I'm Out

[findftp]

So why is the hashpower still rising?
Do the miners know something we don't?

[lemfuture]

silver to me is useless, just a space waster. bitcoin, i can totally send it to my peers anywhere in the world. i dont see myself getting rich in silver anyway

[Swordsoffreedom]

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?

Profit is profit loss is loss

But well I think you should have waited longer but can always come back in if the price drops further

[zolace]

If you got scared in losing 5 dollars worth of  BTC then stick to watching then playing in this game, leave it for the big boys.

[designfail]

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.

From those charts.. But why the hashrate is still growing exponentially? Who accelerates mining despite falling marking price and why? Who can afford to drop the price down to tubes and continue increasingly mining an petahash rates?

[bitcoiner49er]

Well... bye.

[Radar]

This is going to turn into a regret thread later this year lol

[designfail]

silver to me is useless, just a space waster. bitcoin, i can totally send it to my peers anywhere in the world. i dont see myself getting rich in silver anyway

with silver you could wear a very thick cuban chain on your neck. What are you gonna wear having only bitcoins? A paper chain made of paper wallet?

[jonald_fyookball]

you can always get back in in the next few days after seeing how market reacts to china news

[lemfuture]

silver to me is useless, just a space waster. bitcoin, i can totally send it to my peers anywhere in the world. i dont see myself getting rich in silver anyway

with silver you could wear a very thick cuban chain on your neck. What are you gonna wear having only bitcoins? A paper chain made of paper wallet?

i dont have a use for cuban chain. im a simple guy. i wear shirt and pants. no need for bling blings

[roslinpl]

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?

This IRS decision sux a lot ...
I am pretty sure decision is going to be changed in near future.

You will be back in the game sooner then you expected.
I wish you quick come back and all best!

[~Coinseeker~]

Seems like a wise move, although exiting at $800 would have been better.  

Let's face it, the consensus is in.  The general public is not running out to buy bitcoins to prop up the price.  It is what it is.  Without the wealthy in China trying to avoid capital controls, we're likely headed back to where we were.  Around the $100 mark.  They are the sole reason for the huge run up.

Business adoption means nothing, if people don't have bitcoins to spend in their shops. They too will see there isn't much uptick in traffic, other than relying on current bitcoin holders, who prefer the mantra, "buy and hold" over "buy and spend".  So, I wouldn't expect much.

Digital currencies are here to stay, now that we've solved the double spend problem, but the poor distribution of bitcoin, will always leave it with a cap of how many people will actually own any.  Add the IRS now taxing it as property and it's blatantly clear where this is headed.  Bitcoin makes no sense for a consumer to buy and use as currency.  That's just crazy.  

The question for those who bought above $500, is do you sell now with some loss or do you panic sell at $100 and get wiped out.  Anyone not selling now, has either got balls the size of watermelons or is just in denial. The "get rich quick" gravy train ride, is over.

[johnniewalker]

@lemfuture: Silver has no use for you? Your cell phone, computer, etc. might disagree. So will the increasing number of people turning to silver for a hedge against inflation.

and @zolace: seriously? Who views the current value of an investment as merely its seed? That is literally irrational. If you make a billion dollars off an investment you put $5 into would you view it/its subsequent value and risk involved in terms of that $5? Keep thinking/investing like that, big boy lol.

[miroman86]

If I were you, I'd buy back in yesterday. This is the second crash since I've been in and its fair to say the rebound will only be bigger then last time.

250-60-1200

1200-400-4000

How can you not see this?

History doesn't always repeat itself. Past trends are not reliable predictions of the future.

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?

Ooohhh banking forum... must be a good read! I'll look for threads where they talk about bitcoins...

EDIT: That was the f*cking lamest forum I've been to...

[Dimelord]

This is quickly degrading into a flaming thread... Break out the popcorn and beer

[Don007]

Honestly, if you jump in at the current (low) level I really think it will give you profit.

That's also the reason that I keep buying BTC instead of selling. And no, I'm not trying to attract people into Bitcoin. You should make this decision all by yourself, but that's my vision .

[g4c]

silver to me is useless, just a space waster. bitcoin, i can totally send it to my peers anywhere in the world. i dont see myself getting rich in silver anyway

with silver you could wear a very thick cuban chain on your neck. What are you gonna wear having only bitcoins? A paper chain made of paper wallet?

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.

[BADecker]

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

There are many things that can stop crypto - anything from Internet failure to solar flare EMP to power grid failure to quantum computer hacking. The point is that these things will stop almost everything else at the same time.

As long as things keep on rolling along as they have been, even in the face of massive inflation or the USD losing its status as world currency, crypto is the way of the future.

However, it is always good to keep scrap silver coins on hand along with a box of small-bill cash, for emergencies.

If the whole world system goes down, gold and silver will be the in-thing in the long run.

[Trinxer]

I've done some trading courses in my time and I must say that where bitcoins price is now is perfectly normal, text book crash. It has fallen to just over 60% of its highest value. Check all stock crashes and this happens 'most' of the time. I believe the fundamentals could stop bitcoin from rising as sharp as it did before, but for it to be worth anything as an investment you want it to gain price slowly. It's the only way it may hold it's value. Bitcoin needs lots of trading volume to do this.

I would say the next price level should be around $750, but may not make it to that level for at least a year or so. After that it may drop back down to around $500, then after that I couldn't tell you. After most crashes there is a sideways movement for a while. I believe Bitcoin's will last for a year.

I wouldn't be selling if I held them, not yet anyway. Not sure if I would buy though, I still need to see more secure trading platforms in my country before I do that.

[ryanmnercer]

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.

Bitcoin is a currency, not an investment.