Thanks for this thread.
Short answer: No because I'm all in and need time to recover my pound position from earnings before buying any more.
However I will admit to cheating a little when buying on behalf of friends and family by sneaking a little of my own money in too against my self-imposed rules!
I'm enjoying reading if nothing else because of the polarity. There is incredulity that Bitcoin could be realistically valued at this price on the one hand and complete confidence that it will march increasingly rapidly forward on the other.
As I was just trying to explain to my niece (who is astounded that the face value of her 10btc Cascasius silver coin just hit $1,000) the price does increase the publicity which increases the price. That she got. And if that is the primary reason people are buying - i.e. because everybody else is making money and they want a piece of teh action - then we have a situation akin to Tulip Mania and we'll have loads of people losing their fragile confidence as soon as the price drops a bit and panic selling.
However if because of the increase in publicity and the network effect a significant enough number of those jumping on board are doing so because they see its potential and want whether now or in the future to use it as store of value, as a means of sending money internationally, as a means of buying stuff on-line without the mess of credit cards, as a means of getting their money out of their old banks or currency about which they are losing confident
and they accept this may be a short-term peak but are buying nevertheless and are prepared to hold and wait then 'the big dip' if ever it comes won't be that big and won't last that long.
Interestingly also then it matters a great deal to those playing the greater fool game if it is about to plummet whereas to those of us who are thinking long-term fundamental value it matters less
How cool is that?
The size of the drop of 'the big dip' and its duration before 'recovering' (if it happens) will simply be down to the balance of the volume of Bitcoin controlled by the 'greater fool brigade' v. the rest of us. My guess is the longer-term thinkers will win.
Somebody above was talking about his 'primed' fiat on MtGox ready to buy into the dip. I am grateful to those who do this because they'll have a role to play in catching the dagger and preventing it go as low as it otherwise would. On the other hand on a personal note I for the first month or so kept a range of orders from a small amount at a dollar below market (when that was a bigger percentage than today!) down to a substantial order at below $1. I called it my 'crash plan' which was both 'for the benefit of Bitcoin in slowing down the potential crash' but also in the hope I could get more Bitcoin cheaper. However I soon gave up on that when I concluded the odds of a significant crash are in my opinion too low to be holding that money in fiat so instead I just bought BTC at market price with it!
Just my take in case it is of help to others considering how to play it...
