Is there any way you can purchase more while the price is lower? that way your cost average will be lower, so instead of your average being in the 700's you possibly could get it in the low 600s or lower.. then if you want out, and you can get to your break even point, you will be okay...
I feel your pain.. But like others have said, you haven't lost anything until you sell. So, dont.. it will recover.
Topic: what should I do, I invested a lot - page 2. (Read 12519 times)
Hold your bitcoin until it rise again. It shouldn't be too long..
I would say that in about 90% of the trades on bitcoin, the seller is selling not because he needs the money, but because he thinks bitcoin is going down.
The same can be said about the buyers: most of them buy not to use bitcoins, but as a mean of investment. In other words, they believe bitcoin is going up.
Therefore, in about 90% of the trades, there is always a sucker and a winner. At least on the short-run, they can't be both right. Even in the long run, the buyer might make money, but he was a sucker on the short-run, if he could bought it cheaper.
Of course, we can be suckers all the time, because we didn't sell on the perfect moment, and still end up rich. It's just a matter to be sucker just on a small degree.
The same can be said about the buyers: most of them buy not to use bitcoins, but as a mean of investment. In other words, they believe bitcoin is going up.
Therefore, in about 90% of the trades, there is always a sucker and a winner. At least on the short-run, they can't be both right. Even in the long run, the buyer might make money, but he was a sucker on the short-run, if he could bought it cheaper.
Of course, we can be suckers all the time, because we didn't sell on the perfect moment, and still end up rich. It's just a matter to be sucker just on a small degree.
You see, if you just held on like I said, you wouldn't have been so mad at yourself.
Hang on, Bitcoin will never fail you
Hang on, Bitcoin will never fail you
i can give you a secret tip, sell all your bitcoins and buy sexcoin, now is cheap, may be become a milionaire
Please don't listen to him, sexcoin is another pump and dump coin..
i can give you a secret tip, sell all your bitcoins and buy sexcoin, now is cheap, may be become a milionaire
somebody must be the person who bought when it was over 1000 $
so, someone became uncredible happy and rich and somebody lost all his money
so, someone became uncredible happy and rich and somebody lost all his money
Someone that averages down is someone that got it wrong once and persists on doing the same thing, only at a lower price. It's someone that is fighting the trend.
Sometimes, it works. But when it goes really wrong, the negative consequences will waste all the small profits or avoided losses you made using this technique.
Sometimes, it works. But when it goes really wrong, the negative consequences will waste all the small profits or avoided losses you made using this technique.
You should calm down and cost average whatever you have left.
This is the worst advice in this thread.
Average down in the long run rarely make anyone money. It only take one bad event to wipe your entire capital.
It's about limiting your losses. Your assumptions are based on the "bad event" that could never happen. If you invest going on the assumption that you're going to have a bad event, then you're doing it wrong.
Besides with all the reset ups and downs that BTCbitcoinBTC has been going through lately, you could have made quite a bit of fiat. It's really not that hard.
hi, I invested a lot at the beginning of this year thinking bitcoin would have risen again as usual, I bought many btc when it was 830 and some after when it was 660. I waited for the pump but things are getting bad. I am wo4ried. I am 26 yo I am not rich and I invested a lot of my savings. I can live without, ok, but they were my savings. What should I do now? is this the end? Will bitcoin rise again at least until 830?
Hold on to it, don't sell, trade or anything. It might hit $1,000 soon. Just need the right bull run.
You should calm down and cost average whatever you have left.
This is the worst advice in this thread.
Average down in the long run rarely make anyone money. It only take one bad event to wipe your entire capital.
It seems that the Op invested money he can't afford to lose.
Forget about those that say you didn't lose anything, because you didn't sell the bitcoins. You lost that money. Maybe you can recover it, maybe you will lose more.
Faced with uncertain scenarios, where the price can go up or down, but on a bearish trend, better limit your loses and sell a part of your holdings. Saving them to go back in at a much lower price, if the prices keep going down.
Forget about those that say you didn't lose anything, because you didn't sell the bitcoins. You lost that money. Maybe you can recover it, maybe you will lose more.
Faced with uncertain scenarios, where the price can go up or down, but on a bearish trend, better limit your loses and sell a part of your holdings. Saving them to go back in at a much lower price, if the prices keep going down.
