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Author Topic: EVERYONE CALM DOWN  (Read 13489 times)
legolouman
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September 06, 2011, 04:36:50 PM
 #1

I just want you all to know, this "Bitcoin Black Tuesday" thing is nothing to worry about. The more coins you sell, the worse the economy is going to get. Please just calm down and hold your own. It's best for you, and best for the community. In my time typing this, the MT.GOX price has rise .30 USD.

Remember the basic economy fact, supply and demand. By putting up all of your available BTC, you are driving funds up. Look at this as a great time for investment.

Currently the Gox price is 6.57 6.57202 USD, which is higher than it was a year ago. Bitcoin is only a baby, we must feed and nurture it.

You can't forget that the price is only relevant to miners. Investors should look at BTC as any stock/asset investment, meaning low means buy. The lower price of today is only relevant to miner's as it isn't as profitable to mine as it was yesterday, but that doesn't mean that tomorrow the value won't be $50 a coin.


I will update the price as often as possible.

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September 06, 2011, 04:42:11 PM
 #2

So you are selling all your coins but want to make sure the price doesn't drop too fast?

...


Heh, just trolling Smiley It's fun to see the panic movements, though I must say it has been worst in the past, people seem to be a bit less edgy now. It always puzzled me that when the price goes down and people dump their coins for whatever they can get for them the other side, the ones buying the coins, seems to go unnoticed.

I mean, for every coin you sell someone needs to buy it... And while selling coins can be done in a whim, buying them is probably a bit more of a psychological bend, as you are spending *money*, not bitcoins for which you don't yet have a multi generation inner bond with. Someone is in for big profit, I'd say.
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September 06, 2011, 05:03:28 PM
 #3

I will easily admit my choice of buying BTC while the price was falling from 8 to 7 was a tactical mistake.
As the price went lower I bought more, with most being bought at 7.3.

So when a mistake is made I cut my losses allowing for other opportunities to appear instead of waiting
for the price to go up a significant percentage amount so I can get out. Having the money tied up like
that is not advantageous. So I sold everything at an average loss of around .50ish USD per BTC purchased.
Thank goodness for that mini rally we had a bit ago or it would have been worse.

So to say calm down and do not sell? Well shoot.. that does not seem wise from my perspective.
Don't sit on a bad trade. Admit to yourself you made a mistake and move on.

I am not liking what I am seeing right now plus the rumor more stolen coins are getting sold. I thought
we were past that issue. Guess not.

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September 06, 2011, 05:11:32 PM
 #4

Well OP is absolutely right, and if you draw a trendline along the exponential price graph you get a support level at the current date around $4.

If it drops below that that would be something to think about, otherwise it's just normal market movements. People who bought btc at 10-30 levels or bought expensive rigs recently don't have it together anyway Smiley

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September 06, 2011, 05:20:38 PM
 #5

It might drop to 4 and then just sit at 4 for a month.

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legolouman
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September 06, 2011, 05:33:13 PM
 #6

All of you have extremely good points.

Sure the buyers go unnoticed, but when they buy at 7 and the price drops to 6 where they then sell, they cause just as many problems as the ones that sold at 7. Someone will likely make a huge profit assuming they stay in like us smart people.

I will easily admit my choice of buying BTC while the price was falling from 8 to 7 was a tactical mistake.
As the price went lower I bought more, with most being bought at 7.3.

So when a mistake is made I cut my losses allowing for other opportunities to appear instead of waiting
for the price to go up a significant percentage amount so I can get out. Having the money tied up like
that is not advantageous. So I sold everything at an average loss of around .50ish USD per BTC purchased.
Thank goodness for that mini rally we had a bit ago or it would have been worse.

So to say calm down and do not sell? Well shoot.. that does not seem wise from my perspective.
Don't sit on a bad trade. Admit to yourself you made a mistake and move on.

I am not liking what I am seeing right now plus the rumor more stolen coins are getting sold. I thought
we were past that issue. Guess not.



You admitted to making a bad trade. With the time I've spent playing with investments and markets, you need to really watch the numbers. A rumor and a drop of ~1.25 over the course of 36 hours is enough to make you fret? You remind me of the general public listening to the news. It's a load of exaggerated and "grim" news that is really nothing to worry about.

As posted by electricmucus, the BTC market is still much better than it was a year ago, or really even 8 months ago.


In the time writing this, the price has gone up to 6.60660.

If you love me, you'd give me a Satoshi!
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September 06, 2011, 06:37:34 PM
 #7

All of you have extremely good points.

Sure the buyers go unnoticed, but when they buy at 7 and the price drops to 6 where they then sell, they cause just as many problems as the ones that sold at 7. Someone will likely make a huge profit assuming they stay in like us smart people.

I will easily admit my choice of buying BTC while the price was falling from 8 to 7 was a tactical mistake.
As the price went lower I bought more, with most being bought at 7.3.

So when a mistake is made I cut my losses allowing for other opportunities to appear instead of waiting
for the price to go up a significant percentage amount so I can get out. Having the money tied up like
that is not advantageous. So I sold everything at an average loss of around .50ish USD per BTC purchased.
Thank goodness for that mini rally we had a bit ago or it would have been worse.

So to say calm down and do not sell? Well shoot.. that does not seem wise from my perspective.
Don't sit on a bad trade. Admit to yourself you made a mistake and move on.

I am not liking what I am seeing right now plus the rumor more stolen coins are getting sold. I thought
we were past that issue. Guess not.



