Topic: When the price of Bitcoin rapidly drops I... (Read 4547 times)
I'll probably spend about a 1/4 of the FIAT I've been holding in the exchange on coins, providing they are 120 or below when I get up. I'll then be watching closely for the longer term trend, either the catch a ride back up, or take more cheap coins on the way down.
Hold on tight.
I have to admit, I deviated from my normal "hold" plan.
I put in a little more USD via bitfloor and bought some BTC.
You?
I put in a little more USD via bitfloor and bought some BTC.
You?
And the time spent monitoring the price, and the stress.
I have yet to try the whole sell high, buy low thing.
...
The few times I've run the numbers of timing it "perfectly" only equalled an extra coin or two. The risk of missing it seems too high, IMO, especially when my goals are to see this disruptive technology change how commerce is done.
...
The few times I've run the numbers of timing it "perfectly" only equalled an extra coin or two. The risk of missing it seems too high, IMO, especially when my goals are to see this disruptive technology change how commerce is done.
Agreed, trying to catch the falling knife is more of a gambling game.
If you're more seriously into trading, a classical advice is to pick a simple strategy (the simpler the better) and to stick to this strategy as consistent as possible.
You might find this thread from last year worth reading.
The author of this thread describes a simple strategy to follow the market, and explains why this can be profitable on average.
It's worth the effort, but it might not be worth the risk that it doesn't work out exactly as planned.
I must admit, today tested my "hold" strategy. I was so tempted to sell and buy back when it was so obvious how many people were onboard with the sell/buy strategy. I ran the numbers for the percentage of my coin I would have been willing to sell and even if I timed it perfectly, I probably would have only netted a few extra coin. Don't get me wrong, a single BTC is worth a lot of money to me, I'm just not sure it's worth the effort (or worth adding to the volatility of a swing by contributing in the mania).
I have yet to try the whole sell high, buy low thing.
...
The few times I've run the numbers of timing it "perfectly" only equalled an extra coin or two. The risk of missing it seems too high, IMO, especially when my goals are to see this disruptive technology change how commerce is done.
...
The few times I've run the numbers of timing it "perfectly" only equalled an extra coin or two. The risk of missing it seems too high, IMO, especially when my goals are to see this disruptive technology change how commerce is done.
Agreed, trying to catch the falling knife is more of a gambling game.
If you're more seriously into trading, a classical advice is to pick a simple strategy (the simpler the better) and to stick to this strategy as consistent as possible.
You might find this thread from last year worth reading.
The author of this thread describes a simple strategy to follow the market, and explains why this can be profitable on average.
Tilt your head to the right. The poll chart is showing you the finger.
My name is Inigo Montoya. The poll chart killed my father. It shall prepare to die. 
I have yet to try the whole sell high, buy low thing. Maybe that's because I'm more interested in Bitcoin as a technology solution than as a "single stock" speculative game. The few times I've run the numbers of timing it "perfectly" only equalled an extra coin or two. The risk of missing it seems too high, IMO, especially when my goals are to see this disruptive technology change how commerce is done. Being left with some $$$ and having to buy back in at a higher price would suck.
Based on this poll, it seems others think along the same lines as I do.
Lets just hope we won't be stuck with a bunch of digital "coins" with little worth if our disruptive technology simply turns out to be another fad like beanie babies, MySpace or RSS.
(OK, that last comment about RSS was kind of trollish, but you probably smiled)
Based on this poll, it seems others think along the same lines as I do.
Lets just hope we won't be stuck with a bunch of digital "coins" with little worth if our disruptive technology simply turns out to be another fad like beanie babies, MySpace or RSS.
(OK, that last comment about RSS was kind of trollish, but you probably smiled)
I am trying the trading game a bit, but honestly, buying and holding (when buying at a good time obviously) is probably much more efficient since you don't have to spend all the time looking at the charts (which I find entertaining ).
I have yet to try the whole sell high, buy low thing. Maybe that's because I'm more interested in Bitcoin as a technology solution than as a "single stock" speculative game. The few times I've run the numbers of timing it "perfectly" only equalled an extra coin or two. The risk of missing it seems too high, IMO, especially when my goals are to see this disruptive technology change how commerce is done. Being left with some $$$ and having to buy back in at a higher price would suck.
Based on this poll, it seems others think along the same lines as I do.
Lets just hope we won't be stuck with a bunch of digital "coins" with little worth if our disruptive technology simply turns out to be another fad like beanie babies, MySpace or RSS.
(OK, that last comment about RSS was kind of trollish, but you probably smiled)
Based on this poll, it seems others think along the same lines as I do.
