I'm Out

[softron]

Surely u must have made a lot of profit. I'd also keep 10% in bitcoins in case of future price spikes.

[sergio]

For the first time since I bought my first bitcoins at about $5/ea, I don't own any. With the IRS decision, its obvious [immediate] effects and the slight dip in the price of silver, I headed over to Amagi and spent it all on junk silver (90%). It feels weird to "be out of the game" as far as owning bitcoins goes. Did I make the right decision? Has the ship sailed? Or does anybody think now is the perfect time to hop back on it?

Being out of the game is not a good thing, if we want the bitcoin revolution to success we are going to need a lot of people to participate.

In regards the IRS attack on Bitcoin, it really  sucks big time, it is part of the war against bitcoin, I would guess it will take a huge hit on the price on Bitcoin but eventually bitcoin will bounce back up, I feel that the IRS ruling will drive bitcoin underground in the USA which is not a good thing, on the positive side bitcoin is international.

Once the IRS realizes that they are driving capital out of the USA they might reconsider, but I have my doubts on that.

It is a sad situation in which you realize how much not free is the USA, but on the other hand there are even less free countries which is even worse.

One thing I have learned thanks to bitcoin, bitcoin is in indicator of economic freedom, the more a country attacks, regulates, and restricts bitcoin the less free a country is, on the other hand the countries in which appear on the bitcoin legal map as unknown are most likely the most free countries.

I it sad that I can not give any good advice in regards this situation, because on one hand I want the bitcoin revolution to succeed but on the other hand I realized that we are getting screwed by the IRS and there is very little that can be done, if we exit we lose our freedom, if we stay we could get hurt badly  financially, it is a difficult situation that sucks.

I would like to point out the in my opinion that IRS ruling it is illegal for 2 reasons, reason 1 it is a retroactive law and as such should be illegal, the other reason it destroys bitcoin fungibility which is essential for a currency to succeed, they are very much saying we will not allow a competing currency, which is itself illegal.

At this point something that should be really be considered as a high priority in the bitcoin community is to make bitcoin more anonymous without a fork if possible, that could help drive the price up since the IRS ruling is the main factor driving the price down, the other secondary factor is China.




  

[misternanyte]

relax everyone. Yesterday it went back up to just over 500 bucks a pop. It will get back up there again. There are way too many miners.

[magnet007]

i just feel like 'being with btc',irrespective of fall or rise,is still worth it......

[mooncake]

I'm beginning to smell fear here. And that's good!

[Sage]

For the first time since I bought my first bitcoins at about $5/ea, I don't own any. With the IRS decision, its obvious [immediate] effects and the slight dip in the price of silver, I headed over to Amagi and spent it all on junk silver (90%). It feels weird to "be out of the game" as far as owning bitcoins goes. Did I make the right decision? Has the ship sailed? Or does anybody think now is the perfect time to hop back on it?

Highlights so well the reason why so many buy high & sell when they should be buying. 

[Dipt]

I have been thinking about it for months now to sell, and it was better if I did sell at one point, only to buy back in now.

Everybody has his own view on the market, to bail out or to jump in. Good luck to all.
For now I just keep hodling my coins, bagholding

[BitOnyx]

Most of bitcoins are still hold. Volume of those recent trades were very small compared to all bitcoins mined.

[Drtrix]

buy BTC now and hold, then cash out at the next top and you will be able to wear chains like a boss... like Mt. T!

I PITTY THE FOOL WHO SELLS NOW.
http://www.andrewkardon.com/wp-content/uploads/2012/04/mr-t.jpg

Or you could buy a dictionary.

[Paashaas]

Bitcoin is just getting warmed up, if you see the bigger picture; man Bitcoin is just a little kid atm.

- Blockchain is getting improved, new tools aka user friendly soft-ware is inc for the Average Joe.

- Increased transactions

-Bitpay clients is increasing

-New exchanges world wide are waiting to get a lisence, that can take 1+ year to get the ''paperwork'' done.
 
As long the above things are getting better, i will buying/hodling my coins, i dont care what China does.

Also, we live in a financial system where companys needs to make money..(dhu) Look at Overstock that company is making tons of money by using Bitcoin. Its a no brainer to grasp the concept that more big boys wil jump in, just give it some time. You know those big boys are not stupid, al that new money created from Bitcoin can give there economics a new major impuls. And thats is what the world realy needs atm.