If you need to know one thing about cryptocurrency, the one with the first mover advantage will always have the highest value. All others that follow can only be based on the first mover. So it's better to just concentrate on the first mover that is Bictoin, which is the one that created the whole new concept of cryptocurrency. Sure you can probably gain a little by dabbling into altcoins provided you know when to offload them at their peak but all altcoins are based on the first mover, Bitcoin
I agree with cost averaging. Let's say you invested $3000 into 100 LTC at $30 each. Another $3000 today at $5.50 = an additional 545 LTC. That brings you up to 645 at $6000 and now you're down $9.3. Like I said, significantly! If crypto turns around and starts a new up trend, you'll be looking at significant gains as opposed to looking to break even. But, of course, this doesn't come without the risk of losing everything if crypto dies off completely...
You should calm down and cost average whatever you have left.
hi, I invested a lot at the beginning of this year thinking bitcoin would have risen again as usual, I bought many btc when it was 830 and some after when it was 660. I waited for the pump but things are getting bad. I am wo4ried. I am 26 yo I am not rich and I invested a lot of my savings. I can live without, ok, but they were my savings. What should I do now? is this the end? Will bitcoin rise again at least until 830?
I'm sorry your investment in bitcoins is down. I imagine several people are in a similar situation.
I do not think this is the end of bitcoin. The key thing is do you need the cash now or can you afford to hold the coins? If you need your national currency back now, then sure, sell, take the loss, and move on. It sucks, but it's not like you've been wiped out, investors in many stocks see far worse losses than you've incurred.
If you don't need the cash then by all means, I'd hang on to it for awhile longer. Though I admit that takes a lot of patience as it sucks to be continually reminded of what looks like a mistake everytime you see the bitcoin price.
A good rule on any investment is remembering why you bought it. If that reason is still true, then keep it, if not, sell it and move on.
Good Luck!
People should know bitcoin isn't an investment geared toward people with low risk.
If they don't have the stomach for 70-80% fluctuation, they should probably sell it now and do something else with the money.
hi, I invested a lot at the beginning of this year thinking bitcoin would have risen again as usual, I bought many btc when it was 830 and some after when it was 660. I waited for the pump but things are getting bad. I am wo4ried. I am 26 yo I am not rich and I invested a lot of my savings. I can live without, ok, but they were my savings. What should I do now? is this the end? Will bitcoin rise again at least until 830?
I'm sorry your investment in bitcoins is down. I imagine several people are in a similar situation.
I do not think this is the end of bitcoin. The key thing is do you need the cash now or can you afford to hold the coins? If you need your national currency back now, then sure, sell, take the loss, and move on. It sucks, but it's not like you've been wiped out, investors in many stocks see far worse losses than you've incurred.
If you don't need the cash then by all means, I'd hang on to it for awhile longer. Though I admit that takes a lot of patience as it sucks to be continually reminded of what looks like a mistake everytime you see the bitcoin price.
A good rule on any investment is remembering why you bought it. If that reason is still true, then keep it, if not, sell it and move on.
Good Luck!
hi, I invested a lot at the beginning of this year thinking bitcoin would have risen again as usual, I bought many btc when it was 830 and some after when it was 660. I waited for the pump but things are getting bad. I am wo4ried. I am 26 yo I am not rich and I invested a lot of my savings. I can live without, ok, but they were my savings. What should I do now? is this the end? Will bitcoin rise again at least until 830?
Sell your kidney and buy some more! 
I was under the impression that LTC, aside from making some superficial changes to the total supply and confirmation times, was intended to be more of a BTC failsafe, i.e. if one network fails then we have another. I didn't realize ASIC resistance was even a consideration, but I did assume that the fact that people could still reasonably use CPUs to mine LTC when it was introduced was one of the reasons scrypt was chosen as the mining algorithm.
The value proposals of LTC, compared to BTC:
- confirmation time: x4 faster
- monetary base: x4
- hashing algorithm: Scrypt instead of SHA-256
I guess we all agree that the increase in monetary base and the decrease on confirmation times are superficial changes that have a negligible effect on usability. Being it "silver" to Bitcoin's "gold" is just a pretty stupid and empty marketing claim. The "real thing" is supposed to be the different hashing algorithm. It's very well documented that when and if SHA-256 is broken Bitcoin would be able to quickly switch hashing algorithm, so LTC being "a failsafe" sounds pretty pointless... But there you have the problems of ASICs - yep, you can change hashing algorithm very quickly, but then you would render the whole mining infrastructure unusable because its composed by machines that can ONLY mine SHA-256, which in case of algorithm switching would pose a huge problem because the security of the network would be jeopardized. That's why the only real point of LTC was supposed to be ASIC resistance, which nevertheless was never taken seriously by anybody with an average understanding of crypto.
