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Topic: I am fucking panicking - page 12. (Read 15803 times)

Gordonium

sr. member

Activity: 392

Merit: 250

Quote from: Wuji on July 03, 2013, 02:28:56 PM

The higher the price the more I panic and sell to make profits. The lower the price the more relaxed and confident I feel given the price is going lower week by week and not second by second. This is why the masses always lose money because they feel good when price is high and buy and panic and freak out when it is low and sell.

Buy low, sell high, why is that so complicated? Emotion is a mutha fucker and will destroy your profits, don't be driven by it. Focus on the tangible not your feelings.

Yeah because it is always wise to grap the falling knife... (I don't believe that Bitcoin is falling knife, just speaking in general.)

Jozzaboy

member

Activity: 98

Merit: 10

Quote from: DeathAndTaxes on July 03, 2013, 02:39:47 PM

Quote from: Jozzaboy on July 03, 2013, 02:10:02 PM

I'm holding out for sure until Winklevoss IPO hits which values coins at $100 each. Lets see if the institutional investors like Bitcoin, easy to purchase a stake in.

If you are going to rely on the S-1 please READ the S-1. The ETF doesn't value coins at anything. To pay the registration fee they need to provide an approximate IPO because the fee is a % of the fund value. The price they used in the S-1 was the volume weighted average for the price across the three largest exchanges on the day of the filing and for the sole purpose of paying the SEC their fee. Nothing more.

If/when the ETF is approved baskets will be sold at the CURRENT price whatever that may be $20 or $20,000.

News to me. Ok, i'll take a closer look and re-evaluate my position. Thanks.

DeathAndTaxes

donator

Activity: 1218

Merit: 1079

Gerald Davis

Quote from: Jozzaboy on July 03, 2013, 02:10:02 PM

I'm holding out for sure until Winklevoss IPO hits which values coins at $100 each. Lets see if the institutional investors like Bitcoin, easy to purchase a stake in.

If you are going to rely on the S-1 please READ the S-1. The ETF doesn't value coins at anything. To pay the registration fee they need to provide an approximate IPO because the fee is a % of the fund value. The price they used in the S-1 was the volume weighted average for the price across the three largest exchanges on the day of the filing and for the sole purpose of paying the SEC their fee.

Quote

Proposed maximum offering price per Share(1): $20.09

(1) Estimated solely for the purpose of calculating the registration fee pursuant to Rule 457(d) under the Securities Act of 1933. Each Share comprising the initial Baskets of Shares represents 0.20 Bitcoins and is offered at a per Share price equal to the price equal to the number of Bitcoins comprising such Share. The price of Bitcoins is based on a weighted average of the average of the high and low transaction prices of Bitcoins on June 27, 2013 on three major Bitcoin Exchange sites: Mt. Gox K.K., Bitstamp and BTC-e.

If they would have filed the day Bitcoin hit $266 they would have used that price for the filing as well. If/when the ETF is approved, the initial baskets of shares will be sold pre-IPO at the CURRENT price whatever that may be $20 or $20,000.

Jozzaboy

member

Activity: 98

Merit: 10

Quote from: N12 on July 03, 2013, 02:36:05 PM

Quote from: Jozzaboy on July 03, 2013, 02:10:02 PM

I'm holding out for sure until Winklevoss IPO hits which values coins at $100 each. Lets see if the institutional investors like Bitcoin, easy to purchase a stake in.

Chill out man, worst case scenario, hold your bitcoins for a year and make a massive profit.

1) "Reginald Browne, head of exchange-traded product trading at Knight Capital Group Inc. (KCG), the largest lead market maker for ETFs and their cousins ETPs on the New York Stock Exchange, said he expects the examination to take years."

And even then, it may never get approved.

2) Seriously, THAT is your worst case scenario?

What's going to happen? Someone finds a problem with SHA-256? Quantum computers find a way to calculate the hash needed to unlock all blocks at the same time?

Government outlaws Bitcoin? (You know even for that, I would keep going. Supply and demand)

DeathAndTaxes

donator

Activity: 1218

Merit: 1079

Gerald Davis

If you are "scared" about an investment/asset/purchase (any investment/asset/purchase) it likely is too large. Life is short why inflict optional stress of yourself. Ask yourself what about of Bitcoins could you hold such that you won't be scared, you won't panic, you are willing to ride it out to its inevitable conclusion (regardless of if that is success or failure). Most likely you can logically reach a number in your mind. Nobody else can tell you what it should be because everyone's risk threshold and personal wealth is different. A venture capitalist with a billion dollar net worth might not blink at hold 100,000 BTC and an out of work family man might not be able to handle 10 BTC.

