I'm Out

[Swordsoffreedom]

http://www.coindesk.com/fitch-regulation-rob-bitcoin-low-cost-appeal/

Thanks for that looks like  a neat little article 

[Beliathon]

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?

I think you're a weak hand, and you do the global community a disservice by spreading your fear and cowardice here.

It sounds like you are talking purely from a speculator perspective, which is narrow-minded. Right now I don't own any bitcoins but I am far from "out of the game". Bitcoin is about its advantages and innovation, it's not a get-rich-quick scheme.

QFT, very well said. We're changing the way we do money on this planet.

Let me repeat that:

Cryptocurrency is a revolution in the way human beings "do money".

[vpitcher07]

I can't believe how many bulls are commenting in this thread yet we are obviously in a bear market right now. I'm bullish long term but guys let's be real here, the IRS statement was treated as bearish news (regardless of your opinion, that's how the market reacted), china has pretty much banned BTC exchanges, and the mt.gox fiasco was the start of this bear market. BTC will recover, but don't say $10,000 by the end of april, it's silly.

edit : typo

[rix5]

I can't believe how many bulls are commenting in this thread yet we are obviously in a bear market right now. I'm bullish long term but guys let's be real here, the IRS statement was treated as bearish news (regardless of your opinion, that's how the market reacted), china has pretty much banned BTC exchanges, and the mt.gox fiasco was the start of this bear market. BTC will recover, but don't say $10,000 by the end of april, it's silly.

edit : typo

without this PBOC-mess today we would not be in a bearmarket. This bearmarket is artificially kept up. BTC is oversold now for sure.

[ryanmnercer]

I can't believe how many bulls are commenting in this thread yet we are obviously in a bear market right now. I'm bullish long term but guys let's be real here, the IRS statement was treated as bearish news (regardless of your opinion, that's how the market reacted), china has pretty much banned BTC exchanges, and the mt.gox fiasco was the start of this bear market. BTC will recover, but don't say $10,000 by the end of april, it's silly.

edit : typo

Amen!

[kthejung]

Bitcoin is going to be a long rollercoaster ride and not everybody is going to stay on for the full duration.  Actually, it wouldn't make sense if all the early adopters stayed on because then bitcoin wouldn't work the way that it's supposed to.  For one reason or another, most will not hold onto the amount of bitcoins that they plan to for the full duration of its rise; divine hands are at work.

[findftp]

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.

Bitcoin is an insurance, not a currency

[johnniewalker]

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?

I think you're a weak hand, and you do the global community a disservice by spreading your fear and cowardice here.

lol

[findftp]

and finally, capitulation

buy, buy, buy 

Capitulation generally means, bye bye bye :-)

[Cryptopher]

As I don't live in the US I'm of a different opinion. I'm currently attempting arbitrage between different currency pairs - there are huge wins to be made but volume is very low, so it can be very slow - but otherwise very profitable.

Plan is to be holding fiat, making quick dumps in coins and trade back to other currency. Guerrilla trading as it were.

The IRS news is a massive headache, I don't understand how it is even feasible, how can they even allege specifics?

[rix5]

and finally, capitulation

buy, buy, buy 

Capitulation generally means, bye bye bye :-)

not if you're a falling knife catcher

[fran2k]

Any point you made almost a 100x was a good one.

I like a lot this: https://bitcointalk.org/index.php?topic=345065.0

I would rather hold at least a fraction of the BTCs, like 10-20%. We´re gonna see 4 digit numbers in the future.

Also, we´re in a local low these weeks. Not best time to sell I think.

[paulsonnumismatics]

I said on another thread and i repeat here: If i was the head of a Trust Fund/Hedgie looking to park 25 million USD on BTC, this will be my play. The thing is that im pretty sure that right now worldwide are dozens, not a handful, maybe not hundreds, but Dozens of new projects under construction that involves Cryptocurrencies. And each one is a multi-million behemoth looking to get the grip of a very small market, if we compare to traditional markets.

Shots will be fired, and they aim to remove amateurs from the field.
The day of gold diggers is off. The Age of Gold industry is on. They arrive with their laws, their expropiations and their brute force. We small guys need to step out, else we will be crushed.

But for gods sake, that doesnt mean you need to sell the gold in your pockets...

Stop mining. You cant compete with the big newborn factories under development.
Stop trading. You cant compete with the big investment rig bots.
Stop making businessese. You cant compete with big startups and his well trained outsourcing accountability to avoid taxes.

But man, stick with your BTCs. They will grant you a nice retirement.
My 2 sats, at least.

[Beliathon]

I can't believe how many bulls are commenting in this thread yet we are obviously in a bear market right now. I'm bullish long term...

What else matters than long term? We're not day-trading pricks here, most of us.

[Cryptopher]

I can't believe how many bulls are commenting in this thread yet we are obviously in a bear market right now. I'm bullish long term...

What else matters than long term? We're not day-trading pricks here, most of us.

Long term is one thing, but shorting is a fantastic way to increase your holdings. Of course, it would be risky to sell at a support line.

[herebittybittybitty]

I can't believe how many bulls are commenting in this thread yet we are obviously in a bear market right now. I'm bullish long term...

What else matters than long term? We're not day-trading pricks here, most of us.

"Day-trading pricks" 

[dynodog]

OP, I am out as well (since about 630 or so), and never thought I would.  We have our reasons - mine is that there is simply not enough security for bitcoin holders for it to be adopted by the general public (there are other reasons that concern but ones I was willing to live with - such as 30% of all bitcoins are held by some 47 or so people, and that a massive percentage of bitcoin that exists has been stolen through hackers etc.)  

One thing is for sure, we will all live with the consequences of our decisions.  OP and I have made our decisions, and those of you holding or buying will as well.   It will be fun to see how it all plays out.

[64dimensions]

Comments on the OP:

1) The problem with the "IRS pooped on BTC" argument is that it ignores innovation. There is so much quad core driven processing power out there that it wouldn't surprise me that as of RIGHT NOW, someone is working on some real time altcoin version of "Turbocoin". "Turbocoin" being some real time tax app that meets the known IRS requirements. All of us would pay $50 for an application that would poop out the current tax forms required by the IRS. Just like turbotax has a constant stream of updates, so would turbocoin. So IMHO, the "IRS pooped on BTC" is a non problem, that is to say it just created a new software market.

2) Like a junkyard dog eyeing a piece of steak, retail with their narrow margins, is waiting for some packaged, stable, altcoin payment solution. In retail shaving 1% - 3% of your costs, is a big deal. People become VP's for just shaving 0.01% in costs.

3) There are millions of people who transfer money back home and shaving 3% - 5% would be a big deal in the payment space. Business wire transfers are typically $50 and require an established account.

[atp1916]

Taking a bite out of the $1.5 trillion dollar a year payment processor fee / money transmitting business... yeah, the Bitcoin protocol is worth every penny of that sum saved.

Once China becomes mostly marginalized from their speculating on the market, things will settle back down.....and head right on up to that $750-$825 range.  

US investors are... lurking in the wings.  

[jabo38]

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.

And then it stabilizes and goes back up, I am watching for it to bottom and then buy.