I've cashed out but this is not the end. - page 2.

jojo69

legendary

Activity: 3318

Merit: 4606

diamond-handed zealot

Quote from: chesthing on December 21, 2013, 08:46:42 PM

Please elaborate on where this new money will come from?

wall street

I'm not saying anyone should or should not try playing the market, but cautioning that bitcoin has proved violently unpredictable in the past. The next run up could come at any moment, and blow your reentry point forever. It has happened to me, and I was pretty certain that I was just playing a swing at the time.

chesthing

legendary

Activity: 1414

Merit: 1000

Quote from: piramida on December 21, 2013, 06:48:03 AM

Ok DavidZ imagine price moves up violently and breaks 900. Your move?

Not saying it does or will, but it sure as hell can

I can tell you your move - panic buy. Then sell back at 600. Rinse repeat. That's how most day traders here "make" money.

This only happened before because of Chinese speculation, and we've yet to see the full fallout. Please elaborate on where this new money will come from?
David did the right thing, keep watching that value.

co5hike

hero member

Activity: 798

Merit: 1000

Quote from: DavidZ on December 21, 2013, 06:23:40 AM

Quote from: TERA on December 21, 2013, 05:44:33 AM

On bitstamp (not including bitfinex orders):
10k btc to $500
20.26k btc to $400
34.24k btc to $300

On gox:
19.75k btc to $500
38.14k btc to $400
54.55k btc to $300

That's only 0.8% of all bitcoins holding up the price above $300.

Workings:

((34.4 + 54.55) * 1000*100)/11E6

Not all placing buy orders, and if the price drop, more dollars will be transfered to exchanges to buy cheap Bitcoins

chesthing

legendary

Activity: 1414

Merit: 1000

Quote from: jojo69 on December 20, 2013, 10:44:46 PM

Quote from: Okurkabinladin on December 20, 2013, 10:40:31 PM

So one´s background in trading is now judged upon amount of time spent on Bitcointalk? You´d make lovable financial advisor.

not in the least, but those of us who have been around here for a while have been through this umpteen times, there are just more zeroes after the numbers now

in percentage terms this "crash" is small potatoes compared to the rollercoaster we have ridden these last few years

yawn, wake me up when we break 1K again

edit/ and to the OP, far as I'm concerned, this IS the moon, next stop moons of Jupiter, who knows when

There are a couple differences between past crashes and this one.
First, this run up was fueled by Chinese investors. China is now out. This is (soon to be) the biggest economy in the world.
Second, you have a crap load of new and not even delivered yet mining equip out there with miners about to lose their asses. Difficulty levels are already way out of line with the return, never mind at half current value.

I'm not calling an all out collapse, but you can't equate a $32 to $3 fall when btc was still obscure and largely unknown to what is currently happening.

DavidZ

newbie

Activity: 56

Merit: 0

Quote from: piramida on December 21, 2013, 06:48:03 AM

Ok DavidZ imagine price moves up violently and breaks 900. Your move?

Not saying it does or will, but it sure as hell can

I doubt that; but even if it does it will be followed by an similar correction.

phoenix1

hero member

Activity: 798

Merit: 1000

Quote from: DavidZ on December 21, 2013, 06:23:40 AM

That's only 0.8% of all bitcoins holding up the price above $300.

Workings:

((34.4 + 54.55) * 1000*100)/11E6

That's about half the free float Cheesy

Quote from: piramida on December 21, 2013, 06:48:03 AM

Ok DavidZ imagine price moves up violently and breaks 900. Your move?

Not saying it does or will, but it sure as hell can

I can tell you your move - panic buy. Then sell back at 600. Rinse repeat. That's how most day traders here "make" money.

They also go blind staring at the screen constantly and get virtually no sleep (speaking from experience)
And then pay for this Cheesy

Much cheaper to visit somewhere seedy if you need pain that bad.
Oh yeah ... they don't take BTC yet - quick we need BTC S&M to save day traders from themselves Shocked

piramida

legendary

Activity: 1176

Merit: 1010

Borsche

Ok DavidZ imagine price moves up violently and breaks 900. Your move?

