Topic: Did I screw up? - page 2. (Read 2055 times)

Congratulations, looser  

P.S. By the way, what did you buy those coins for? Did you need to pay for something, or did you wish to help some other guy to pay for his porsche?

important lesson don't jump on the bandwagon

Yes, it is extremely unpredictable. Because of that fact, it is simply amazing.

Thanks for this summary of different factors, I will need to find a way of briefly observing each one over periods of time to try and perceive the future market.

Yes, even at the end of the day, if I lost everything I will come away with the experience, that is something I will never lose.

I think the ultimate thing to remember is Bitcoin is unpredictable.

You can predict some things almost (https://bitcointalksearch.org/topic/within-1-week-i-think-theres-a-small-chance-btc-will-crash-from-240-to-160-171423) but there are so many variables involved determining the price of Bitcoin.

Here's a few things which I suspect influence the price of Bitcoin in different amounts:
 - media coverage
 - gox lag
 - service hacks
 - silkroad success
 - mining botnets
 - electricity prices
 - laws of all different jurisdictions
 - world financial crisis
 - individual countries financial crisis
 - the day of the week (e.g. there tends to be a dip just before the weekend)
 - alt currencies
 - forks in the chain
 - client updates
 - miner hardware progression (e.g. ASICs)
 and many many more.

What's more, they all interact, counteract, synergize and generally effect each other in even more unpredictable ways. I used to try do day trading, and even built a small day trade bot as a chrome extension for Britcoin when that was still around, but it's stressful and risky, hence me going for the long game now.

The right strategy though is what's right for you. Everyone lives in different countries, uses different exchanges, has different wages, is awake at different times, has different grasps of number and tolerates different levels of stress & risk.

You seem keen though - ride it out and stick with it. Learn about Bitcoin and it's community and why/how it works, that way even if you lose all your money, you'll still gain some truly amazing, fascinating and inspiring knowledge.

Yes, I don't understand the mentality of wanting to buy high and sell low. I did not realise that losing money was the overall goal!

When you say buy all the way down, do you mean if I start to see a dip, I should buy slowly but continuously until it starts to climb again, then begin selling?

+1

This is good advice. The key with investing is to #1 get in early (and we still are...)

#2... you want to buy all the way down

#3... consider selling on the way up.

Most people do it the other way around and buy high and sell low.

Thank you for the advice.

Yes, that was the first part of wisdom I managed to soak up. I've gotta watch over my funds so that I don't drop more than I can afford into BTC.

I think my plan will be to slowly buy up over the course of years and then just bide my time.

If you bought as an investment, then think long term. plan on holding them a year or 2 or 10. then you can ignore these little burps in the price. Or, you can take advantage of these drops to increase your holdings. one caveat though, never speculate with more money than you can afford to lose.

Yes, I've seen other people mention that on this forum. I will watch the market for the time being and I may end up spending them on something worthwhile instead.

Thanks for the input my friend

Good purchase but remember bitcoins are not meant to be an investment, you need to use it as currency.

I think the long game may be best. Just wait for the time to strike on the market so to speak.


You don't think that I should just wait and watch now?

Also, I understand the basic fundamentals behind Bitcoins, although I am able to learn more by studying them.

Just as an aside, do you have an investment strategy? Would you be kind enough to share your knowledge with me?

Do you know anything more about bitcoin than it sounds like a good investment? You already said you have no investment strategy. Go dump your coins, cash out and forget about bitcoin for a few years.

I would hold too.  I think $260 was overvalued for now, but I don't think it will be in the future. Things can only get better. As observed, all this news is bringing interest to Bitcoin, shaking of the image it got when SilkRoad first came around. The further we are away from association with silkroad, the more legitimate vendors take Bitcoin, the more Bitcoins are required, the less they're produced the more they go up in value/

Personally, I'm going for the long game, not selling any coins any time soon, just slowly buying.

As someone pointed out, a year or 2 ago, a bubble burst at $32 and the mainstream media exclaimed it was the end of Bitcoin. Earlier this week, we got nearly 10 times that peak. It's crashed, and once again, the media is exclaiming the end for Bitcoin.

Within the next 10, maybe even 5 years, I wouldn't be surprised to see Bitcoin go over $500 (I also wouldn't be surprised to see it superseded though.)

From what I am aware of, I don't have an investment strategy, how would I go about developing one? What kind of mindset do I require? Would you have any helpful advice for me?

This purchase was my first ever investment. I suspect I will start off very shakey but will adapt with time.

I agree, I believe I jumped at the opportunity because I do view them as exciting, it's a (relatively) new digital currency! The way of the future y'know?

Thank you for the advice, I will use this knowledge to better my investments in the future.

Also, welcome to the Forums! I see that post was your first

You'll only get opinions from other people that do not necessarily know more than you.

I would not sell at this time. I believe that they will rise once again, though it could take a while, because the btc did not really crash in my opinion.

I never bought any btc, to answer your question.

What is your investment strategy? If you don't have one, get out.

If you're long on bitcoin because you believe in it and want to have it be worth a lot down the road, invest in it regularly. In highs, and lows, do it on a regular basis.

If you feel you paid too much at $100, buy some now that it is $67, the same 2.5 you did at $100. Your new rate per BTC is now in the 80's. Sounds better than $100.

But don't listen to me, I'm not a day trader.

Any time you "jump on a bandwagon" when investing, you're probably not being wise. One doesn't make money by "jumping on a bandwagon". You do it by predicting what the next big thing is and buying it before the masses discover it. Witness how many people were still buying houses in 2005-2006, and then lost their shirts when the housing market crashed. Look at how as the Dow hit record highs recently, ordinary investors have been pouring money into mutual funds. Guess who is going to lose the most when the stock market next corrects?

So yes, it was probably foolish to jump in during a phase of rapid price appreciation (you want to buy when the price of something goes down, not when it goes up), but it's also totally understandable. Bitcoin is exciting.

If I were you, I'd just hold onto them now.

I am also beginning to invest into LTC, I was going to focus more on LTC than anything and use that as an extreme long term investment plan.

I was also looking at TRC, but I need to learn more about all the other Alt Currencies before I do anything.


You're right, I don't think it will die in the long term, I think it may slow down to a crawl, then slowly pick up once people start thinking about it again.