$31000 to spend on bitcoin need advice

piramida

legendary

Activity: 1176

Merit: 1010

Borsche

Quote from: RockHound on October 03, 2014, 08:54:01 PM

First - Register/verify an account on an exchange that you trust (eg Bitstamp, Kraken) asap

Second - Fund your exchange

- this process combined can take up to 1-2 weeks to complete

Third - Set a Limit Order to buy either at/around market spot or lower.

Fourth - If you also have spare time to throw into Bitcoin - think of ways to increase your BTC holdings (you will need to do this to negate price volatility - plus the more you have, the better) eg. Become a Seller on Localbitcoins; Sell high / Buy low cycle on your exchange (or better still, exchanges); Use your BTC to buy other commodities, then sell them for more BTC.

good advice except for fourth - don't, you will have much more bitcoins that way. unless you are some kind of trading genius, then you don't need any advice. 90% lose in daytrading.

jasonjm

hero member

Activity: 1288

Merit: 524

Buzz App - Spin wheel, farm rewards

buy $100 worth per day for the next 310 days if you are itching to buy in that 31k

RockHound

full member

Activity: 224

Merit: 100

First - Register/verify an account on an exchange that you trust (eg Bitstamp, Kraken) asap

Second - Fund your exchange

- this process combined can take up to 1-2 weeks to complete

Third - Set a Limit Order to buy either at/around market spot or lower.

Fourth - If you also have spare time to throw into Bitcoin - think of ways to increase your BTC holdings (you will need to do this to negate price volatility - plus the more you have, the better) eg. Become a Seller on Localbitcoins; Sell high / Buy low cycle on your exchange (or better still, exchanges); Use your BTC to buy other commodities, then sell them for more BTC.

adamstgBit

legendary

Activity: 1904

Merit: 1037

Trusted Bitcoiner

Quote from: Blazin604 on October 03, 2014, 08:17:38 PM

Thanks for the advice guys I really appreciate it. I really don't understand why the price keeps falling. Theoretically it won't be able to fall below a certain point because haven't most of the early adopters confirmed that they won't sell?

lol they have been selling... this is why price is dropping.

after giving this some thought myself, i think a good way to take a position in bitcoin right now, would be to buy just little bits at a time when price is slipping or crashes (place bids, don't go chasing price when its bouncing up from a drop), at one point it will bottom, and an uptrend will materialize, then you'll want to take the rest of your position FAST as to not be crashing price up.

hopefully this bitcoin thing isnt a bottomless pit. Cheesy

good luck.

Driv3n

sr. member

Activity: 364

Merit: 250

Quote from: Blazin604 on October 03, 2014, 08:17:38 PM

Thanks for the advice guys I really appreciate it. I really don't understand why the price keeps falling. Theoretically it won't be able to fall below a certain point because haven't most of the early adopters confirmed that they won't sell?

The price isn't falling for any fundamental reason, it's just the end of the bear market... most likely. No one knows for sure, and at least half the posts here in the speculation forum are ppl who are biased with their own agenda but based on my TA and EW knowledge I would guess theres a good chance well see the price go below the 340 low in April... theres a good chance we see the low 300s, but at the same time you should never try to catch the bottom, most of the time you'll get burned. I would pick a few target buy in prices and invest a percentage of your money at each point. Of course you may never see those prices if you get too aggressive and go low. If you believe in the fundamentals and future of bitcoin, buying in at 300 vs. 350 doesn't matter that much because either way you'll have a great return on your investment.

Blazin604

full member

Activity: 224

Merit: 100

Thanks for the advice guys I really appreciate it. I really don't understand why the price keeps falling. Theoretically it won't be able to fall below a certain point because haven't most of the early adopters confirmed that they won't sell?

spiderbrain

legendary

Activity: 889

Merit: 1013

My rough guess would be:

25% chance 340
40% chance 300
20% chance 270
10% chance 200
5% chance 100

so buy some now and more later if it keeps going down.

jaredboice

hero member

Activity: 560

Merit: 500

Quote from: goxed on October 03, 2014, 07:00:56 PM

spend $1k a day. imo,etc etc.

My advice is that it's better to be too early to the party than too late. I'd consider how low you think it could go in the short term. Historically, Bitcoin has always bounced off of previous ATH's to begin a new rally. I don't see any reason for that trend not to continue, seeing how we've actually had a lot of good news this year regarding new merchant adoption and ventures that haven't even happened yet.

