I'm Out

[ryanmnercer]

I think you may be in the wrong forum, here try this one: http://www.banking-forum.org/

Maybe there you will find the same conventional wisdom that you seem to have. Bitcoin does not follow the rules, it breaks them or have you not realised yet?

I think you need a grip on reality. Just because something went up, dipped, went up does not mean it will continue to do so. It might, and it might bottom out. Bitcoin is not guaranteed to increase in value in the short or long-term. Thinking you'll continue to be able to buy cheap sell high buy cheap sell high is irresponsible and foolish.

[Bobsurplus]

I think you may be in the wrong forum, here try this one: http://www.banking-forum.org/

Maybe there you will find the same conventional wisdom that you seem to have. Bitcoin does not follow the rules, it breaks them or have you not realised yet?

I think you need a grip on reality. Just because something went up, dipped, went up does not mean it will continue to do so. It might, and it might bottom out. Bitcoin is not guaranteed to increase in value in the short or long-term. Thinking you'll continue to be able to buy cheap sell high buy cheap sell high is irresponsible and foolish.

Nono, I never said anything about trading, I'm talking about buying and HODLing.

For SURE BTC will be huge in the future, will there be other crypros? sure but BTC will be at the top and worth WAYYY more then it is today.

I'll bet on it and have bet on it by HODLing BTC for the long term!

[jbrnt]

Taxing bitcoins doesn't mean it is banned. It indicates the opposite. I see it as governments trying to classify bitcoin as something they can relate to. Bitcoin has higher chance of suscess than being an outlaw.

I cannot predict its value in a couple of years' time, but I see it being extremely useful in crossborder transactions. There is currently no faster or easier way to receive money form overseas, for goods sold or work done.

I am sure many more will catch on to bitcoin.

[johnniewalker]

I like the discussion going on here. I just wanted to add that I cashed most of my coins out the day AFTER (kicking myself for missing it) bitcoins reached $1200-turns out that was a good decision. Although, I still held a fair amount of coins-primarily Casascius, which I've since sold-with the attitude "I'll just see what happens". So this wasn't just a snap decision. At the same time, I don't like not owning any coins-not just from a financial standpoint, but the principle of it (I "believe" in bitcoins). So, I'll probably buy a coin just to stay in the game. And I'm not taking my eyes off bitcoins-if I feel the stars align and its time to get back in, I won't hesitate.

[Pente]

I think silver is a safe & secure investment. Unlike gold, due to a lot industrial applications, silver should still keep most of it's value even if bitcoin really takes off.

That being said, you should listen to the above responses and keep at least a couple bitcoins.

I tend to keep most of my wealth in crypto since I love to be free of restrainsts, so I can travel around the world.

But I still own a piece of land in the jungles of Hawaii with a small cabin on it. It is my SHTF backup plan. If is fully paid off, so if I am totally wrong about cryptocurrencies, I will still survive okay.

[Bobsurplus]

I like the discussion going on here. I just wanted to add that I cashed most of my coins out the day AFTER (kicking myself for missing it) bitcoins reached $1200-turns out that was a good decision. Although, I still held a fair amount of coins-primarily Casascius, which I've since sold-with the attitude "I'll just see what happens". So this wasn't just a snap decision. At the same time, I don't like not owning any coins-not just from a financial standpoint, but the principle of it (I "believe" in bitcoins). So, I'll probably buy a coin just to stay in the game. And I'm not taking my eyes off bitcoins-if I feel the stars align and its time to get back in, I won't hesitate.

Those stars have aligned since  the 2009 whitepaper.

Would you like to me lend you a telescope to take a look?

 

[whtchocla7e]

Just got in, lol.  I can't see how crypto won't be big in 5 years.

Crypto - yes, Bitcoin - not necessarily.

[johnniewalker]

I like the discussion going on here. I just wanted to add that I cashed most of my coins out the day AFTER (kicking myself for missing it) bitcoins reached $1200-turns out that was a good decision. Although, I still held a fair amount of coins-primarily Casascius, which I've since sold-with the attitude "I'll just see what happens". So this wasn't just a snap decision. At the same time, I don't like not owning any coins-not just from a financial standpoint, but the principle of it (I "believe" in bitcoins). So, I'll probably buy a coin just to stay in the game. And I'm not taking my eyes off bitcoins-if I feel the stars align and its time to get back in, I won't hesitate.

Those stars have aligned since  the 2009 whitepaper.

Would you like to me lend you a telescope to take a look?

 

http://blockchain.info/charts/market-price
No telescope necessary. Everyone has their own idea on the future of bitcoins-and some of those are good ideas, backed by evidence. But the bottom line is that bitcoins are a FUNDAMENTALLY new "thing". Speculating on their future is, to an extent, just that.

[ryanmnercer]

Nono, I never said anything about trading, I'm talking about buying and HODLing.

For SURE BTC will be huge in the future, will there be other crypros? sure but BTC will be at the top and worth WAYYY more then it is today.

I'll bet on it and have bet on it by HODLing BTC for the long term!

BTC isn't a sure thing yet, it could still flop. It's a baby, most countries haven't made decisions on how to treat it. He didn't say he's never touching bitcoin again, he said he cashed out what he was holding to historically reliable storage for wealth. When we are seing 50$ per btc swings most days, I can't blame him. That's why I'm only holding around 1BTC currently, it's all I'm comfortable gambling. As more companies start accepting it and more countries start making statements or laws in it's favor the more I'll start to hold. If another company along the lines of Overstock or TigerDirect come forward soon and start accepting it, I'll probably bump up to 1.5BTC held at any moment. If Amazon or Google were to start allowing it's use for their goods and services I'd probably start holding 3-5BTC as quickly as I could.

Right now it's too volatile to count on as a vehicle for storing one's wealth.

