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Topic: Do not sell bitcoins for fiat unless you really need to (Read 3996 times)

sr. member
Activity: 516
Merit: 283
Yeah I actually have more LTC in $USD than BTC, mostly because I bought a ton when it was pennies. People think BTC's rise has been meteoric in 2013, they should look at what LTC sold for back in Jan/Feb  Grin

I think there is space for more than one coin, but until Netcoin launches I wont get involved in anything else.

what makes Netcoin different from the other dozens of alt-coins out there?
just a bitcoin clone or a coin with real improvements?



its the first coin with "NET" in the name, signifying its marriage to the internet.

 Roll Eyes
full member
Activity: 126
Merit: 100
Bitstamp trader
Yeah I actually have more LTC in $USD than BTC, mostly because I bought a ton when it was pennies. People think BTC's rise has been meteoric in 2013, they should look at what LTC sold for back in Jan/Feb  Grin

I think there is space for more than one coin, but until Netcoin launches I wont get involved in anything else.

what makes Netcoin different from the other dozens of alt-coins out there?
just a bitcoin clone or a coin with real improvements?

hero member
Activity: 728
Merit: 500
Some say a lot of coins moving through the block chain means a crash is coming.
legendary
Activity: 3878
Merit: 1193
There's not really any exchanges for folks in the US that allow both trading AND moving coins/fiat out in a timely manner. Sad

Keep an eye on CampBX. It's a small market now, but next week when ACH transfers are supported getting funds in and out should be pretty good.
legendary
Activity: 1414
Merit: 1000

Looks like people are spending bitcoin:
http://blockchain.info/charts/n-transactions-excluding-popular?showDataPoints=false×pan=&show_header=true&daysAverageString=7&scale=0&address=

Bitcoin days destroyed is up too, so old coins are moving.

This really only tells us that more Bitcoins are moving through the blockchain.  That doesn't tell us that actual spending is increasing.  With the rise in prices and plentiful press, it's logical that "transactions" are up because Bitcoins are moving to and from wallets.  So "transactions" being up really only equals increased activity not necessarily increased spending.

So you are claiming most of the increased activity is due to people moving their own funds around?  I find that less likely, but you are welcome to believe what you want.

Half move them to exchange and half move them out of exchange. :-)
hero member
Activity: 520
Merit: 500
You just have to trade without emotion, and especially without panic when you see it going way higher then where you sold, or way lower then where you bought. Set your orders and forget them.


Too bad Coinbase doesn't have that option.

Never, ever used coinbase, there's no option to set sell orders or buy orders?

That's definately not the place to be a trader if that's the case.

There's not really any exchanges for folks in the US that allow both trading AND moving coins/fiat out in a timely manner. Sad
legendary
Activity: 1904
Merit: 1002

Looks like people are spending bitcoin:
http://blockchain.info/charts/n-transactions-excluding-popular?showDataPoints=false×pan=&show_header=true&daysAverageString=7&scale=0&address=

Bitcoin days destroyed is up too, so old coins are moving.

This really only tells us that more Bitcoins are moving through the blockchain.  That doesn't tell us that actual spending is increasing.  With the rise in prices and plentiful press, it's logical that "transactions" are up because Bitcoins are moving to and from wallets.  So "transactions" being up really only equals increased activity not necessarily increased spending.

So you are claiming most of the increased activity is due to people moving their own funds around?  I find that less likely, but you are welcome to believe what you want.
sr. member
Activity: 280
Merit: 250
Yup, the value of bitcoins will continue to go up and the value of fiat will continue to go down. I would advise the opposite and sell some fiat for bitcoins Smiley
sr. member
Activity: 252
Merit: 250

Looks like people are spending bitcoin:
http://blockchain.info/charts/n-transactions-excluding-popular?showDataPoints=false×pan=&show_header=true&daysAverageString=7&scale=0&address=

Bitcoin days destroyed is up too, so old coins are moving.

This really only tells us that more Bitcoins are moving through the blockchain.  That doesn't tell us that actual spending is increasing.  With the rise in prices and plentiful press, it's logical that "transactions" are up because Bitcoins are moving to and from wallets.  So "transactions" being up really only equals increased activity not necessarily increased spending.
sr. member
Activity: 363
Merit: 250
You just have to trade without emotion, and especially without panic when you see it going way higher then where you sold, or way lower then where you bought. Set your orders and forget them.


Too bad Coinbase doesn't have that option.

Never, ever used coinbase, there's no option to set sell orders or buy orders?

That's definately not the place to be a trader if that's the case.
sr. member
Activity: 354
Merit: 250
You just have to trade without emotion, and especially without panic when you see it going way higher then where you sold, or way lower then where you bought. Set your orders and forget them.


Too bad Coinbase doesn't have that option.
sr. member
Activity: 363
Merit: 250
I've lost a lot of money selling and being forced to buy back in higher, even panic sold in my early days. I have no problem admitting that.

