Why be scared of BitCoin? Greed and control. Also, any advice on BTC trading

[deemac87]

I am really new to BitCoin. Over the past month ive been doing quite a bit of research on it and ive been going to all the faucets and collecting some dust. BitCoin is an awesome invention. It COULD totally revolutionize our pathetic n obsolete monetary system we use now. The bankers n different governments know this, and they're terrified of it because they can't control it or go to BitCoin HQ (cuz it doesn't exist) and shut it down. So instead they start RUMORS attempting to make people lose confidence. Just as J.P. Morgan started the panic of 1907, then he made people believe they NEEDED a central bank to prevent future panics. Or they'll pass ridiculous laws that do NOTHING but fuck with BitCoin users. Or they flat out bully and threaten (not with physical violence) BitCoin.

When the wheel was invented, it too was a revolutionary invention that moved mankind forward in ways which people of the time couldn't possibly comprehend. How advanced do u think the human race would be today if the government stepped in and banned or criminalized the wheel. Whoever it was that invented the wheel was just looking for an easier way to move something from point A to point B. I bet that never in his wildest dreams did he think his invention would have spawned many other ideas (the pulley and cars for example). I realize that it's a huge stretch to compare BitCoin to the wheel (maybe), Im just using it as an example.

But anyway, like I said earlier, I'm new to BitCoin, I wanna give up on the faucets and start trading BitCoin instead. I've never traded stocks or or anything like that, so I'm totally new to this. I missed the bus the first time when BTC went from nothing to over $500. I dont wanna miss it next time when it goes from $500 to $1500... I hope. Does anyone have any advice on buying and selling BitCoin? Any advice would be greatly appreciated.

[akujin]

There's only one rule! Buy high, sell low! 

[romneymoney]

Buy and HODL with most of your investment and be more active with some of it.  
If you can become successful trading with a smallish amount, increase the percentage of your coins that you trade actively.
I think the beginner is at a fairly severe disadvantage in the day trading market, going against pros, hightly talented amateurs, bots, and manipulators.

[Bit_Happy]

To win at trading you must go against the crowd, but....
only at the right time.   

[chessnut]

Bitcoin is great fun to day trade BUT it would be a terrible currency to learn how to day trade with. the liquidity is terrible, and volatility is terrible (and excellent  ). forex is a better way to learn (lower cost), but a lot less profitable. either way it is making a BIG decision to learn to day trade, because it takes years, and you can be sure that if you give up, you will give up at a big fat loss. I would also advise that you have developed your own ideas about trading before you set out, and figuring out things yourself is important in this game.

If you are going learn to trade on Bitfinex my advice would be (apart from dont!) let your low orders fill (rather than market order) and keep an eye on the liquidity (your exit).

bottom line, dont let day trading ruin the loot to be made from holding!

[fattypig]

Just buy BTC and hold.

[aminorex]

Dollar cost averaging is hard to do wrong.  If you refrain from selling more than 10% and only do so after a 10x price gain you probably won't regret it much.

[ScarletJ]

Bitcoin is great fun to day trade BUT it would be a terrible currency to learn how to day trade with. the liquidity is terrible, and volatility is terrible (and excellent  ). forex is a better way to learn (lower cost), but a lot less profitable. either way it is making a BIG decision to learn to day trade, because it takes years, and you can be sure that if you give up, you will give up at a big fat loss. I would also advise that you have developed your own ideas about trading before you set out, and figuring out things yourself is important in this game.

If you are going learn to trade on Bitfinex my advice would be (apart from dont!) let your low orders fill (rather than market order) and keep an eye on the liquidity (your exit).

bottom line, dont let day trading ruin the loot to be made from holding!

Theoretically speaking with BTC you can invest just a little, do deals easily online without rentals, and the high volatility actually makes it very feasible to day trade with your relatively small amount. A stable or immutable market basically means you can't day trade effectively. But the liquidity though... yeah

Lots of trading guides out there. Might want to google turtle traders (don't buy anything though)

[deemac87]

Wow, good thing I asked for some advice. Im 100% new to day trading, I thought itd be easy to learn with bitcoin, which really shows how much I know about it. Im gonna hold them for now, and buy stuff with em sometimes, and learn about bitcoin & trading  more. Then start small. Thanks ALOT for the advice, yas probably saved me from losin a fuckload of money

[keithers]

There's only one rule! Buy high, sell low! 

Yeah if you hate the current money system, this is the quickest way to rid yourself of all fiat.

[shmadz]

From reading your post it seems like you have a pretty good understanding of what bitcoin actually is, as well as some of the main threats.

I'm not one to give advice, and others more qualified have already laid down some good foundation, but while I was trying to think of an answer to your OP I started thinking about big-picture-bitcoin. Do not take this as advice, it is simply the rambling of someone that is too drunk to shut up.

<tinfoil hat warning - crazy mode engaged>

We are currently witnessing the beginning stages of a world wide currency war.

If I had to stake everything I have on predicting the winner, at this point, I still think gold is the odds-on favourite. This doesn't mean I think bitcoin is a bad bet, it actually has the best upside, plus the fact that a world where bitcoin is the reserve currency and the main facilitator of international trade, there is very little room for fraud.

The current paper currency is outright, straight-to-your-face fraud, by design. Gold is better, but still leads to fraud in the difficulty of transportation and storage and the trust issues (will Germany ever get its gold back?)

bitcoin is of course the best option, but this by no means that it will win the war.

</crazy mode>

Anyways, welcome to bitcointalk, and just remember when you're thinking this -> "I dont wanna miss it next time when it goes from $500 to $1500..."  -- there is always a chance that this will never happen.

[GigaCoin]

They are not rumors