Topic: Panic sellers and non-holders beware: This could be you in the future. - page 2. (Read 3701 times)

wow the topic you linked to is very interesting . it is funny to see the same arguments going on before on the price of $20

Please do HODL all your net worth in BTC all the way down to $20 again. The coming shake out of CONFIDENCE is going pauperize all those ideological tards.

Investing isn't about ideology. It is about rational assessment of probabilities.

Warren Buffet has a different view about Bitcoin, but yes, buy and hold long-term is the way to go.
It is my philosophy too. 

We all need to get one of those motivational posters except have it say "HODL" with a big Bitcoin logo on it. Hellz yeah. Get it framed, baby.

HODL 4 life

It's a lifestyle

We saw a lot of posts like that just a few months ago. 18 months of a bear market was just too much for some people. The bottom has occurred IMO, and it's the beginning of a new bull ride. Things should get interesting!

Incidentally Warren Buffet's most lucrative picks are the ones that he NEVER sold, the most famous one being cocacola. He has been holding for decades and will never sell. One has to approach Bitcoin with the same mentality, with the plus of Bitcoin not being a simple asset, but being a currency within itself, so you can use it without even having to convert it to any other currency, you can buy goods and services with it.

I have no plans to sell anytime soon, I'm fairly certain this is only the beginning. Sure there will be ups and downs but in the end I would be very surprised if the price didn't reach several thousand USD per coin or more.

Wonderful thread.
The OP was last active in November 2011.
I think he would have been trolled a great deal if he ever returned. 

Considering the world financial events happening plus the slaying of the bear market it would behoove all interested parties to have as much bitcoin as they can responsibly have at this point. The pot is brewing up something wild and crazy coming up but keep in mind how much easier it is for a lot more people to get their hands on coinage in more parts of the world than during the last bull market liftoff. Also, sounds like the Winks will have Gemini up and running in the next few weeks to months. It'll be a fun time to be alive.

The real secret to not panicking, and being able to sleep at night, is to only invest what you can afford to lose.  This goes for anything, not just bitcoins.  So if BTC went to 20 cents or something ridiculous over night, I would be bummed but the effect on my life would be near zero.  If you only put what you can afford to lose, and then you assume that some investments will tank (because no one, not even Warren Buffet, wins all the time).

So if it tanks, you can take a step back and re evaluate the situation.  If you decide that the market is right, then sell.  If you think that it is wrong, then hold.  And remember, its only a paper loss until you transact.

And forget efficient markets.  I make really good returns because the markets are wildly inefficient.

One of the most wonderful threads I've passed by since I've joined, thanks a river really and this quote sums it all


Again, thank you really.

While it could be true that long-term holding of Bitcoin is the most likely to produce "ridiculous gains in purchasing power", this will only actually occur *if a significant number of people do NOT hold and do sell some or all of their coins along the way to distribute wealth and gain market penetration.

If, Hypothetically, 90% of people keep 90% of the coins they acquire for the next few years, Im sure the price will skyrocket to huge levels, which will drive even more people to desperately try to get hold of coins so they too have some of this rapidly appreciating asset, driving the value even higher.   Actual trade would be low and the "value" would be based mainly on their rarity.

However, as soon as someone decided to *use any significant amount of "purchasing power" to buy their castle, yacht, jet or whatever,  the price would dip significantly, which would very likely trigger a lot more people to quickly jump out in the belief that a "top" of the speculative cycle had been reached   (just like what happened at ~$1200) and the price would come crashing down (again).

This cycle will repeat over and over again, until either 1.  Coins are distributed widely enough (and *in use, not just Held) that the boom/bust cycle dampens out and the oscillations decrease over time (which is what I think is happening).  or 2.  The Majority get sick of being Millionaires one week and Paupers the next, and give up on Bitcoin and return to a more stable, elastic form of money.

This is one of the reasons why the central bankers claim to require the ability to print money on demand.  An "Elastic" money supply allows them to dampen out any crazy speculative value swings, by increasing the supply temporarily, and decreasing it when demand is lower.   Unfortunately, such control is also vulnerable to abuse by those who control the printing presses, and has proven time and time again to be of short-term benefit, and long-term detriment to all prior forms of fiat currency.

Many people have questioned whether an Elastic money supply is actually a good thing, despite its short term benefits.  If the "Smart Economists " who claim to have models and theories justifying Fiat money are correct, then why do their models keep failing, and we have recessions, depressions, and booms/busts, even *with all of their "Financial/Economic Tools" to manipulate the supply ?   https://www.google.com.au/search?q=elastic+money+supply

Bitcoin is an modern internet-enabled experiment with an *inelastic money supply, and the initial wild value swings were easily predicted and expected by anyone who understands the attributes of such a form of money.   The hope is, that the oscillations will dampen out over time and it reaches a more stable *long-term value (although it will likely never be as short-term stable as fiat currencies are) which will make it seriously useful to those who are willing to ride out the short term waves.

So, just advising everyone to "HOLD!" no matter what will actually work *against its long term success, even if it means some folk who *might have been "rich" would otherwise not be.

Reference is often made to the "10,000BTC Pizza" of yesteryear.. and "imagine how rich he would be now if he hadnt bought that pizza !".  

In fact, if he *hadnt (and the majority of holders also hadnt spent anything), then Bitcoin would quite likely have *NO value at the current time.   Someone has to spend *some (and a few have to spend the majority) of their wealth along the way, or it will *not ever be anything except a crazy roller coaster ride for thrillseeker day-traders.

The bulls will say buy as much as you can as soon as you can and the bears will say sell, sell, sell. I am a bull. I say buy and hold, especially now

Yea, I know a guy that CPU mined BTC and would have $2-4 million if sold at peak...he sold at $2 each.  It's not possible for the BTC price to increase without panic sellers though.  If whales can't get in at a good position, they don't move the price up.

it's a free market. without panic sellers not just bitcoin trading, trading trading in general will not be the same. you need every aspact of it, profit takers, panic buyers, panic sellers, holders, short term investors and so on. that keeps markets moving and ineresting to invest in.

I wouldn't sell bitcoin at a loss because that just means I'm being impatient. I do save a certain portion of my income to go towards buying BTC.

Good lad.

Nice thread bro, something I think to myself fairly often. No worries here though, I'm prepared for the moon bound, rocket launch. HODL until that day gentlemen! Don't panic sell or lose patience with bitcoin. We'll get there one day even if it's 5-10 years from now.

Cold storage - HODL my friends