[Velkro]

your loss, someone's else gain in long term , thats how world is spinning

[ryanmnercer]

I think silver is a safe & secure investment. Unlike gold, due to a lot industrial applications, silver should still keep most of it's value even if bitcoin really takes off.

That being said, you should listen to the above responses and keep at least a couple bitcoins.

I tend to keep most of my wealth in crypto since I love to be free of restrainsts, so I can travel around the world.

But I still own a piece of land in the jungles of Hawaii with a small cabin on it. It is my SHTF backup plan. If is fully paid off, so if I am totally wrong about cryptocurrencies, I will still survive okay.

Gold, indeed... only reason I have any gold is I've always wanted to own an ounce of gold bullion... now that my business is doing well I can finally afford to start working there 1/10 of an ounce at a time... but currently banks hold like 10 years' worth of the gold currently mined every year, they could dump it and crash gold for many years easily. Silver, it's just in too much damn stuff and while it could lose a lot of value it would rebound fairly quickly (couple of years) purely from industrial demand.

Own your own land with a cabin. Mmmmm I approve. I however don't approve of living on a massive volcano, you are crazy ;P

[Bobsurplus]

I like the discussion going on here. I just wanted to add that I cashed most of my coins out the day AFTER (kicking myself for missing it) bitcoins reached $1200-turns out that was a good decision. Although, I still held a fair amount of coins-primarily Casascius, which I've since sold-with the attitude "I'll just see what happens". So this wasn't just a snap decision. At the same time, I don't like not owning any coins-not just from a financial standpoint, but the principle of it (I "believe" in bitcoins). So, I'll probably buy a coin just to stay in the game. And I'm not taking my eyes off bitcoins-if I feel the stars align and its time to get back in, I won't hesitate.

Those stars have aligned since  the 2009 whitepaper.

Would you like to me lend you a telescope to take a look?

 

http://blockchain.info/charts/market-price
No telescope necessary. Everyone has their own idea on the future of bitcoins-and some of those are good ideas, backed by evidence. But the bottom line is that bitcoins are a FUNDAMENTALLY new "thing". Speculating on their future is, to an extent, just that.

LOL, so was the internet, cars, air transport and medicine.... It will take a while but bitcoin is here to stay.

[ryanmnercer]

LOL, so was the internet, cars, air transport and medicine.... It will take a while but bitcoin is here to stay.

Nothing is a sure thing. Cyrptocurrencies might be around for the forseeable future, doesn't mean any specific one will be. Rome was a sure thing, till it fell.

[Bobsurplus]

LOL, so was the internet, cars, air transport and medicine.... It will take a while but bitcoin is here to stay.

Nothing is a sure thing. Cyrptocurrencies might be around for the forseeable future, doesn't mean any specific one will be. Rome was a sure thing, till it fell.

Touché! But Rome, this is a little different then Rome if my history serves me correct Rome was around and fighting for hundreds of years..

If we look at it like that,BTC has a few more centuries to come before being dethroned.

[spazzdla]

I can't see how crypto won't be big in 5 years.

Countries are just starting to make early decisions on how to tax and/or regulate it. It could go south fast.

If you only put your money into sure investments don't expect to actually make much money.  UNless you started with several billion/trillion, but I doubt you are a Rothschild.

[jc01480]

Just give it all to me.  I'll do all the worrying for you.   

1KiuKpHcsM7gyW6rDKxBgEJui4Y68J82rX

[googlemaster1]

As an OG member, you have every right to walk away right now and I wouldn't blame you.  But I think the low 400's is a psychological floor for more people and its going to take a LOT to break that.  Most of my coin pickups are when they are in their low 400's on these "crashes", and I really don't sell them ever because I have more of a longterm buy and hold mindset.

The IRS ruling is short sighted, and I'm sure will be ammended for those who intend to use it as a currency, but you have to also remember that the IRS doesn't really care about digital currencies.  They simple aren't a big enough deal for them to care and address properly.  Most of us using small amounts for purchases between a few companies that accept them, probably aren't going to be reporting those, but as long as if you are a trader and you are reporting those gains accurately, then I don't think they will throw you in jail for tax fraud because the coins you mined and spent to by a shower curtain on overstock.

That said, a lot of good things are happening with the bitcoin ecosystem and development, and this is (at least for me) the right price to jump in to buy a few for.  Maybe just for solidarity, or maybe just because you want to "stay in the game".  None of the "bad news" has anything to do with Bitcoin directly, and you know that just as well as I do.  The short term liquidity freeze up just means cheaper prices, and there is a lot of panic happening right now, so its the best time to be greedy, I think .

[pawel7777]

I like the discussion going on here. I just wanted to add that I cashed most of my coins out the day AFTER (kicking myself for missing it) bitcoins reached $1200-turns out that was a good decision. Although, I still held a fair amount of coins-primarily Casascius, which I've since sold-with the attitude "I'll just see what happens". So this wasn't just a snap decision. At the same time, I don't like not owning any coins-not just from a financial standpoint, but the principle of it (I "believe" in bitcoins). So, I'll probably buy a coin just to stay in the game. And I'm not taking my eyes off bitcoins-if I feel the stars align and its time to get back in, I won't hesitate.

So you sold some BTC, but will probably buy some "just to stay in the game" and you'll keep your eyes on bitcoins... That sure doesn't meet the definition of "being out"

Anyway, in or out, good luck to you.

[cosmofly]

Look at the fundamentals. ...

+1
In fact it may be all you should look at. I ask myself:
Is bitcoin still the fastest, safest, and cheapest way to buy things over the network?
As long as those things are true bitcoin has a bright future, IMO.

rodeo, all those things you mentioned are FALSE

[minimalB]

If i were you, i would buy back few coins with gained profit. Just in case : )