Well, I am all out, for good this time

[jasonjm]

bought bitcoin for 35 to 70, sold all on the way up between 380 and 500, was criticized big time on this forum for doing so, but that is what I did.

2nd time, bought bitcoin between 280 and 300, just sold it all again for gold, silver and platinum, for approx 10% to 15% loss.

I am done with bitcoin - done! I will never hold bitcoins again, will only buy them to use immediately to pay for items. OK I lie, I held 2 bitcoins, if bitcoin goes to 10 000, it will make up for the $20 000 loss I just took, and I will exit at breakeven.

On a parting note, here are my gripes with bitcoin

1) by far the biggest gripe I have is that bitcoin is just full of scammers and shitbags. Exchanges stealing money, miners stealing money, hackers stealing money, it never ends. When you are trying to sell the general public on a pretty complicated scary concept, and all they are reading is scam this, thief that, you are done, finished, dead in the water. The PR damage has been done.

2) the winklevoss ETF fund is just too much of a risk for me to try hold bitcoin through. if this thing gets denied, bitcoin will flash crash. That winklevoss ETF is the pie in the sky everyone is hoping for so they can dump their coins onto the general public. If it doesn't get approved, a lot of people will dump anyways. The fact that since mtgox there are just more and more bitcoin scams is not good for the pending ETF approval in my opinion.

3) liquidity is horrible, really horrible. there are 14 million coins, but selling or buying 100 000 at once on any exchange will pretty much blow up that exchange to zero or infinity. 100 000 is not even 1%

4) store of value? what store of value, no one can seriously think people would invest life savings in bitcoin when it moves 10% in a day, OFTEN. this is linked to point 3.

5) technological challenges, such as miners 51%, low transactions per second, infighting among developers / community (the most scary one to me), and many more I do not want to get into.

6) dying into obscurity. The increase in traffic being seen is just people slowly realizing they better cash out is my guess. But I have no heard one person on the street mention bitcoin once in the last 2 months. Plus a good indicator is that during crashes or spikes on BTC-E the message section would be so busy you could not even read the scroll was so fast. Now? its dead. This is the point that really got me to dump, if interest is dying amongst bitcoin traders / holders / enthusiasts, how the hell will the public get excited.

7) I see no bitcoin killer app, there has been enough time for one, and there is not one.

why would someone buy something (legal) with bitcoin instead of a credit card? offers zero benefits, only downside.


I am not saying bitcoin is going to zero, for all I know it goes to $1000 or $10 000 or $1, I have no idea. But I don't feel good about bitcoin anymore.

[samson]

A good crash back to low double digits will shake a lot of speculators out.

It was fun 2 years ago, maybe we get to repeat that whole process again.

[poncho32]

I'm wondering how low it will go.

[jasonjm]

jeebus, its down 6% since I dumped.

I am too jaded man

the ONLY scenario I can possibly see myself buying in is as follows (the perfect storm in a teacup).

1) bitcoin drops sub 100, preferably much more than sub 100.

2) while its down here, the winklevoss ETF gets full approval to list on nasdaq



and even then I will be buying only to dump.

other than that fairytale scenario, this is it for me.

[sgbett]

..I held 2 bitcoins, if bitcoin goes to 10 000...

welcome to the church of HODL

[poncho32]

..I held 2 bitcoins, if bitcoin goes to 10 000...

welcome to the church of HODL

Have you dumped any bitcoins, and are you holding any?

[jasonjm]

..I held 2 bitcoins, if bitcoin goes to 10 000...

welcome to the church of HODL

hahahaha! well, after dumping 100s of BTC, if I am in the church with just 2 BTC, I must be a curtain, or maybe a tile or something, definitely not anything important.


as for where BTC will go to the other poster, if anyone here thinks they can tell you, they are lying. We could go to zero or $10 000, or anything inbetween.

[BitCoinNutJob]

bought bitcoin for 35 to 70, sold all on the way up between 380 and 500, was criticized big time on this forum for doing so, but that is what I did.

2nd time, bought bitcoin between 280 and 300, just sold it all again for gold, silver and platinum, for approx 10% to 15% loss.

I am done with bitcoin - done! I will never hold bitcoins again, will only buy them to use immediately to pay for items. OK I lie, I held 2 bitcoins, if bitcoin goes to 10 000, it will make up for the $20 000 loss I just took, and I will exit at breakeven.

On a parting note, here are my gripes with bitcoin

1) by far the biggest gripe I have is that bitcoin is just full of scammers and shitbags. Exchanges stealing money, miners stealing money, hackers stealing money, it never ends. When you are trying to sell the general public on a pretty complicated scary concept, and all they are reading is scam this, thief that, you are done, finished, dead in the water. The PR damage has been done.

