Topic: It's getting frothy, and I'm dumping 75% of my coins - page 5. (Read 13615 times)

We're heading for a correction. There's no doubt about that. We're rising like paypal have announced a totally safe way and easy way to buy bitcoin yet bitcoin is neither easy nor arguably safe to buy.

It is subject to corrections like a stock.

You don't say.

News flash: Bitcoin ISN'T a stock.  But no wonder you keep acting like it is.

Honestly I expected 400 today/tomorrow then approaching 500 on friday and then a correction down to 350 on sunday but now I think people will be thinking anything under 400 is a bargain just like at the last correction people thought anything under 300 is a bargain at which point we started going back up.

Cool.  Well, nice seeing you around here.  Take care.

I don't expect to sell within 10% of the "top".  I expect a stable price for many years just like Apple or Google stock.

jason you make good points, you are here for the sole purpose of short-term making small amounts of USD, and your goal seems to be accomplished while also helping make the climb up less vertical. All is good I actually like more pros getting to know about bitcoins because when shit would really start hitting the fan (i.e. you would not know where to run with the stash of paper) you guys would be the ones driving price from 10k to infinity.

It is also possible that you will gradually see more and more value in storing part of your overall portfolio in BTC longterm. Right now, the faith seems weak in you Government can ban all exchanges in the world tomorrow and it won't change a thing, after the panic dissipates.

Cant lie Im rooting for a huge correction so I can scoop up some cheap coins, moving around half my fiat holdings over.

Which is weird, because I want BTC to explode and succeed but Im also selfish, because Im a human being and this is a once in a generation opportunity.

I really do like the concept of bitcoin, I think it is brilliant. I think the coins could have been distributed better, and I think that because so many got the coins for so little, it makes the prices unstable, but those are minor points.

that being said, I  think the final value of bitcoin will be ZERO for 2 reasons

1) governments will never ever let bitcoin compete with their local currencies. And bitcoin has a major Achilles heel - the exchanges. Destroy the exchanges worldwide, make the banks know they are in trouble for aiding anything bitcoin, and you destroy bitcoin.
2) people are too greedy, and not everyone can withdraw their money from bitcoin. You being able to withdraw to fiat relies on the fact that the other 95% do not want to. Eventually there will be a massive cashout which will destroy the bitcoin price.

But again this is irrelevant to my trading strategy. I trade futures, options, forex etc, have been doing so for 15 years. I don't get attached to anything, I am purely here to make money. All I am doing is looking for blow off tops and panic sells in bitcoin. And bitcoin is perfect for that, because unlike the futures market for example, where I am trading against hedge funds, deep pocketed veterans, HFT bots etc etc in bitcoin I am trading against a pretty idealistic crowd of people who generally have zero trading experience (no offence to anyone).

That's a good point. I don't fault anyone for a successful strategy. You executed a clear plan and made a big profit. So what if the price goes to $1000.

It's like the stock market. If I can sell now and buy again at $200, I will do it.

If you hold then more power to you, but you are missing out on opportunity.

Loss of opportunity = Loss of potential profit.

Congrats. There's nothing wrong with following the old adage, "Bulls make money, bears make money, pigs get slaughtered." Nothing wrong with locking in some profits. But I think being in 90% fiat and only 10% bitcoin right after we broke through the all-time high might be too cautious. If China breaks it's all-time high (which could happen today) do you plan to get back in at least 50% bitcoin? I think that would be a good risk to take. JMHO.

You're right.  I literally don't get this (since, from my perspective, it isn't remotely true).  Enlighten me instead of repeating yourself.

Give examples where this has obviously happened to a new technology that followed a Sigmoid curve in the past.

This is what a lot of people in this thread dont understand. They are saying BTC price isnt sustainable.

How about the $100M the US treasury issues every hour? Think about that. Just think about how much $100M is, and how long 1 hour is.

Yes, the USD might be the prettiest horse in the glue factory, but its still a horse is a glue factory. Simple as that people.

cant be right all the time. If it goes to $1000 so be it. No regrets here. Better to be wrong and still make a bunch of money, than be wrong and lose a bunch of money.

I just cashed in approx $100 000 usd for doing pretty much nothing.

Keep in mind that China is still below its all-time high. It's currently 2577 on http://bitcoinity.org/markets/btcchina/CNY and the high is 2630. Assuming they break it, the current rally will keep going a lot higher.

I sold my stash today as well. Chinese market is going up slowly while the others are racing like crazy. Most of my BTC came from the last dip and that gave me $100 per BTC in just 3 days. I dont want to push my luck, got bills to pay and things to buy.

Gox $445 lol

wow the froth is foaming at the mouth now

I am now 90% out

the chart is now literally almost vertical lol

That's why I keep my Bitcoin in different baskets. I bought Bitcoin with the outlook that I would be tempted to sell at different times, so I put them in three different "baskets."

Exactly. Sell when everyone is yelling "buy!"
Buy when there's blood in the streets.