Lets just hope we won't be stuck with a bunch of digital "coins" with little worth if our disruptive technology simply turns out to be another fad like beanie babies, MySpace or RSS.
(OK, that last comment about RSS was kind of trollish, but you probably smiled)
If you tried to sell high, buy low, most likely outcome is sell high, buy higher.
Anyone who has read the Bitcoin whitepaper knows that this is very, very different from beanie babies!
Something that is this well-engineered and intricate can't be a fad.
I have yet to try the whole sell high, buy low thing. Maybe that's because I'm more interested in Bitcoin as a technology solution than as a "single stock" speculative game. The few times I've run the numbers of timing it "perfectly" only equalled an extra coin or two. The risk of missing it seems too high, IMO, especially when my goals are to see this disruptive technology change how commerce is done. Being left with some $$$ and having to buy back in at a higher price would suck.
Based on this poll, it seems others think along the same lines as I do.
Lets just hope we won't be stuck with a bunch of digital "coins" with little worth if our disruptive technology simply turns out to be another fad like beanie babies, MySpace or RSS.
(OK, that last comment about RSS was kind of trollish, but you probably smiled)
Based on this poll, it seems others think along the same lines as I do.
Lets just hope we won't be stuck with a bunch of digital "coins" with little worth if our disruptive technology simply turns out to be another fad like beanie babies, MySpace or RSS.
(OK, that last comment about RSS was kind of trollish, but you probably smiled)
...buy a little more than my regular budget. I just buy and hold and spend. I'm boring.
Get a little nervous, but remind myself that the market needs to catch its breath occasionally.
...wait for it to drop even lower. Seriously, look at the charts. We're headed much, much lower. Optimistically we'll stop in the teens, but we could easily go into the single digits again.
Aren't we supposed to see single digits next month? Remember your call?
So what happens if you are wrong again? Backpedal?
...wait for it to drop even lower. Seriously, look at the charts. We're headed much, much lower. Optimistically we'll stop in the teens, but we could easily go into the single digits again.
Can you be more specific? Link me to a chart you're talking about?
You have just met Proudhon, our resident perma-bear.
He has thus far had an uncanny track record of predicting bitcoin prices, as long as you reverse everything he says.
Tilt your head to the right. The poll chart is showing you the finger.
...wait for it to drop even lower. Seriously, look at the charts. We're headed much, much lower. Optimistically we'll stop in the teens, but we could easily go into the single digits again.
Can you be more specific? Link me to a chart you're talking about?
...wait for it to drop even lower. Seriously, look at the charts. We're headed much, much lower. Optimistically we'll stop in the teens, but we could easily go into the single digits again.
I love you so much, China needs someone like you to bluff.
" Did you hack XXX ?"
"Nope, we're victims..."
...wait for it to drop even lower. Seriously, look at the charts. We're headed much, much lower. Optimistically we'll stop in the teens, but we could easily go into the single digits again.
Sell low - buy high (good guy trader)
Buy. Just like I sell when the price goes up.
I hold.
I tried to play the "sell then buy at bottom game" before in 2011 and 2012, but either I can't get the timing right or the gox lag screws me, so I gave up
I tried to play the "sell then buy at bottom game" before in 2011 and 2012, but either I can't get the timing right or the gox lag screws me, so I gave up
I 
usually. I get neither nervous or elated. Super fun!
usually. I get neither nervous or elated. Super fun! 
I am looking for the window. The reason is not because my tiny holdings are loosing value, but because I am to poor (as a student) to be able to afford to buy more, even at those low valleys.
If drop is out of my picture AND It breaks picture
Then i will not sell at first wave down. Will wait for a bounce. Sudden drop = sudden bounce.
Then i will not sell at first wave down. Will wait for a bounce. Sudden drop = sudden bounce.
When I think the price rises too fast I sell a certain amount of Bitcoin and wait for a crash, then re-buy. I sold some at $60 and watched in horror as they almost hit $75.
Its all good though, bought back at $53.
Most of my coins come from the $11 - $23 days.
I'm not sure if I'll try guessing the market again, I don't think the gains I made was worth the stress. Also it was luck that I loaded up MtGox on my mobile whilst out at the shopping center because by the time I got home it had already corrected.
Its all good though, bought back at $53.
Most of my coins come from the $11 - $23 days.
I'm not sure if I'll try guessing the market again, I don't think the gains I made was worth the stress. Also it was luck that I loaded up MtGox on my mobile whilst out at the shopping center because by the time I got home it had already corrected.
Laugh at people selling for cheap. That's all.
What's your "plan" and why?
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