Topic: How strong is your hand? - page 2. (Read 6373 times)

I bought my Bitcoins for business ventures and to use not to speculate/profit on directly.

Wow, you are rich by comparison 
$600 / year is an ABSOLUTELY OUTRAGEOUS amount of money to spend on clothing, to me ...
But, excellent post; I enjoyed reading some pearls of wisdom there.  I had to learn the debt game the hard way through bankruptcy myself.

you should be selling everyday not waiting for an imaginary number to arrive... just my 0.002BTC

Right one or left one?

The Nothing is Coming!



Quick, we need to give the princess a new name!



Currently the market is sinking, hard.  Artax!!




Personally, I would take the racing snail on the way back up in this market.

We only disagree on one point then:

Gold, maybe blue chips stocks and Real Estate are obviously far less risky than Bitcoin. There is only one Gold, and has only ever been, and it's always been a store of value. Bitcoin however has competitors, is not totally proven etc., it's obviously a high risk high return investment.

For this reason I believe you should only either invest a small part of your net worth for the longer term, OR if you invest a large part, you be prepared to watch it like a hawk.

The term has been abused? For sure. The only problem is that the risk/reward levels and the good entry and exit points are hard if not impossible to calculate. One thing you can calculate, however, is that it makes rational sense for mass adoption of Bitcoin and hence putting some money in and holding is not a bad strategy.


Easy come, easy go, right? For the rest of the people who got in a little later, most of them probably haven't invested their entire net worth into Bitcoin.


Not a bad plan to average in over months, if not years. The profit taking plan part is an idea worth investigating. Let's say you bought BTC100 at $10, then you could sell 10 % now at $100 to recoup your investment and still keep the remaining BTC90. But what are you going to do with $1000 anyway? Spend it on useless fun stuff you forget about in a few months? Put it in a savings account and get 0% interest while its value is being inflated away and the bank where your account is rakes in profit from it by gambling on a stock and derivatives market ballooned by QE? Besides Cashing in to fiat would bring with it a tax liability would it not?


Gold, stocks and real estate are risky. Buying land is only useful if you know how to and you are willing to farm it yourself. Of course you could set yourself up with someone renting the land for a part of their harvest. But I think could be borderline immoral, and history has shown that isn't the way to efficiency.

Yes, I'll consider this over the coming days and weeks. For now my money sits on MtGox in USD waiting for the right price.

My left or right hand?

Like Stalin's iron fist.

I aimed this poll towards long term holders specifically, I was curious to know at what price they would actually consider selling their bitcoins. I didn't expect them to sell below $200. But I added a <$200 option just now if there are any, so have fun.

my hand is pretty strong so is my arm after beating off several times a day.

Please reword the original post.

Start with 'what point will you sell at' ? $0-10, $10-20, $20-40, $40-60, $60-80, $80-110

I think i might do this myself actually.

Don't end up with nothing, like the poor Rockbiter:



- They look like big, good, strong hands, don't they?



- I always thought that’s what they were. My little friends. The Bitcoin, the Litecoin, even the stupid Feathercoin. I couldn’t hold on to them. The crappy fiat pulled them right out of my hands. I failed.

Well, they did not "cash out" then - they just plaid the market to buy cheaper bitcoins, and that's great... If they bought more bitcoins they had when they sold, otherwise their are losing big time.

The ones really f**ked are the ones who "cashed out" for good

Very true.

Yes, they were able to buy coins cheaper. 

Hope you are smart enough to buy back more coins you had when you sold them.

There's a lesson to be learned from those who "cashed out" after the 2011 bubble collapse.

Would never sell, but use to buy commodities.

I've been a long-term permabull from the beginning in Feb 2011 until the price began its parabolic phase in March or so. It is more difficult now with the risks (altcoins, blocksize scaling) Bitcoin faces and the already relatively high position it is at with regard to price and awareness.

On the other hand, we have a nice feedback loop going that may end up producing something of value that wasn't possible before, like Silk Road. If we get something like that that would make a difference at current prices, it would be much easier for me to regain a bullish bias. Until then, I'm going to continue relying solely on TA to manage my risks.

There is no weak hands or strong hands for me. This terminology has been abused by "pigs" and produced hilarious echo chambers like this right before the crash: http://static3.businessinsider.com/image/5165a9a0ecad045b0d000000-600-249/djlasir.jpg There are only good entry and exit points, and different risk/reward levels associated.

It's true that if you are comfortable with losing the entire wealth you have stored in Bitcoin, it is a good strategy to lock it away for years and let it go to 0 or 10000. However, for the people who have been here a longer time, Bitcoin probably represents almost all of their net worth, and so, wealth preservation becomes more important than before.

For people who don't know anything about trading and who have or plan to have most of their net worth in Bitcoin, I would advocate dollar cost averaging in over months and setting up some sort of profit taking plan, like taking a certain percentage out if it goes up a certain percentage.

Because in a bear market, you can buy more of your favorite assets with the same amount of national currency. People who knew that in the Bitcoin market did well in 2011. You can also buy land or gold or real estate or stocks or whatever you like whenever you like.