You admitted to making a bad trade. With the time I've spent playing with investments and markets, you need to really watch the numbers. A rumor and a drop of ~1.25 over the course of 36 hours is enough to make you fret? You remind me of the general public listening to the news. It's a load of exaggerated and "grim" news that is really nothing to worry about.

As posted by electricmucus, the BTC market is still much better than it was a year ago, or really even 8 months ago.


In the time writing this, the price has gone up to 6.60660.

I am not clear on why you think people should just hold and watch their money evaporate?

All for the good of the bitcoin project? Pfft. We are talking about cash.. not ideals or the community.
Perhaps we are both on different pages. Bitcoin will be around if the price is 10 cents or 10 dollars.

I could buy back in right now and have a few more BTC then I did just a few hours ago.
This would also give me an actual chance of selling again for a profit if I feel there is a chance the
price will go up enough to cover trading costs.

Or I could have just hung onto my over priced coins and prayed the price went up to 8 again to make
a small profit. And that will somehow contribute to the project in some way that makes zero sense to me.
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September 06, 2011, 06:42:05 PM
 #8

Yes, calm down.  It's just noise.


Bitcoin/USD, last 6 months.

The overall trend, as I've been saying for some time, is a long, slow slide of about $4 per month since the bubble popped back in June. The purple line is a simple 30-day trailing moving average. With 30 days of smoothing, all the little "ralies" and "crashes" are filtered out, leaving a clear downward trend. Note that after each little "crash", there's a partial recovery, and the next peak is always lower than the previous one.

The real question at this point is what the endgame looks like.   At a steady drop of $4 per month, we're less than two months from zero. Will we have a hard landing or a soft one?
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September 06, 2011, 06:56:21 PM
 #9

The real question at this point is what the endgame looks like.   At a steady drop of $4 per month, we're less than two months from zero. Will we have a hard landing or a soft one?
Useless fearmongering

This chart provides a more reasonable estimate

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September 06, 2011, 07:19:52 PM
 #10

The real question at this point is what the endgame looks like.   At a steady drop of $4 per month, we're less than two months from zero. Will we have a hard landing or a soft one?
Useless fearmongering

This chart provides a more reasonable estimate


Useless optimism. 

bitconformist
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September 06, 2011, 07:40:44 PM
 #11

The real question at this point is what the endgame looks like.   At a steady drop of $4 per month, we're less than two months from zero. Will we have a hard landing or a soft one?
Useless fearmongering

This chart provides a more reasonable estimate

That reassures me a great deal, thanks. Can you tell me what the green lines represent?
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September 06, 2011, 07:41:36 PM
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Useless fearmongering

This chart provides a more reasonable estimate

so you're just totally ignoring the plateau/decline at $10 because you drew some sorta-trend-lines or something?

is that about right?
legolouman
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September 06, 2011, 07:45:25 PM
 #13

I like that chart. It shows how the market is going to fluctuate on it's median. Sometimes up, sometimes low, but it shouldn't go anywhere outside of the bar. Prices have stabilized, and have not changed since I wrote this

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September 06, 2011, 07:46:33 PM
 #14

Prices have stabilized, and have not changed since I wrote this
Cheesy

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legolouman
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September 06, 2011, 07:47:46 PM
 #15

Prices have stabilized, and have not changed since I wrote this
Cheesy


And they are up more. To all the neer-sayers: Bitcoin will not fail.

 Cool

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September 06, 2011, 08:38:37 PM
 #16

I like that chart. It shows how the market is going to fluctuate on it's median. Sometimes up, sometimes low, but it shouldn't go anywhere outside of the bar. Prices have stabilized, and have not changed since I wrote this

is this a joke

what in gods name makes you believe that 100% arbitrary assertion
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September 06, 2011, 08:39:56 PM
 #17

I like that chart. It shows how the market is going to fluctuate on it's median. Sometimes up, sometimes low, but it shouldn't go anywhere outside of the bar. Prices have stabilized, and have not changed since I wrote this

is this a joke

what in gods name makes you believe that 100% arbitrary assertion
Bitcoins!
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September 06, 2011, 08:45:04 PM
 #18

I like that chart. It shows how the market is going to fluctuate on it's median. Sometimes up, sometimes low, but it shouldn't go anywhere outside of the bar. Prices have stabilized, and have not changed since I wrote this

is this a joke

what in gods name makes you believe that 100% arbitrary assertion
Bitcoins!

Fundamentals.  They are solid. 

legolouman
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September 06, 2011, 08:48:12 PM
 #19

I like that chart. It shows how the market is going to fluctuate on it's median. Sometimes up, sometimes low, but it shouldn't go anywhere outside of the bar. Prices have stabilized, and have not changed since I wrote this

is this a joke

what in gods name makes you believe that 100% arbitrary assertion

This actually

If you love me, you'd give me a Satoshi!
BTC - 1MSzGKh5znbrcEF2qTrtrWBm4ydH5eT49f
LTC - LYeJrmYQQvt6gRQxrDz66XTwtkdodx9udz
bitconformist
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September 06, 2011, 08:53:48 PM
 #20

I like that chart. It shows how the market is going to fluctuate on it's median. Sometimes up, sometimes low, but it shouldn't go anywhere outside of the bar. Prices have stabilized, and have not changed since I wrote this

is this a joke

what in gods name makes you believe that 100% arbitrary assertion

This actually

But what do the green lines represent? Sorry, I'm a bit clueless at finance.
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