GeniuSxBoY]

If you sell now and buy back at $4, you'll be making $3 per bitcoin when the price gets to the price at which you are holding right now.

[Minsc]

I think it will bottom at $5.

[MrGaSp]

$4-$4.5

I think it will bottom at $5.

[Minsc]

Well I'm going to sleep in about 5 minutes.  If it jumps while I am asleep, I will be pissed.  I am drinking a lot of water so it will wake me up every few hours to check on Mt. Gox.

[MiningBuddy]

I'm with you OP, no selling going on from my wallet!

[Minsc]

Why did someone just put up 2400 coins for sale at $6.80 at Mt. Gox?

[The_Duke]

Why did someone just put up 2400 coins for sale at $6.80 at Mt. Gox?

Because they realise the price is going to drop much further and would rather disembark from the bitcoin-train-to-0-land now?

[GeniuSxBoY]

^

[Cluster2k]

A few days ago when bitcoin was down down and heading down from $9 I posted on this forum that I had buys at $7.10.  Well, those were filled today and the price kept heading lower.  Lol.  Time will tell whether it was a smart buy (probably not).

[old_engineer]

I think holding is the only thing that makes sense, really.  I had my final, lowest buys in the $7 range, now all filled.

Now's it's time to be patient and see what happens.  I figure I'll hold for 1-3 years, or until price comes back up, whichever comes first. 

[The_Duke]

I think holding is the only thing that makes sense, really.  I had my final, lowest buys in the $7 range, now all filled.

Now's it's time to be patient and see what happens.  I figure I'll hold for 1-3 years, or until price comes back up, whichever comes first. 

It's funny to see all the people who have bought bitcoins at aroun $7-8, thinking that would be the low point, are now shouting "holding is smartest! It will go up up up!", even though all the indicators are pointing down. I feel for you people

[Jack of Diamonds]

As a miner, why would I sell if it keeps going even lower (say in the $4, 3, 2 range)?
You will get less than you spent on electricity.

I can understand if investors want to get out, but for miners, selling makes no sense at $6 (and current difficulty).

Of course, $6 would make sense if the difficulty adjusts down drastically.

[Technomage]

Well holding makes sense right now. Or buying, if you still have something to buy with. It's very, very unlikely that price will bottom at below $5. In fact I'd be willing to bet on this if someone wants to

Now I'm interested in seeing if the price will even break $6 which I think is unlikely but possible. Regardless, now we're at a range where buying is a good move and holding is a really good move.

Only a total doomsday-bear would sell at around $6.50 or less, there are no real indicators to show a major price drop from that point unless you're only seeing the very pessimistic scenarios. Anything is possible, but it's really pessimistic thinking.

[The_Duke]

Well holding makes no sense right now. Or buying, if you still have something to buy with. It's very, very unlikely that price will bottom at above $5. In fact I'd be willing to bet on this if someone wants to

Now I'm interested in seeing if the price will ever hit $10 again which I think is unlikely but possible. Regardless, now we're at a range where buying is a very bad move and holding is a bad move.

Only a total drug induced-bull would buy at around $6.50 or more, there are no real indicators to show a major price increase from that point unless you're only seeing the very optimistic scenarios. Anything is possible, but it's really optimistic thinking.

Changed it for you, into a more realistic scenario. You're welcome

[Technomage]

Changed it for you, into a more realistic scenario. You're welcome

Well, you're a known doomsday-bear so I'm not surprised but I still thank you for the correction. Only a doomsday-bear would think that a below $6.50 price isn't a good buying opportunity. It might not be the perfect opportunity as the price can go lower but it's a good one. As a selling point it's already bad and if we go a bit lower then we reach the point where selling is moronic.

But I wouldn't be surprised if we see selling even at the horrible selling points because that's often the point where the panic sets in. Panic sellers do their thing and then the smartest buyers who had the patience to wait will jump in.

[cbeast]

Email came out in '71, was that a bad idea too because it took so long to catch on? It takes awhile for new technology to catch on. The public must be educated about bitcoin. I have been online since '83, but did not have WWW access in my region until 1994. It's not that the internet was a bad idea, it just took awhile for it to be available. Bitcoin is nowhere near ready for John Q. Public.

[Technomage]

Good point by cbeast.

Here is a very recent IRC-log from just a few minutes ago, from the owner of Mt. Gox:

[14:23:25] <@free'MagicalTux> btw I see that most of the bitcoins we were watching (stolen coins) were sold today
[14:25:26] <@free'MagicalTux> TuxBlackEdo: no, stolen coins from other police reports
[14:25:38] <@free'MagicalTux> however we don't have enough proof to do anything
[14:25:43] <@free'MagicalTux> there is only reports from people

Timestamp is Finnish time. It's an interesting bit of information. Seems that thiefs have been accelerating the sell-off significantly.