Not saying it does or will, but it sure as hell can

I can tell you your move - panic buy. Then sell back at 600. Rinse repeat. That's how most day traders here "make" money.

DavidZ

newbie

Activity: 56

Merit: 0

Quote from: TERA on December 21, 2013, 05:44:33 AM

On bitstamp (not including bitfinex orders):
10k btc to $500
20.26k btc to $400
34.24k btc to $300

On gox:
19.75k btc to $500
38.14k btc to $400
54.55k btc to $300

That's only 0.8% of all bitcoins holding up the price above $300.

Workings:

((34.4 + 54.55) * 1000*100)/11E6

TERA

hero member

Activity: 728

Merit: 500

On bitstamp (not including bitfinex orders):
10k btc to $500
20.26k btc to $400
34.24k btc to $300

On gox:
19.75k btc to $500
38.14k btc to $400
54.55k btc to $300

DavidZ

newbie

Activity: 56

Merit: 0

Quote from: TERA on December 21, 2013, 05:31:40 AM

Quote from: DavidZ on December 21, 2013, 05:30:59 AM

Quote from: TERA on December 21, 2013, 05:17:12 AM

I think the collective of newly wealthy bitcoiners with fiat sitting on exchanges, alone, is enough to buy out all of the bitcoins at $50 or so. $10 would not even be physically possible, without some change in fundamentals. I don't even see 300 happening. Look at all the orders at 400-500.

How do you look at market depth that far down?

I'm using btce and bitcoinwisdom.

bitcoinity.org/markets
trading.i286.org

All I see at bitcoinity is that 400 can be sold until the price goes below 582. 400 btc out of 11 million.

TERA

hero member

Activity: 728

Merit: 500

Quote from: DavidZ on December 21, 2013, 05:30:59 AM

Quote from: TERA on December 21, 2013, 05:17:12 AM

I think the collective of newly wealthy bitcoiners with fiat sitting on exchanges, alone, is enough to buy out all of the bitcoins at $50 or so. $10 would not even be physically possible, without some change in fundamentals. I don't even see 300 happening. Look at all the orders at 400-500.

How do you look at market depth that far down?

I'm using btce and bitcoinwisdom.

bitcoinity.org/markets
trading.i286.org

DavidZ

newbie

Activity: 56

Merit: 0

Quote from: TERA on December 21, 2013, 05:17:12 AM

I think the collective of newly wealthy bitcoiners with fiat sitting on exchanges, alone, is enough to buy out all of the bitcoins at $50 or so. $10 would not even be physically possible, without some change in fundamentals. I don't even see 300 happening. Look at all the orders at 400-500.

How do you look at market depth that far down?

I'm using btce and bitcoinwisdom.

DavidZ

newbie

Activity: 56

Merit: 0

Quote from: gizmoh on December 21, 2013, 05:13:51 AM

Negative net volume means sellers are now controlling the market and it is start of a bear market with lots of bumps.

What's negative net volume?

DavidZ

newbie

Activity: 56

Merit: 0

Quote from: virtualfaqs on December 21, 2013, 05:01:56 AM

Quote from: DavidZ on December 21, 2013, 03:23:14 AM

Quote from: seriouscoin on December 21, 2013, 03:04:44 AM

Cashing out is a big no no in such an uptrend market. You will miss buying opportunities thanks to our banking system.

It depends on your time horizon.

There are hourly swings in price, daily swings in price, weekly swings in price ...

It is unclear to me when this will bottom before reaching a new ATH. When I see the buy signal I will be back in. This could bottom at $10 then swing back up to $300 at which point I may buy back in and own twice the coins I did before. The price could then increase to $2000.

I'm not saying buying and holding isn't a bad thing to do. I just see may strategy as a good way to minimize risk and maximize profit at the same time.

I think a more realistic scenario is if the price bottoms at $300 then goes back up to $600.

And then what?

Quote from: virtualfaqs on December 21, 2013, 05:01:56 AM

Wouldn't you have liked to put in your buy order now?

