Topic: I sold everything at $158/159 this morning - page 4. (Read 20712 times)

I can't imagine BTC ever dropping back do any where near the $100 range again. Too many real world assets focused on it now.

Long term holders FTW

Yes I don't agree with the simple fact that BTC is not backed by anybody, it's a speculative "commodity".
And yes, it is complex as I need to trust an unknown 3rd party. It's not like using a Visa, Paypal or Mastercard
[/quote]

I dont know how to respond to the first part of your statement: Yes I don't agree with the simple fact that BTC is not backed by anybody, it's a speculative "commodity". since my statement was original post was that the concept of using it as a commodity is contrary to its purpose as a currency, but as for not being backed by anybody...in any logical trading sense, that's exactly WHY its nuts to use it as a commodity... (isnt it?)

As to your scond sentence...IF..or example..IF there was something like a Coinbase wallet, where I can connect my bank account and this same account can run my mastercard (debit) and if Coinbase had a 100 point verifications system and a separate (static) wallet (oh wait...do they already do it that way??? anyone wiser know?) ..anyway, if they verified my identity the way banks/visa/bankers/governments say so, you would still consider Mastercard/Visa to be safer on the internet? Or (shudder) PayPal?

*random rant (If your crawler scum are reading this PayPal I curse every cent you get from me, you thieving government puppets!) *end rant.


I agree we will always disagree Sir x

Wow, what a crazy thread - sure interesting reading

Only a fool... so you dont agree that the use and circulation of Bitcoins has anything to do with its rise/fall in value? I know it does with paper moneys, why are Bitcoins different?

Irreversibility is simply a matter of regulation and choice. At some point, those seeking more secure comerce methods will develop methods to send and receive, and receipting systems, and identification systems (Coinbase already uses bank account connections, probably others do too) Those seeking less regulation "cash economy" would simply not use regulated systems. Why is that complex?


[/quote]

Yes I don't agree with the simple fact that BTC is not backed by anybody, it's a speculative "commodity".
And yes, it is complex as I need to trust an unknown 3rd party. It's not like using a Visa, Paypal or Mastercard

So, just popping in on the thread to laugh at the OP's fortune telling skills. 
IMHO bitcoin is pretty mysterious, you really can't tell where it'll go next.

[quote/]That's not entirely true, bitcoin the currency can be used side by side with FIAT for example to fight iper inflation.
At the moment is very difficult to buy cryptos and only a fool would spend mined coins seeing the long term trend.
And how would you deal with irreversibility with internet transactions?
[/quote]

Only a fool... so you dont agree that the use and circulation of Bitcoins has anything to do with its rise/fall in value? I know it does with paper moneys, why are Bitcoins different?

Irreversibility is simply a matter of regulation and choice. At some point, those seeking more secure comerce methods will develop methods to send and receive, and receipting systems, and identification systems (Coinbase already uses bank account connections, probably others do too) Those seeking less regulation "cash economy" would simply not use regulated systems. Why is that complex?

Even in last July one could have bought at below $70.

OP has conservative trading strategy, and it works, but just holding is much better I believe

So says Barry Silbert, founder and chief executive of SecondMarket, the online platform that allows its users to trade private company stocks. "We're three to six months away from Wall Street dollars moving into Bitcoin in a big way," he says.

Read more: http://www.entrepreneur.com/article/230346#ixzz2nJ8SJj6b

That's not entirely true, bitcoin the currency can be used side by side with FIAT for example to fight iper inflation.
At the moment is very difficult to buy cryptos and only a fool would spend mined coins seeing the long term trend.
And how would you deal with irreversibility with internet transactions?

OP got back in at some point and posted in spec forum that he sold everything from like 350-445

From what I think I understand, if peeps are treating Bitcoin as a commodity (like gold etc) then they have missed the whole point of Bitcoins...

Satoshi must be so proud right now, instead of replacing money, we use Bitcoin to make more money.... Doesn't make sense. If we were actually serious about Bitcoin replacing government owned paper moneys, then Bitcoins need to be used, spent, circulated and incorporated into our daily lives, otherwise its just another software program to use to make money. No different to any other "get rich" type software - A very sad outcome for such an amazing concept.

I would be curious to find how many people on this forum are in it to make more money, supporting the centralised banking system, and how money are here to escape the bankers, hoping for something better? Can you realistically see yourself using Bitcoin for your money dealings in the future?

If this attitude becomes the most prevailing (the idea of Bitcoin as a commodity) then Bitcoin as a currency is doomed. A few fat cats and lucky geeks will make a bundle, and the vision of a decentralised currency dies as yet another good idea ruined by our own human greed.. (in my humble newbie opinion!)

And I thought Bitcoin is crazy already with the price swings this year

Wasn't hard for me! But I was trying to get in as the price was skyrocketing in April (waiting for my Gox account to fund), so $80 seemed like a bargain to me. I can see those who had cost-basis of under $10 would have found it difficult to buy at $80 after the spike… Probably like $600 didn't seem like a huge bargain to me after $1200, with my average cost-basis for most of my coin being sub-$100.

Heck, even those who purchased at that April peak price have had their investment more than quadruple (and then settle back down to a mere tripling +). I picked up a few $65-ish coins on Coinbase, I believe, at some low points in months after April.

In Mt Gox, the lowest was around 69 (after the $ 261 peak in April). Those who bought BTC then are currently sitting on top of 1,500% profit.

When's this Wall Street thing happening? Is there a post about this?

well, it did go down to 50, 55, and 65 at different times. so.... not too far off.

OP is quite a bit active here. So there is a possibility that he had bought some coins a few months after he sold them, albeit at a higher price.

My guess is OP has no stake in BTC anymore.

With the recent news re Wallstreet adoption coming in the next few months things are going to get a little crazy