[g4c]

buy BTC now and hold, then cash out at the next top and you will be able to wear chains like a boss... like Mt. T!

I PITTY THE FOOL WHO SELLS NOW.

Or you could buy a dictionary.

Whatchoo talkin' about fool!

whoaa... calm down BA, it is PITY not PITTY you great nit.

DrTrix (shouldn't it be DrTricks?, maybe DrDicks?) was right, 5 fiat paper stars for him. weee!

[Bramburel]

Yeah, weaker hands are folding and believers stay in game. Not everyone is in this for the money, or only for the money. I believe in the movement. Trusting math more than human character.

[serenitys]

Yeah, weaker hands are folding and believers stay in game. Not everyone is in this for the money, or only for the money. I believe in the movement. Trusting math more than human character.

Same here...but there's nothing wrong with taking advantage of the panic sellers on the way up! 

[Bit_Happy]

OP's subject should have been: "I'm Out - and hoping to buy back at a lower price."

OR he wouldn't bother to post it here.

I'm All In
People who cannot afford to buy more have a great chance to earn BTC.
Right now: If you price your products and services in fiat (and accept BTC), then you are getting more than 2x the amount of BTC compared to recent history.

[infofront]

Bitcoin is just getting warmed up, if you see the bigger picture; man Bitcoin is just a little kid atm.

- Blockchain is getting improved, new tools aka user friendly soft-ware is inc for the Average Joe.

- Increased transactions

-Bitpay clients is increasing

-New exchanges world wide are waiting to get a lisence, that can take 1+ year to get the ''paperwork'' done.
 
As long the above things are getting better, i will buying/hodling my coins, i dont care what China does.

Also, we live in a financial system where companys needs to make money..(dhu) Look at Overstock that company is making tons of money by using Bitcoin. Its a no brainer to grasp the concept that more big boys wil jump in, just give it some time. You know those big boys are not stupid, al that new money created from Bitcoin can give there economics a new major impuls. And thats is what the world realy needs atm.

The only reason anyone would use bitcoin over a credit card or paypal is for tax evasion. For the average consumer, credit cards provide so many advantages that bitcoin really isn't competitive.

[ryanmnercer]

The only reason anyone would use bitcoin over a credit card or paypal is for tax evasion. For the average consumer, credit cards provide so many advantages that bitcoin really isn't competitive.

Please, tell me more!

Do you mean criminal interest rates?
Do you mean absurd charges, surcharges, convenience charges, annual fees, international fees etc?

[g4c]

The only reason anyone would use bitcoin over a credit card or paypal is for tax evasion. For the average consumer, credit cards provide so many advantages that bitcoin really isn't competitive.

considering your handle is infofront you seem a litle behind?

You exclude some information that is very pertinent:

For producers/vendors/merchants, Bitcoin is already supremely sweet.

Credit cards have a confirmation time of well over a month! CC Chargeback rates are increasing.

[rocks]

Running scared?  Delusional or denial.  You pick.  

That chart is already out of date.

M0 money supply is $3.8T now and rising faster every day. The fact that M0 is doubling every few years inevitably means that BTC will go up in dollar terms. Remember M0 was ~$0.7T in 2008...

[infofront]

The only reason anyone would use bitcoin over a credit card or paypal is for tax evasion. For the average consumer, credit cards provide so many advantages that bitcoin really isn't competitive.

Please, tell me more!

Do you mean criminal interest rates?
Do you mean absurd charges, surcharges, convenience charges, annual fees, international fees etc?

I spend tens of thousands on credit cards yearly, and don't pay any of those things except international fees if I leave the US. As for interest, I've never paid any, since I pay off my bill every month, so I wouldn't know much about the interest rates.
Also, I get 1+% back on all my transactions, transactions are instant, and I'm protected from fraud. With bitcoin, there's an enormous risk of being scammed, the software is clunky, I have to wait hours for a few transaction confirmations, and my bitcoins can be stolen fairly easily.

[bitcoinsrus]

In response to rocks (nice chart)
so how much will btc if nothing happends (and inflation just happens regular)
would it go up a lot by itself just because dollar loses
or will it still need adoption to become big?