LTC just has the very same fundamental characteristics of Bitcoin (both positive and negative aspects), I do appreciate it as a necessary experiment, but now it's just become a useless clone.
Disclaimer: I do hold LTC bought in Februrary 2013, but I will probably unload them during the next BTC run-up, just because during a maniac market LTC will probably appreciate slightly against BTC because some noobs will prefer to buy into LTC "because its cheaper".
The reason I posted the original Litecoin announcement thread is to show you exactly why the devs created Litecoin. Again, it has nothing to do with being ASIC resistant. You made that up.
Again:
- The devs clearly state it was intended to be similar to BTC, and to be to BTC what silver is to gold.
- No ASICs were in development at that time, so ASIC resistance was a total non-issue.
- Again, claiming LTC was designed to be ASIC resistant simply because it utilizes a different mining algorithm is very stupid, because that's equating ASIC resistance to the current lack of ASIC technology suited for that specific purpose. Quit making things up.
- By your logic, you might as well say LTC was supposed to be GPU resistant because there was no GPU scrypt miner at the time. See how absurd this idea is?
LTC users pretty much coined the term "ASIC resistant" .... you cant tell me this wasn't a selling point.
Maybe later down the road when ASICs became a reality, but it certainly wasn't an initial selling point. And like you said, it was coined by the users. It wasn't stated by the devs as an initial or primary consideration.
I was under the impression that LTC, aside from making some superficial changes to the total supply and confirmation times, was intended to be more of a BTC failsafe, i.e. if one network fails then we have another. I didn't realize ASIC resistance was even a consideration, but I did assume that the fact that people could still reasonably use CPUs to mine LTC when it was introduced was one of the reasons scrypt was chosen as the mining algorithm.
The value proposals of LTC, compared to BTC:
- confirmation time: x4 faster
- monetary base: x4
- hashing algorithm: Scrypt instead of SHA-256
I guess we all agree that the increase in monetary base and the decrease on confirmation times are superficial changes that have a negligible effect on usability. Being it "silver" to Bitcoin's "gold" is just a pretty stupid and empty marketing claim. The "real thing" is supposed to be the different hashing algorithm. It's very well documented that when and if SHA-256 is broken Bitcoin would be able to quickly switch hashing algorithm, so LTC being "a failsafe" sounds pretty pointless... But there you have the problems of ASICs - yep, you can change hashing algorithm very quickly, but then you would render the whole mining infrastructure unusable because its composed by machines that can ONLY mine SHA-256, which in case of algorithm switching would pose a huge problem because the security of the network would be jeopardized. That's why the only real point of LTC was supposed to be ASIC resistance, which nevertheless was never taken seriously by anybody with an average understanding of crypto.
LTC just has the very same fundamental characteristics of Bitcoin (both positive and negative aspects), I do appreciate it as a necessary experiment, but now it's just become a useless clone.
Disclaimer: I do hold LTC bought in Februrary 2013, but I will probably unload them during the next BTC run-up, just because during a maniac market LTC will probably appreciate slightly against BTC because some noobs will prefer to buy into LTC "because its cheaper".
The reason I posted the original Litecoin announcement thread is to show you exactly why the devs created Litecoin. Again, it has nothing to do with being ASIC resistant. You made that up.
Again:
- The devs clearly state it was intended to be similar to BTC, and to be to BTC what silver is to gold.
- No ASICs were in development at that time, so ASIC resistance was a total non-issue.
- Again, claiming LTC was designed to be ASIC resistant simply because it utilizes a different mining algorithm is very stupid, because that's equating ASIC resistance to the current lack of ASIC technology suited for that specific purpose. Quit making things up.
- By your logic, you might as well say LTC was supposed to be GPU resistant because there was no GPU scrypt miner at the time. See how absurd this idea is?
LTC users pretty much coined the term "ASIC resistant" .... you cant tell me this wasn't a selling point.
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