My guess is your current holdings are significantly larger than that comfort threshold. As long as it is you will be stressed out. Someone might reassure you today but tomorrow will come. The price may go up and you feel better temporarily but at the first sign of weakness the doubts will come back.

N12

donator

Activity: 1610

Merit: 1010

Quote from: Jozzaboy on July 03, 2013, 02:10:02 PM

I'm holding out for sure until Winklevoss IPO hits which values coins at $100 each. Lets see if the institutional investors like Bitcoin, easy to purchase a stake in.

Chill out man, worst case scenario, hold your bitcoins for a year and make a massive profit.

1) "Reginald Browne, head of exchange-traded product trading at Knight Capital Group Inc. (KCG), the largest lead market maker for ETFs and their cousins ETPs on the New York Stock Exchange, said he expects the examination to take years."

And even then, it may never get approved.

2) Seriously, THAT is your worst case scenario?

ThatDGuy

hero member

Activity: 728

Merit: 500

Quote from: BitChick on July 03, 2013, 02:29:37 PM

Quote from: uhoh on July 03, 2013, 02:20:37 PM

Quote from: Spaceman_Spiff on July 03, 2013, 02:19:35 PM

Quote from: Birdy on July 03, 2013, 02:14:28 PM

Quote from: Gordonium on July 03, 2013, 02:07:15 PM

I am seriously considering getting out of this game. Give some strength bros!

Imo you have invested too much into Bitcoin, if a price drop leads to panic.
Just hold an amount that you can afford to lose.

sounds like wise advice.

+1 to this.

I'm 100% in BTC.
This is not the most sensible position.

Good advice.

We have enough invested it would be a bit painful if we lost it all, but it really does not affect our quality of life so in all honesty, it is not a big deal. It just means when hubby goes to buy his new car in a few months he won't be able to pay cash for it unless BTC goes up a whole lot. Wink

Wink

I would add that people should not panic and sell all their BTC holdings regardless of it's volatility. BTC is great for diversifying investments. That is one of the major things financial advisers will say to do.

It is good advice, it also allows any trading/buying/selling to be done with less emotion (for most people).

rampantparanoia

sr. member

Activity: 516

Merit: 283

Quote from: Wuji on July 03, 2013, 02:28:56 PM

Buy low, sell high, why is that so complicated? Emotion is a mutha fucker and will destroy your profits, don't be driven by it. Focus on the tangible not your feelings.

This. +1

BitChick

legendary

Legendary level

Activity: 1148

Merit: 1001

Quote from: uhoh on July 03, 2013, 02:20:37 PM

Quote from: Spaceman_Spiff on July 03, 2013, 02:19:35 PM

Quote from: Birdy on July 03, 2013, 02:14:28 PM

Quote from: Gordonium on July 03, 2013, 02:07:15 PM

I am seriously considering getting out of this game. Give some strength bros!

Imo you have invested too much into Bitcoin, if a price drop leads to panic.
Just hold an amount that you can afford to lose.

sounds like wise advice.

+1 to this.

I'm 100% in BTC.
This is not the most sensible position.

Good advice.

We have enough invested it would be a bit painful if we lost it all, but it really does not affect our quality of life so in all honesty, it is not a big deal. It just means when hubby goes to buy his new car in a few months he won't be able to pay cash for it unless BTC goes up a whole lot. Wink

Wink

I would add that people should not panic and sell all their BTC holdings regardless of it's volatility. BTC is great for diversifying investments. That is one of the major things financial advisers will say to do.

rampantparanoia

sr. member

Activity: 516

Merit: 283

stop. drop. shut 'em down open up shop. oh. no. that's the ruff ryder's roll.

every dip comes with a launch, every launch comes with a dip. shit will balance out in time.

Wuji

newbie

Activity: 56

Merit: 0

The higher the price the more I panic and sell to make profits. The lower the price the more relaxed and confident I feel given the price is going lower week by week and not second by second. This is why the masses always lose money because they feel good when price is high and buy and panic and freak out when it is low and sell.

Buy low, sell high, why is that so complicated? Emotion is a mutha fucker and will destroy your profits, don't be driven by it. Focus on the tangible not your feelings.

