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Question: Making my weekly purchase of bitcoins.  Should I hold off a while?  (Voting closed: June 14, 2012, 02:45:00 PM)
No point buy now. - 33 (62.3%)
Yes wait till tomorrow or day after - 5 (9.4%)
Yes wait until the weekend - 9 (17%)
Yes wait until next week - 6 (11.3%)
Total Voters: 53

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Author Topic: Making my weekly purchase of bitcoins. Should I hold off a while?  (Read 1635 times)
matthewh3
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June 13, 2012, 02:45:00 PM
 #1

It's only a small amount of GBP/BTC on Intersango and today bitcoin is at its higest price in over five months Huh

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proudhon
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June 13, 2012, 02:56:35 PM
 #2

It's only a small amount of GBP/BTC on Intersango and today bitcoin is at its higest price in over five months Huh

I voted that you wait until the weekend, but I actually just buy when my money gets to the exchange, and I do it pretty much regardless of what the price is doing.  Once the bitcoins are bought I send them almost immediately out of the exchange.
Explodicle
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June 13, 2012, 03:08:47 PM
 #3

I save a little in bitcoin every month and I'm waiting too. I'm by no means an experienced speculator, but I think everyone is just all worried because of Spain/Greece and bitcoin capitalizes on that uncertainty. (I'm giving away my insignificant position because I don't want to see what was stable growth turn back into scary volatility.)

*shudder* over this past year I've slowly turned into a bear. Not as fun as wild optimism from last June! Tongue
matthewh3
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June 13, 2012, 03:09:44 PM
 #4

It's only a small amount of GBP/BTC on Intersango and today bitcoin is at its higest price in over five months Huh

I voted that you wait until the weekend, but I actually just buy when my money gets to the exchange, and I do it pretty much regardless of what the price is doing.  Once the bitcoins are bought I send them almost immediately out of the exchange.

This for a few shares on the GLBSE and a very small hoard I've started.

Maged
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June 13, 2012, 06:54:39 PM
 #5

If you buy bitcoins weekly as part of a long-term investment strategy, it's best to remain consistent. Otherwise, you'll quickly find yourself in the position of a daytrader, and unless you have experience in daytrading, you'll lose almost every time.

Realpra
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June 13, 2012, 06:58:10 PM
 #6

If you buy bitcoins weekly as part of a long-term investment strategy, it's best to remain consistent. Otherwise, you'll quickly find yourself in the position of a daytrader, and unless you have experience in daytrading, you'll lose almost every time.
+1

(I said wait a day though.)

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adamstgBit
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June 13, 2012, 09:05:09 PM
 #7

you might get a slightly better rate over the weekend, but...

maybe you'd save a few bucks, but is it worth the headache? the point is you bought in mid June and got the mid June price  Wink

Vandroiy
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June 13, 2012, 09:20:28 PM
 #8

If you ask in the speculation forum, naturally there should not be a consensus that the price is too low or too high. (Otherwise, all speculators would be all-in or all-out, which would be really bad.) In the end, hardly anyone can foresee short-term movements, and if someone can, he often finds a way to accelerate them for his own profit.

Just buy some and don't pay it much mind if you turn out lucky or unlucky. It should average out in the long run. No way to tell whether a single guy pops up with either 500k USD or 100k BTC tomorrow and renders any short-time forecast useless. Yep, those numbers could spike current Gox orderbook to 4.5 or 8 respectively! Bitcoin is still so small that single traders can shake up the market. Forecasting this should really not be possible.
notme
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June 15, 2012, 05:05:46 PM
 #9

I hope you bought.

https://www.bitcoin.org/bitcoin.pdf
While no idea is perfect, some ideas are useful.
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matthewh3
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June 15, 2012, 05:21:17 PM
 #10

I hope you bought.

Thought I'd try a bit of trading following Bollinger extremes so bought and sold for a small profit.  Have an order in now to buy at £3.91 with the extra money I made current lowest bid £3.97001.  Think I'll leave that order at £3.89 in until it sells and then just buy what I usually buy next week.

Explodicle
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June 19, 2012, 05:33:26 PM
 #11

If you buy bitcoins weekly as part of a long-term investment strategy, it's best to remain consistent. Otherwise, you'll quickly find yourself in the position of a daytrader, and unless you have experience in daytrading, you'll lose almost every time.

Judging by this week, it appears you were right and I was wrong. Thanks for the tip!
molecular
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June 19, 2012, 07:09:00 PM
 #12

If you buy bitcoins weekly as part of a long-term investment strategy, it's best to remain consistent. Otherwise, you'll quickly find yourself in the position of a daytrader, and unless you have experience in daytrading, you'll lose almost every time.

that's how you acquire experience as a daytrader

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Maged
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June 20, 2012, 06:01:45 AM
 #13

If you buy bitcoins weekly as part of a long-term investment strategy, it's best to remain consistent. Otherwise, you'll quickly find yourself in the position of a daytrader, and unless you have experience in daytrading, you'll lose almost every time.

that's how you acquire experience as a daytrader
Well, that's true. But, the biggest disadvantage in turning into a daytrader is the amount of research you need to do every single day. That's why I became a moderator here - because I read most of this forum anyway so that I don't miss anything. Without doing that research, daytrading is much riskier. Hell, I'm scared enough just going to sleep, because I can't research while I'm asleep.

If you buy bitcoins weekly as part of a long-term investment strategy, it's best to remain consistent. Otherwise, you'll quickly find yourself in the position of a daytrader, and unless you have experience in daytrading, you'll lose almost every time.

Judging by this week, it appears you were right and I was wrong. Thanks for the tip!
While I may have been right this week, this strategy won't work in your favor every week. However, it allows you to not worry about the current price, and instead focus on whether or not you think the bitcoin price will rise between now and several years from now.

(also, I wanted to urge you not to hold off because I was fairly certain in that specific case that bitcoin would rise further after that post, but I wanted to provide more sound advice instead of a one-off tip)

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