Man - I'd love to pick up @$100 range
gotta be honest tho, don't think we are going that low (I'm often wrong
)
U need to start being honest with what your true emotions are mate.
If Bitcoin goes down to $100 range, you will be filling your boots as you will be 60%+ down on your initial investment. That is horrendous performance by any standards.
Look at yourself in the mirror, and admit that you really don't want Bitcoin to go down to $100 range.
Once you do that, you may start to be able to make some good decisions that might actually benefit you, even if it means realising short term losses.
My last trade which flew in the face of what I was preaching at the time lost me around $1500. Had I adopted the foolish self deluding attitude of "
oh goody more cheap coins for me", I would now be down about $4500, and perhaps even more if I was really filling up my sack with dem 'cheap coins' on the way down. But I didn't. I admitted that I didn't like what I was seeing and that things were looking very bad.......Of course, I didn't figure on things getting this bad, this quickly, so thank fuck I am out the game.
Whilst I am not one of those who has capitalised on bitcoin from the single or double figure days, I am fortunate enough not to have made a net loss on Bitcoins. Most people who have invested in Bitcoin will make a net loss. That is the nature of Ponzi schemes. I am not saying that Bitcoin is a ponzi scheme, but it trades like one and if it fails it will have behaved exactly like that.
$275 looks like a good short term low for now. After such a prolonged downward grind, I would imagine that there will likely be a correction (up the way) from this trend. Keep your eye on the market action, and be prepared to either break even, make a slither of a small profit....or if things start looking dodgy again, be prepared to cut your losses. Seriously.
$275 is not the ultimate low. With that said I would be greatly shocked if any lower prices were hit in the coming week or so.
Hey Mat, thanks for the concern brother - I keep a meticulous spreadsheet for past 11months since becoming a Seller on Localbitcoins - comparing against balance sheet when we initially invested, then moving my Superannuation to Bitstamp - you are right - I'm currently down slighty (<$700), but then again we've bought a few things too.
By retailing them constantly, I'm finding the FIAT amount is very similar, sort of balances to what we originally invested - lol, so after all those hours this year Selling to Localbitcoin traders then buying back on Stamp I'm still down (but got a shit load more BTC
)
Thanks Mat, you're right because sometimes I get blinded and just concerned about making more and more BTC, just gotten used to transferring large sums overseas routinely, then buying back. If we were to liquidate all today, it would have been for nothing (fiat, profit-wise)
Been doing it for so long now, gonna find it hard to stop - will try not to head towards delusion, and accept for me to make a sweet profit, I really do need the price to go $600+
- totally agree with you that a DPOS/POS won't be sustainable nor added to replace current Consensus Algorithm - however it's certainly holding back BTC price, if a more efficient proof can be implemented to reduce mining costs + increase security + speed up confirmation times through the blockchain. This would make BTC better for everyone (i'm not sure how this would affect the price index, guy on video reckons it'll rocket, I'm not so sure - but agree Bitcoin itself would be more even more efficient.