bitcoin_drop (OP)
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November 03, 2014, 12:51:54 PM |
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That's a question I always ask myself, weather its in the morning when I wake up, during the day as I read all those negative Bitcoin reviews or even at night as I stay up contemplating weather or not my Bitcoins will be worth less by the time I wake.
I came to a simple 3 point solution.
- Stay informed (News is key to staying ahead of any future price dips) - Prepare for future scenarios (Hedge the risk of any possible adverse market conditions by having exit/re-entry strategies) - Take immediate action (When the market falls get out before the panic erupts. Do not be a Bitcoin romantic .Emotional attachment will cost you.)
I'm not fear mongering here , I'm simply being realistic. We all know the concept of Bitcoin is still pretty new and as we have seen with other bubbles, some burst and some float to great heights. If anyone wants to stay informed about working systems to help offset risk and hedge against future price swings.
Follow me on Twitter : @Bitcoin_Drop
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BitUsher
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November 03, 2014, 01:18:19 PM |
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My suggestion is for people to either use bitcoin and/or invest in it as a long term strategy rather than attempt to outsmart the marketplace or depend on fancy algorithms/bots to hedge against risks with some form of day trading .
If you want to invest in bitcoin, great, buy some and secure it in cold storage instead of hot wallets and stay calm and simply do not sell it below your purchase price. Otherwise, do not invest in Bitcoin(and merely use it) as you will likely be harmed by third parties who think of creative schemes to scrape profits off of your fear and uncertainty.
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Hiraga
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November 03, 2014, 02:19:52 PM |
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Protect your investment by buying more. If all do that then newcomers will have to pay more. Or, simply wait and keep faith.
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pissedoff
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November 03, 2014, 02:20:41 PM |
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Buy more Bitcoin. Buy things with Bitcoin Stop using bitpay & similar companies.
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Nicolas Dorier
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November 03, 2014, 02:39:10 PM |
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I prefer the chimpanzee technique. 1. You define how much BTC you can buy in avergae for every period (say 1 BTC every week). 2. Then, when the date is due, you shuffle 5 card with more or less 1 BTC. (For example : 0.50, 0.75, 1, 1.25, 1.50) 3. Pick one and buy the amount specified on the card 4. Repeat every period, without looking at the market rate If you need cash, then do the same for the amount to sell. But be sure you are reasoning on your actual need of cash, and not because of market conditions. The Chimpanzee technique is a reliable way to protect against human bias. http://www.ted.com/talks/hans_rosling_shows_the_best_stats_you_ve_ever_seen?quote=130Chimpanzee can teach you how to invest wisely, but also how to peal a banana, broad range of skill. http://www.instructables.com/id/How-to-Eat-a-Banana-Like-a-Monkey/![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif)
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Bitcoin address 15sYbVpRh6dyWycZMwPdxJWD4xbfxReeHe
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RodeoX
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The revolution will be monetized!
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November 03, 2014, 02:44:34 PM |
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You could spend it the way God and Satoshi meant it to be used. The stuff I bought three weeks ago at $390/BTC is still worth about the same.
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inBitweTrust
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November 03, 2014, 02:56:29 PM |
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Protect your investments by buying more when it drops in value and whenever you spend BTC immediately buy more.
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Velkro
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November 03, 2014, 03:08:10 PM |
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- Stay informed (News is key to staying ahead of any future price dips) - Prepare for future scenarios (Hedge the risk of any possible adverse market conditions by having exit/re-entry strategies) - Take immediate action (When the market falls get out before the panic erupts. Do not be a Bitcoin romantic .Emotional attachment will cost you.)
i got better solution in one sentence: "just keep your bitcoins" best value protection
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Klestin
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November 03, 2014, 03:09:14 PM |
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Stop using bitpay & similar companies.
This is misguided advice at best. Bitpay and similar services are the near-term future of Bitcoin commerce. Yes, I fully understand the perspective that says since Bitpay retailers frequently do immediate conversion to USD, they're generating negative price pressure. However, for every potential retail purchase conversion to USD, there's a potential new adopter converting from USD. Retailers currently have to pay 99% of their bills in fiat. That will not change instantly, no matter how much we wish it could. For Bitcoin to take off, retailers must accept it and must have success doing so. Bitpay is the crutch that bypasses the chicken-and-egg conundrum of BTC acceptance. Don't fear it. Embrace it. Your feared short-term price devaluation is insignificant in the long run compared to broad retailer acceptance and high consumer activity.
