My strange attitude to the Bitcoin price drop

Spendulus

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Quote from: The Sceptical Chymist on November 27, 2018, 09:05:52 PM

..... I bought some silver with bitcoin when bitcoin was about $500 and boy that turned out to be some really, REALLY expensive metal. No regrets, though.

would you like to trade some bitcoin for my silver?

It would be a better deal.

For it to be an equally bad deal bitcoin would have to rise 3840/500 = x7.68 to 29,491.

bitmover

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Quote from: Jet Cash on November 28, 2018, 06:27:04 AM

I've been a Bitcoin loyalist since I started, and I still haven't sold or used any. I'm now starting to look at the alts that came from the forks.

Forks certainly are more important than they look like, in a investor perspective.

When a new fork is claimable it values drops brutally and very fast. If you are smart and fast enough and just claim all of them as fast as you can, your Bitcoin stash could have grow up about 20% just this year.

Many shady forks were worth a lot of money, for example: Bitcoin diamond, bitcoinx, bitcoe, bitcoinatom, btg, btc private, semux,sbtc, lbtc...

Most of them are worth nothing now (like 1 USD or less), but they used to be worth hundreds of dollars(or at least 30-40).

I tried to recover some of those recently, but some of them are really hard to claim . Need to download full node wallets with over 200gb (bitcoinx, which I gave up... For example). Other forks are only claimable via scripts , which I have no clue about how to do it.

But if you are patient and have some computer skills, it's doable.

I will try to keep my eye open for them.

Jet Cash

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I've been a Bitcoin loyalist since I started, and I still haven't sold or used any. I'm now starting to look at the alts that came from the forks. I'm probably a bit late in claiming them ( if I still can), but I fancy trying a bit oftrading and speculation. I won't use any gearing ( leverage ), and I'll probably only go long on the coins - I'm such a wuss.

I think Bitcoin will do another pump and dump sometime, maybe next year. I wonder if I will try to read the top. The price certainly seems to be cyclic with drops of around 90% every 3 years or so.

The Sceptical Chymist

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Quote from: xtraelv on November 27, 2018, 04:44:13 PM

One of the best things someone once said to me is "Shit happens in Crypto - get over it".

That would be outstanding crypto advice if it weren't so applicable to everything in life.

Now, since we're sharing words of wisdom, I'd like to give everyone the sage advice "Keep your expectations low and you'll never be disappointed".

Applying xtraelv's dictum and mine to the recent bitcoin debacle, I can state with confidence that I am unfazed by where the price is at ($3799 right as I'm typing this--not too shabby of a rebound if you ask me). Like Jet Cash, I've been collecting satoshis instead of bitcoin, which I take to mean that he (and I) are dealing in small amounts. Speaking for myself, if I never sold any of the bitcoins I'd bought or earned, I'd probably have 25BTC or so saved up. That did not happen, however, and right now I think I own the bitcoin equivalent of a quad venti mocha plus $1 in the tip jar at Starbucks.

And that's OK with me because 1) Shit happens, and I'm over it, and 2) I don't expect to get rich and never expected bitcoin to even be as high as it is now. I bought some silver with bitcoin when bitcoin was about $500 and boy that turned out to be some really, REALLY expensive metal. No regrets, though.

bitmover

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Quote from: Jet Cash on November 26, 2018, 01:23:20 PM

I really should be depressed by the fact that I'm showing paper losses on some of these purchases, but I'm not. In fact, I hope that the price will drop further, as I want to buy more, and the lower the price, the more I get for my money.

I have those contradictory feelings as well. Sometimes I am going to buy about 1% of my total stash and I hope that the price drop further as well, so I can buy at a lower price. Not only in bitcoin, but in every asset I invest.

Quote from: paxmao on November 27, 2018, 05:16:53 PM

Let´s not forget that there is also a general economic downturn and many of the risks, including a commercial war between US and China have been materialised. While crypto and Bitcoin have shown a mind of their own, there is a point in which all is connected.

I agree, they are somehow connected.

I believe that as we are now in a bear market, there is a bad feeling around crypto for now. Every news is bad news. So if SP500 is going down, BTC and the whole crypto market drop even further.

Last year, when we were in a bull market, every news was good news. So when there were tensions in North Korea and US for example, Bitcoin was like a "safe place" to keep money in case of a war. SP500 down meant BTC up. That was an opposite sentiment, however they were still connected.

In time those connections are going to be more stable and clear, I hope.

paxmao

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Let´s not forget that there is also a general economic downturn and many of the risks, including a commercial war between US and China have been materialised. While crypto and Bitcoin have shown a mind of their own, there is a point in which all is connected.

xtraelv

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One of the best things someone once said to me is "Shit happens in Crypto - get over it".

Bitcoin and altcoins even more so are like a bipolar relationship. You can be drawn into the manic and depressive episodes or you can try to understand it, deal with it and not let it negatively affect you.

https://99bitcoins.com/price-chart-history/

Every dip looks scary. If we knew what would happen for certain then there would be no speculation involved.

I'm here to be part of the movement. Not just the bitcoin movement but Crypto as a whole.

I pick my coins based on ethics, purpose, activity and viability.

This way the price might disappoint but the projects are worthwhile supporting. Interestingly some of the Cryptos I held onto during the manic bitcoin price rise did terrible during the price rise but are now slowly gaining in value.

Jet Cash

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I've been collecting Bitcoin, well Satoshi really, for about 3 years, and some of my purchases have been at higher prices than the current exchange rate. I really should be depressed by the fact that I'm showing paper losses on some of these purchases, but I'm not. In fact, I hope that the price will drop further, as I want to buy more, and the lower the price, the more I get for my money.

Of course there is always the risk that I will have to sell at a loss for some reason, but my plan is to keep the investment for at least 3 years.

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