Gordonium

sr. member

Activity: 392

Merit: 250

Quote from: ThatDGuy on July 03, 2013, 02:21:19 PM

Quote from: Gordonium on July 03, 2013, 02:17:57 PM

That is probably right. There was a point where all of my net worth was in Bitcoins.

Unless it was a "just finished paying off my debts, first ~1000"-kind of net worth, that's pretty scary/ballsy.

Well put 1 zero more and and multiple it couple of times and we are talking about right amount of money. It was pretty scary/ballsy for me as a College student. But off course amount were only peanuts for real high rollers (In couple of years I hopefully will be high roller too).

Gordonium

sr. member

Activity: 392

Merit: 250

Quote from: Miz4r on July 03, 2013, 02:18:29 PM

It might get much much worse. A great test for people's faith in bitcoin, the people who truly care about bitcoin and are not in it just for the quick buck will remain. If you aren't one of them, just sell and leave now. You won't be missed. Tongue

Tongue

I truly believe in Bitcoin and will still remain. I am just diversifying my assets.

bitbryan

full member

Activity: 126

Merit: 100

Quote from: Jaroslaw on July 03, 2013, 02:13:10 PM

Quote from: Gordonium on July 03, 2013, 02:07:15 PM

I am seriously considering getting out of this game. Give some strength bros!

sell today or tomorrow you will woke up in the 70`s

from what it looks like in the 30's

ThatDGuy

hero member

Activity: 728

Merit: 500

Quote from: Gordonium on July 03, 2013, 02:17:57 PM

That is probably right. There was a point where all of my net worth was in Bitcoins.

Unless it was a "just finished paying off my debts, first ~1000"-kind of net worth, that's pretty scary/ballsy.

uhoh

hero member

Activity: 742

Merit: 500

Circle gets the Square

Quote from: Spaceman_Spiff on July 03, 2013, 02:19:35 PM

Quote from: Birdy on July 03, 2013, 02:14:28 PM

Quote from: Gordonium on July 03, 2013, 02:07:15 PM

I am seriously considering getting out of this game. Give some strength bros!

Imo you have invested too much into Bitcoin, if a price drop leads to panic.
Just hold an amount that you can afford to lose.

sounds like wise advice.

+1 to this.

I'm 100% in BTC.
This is not the most sensible position.

Spaceman_Spiff

legendary

Legendary level

Activity: 1638

Merit: 1001

₪``Campaign Manager´´₪

Quote from: Birdy on July 03, 2013, 02:14:28 PM

Quote from: Gordonium on July 03, 2013, 02:07:15 PM

I am seriously considering getting out of this game. Give some strength bros!

Imo you have invested too much into Bitcoin, if a price drop leads to panic.
Just hold an amount that you can afford to lose.

sounds like wise advice.

Jaroslaw

member

Activity: 84

Merit: 10

supernode

Quote from: Gordonium on July 03, 2013, 02:17:57 PM

Quote from: Birdy on July 03, 2013, 02:14:28 PM

Quote from: Gordonium on July 03, 2013, 02:07:15 PM

I am seriously considering getting out of this game. Give some strength bros!

Imo you have invested too much into Bitcoin, if a price drop leads to panic.
Just hold an amount that you can afford to lose.

That is probably right. There was a point where all of my net worth was in Bitcoins.

So I will make a compromise. I will sell today some of my Bitcoins but I will still hold fairly good amount of BTC for the longest time.

you will lose in longterm if bitcoins drop

Miz4r

legendary

Legendary level

Activity: 1246

Merit: 1000

It might get much much worse. A great test for people's faith in bitcoin, the people who truly care about bitcoin and are not in it just for the quick buck will remain. If you aren't one of them, just sell and leave now. You won't be missed. Tongue

Tongue

Gordonium

sr. member

Activity: 392

Merit: 250

Quote from: Birdy on July 03, 2013, 02:14:28 PM

Quote from: Gordonium on July 03, 2013, 02:07:15 PM

I am seriously considering getting out of this game. Give some strength bros!

Imo you have invested too much into Bitcoin, if a price drop leads to panic.
Just hold an amount that you can afford to lose.

That is probably right. There was a point where all of my net worth was in Bitcoins.

So I will make a compromise. I will sell today some of my Bitcoins but I will still hold fairly good amount of BTC for the longest time.

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