No; I just sold for this price. Huh

Quote from: virtualfaqs on December 21, 2013, 05:01:56 AM

Something has to go catastrophically wrong for us to hit $10. Off the top of my head, I can't think of anything like that.

I can: an unknown unknown.

Zarathustra

legendary

Activity: 1162

Merit: 1004

Quote from: DavidZ on December 20, 2013, 10:21:45 PM

I've cashed out but this is not the end.

Not the end,
not the end,
just remember ...

http://www.youtube.com/watch?v=5B2yeDYgPfY

TERA

hero member

Activity: 728

Merit: 500

I think the collective of newly wealthy bitcoiners with fiat sitting on exchanges, alone, is enough to buy out all of the bitcoins at $50 or so. $10 would not even be physically possible, without some change in fundamentals. I don't even see 300 happening. Look at all the orders at 400-500.

gizmoh

legendary

Activity: 1428

Merit: 1000

I'm 95% fiat too. The latest rally is a boon for whoever(with head on his shoulder) took the chance to get out at a good median price,
without losing too much profit. Negative net volume means sellers are now controlling the market and it is start of a bear market with lots of bumps.
I say cash out a good chunk and enjoy your new fortune to not be tempted to buy 'cheap' coins which can get cheaper and cheaper..
Meanwhile Bulls are going deep underground hodling. Grin

virtualfaqs

hero member

Activity: 700

Merit: 500

Quote from: DavidZ on December 21, 2013, 03:23:14 AM

Quote from: seriouscoin on December 21, 2013, 03:04:44 AM

Cashing out is a big no no in such an uptrend market. You will miss buying opportunities thanks to our banking system.

It depends on your time horizon.

There are hourly swings in price, daily swings in price, weekly swings in price ...

It is unclear to me when this will bottom before reaching a new ATH. When I see the buy signal I will be back in. This could bottom at $10 then swing back up to $300 at which point I may buy back in and own twice the coins I did before. The price could then increase to $2000.

I'm not saying buying and holding isn't a bad thing to do. I just see may strategy as a good way to minimize risk and maximize profit at the same time.

I think a more realistic scenario is if the price bottoms at $300 then goes back up to $600. Wouldn't you have liked to put in your buy order now? Something has to go catastrophically wrong for us to hit $10. Off the top of my head, I can't think of anything like that.

poewerden

full member

Activity: 125

Merit: 100

Quote from: Elwar on December 21, 2013, 02:17:57 AM

Quote from: TERA on December 21, 2013, 02:13:09 AM

Quote from: Elwar on December 21, 2013, 02:12:20 AM

I cashed out most of my fiat since this downturn.

I still have about 10% fiat that I need to cash out so I can walk away and come back later.

Why cash out specifically? Are you so bearish you think the exchange system is going to fall apart or start stealing too?

I prefer to have all of my money safe, so I feel a lot safer when I cash out all of my money into cold storage.

Safe money, is there such thing really Huh

DavidZ

newbie

Activity: 56

Merit: 0

Quote from: Elwar on December 21, 2013, 03:33:57 AM

Quote from: DavidZ on December 21, 2013, 03:23:14 AM

a good way to minimize risk and maximize profit at the same time.

You mean the risk of the bank taking all of your fiat (especially the ones that like to freeze Bitcoin users accounts)?

That only happened to the directors of Coinjar here in Australia. There have been no instances of members of the public having their accounts closed for buying bitcoin here that I am aware of. Though I do accept that this is possible so I may create an account with another bank to mitigate this risk.

Quote from: Elwar on December 21, 2013, 03:33:57 AM

Or the risk of the dollar collapsing? You know...that whole $20 trillion debt and QE infinity...

This is another risk also of which I have taken steps to minimize.

Quote from: Elwar on December 21, 2013, 03:33:57 AM

Maximize profit? The value of Bitcoin has gone up by at least 1000% yearly...I would hate to be stuck with fiat.

Past performance is no guarantee of whatever...

Topic: I've cashed out but this is not the end. - page 2. (Read 5465 times)