Yeah mate Bitcoin has been acting absolutely crazy the past couple of days. I don't know what's going on but it seems the price hike is due to the Chinese buying up tons of coins but I am really concerned with what will happen to the Bitcoin price when they start selling.
I think a panic sell by the Chinese will create a domino effect that could crash the price back to the $250 realm. I am going to sell when it gets to $1000 because I think this will be the tipping point.
Just a small story from 2013:
I sold my entire lot at $200.
Last time is was the Cyprus effect. Now I see many threads on here talking up the China effect. Baidu alone cannot justify the price rises we are seeing. It's not 'different this time'. Baidu is just one small step of many, and the price should increase a bit based on this. But exponential growth - come on, really?
It'll come back down just like last time, then I'll buy back in.
Update:
http://www.reddit.com/r/Bitcoin/comments/1oz6x9/long_term_holder_why_i_sold_all_my_btc_200/ccx9cpzThis was the last time bitcoin was that cheap.
And the update:
Ouch, I'm getting a lot of hate on this thread.
I bought a lot bitcoin in March as an investment at $80. To my astonishment it went up to well over $200, then all the way back down to $80. I kicked myself for not selling at $200 as I was only looking to make some money. So I forgot about it and waiting for it come back around, and then sold at the target I always had in mind - $200. Took the money, thanks very much.
I'm not a bitcoin evangelist. I'm a speculator, and I did alright (eventually).
If it takes a big dive, sure ill buy back in. Otherwise I'll take the cash. Either way I'm happy. I'm not going to cry if it goes to $1000 or whatever. I took a healthy profit. I'm not chasing losses.
https://www.reddit.com/r/Bitcoin/comments/1oz6x9/long_term_holder_why_i_sold_all_my_btc_200/ccx9cpzAnd guess what, a month later it really went to $1000.
