Topic: My last Warning to the Bears (Read 2599 times)

Actually I'm good on that front, I never missed a major Bitcoin wave up and I don't have any plans to do so in the future. At the time, it was simply useless to sell into the market because it was too easily moved at those points. Back then, we really did have manipulators. Somewhere from $4 on the way down I just stopped trading it to make BTC while losing USD, held the BTC and went away. I was sitting on profits, but of course it still hurt.

Only thing I try to do is hedge my risks for the major waves and position myself. If this market goes back to a good value proposition (and a similar despair!), I will see things similarly again as I move a good portion to a paper wallet. If I am wrong, I will see it and buy back. I don't fight the market. Everyone has his strategies, I prefer a more active approach to managing my risk (BTC gains are actually only secondary) while riding the long-term bull and it's working well for me.

Any non-trader must admit that there are hype cycles with Bitcoin as a bunch of newbies quickly flow in and then many of them slowly flow out as they get bored, and it's expressed in the bubbles. What remains at the end is the long-term trend.

BTW, this topic was created on a day when Bitcoin ranged from 3.8 to 4.5 and was on its way up to 7.22 where it would then consolidate for many months around 5. 7.22 was broken only in July 2012, half a year after we topped out at 7.22.

Nice Find! Wish I could say I go back to 2011, well at least I was trying to buy but there was no place to easily enough.

Nice motivation. Always have some position for the future.

I would have bought one more 'double-down-but-not-fully-double' somewhere in the $1.20-$1.80 range, but we didn't get there, and my exchange of choice shut down.  I agree fully that the way to make money in this game is to kiss everything one puts into Bitcoin goodbye and reduce the temptation to sell to near zero.

I sold enough at 10x so that I have no net money in and a pile of 'free' Bitcoins.  Now I wait on 100x if it ever happens.  If not, I'm fine to simply not lose money.  Since I do pay taxes as appropriate, it is not in my interest to hurry things.  I'm by no means confident or happy about certain of the possible political and technical directions of Bitcoin's future.  If I do liquidate significantly, it will likely be driven by these factors more than it will be by economic considerations.

Best-case scenario is that I draw down Bitcoin as something of a 'pension' in the coming years, and it becomes well enough known so that I can buy interesting 'toys' (machinery, labor, etc) with it directly to avoid the various hassles and grief associated with official fiat money.

Awesome just awesome.

 

lol for a minute I thought this was a "today topic". Checked butcoinity and wanted to post "not true, you're trying to influence the market" 

I'm liking these thread necros; great perspective.

great bump

Sorry for the thread necro, but this is just an example of where we come from.

I know the friends of the Wall Observer thread will enjoy this topic created by our now fellow-in-bearishness Blitz. There was a time when even the bears where perma-bulls

Respect to you, Blitz

Yeah i'm predicting double digits within a month. Can't argue with btc fundamentals

Ouch... Zhoutonged. I was short at $2.85 a few weeks back and never thought we'd see $3.50 before $2.30, let alone $4.50. Now the question is: up or down? If I was daring, I'd short again at $4.20, but this sudden spike in activity up to $4+ has me shaken. People talk about fundamentals but I have to admit I'm skeptical at best for Bitcoin. Then again, the Euro and Dollar (and the other world currencies as well) are pretty much a joke right now so perhaps BTC isn't all that bad. Do I go long and hope to see an extended rally into the double digits? Last week I would have called even the thought of such a thing insanity, but this market strikes me as pretty much insane.

I've shorted 3 times in the last 24 hours... made a profit every time.

LOL!  haven't seen 502 Bad Gateways to Bitcoin Charts in a while either!

This was the dip. Look back at the charts in April/May and learn. The market is parabolic now, so I would not be surprised to see even a move to double digit very quickly.

True enough, though I saw it coming to that wall pretty quick, I had time to throw a couple hundred BTC down around $4.45. Not going to microtrade like the bots are, but I'm sure given that nearly 3000 BTC were moved around that $4.50 wall, I could have easily moved them. Coulda, woulda, shoulda... I still have all my coins in my wallet.

good to hear it.  you and me both, baby.  onward and upward!

You can't buy and sell as fast as the bots, trust me .

EDIT: My point here is that it's better to just STAY IN!

Always been and always will be. I watched it go down to 1.99 without selling. I am always skeptical, but overall long-term bullish. Fundamentals trump technicals. Can’t win without being willing to risk it all.

I have a single bet, and that bet is that Bitcoin’s forced scarcity combined with decentralization will attract huge money. The move to 32 was not caused by this type of money. Before I see most of its potential reached, I’ll be in, whether I lose the bet or not.

Also, I wanted to stock up on more sub dollar Bitcoins like in April. Too bad it diidn’t happen.

I hope everyone enjoyed the rally.  It was fun.  And profitable.

I must admit, watching this rally pan out has been very entertaining. Going from $4 to $4.50 and back down all within 30 minutes. I'm disappointed I didn't put any coin into the rally and sell around that $4.50 sell wall. Entertaining nonetheless...

I think its safe to say that anyone shorting on bitcoinica is probably liquidated by now. While I do find this funny I also find myself questioning whether or not to buy back in when i sold out around $3.70. I know as soon as I do we will drop back to $4 tho lol. And as I type this we are almost there.