2) the winklevoss ETF fund is just too much of a risk for me to try hold bitcoin through. if this thing gets denied, bitcoin will flash crash. That winklevoss ETF is the pie in the sky everyone is hoping for so they can dump their coins onto the general public. If it doesn't get approved, a lot of people will dump anyways. The fact that since mtgox there are just more and more bitcoin scams is not good for the pending ETF approval in my opinion.

3) liquidity is horrible, really horrible. there are 14 million coins, but selling or buying 100 000 at once on any exchange will pretty much blow up that exchange to zero or infinity. 100 000 is not even 1%

4) store of value? what store of value, no one can seriously think people would invest life savings in bitcoin when it moves 10% in a day, OFTEN. this is linked to point 3.

5) technological challenges, such as miners 51%, low transactions per second, infighting among developers / community (the most scary one to me), and many more I do not want to get into.

6) dying into obscurity. The increase in traffic being seen is just people slowly realizing they better cash out is my guess. But I have no heard one person on the street mention bitcoin once in the last 2 months. Plus a good indicator is that during crashes or spikes on BTC-E the message section would be so busy you could not even read the scroll was so fast. Now? its dead. This is the point that really got me to dump, if interest is dying amongst bitcoin traders / holders / enthusiasts, how the hell will the public get excited.

7) I see no bitcoin killer app, there has been enough time for one, and there is not one.

why would someone buy something (legal) with bitcoin instead of a credit card? offers zero benefits, only downside.


I am not saying bitcoin is going to zero, for all I know it goes to $1000 or $10 000 or $1, I have no idea. But I don't feel good about bitcoin anymore.

so you are posting this to tell us because you want to buy back at even cheaper price?

[Milotyc]

liquidity is horrible, really horrible. there are 14 million coins, but selling or buying 100 000 at once on any exchange will pretty much blow up that exchange to zero or infinity. 100 000 is not even 1%

store of value? what store of value, no one can seriously think people would invest life savings in bitcoin when it moves 10% in a day, OFTEN. this is linked to point 3.

if interest is dying amongst bitcoin traders / holders / enthusiasts, how the hell will the public get excited.

why would someone buy something (legal) with bitcoin instead of a credit card? offers zero benefits, only downside.

See what happens if you sell 1% of all dollars at once on any exchange, will be fun.

Yes, people actually do invest their live savings into btc.

Getting the public excited has nothing to do with traders (speculative trading actually does the opposite).

It offers many benefits, the most important one being privacy.

[jasonjm]

I wrote out the ONLY scenario in which I will buy back in, and its a pretty unlikely scenario.

[Elwar]

Bitcoin is not an investment. It is a currency.

Good luck buying a plane ticket or booking a hotel room online using your gold and silver.

[BitCoinNutJob]

I wrote out the ONLY scenario in which I will buy back in, and its a pretty unlikely scenario.

Have you followed some of the chart guys explanations? this price drop was predicted and also a bull run sometime after.  Seems like a bad time to sell and be out for good.

[xDan]

> I see no bitcoin killer app, there has been enough time for one, and there is not one.
Check out the "project development" forum sometime. I see many seeds planted. These things can take years to gain in popularity, though.

> why would someone buy something (legal) with bitcoin instead of a credit card? offers zero benefits, only downside.
We must assume there exist reasons, because people do. Blind cultism, perhaps?

See you in five years.

[inca]

Yes the volatility is absolutely insane. Would be nice if there were some upward volatility.

You aren't all out as you still hold 2 bitcoins

[jasonjm]

if I need to buy a plane ticket using bitcoin, I can get the coins instantly on coinbase, and pay

more importantly why wouldn't I use my amex platinum to buy the ticket, which gives me points, protection in case the airline screws me, plus all sorts of baggage and flight delay protection?

[Milotyc]

Bitcoin is not an investment. It is a currency.

Good luck buying a plane ticket or booking a hotel room online using your gold and silver.

One can invest in a currency, making it an investment.

[jasonjm]

there are a lot of bitcoins on the move, the blockchain is taking forever to give confirmations

[poncho32]

there are a lot of bitcoins on the move, the blockchain is taking forever to give confirmations

The miners are probably giving up so it will take ages to find each block

[jasonjm]

I guess it is possible, I am not a miner and I gave up. Gnite all and good luck to all BTC longs.

[Elwar]

if I need to buy a plane ticket using bitcoin, I can get the coins instantly on coinbase, and pay

more importantly why wouldn't I use my amex platinum to buy the ticket, which gives me points, protection in case the airline screws me, plus all sorts of baggage and flight delay protection?

The Platinum card, which costs $150 per year in fees. If you spend $8k per year you'll get a free plane ticket in 3 years. That only costs $450. And if you screw up (like the average household with over $2k in credit card balance) you are hit with 18% in fees.

I'm done with playing that game. Give me real money and no banks/credit cards.