But if I just sat idle and held forever on my original investments I'd have a lot less coins, I have about 5x the coins I originally had, in the long long ago...

and  my coins x 5 x $440 is a lot more then my coins x 1 x $440


You just have to trade without emotion, and especially without panic when you see it going way higher then where you sold, or way lower then where you bought. Set your orders and forget them.
legendary
Activity: 1904
Merit: 1002
I'm not sure the government can take over BTC.  In order to buy it up they'd have to give out USD or accept bitcoin for some ... service?  They can only buy directly what people want to cash out for, and after a certain point nobody's going to want USD so they'll be giving thousands of dollars away for each BTC, so if the government wants to crash Bitcoin at that point they'd be sinking their own ship because they own so much BTC.

I doubt that the US government is particularly concerned about bitcoin at this point, aside from figuring out potential ways to regulate and tax it (which I think is what the hearing on November 18 will be about?) I'm not sure why they would want to "take it over", but if it reaches a point where they feel it's a threat in the form of money laundering, I'm sure they would just close the exchanges down or forbid banks from allowing bitcoin transactions, which would essentially destroy it.

They are certainly paying attention.  We'll see how they feel on Monday when they have the senate hearing on Bitcoin, but it is called by the Homeland Security Committee, so I doubt it will be about taxation.
sr. member
Activity: 350
Merit: 253
I'm not sure the government can take over BTC.  In order to buy it up they'd have to give out USD or accept bitcoin for some ... service?  They can only buy directly what people want to cash out for, and after a certain point nobody's going to want USD so they'll be giving thousands of dollars away for each BTC, so if the government wants to crash Bitcoin at that point they'd be sinking their own ship because they own so much BTC.

I doubt that the US government is particularly concerned about bitcoin at this point, aside from figuring out potential ways to regulate and tax it (which I think is what the hearing on November 18 will be about?) I'm not sure why they would want to "take it over", but if it reaches a point where they feel it's a threat in the form of money laundering, I'm sure they would just close the exchanges down or forbid banks from allowing bitcoin transactions, which would essentially destroy it.
hero member
Activity: 784
Merit: 1000
I'm not sure the government can take over BTC.  In order to buy it up they'd have to give out USD or accept bitcoin for some ... service?  They can only buy directly what people want to cash out for, and after a certain point nobody's going to want USD so they'll be giving thousands of dollars away for each BTC, so if the government wants to crash Bitcoin at that point they'd be sinking their own ship because they own so much BTC.

They can mine the hell out of it, if they dominate the BTC economy they can keep their printing machine going. Governments clearly understand this, that's why the US deposits all their golds in Fort Knox rather than sell them, even at times like now.
sr. member
Activity: 253
Merit: 1517
DTCxNMC
I'm not sure the government can take over BTC.  In order to buy it up they'd have to give out USD or accept bitcoin for some ... service?  They can only buy directly what people want to cash out for, and after a certain point nobody's going to want USD so they'll be giving thousands of dollars away for each BTC, so if the government wants to crash Bitcoin at that point they'd be sinking their own ship because they own so much BTC.
legendary
Activity: 1904
Merit: 1002

You can start here:
http://blog.bitpay.com/2013/04/bitpay-eclipses-silk-road-in-bitcoin.html

There are other, probably better articles, but I really don't care to prove anything to you when you can do a little legwork yourself.

We already had a whole thread in the main section of this forum and not one shred of definitive proof so, just because a "Bitcoin" company says it, doesn't make it true.  And this thread certainly doesn't help that argument either.  Just saying.  I personally agree though.  Why spend something today that could be worth a lot more tomorrow?  I regret every Bitcoin spent.  Maybe Bitcoin will defy logic and then again...maybe we'll just make as much money as we can before it implodes.  Only time will tell.  In the end, don't be mad at me, I didn't write the article.

Looks like people are spending bitcoin:
http://blockchain.info/charts/n-transactions-excluding-popular?showDataPoints=false×pan=&show_header=true&daysAverageString=7&scale=0&address=

Bitcoin days destroyed is up too, so old coins are moving.
newbie
Activity: 46
Merit: 0
I speculate that bitcoins will rise to 500 and stay their for a few months, before getting even higher.
kinda like this?
https://i.imgur.com/S0jEPdy.jpg

yeah, that's exactly how these things go.
LOL, I meant like jump to 480, 520, I meant around 500, before it gets higher
hero member
Activity: 784
Merit: 1000
I would say even if you have to, don't sell everything, at whatever price, at least keep a few coins stored somewhere.Should the governments decide to buy as many coins as possible and mine the hell out of it, they could in some timeframe took control of a significant percentage of all bitcoins, if they control the majority of coins we would be enslaved, your hoarding of coins is an essential safeguard to our liberty.
legendary
Activity: 1414
Merit: 1000
HODL OR DIE
Case in  point back in May I had run out of fiat due to my job and an injury that kept me from work for a while. Needed about $1000. I could have sold 10 coins but I decided to borrow from the bank. It's cost me about $6 a month and those 10 coins are now worth $4000+.
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