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bitllionaire
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November 03, 2014, 03:14:37 PM |
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so,what you want is not to lose when it goes down,but you want to earn when it goes up so clever
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BitUsher
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November 03, 2014, 03:15:54 PM |
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i got better solution in one sentence: "just keep your bitcoins"
best value protection
Exactly. People can not out think the market and are mostly gambling by day trading. For almost all users there is always a larger whale that can move the market more than you can or someone with better insider trading information than you have. Unless you are going to make a career off studying the market you are much better off buying and holding and buying more when it crashes and making a policy of never selling at a loss.
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elasticband
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November 03, 2014, 03:27:08 PM |
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Stop using bitpay & similar companies.
This is misguided advice at best. Bitpay and similar services are the near-term future of Bitcoin commerce. Yes, I fully understand the perspective that says since Bitpay retailers frequently do immediate conversion to USD, they're generating negative price pressure. However, for every potential retail purchase conversion to USD, there's a potential new adopter converting from USD. Retailers currently have to pay 99% of their bills in fiat. That will not change instantly, no matter how much we wish it could. For Bitcoin to take off, retailers must accept it and must have success doing so. Bitpay is the crutch that bypasses the chicken-and-egg conundrum of BTC acceptance. Don't fear it. Embrace it. Your feared short-term price devaluation is insignificant in the long run compared to broad retailer acceptance and high consumer activity. I don't really think even the majority of sales via bitpay involve a bitcoin newbie purchasing bitcoin from a third party or exchange and then using this bitcoin to buy something. example: http://www.mensocks.nl/ - these people accept bitcoin locally instore, mainly because they are friends with a local bitcoiner. I can almost tell you straight up that no person goes to a local bitcoin ATM machine pays 7% premium above market price, then takes these BTC and spends them on something which they could have just bought with their euro without having to pay 7% to buy BTC. The only people who buy socks there using bitcoin are people who already owned bitcoin. No buy pressure only sell pressure. Apart from retailers who ONLY accept bitcoin for their produce i find it hard to believe joe bloggs would go buy bitcoin and then use this to buy something he can normally buy with fiat. Bitpay is a tool for bitcoin holders to spend their bitcoin and push the price down, probably set out by rothschild types. edit: another local example - https://www.thuisbezorgd.nl/en/. food delivery from almost every takeaway restraunt in the netherlands. via proxy almost all food delivery accept bitcoin. do the stores ever see a bitcoin...... nope. would joe bloggs go buy some bitcoin to order his pizza when he can do it quicker and easier with cahs or credit card. the only people i know spending BTC on https://www.thuisbezorgd.nl/en/ are people who hold BTC.
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chek2fire
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Intergalactic Conciliator
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November 03, 2014, 03:32:44 PM |
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bitereserve.org doing that think. When bitcoin price drop you can change them with fiat money there to protect your bitcoin value. But i think the real answer of your question is that you must start to think that 1Bitcoin = 1Bitcoin and not = with a fiat scam money. This is a real value and not a paper scam bank value
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Klestin
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November 03, 2014, 03:44:44 PM |
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I don't really think even the majority of sales via bitpay involve a bitcoin newbie purchasing bitcoin from a third party or exchange and then using this bitcoin to buy something. Who said (or even implied) that it was close to "a majority"? What I said was it was "a potential". In any event, when the retailer converts to USD, someone out there is buying the BTC.
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waser12
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November 03, 2014, 03:50:19 PM |
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The best thing to do is buying more bitcoins and then keep in safe.
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elasticband
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November 03, 2014, 03:52:09 PM |
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I don't really think even the majority of sales via bitpay involve a bitcoin newbie purchasing bitcoin from a third party or exchange and then using this bitcoin to buy something. Who said (or even implied) that it was close to "a majority"? What I said was it was "a potential". In any event, when the retailer converts to USD, someone out there is buying the BTC. okay sorry i went on rant for nothing.... mostly retailers don't ever see or hold a BTC, it's handled by bitpay and the retailer get their fiat, unless they pre select to keep a % of the BTC collected from a sale. Every sale on bitpay is a potential drop in price without buying pressure and i don't believe bitpay offers enough incentive for customers to pay with bitpay. they only offer merchants incentive to accept bitpay as a form of transfer.
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turvarya
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November 03, 2014, 04:01:16 PM |
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I am wondering about what bad news about Bitcoin you are talking about. If it is just the price drop, than I don't care.
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boy2k
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November 03, 2014, 04:01:23 PM |
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Buy more Bitcoin. Buy things with Bitcoin Stop using bitpay & similar companies.
agreed
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pitham1
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November 03, 2014, 04:31:55 PM |
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Just hold them for the long term. The value protection mechanism of bitcoin is wired into the protocol. ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif)
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inBitweTrust
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November 03, 2014, 04:33:14 PM |
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Volatility isn't the only concern users should have with security. Cost of insurance, the cost of tax exposure from state thieves, and the cost of hot wallets and exchanges stealing funds is always a risk.
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