Topic: Don't sell your bitcoins while it's falling! (Read 2944 times)

sure

you're right sir, some people just don't get it. It's called gambler's fallacy I believe

One of the best tip you can give to newbies!

It's a very weird market, I think in the 1-3 years term it will definitely go up as more serious investors get involved and even more people are exposed to the concept. The currency is still in its infancy and the opportunity for fast profit exists. This will most likely change as the user base grows larger and more stable.

What if the BTC value drops to $100 and you bought it when it dropped to $500 when it fluctuated from $800-$500 and then it steeps to $100? You should sell at $500 right to break even or even $800-$501 to profit but I decide to go with your strategy and not to sell at all. So your mentality is if it crashes I should still on hold onto my BTC because the investors must recover the value of BTC because they have invested too much infrastructure into it. I think BTC is over valued. We already know that China announced BTC as a commodity not a currency that is why it crashed to $500. What if other countries also announce the same thing and I think this will happen overtime when they realise if they can't regulate the protocal they can regulate how BTC and alt coins is distributed by gaining authority over all exchanges and shut down all other exchanges that decide to protest against it.

Some valid point too be had in the OP.  I can't agree more with not following the herd off of the cliff.  It's not easy but sometimes you just don't want to follow the pack and make you own way work.

I DO NOT "VOUCH" FOR ANYBODY.

Do not sell with your emotion.
You are getting manipulated by the whales.


!

I can afford to lose it.
You gotta start somewhere right? How does someone with no clue get a clue? By jumping in.

Never trade against the trend ....
Stupid.

yeah i would say the same.. buy when it's falling, sell when it's going up

Do not invest in btc if you can't afford to lose it.
Do not invest in btc if you clearly have no clue how to do it. :/

I am new to the bitcoin markets and I'm afraid I made some rush choices. Whenever there is a steep drop I'm worried and I sell, then I buy-back soon after.

I'm just glad I did not sell ALL my Btc.

I guess a better strategy would be to have some cash ready and BUY when the price is down and wait, rather than selling BTC and wait for it to drop further.

I can listen to ideas you guys have on this.

"Don't sell your bitcoins while it's falling!"


Does not make sense.


Of course, it is better to sell coins when the price is falling.
Indeed, if you sell when the price is increasing, then you missed some profit.


If you sell when the price is falling, you can buy them back cheaper a few hours/days later and make some profit.

YOU DON'T EVER SELL!

Actually you sell when your profit margin is high enough that you can sell without taking out too much of your investment, which is currently potentially invaluable. Doubling your investment and cashing out what you put in while leaving the other half to simmer has always seemed like a good idea to me. If you make enough to pay off your house or car or credit card or whatever that also seems like a good idea.
It's not so much that you shouldn't cash out, but that you shouldn't cash everything out. Or that you start using Bitcoin as a commodity rather than an investment. If you're gonna have enough faith to cash in then you should have enough faith to leave some cash in.
The ultimate goal is that Bitcoin will be accepted same as cash, that's really kind of what you're investing in. If that's not what you're investing in then what are you investing in? Invest disposable cash into it, then if you want to dispose that cash cash some out, or purchase a gift card, or someday maybe a car

don't sell your bitcoins while price is falling, and don't sell while the price is rising.. then when to sell?

Spending is indeed also important! Gyft.com is a great place to trade in your Bitcoins for something of value. Besides gas and groceries and maybe a car what can you not get with an amazon gift card?

If that is a moon rock or meteorite, I'll take it!

I think the problem right now is that there's a substantial number of people investing into BTC as a speculative venture rather than as a currency. If someone is speculating on the future value of coins, they're coming in with a completely different mindset than someone who believes BTC is a currency, and will push up prices along the way. Once the speculative bubble bursts, BTC needs people to actually use it as a currency to buy and sell things in order for it to survive long term. This means it needs to be used for more than a few niche places in real life, a couple of illicit marketplaces, and as payment for ASIC mining equipment - which isn't the case right now. Until it is in use in a widespread way in physical locations, it's ripe for speculators to abuse.

Anyone holding BTC for a long period of time with the expectation that it will gain value on it's own is a speculator. People need to spend money, not hold onto it in a mattress. When it comes to currency, circulation is highly important, and any given successful currency needs to have a strong incentive to spend or invest rather than save in a mattress in order to provide the actual value associated with every currency - a means of exchange that is more convenient than barter.

Unfortunately, BTC (and other crypto) have a massive problem with the incentives for mining. They all make the assumption that people will mine because the coins will be worth more in the future than they are right now. Without this incentive, you don't have miners in the first place. With this incentive, you have a bunch of speculators involved with BTC until the last coin is mined.

Buy and hold is the best strategy. If it "crashes" that is just an opportunity to buy cheaper.
Too many are caught up in the whole "buy" "sell" make a quick buck thing and most end up losing money "gambling" in Bitcoin. Bitcoin is meant as a means of commodity and not a way to get rich quick. While you can possibly make money this way, you are only hurting Bitcoin by selling with everyone else.
Overall Bitcoin is always rising in price and you will make money if you hold your coins. When the price goes high enough you might want to cash out some profit but don't cash out everything or you'll regret it because it's always on the rise. When the price "crashes" a couple hundred bucks the pros are laughing at you while you cash out and buy your cheap coins to hold. True believers hold strong because they know the price will correct far beyond the drop and don't panic because they have already made more than enough to compensate for the "crash".
Bitcoin is about more than making money. Although making money is nice.
Day traders are bad gamblers who generally lose money or greedy greedy people that don't care about Bitcoin as a commodity. Bitcoin is about Bitcoin, not fiat!

Just my two coins