With that said I don't expect it would dip below the previous ATH ($266?). Although it's just as possible that we're finding a bottom this week. Anything can happen.

With that said, beware of anyone who tells you to beware of bulls who are think we could hit $10,000 before the end of the year. Literally, anything is possible. Including $10,000. Look at the 4 year chart and tell me why it's NOT possible

manselr

legendary

Activity: 868

Merit: 1006

You are insane. The price is TANKING! Wait on it, and you'll see how low it really goes.

Robert Paulson

sr. member

Activity: 448

Merit: 250

Quote from: redhawk979 on October 03, 2014, 07:25:41 PM

Quote from: Robert Paulson on October 03, 2014, 07:21:22 PM

Quote from: Blazin604 on October 03, 2014, 06:58:43 PM

Hey guys I got some spare change to throw into Bitcoin...i am wondering if I should wait the rest of this month out to see what happens. How low will the price go before it changes course and heads in the upwards direction?

this is the perfect time to buy, the price is being pushed artificially low right now.
you can exploit the stupidity of whoever is selling right now and buy at a very cheap price.

The price is being artificially pushed low right now because no self respecting, intelligent person would EVER sell their Bitcoins. Its clearly the work of manipulative whales, a theory of which I base on absolutely nothing.

*puts tinfoil hat on*

all the signs are pointing to it.
the price started to suddenly drop out of nowhere and simultaneously a bunch of new bears appeared here and started spreading FUD all day.

redhawk979

sr. member

Activity: 271

Merit: 250

Quote from: Robert Paulson on October 03, 2014, 07:21:22 PM

Quote from: Blazin604 on October 03, 2014, 06:58:43 PM

Hey guys I got some spare change to throw into Bitcoin...i am wondering if I should wait the rest of this month out to see what happens. How low will the price go before it changes course and heads in the upwards direction?

this is the perfect time to buy, the price is being pushed artificially low right now.
you can exploit the stupidity of whoever is selling right now and buy at a very cheap price.

The price is being artificially pushed low right now because no self respecting, intelligent person would EVER sell their Bitcoins. Its clearly the work of manipulative whales, a theory of which I base on absolutely nothing.

*puts tinfoil hat on*

blatchcorn

sr. member

Activity: 952

Merit: 281

Average it out over a few months and you will do well.

TeeBone

sr. member

Activity: 502

Merit: 251

Quote from: Robert Paulson on October 03, 2014, 07:21:22 PM

Quote from: Blazin604 on October 03, 2014, 06:58:43 PM

Hey guys I got some spare change to throw into Bitcoin...i am wondering if I should wait the rest of this month out to see what happens. How low will the price go before it changes course and heads in the upwards direction?

this is the perfect time to buy, the price is being pushed artificially low right now.
you can exploit the stupidity of whoever is selling right now and buy at a very cheap price.

Exhibit A

Robert Paulson

sr. member

Activity: 448

Merit: 250

Quote from: Blazin604 on October 03, 2014, 06:58:43 PM

Hey guys I got some spare change to throw into Bitcoin...i am wondering if I should wait the rest of this month out to see what happens. How low will the price go before it changes course and heads in the upwards direction?

this is the perfect time to buy, the price is being pushed artificially low right now.
you can exploit the stupidity of whoever is selling right now and buy at a very cheap price.

TeeBone

sr. member

Activity: 502

Merit: 251

Don't panic buy, whatever you do. There will be plenty of time to get 'cheap' coins well into next year. Maybe buy a little here and there, until a clear reversal is apparent, then buy more in bulk.

Watch out for the pyscho bulltrolls who will tell you dont miss the train, buy now or die, 10K by christmas, or some other batshit crazy sales pitch.

goxed

legendary

Activity: 1946

Merit: 1006

Bitcoin / Crypto mining Hardware.

spend $1k a day. imo,etc etc.

Blazin604

full member

Activity: 224

Merit: 100

Hey guys I got some spare change to throw into Bitcoin...i am wondering if I should wait the rest of this month out to see what happens. How low will the price go before it changes course and heads in the upwards direction?

Topic: $31000 to spend on bitcoin need advice (Read 1370 times)