Why are people panicing about Bitcoin's price?

HappyBitCoinUser

full member

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Quote from: IntrepidMiner on July 06, 2013, 08:36:38 PM

Quote from: gmaki on July 06, 2013, 08:09:01 PM

Quote from: acs26 on July 06, 2013, 07:57:56 PM

I just don't understand it. A crash happens in every currency. Do people think that Cryptocurrencies are different?

I honestly don't understand. Bitcoin has had worse crashes, yet $65.40 sets off 'panic mode'? Seriously, whats the deal? I don't want Bitcoin to fail, but it's going to happen again and again as long as Bitcoin is alive.

If you owned it over $200 and haven't yet sold... you're panicking.

That means you're too heavily invested, or you're allowing your emotions to get in the way. I have a few coins myself, but I see no reason to sell, because firstly I am not positive that the price will continue to fall (though I think it's likely), and secondly I have confidence that the price will rise again over the next couple years.

There are four categories of people who are selling right now:
1) Those who are freaking out because they believe Bitcoin is entirely downhill from here
2) Those who are freaking out because they are relying on cashing out before the market recovers to pay the bills (over-invested)
3) Those who are emotionally weak and are panicking solely because their coins' value is decreasing
4) Those who are day trading trying to make a few bucks off the market panic

If you are 1, then you'd better sell everything now - I'm making the opposite bet, namely that Bitcoin will not die out any time soon.
If you are 2, then you'd better sell enough now to pay your bills, you are over-invested.
If you are 3, you'd better go invest in a mutual fund instead, or better yet, get a high-yield savings account. Bitcoin is not for you.
If you are 4, then best of luck, I hope you can make a few bucks off the crazy price swings.

Thats too many numbers, gives me a head ache.

Aedius

newbie

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Merit: 0

The only people panicking are ones that have more invested than they really should.

fleabag

member

Activity: 98

Merit: 10

Lol.....Bueller...bueller

this is a legit non-troll question. imo the market price is what it is. too low? perhaps. To be completely honest it deserves to be higher than $70. i am trying to analyze something that cant be. i give up?

fleabag

member

Activity: 98

Merit: 10

What wrong with the price?

bitcoin44me

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Quote from: IntrepidMiner on July 06, 2013, 08:36:38 PM

Quote from: gmaki on July 06, 2013, 08:09:01 PM

Quote from: acs26 on July 06, 2013, 07:57:56 PM

I just don't understand it. A crash happens in every currency. Do people think that Cryptocurrencies are different?

I honestly don't understand. Bitcoin has had worse crashes, yet $65.40 sets off 'panic mode'? Seriously, whats the deal? I don't want Bitcoin to fail, but it's going to happen again and again as long as Bitcoin is alive.

If you owned it over $200 and haven't yet sold... you're panicking.

That means you're too heavily invested, or you're allowing your emotions to get in the way. I have a few coins myself, but I see no reason to sell, because firstly I am not positive that the price will continue to fall (though I think it's likely), and secondly I have confidence that the price will rise again over the next couple years.

There are four categories of people who are selling right now:
1) Those who are freaking out because they believe Bitcoin is entirely downhill from here
2) Those who are freaking out because they are relying on cashing out before the market recovers to pay the bills (over-invested)
3) Those who are emotionally weak and are panicking solely because their coins' value is decreasing
4) Those who are day trading trying to make a few bucks off the market panic

If you are 1, then you'd better sell everything now - I'm making the opposite bet, namely that Bitcoin will not die out any time soon.
If you are 2, then you'd better sell enough now to pay your bills, you are over-invested.
If you are 3, you'd better go invest in a mutual fund instead, or better yet, get a high-yield savings account. Bitcoin is not for you.
If you are 4, then best of luck, I hope you can make a few bucks off the crazy price swings.

where are miners?

bitleif

sr. member

Activity: 351

Merit: 250

I'm always grumpy in the morning.

Quote from: gmaki on July 06, 2013, 08:09:01 PM

If you owned it over $200 and haven't yet sold... you're panicking.

Then you've missed that opportunity, and you just have to accept that. Selling now at or near the lows isn't going to help you make back on the opportunity you've already lost.

Besides, price is still higher than it was four months ago.

tutkarz

hero member

Activity: 546

Merit: 501

Quote from: tokeweed on July 06, 2013, 11:32:48 PM

Quote from: acs26 on July 06, 2013, 07:57:56 PM

I just don't understand it. A crash happens in every currency. Do people think that Cryptocurrencies are different?

I honestly don't understand. Bitcoin has had worse crashes, yet $65.40 sets off 'panic mode'? Seriously, whats the deal? I don't want Bitcoin to fail, but it's going to happen again and again as long as Bitcoin is alive.

buyer at 200 confirmed.

buy the same amount now and you have average price of $135. Feels much better

bitcon

legendary

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Quote from: ilovedragons on July 06, 2013, 09:09:47 PM

Quote from: IntrepidMiner on July 06, 2013, 08:36:38 PM

There are four categories of people who are selling right now:
1) Those who are freaking out because they believe Bitcoin is entirely downhill from here
2) Those who are freaking out because they are relying on cashing out before the market recovers to pay the bills (over-invested)
3) Those who are emotionally weak and are panicking solely because their coins' value is decreasing
4) Those who are day trading trying to make a few bucks off the market panic

I think a large segment of the market right now is a mix of categories 1 and 4. They think there is potential for growth, but we're still (even right now) overvalued from the bubble. The price will reach these levels again, but it's too high, too soon, so it's a good idea to sell.

I'm not saying I agree, but these people do exist, and their reasoning is valid if you make certain assumptions. (Interest and volume are way down, supply keeps increasing, and we have significant regulatory hurdles ahead.)

you forgot option 5) those who are not daytraders, yet are selling to buy back lower.

cryptoanarchist

legendary

Activity: 1120

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I guess if I was trying to increase my fiat holdings using bitcoin in a speculative play, I'd be really down right now.

I don't know about the rest of you, but I never got into bitcoin for that, I got into it to use a currency that was decentralized and out of control of the US government.

Price swings like this have been happening since I got in early 2011. I have the same bitcoins I bought at a dollar. I held them when they shot up to $30 and all the way back down. I held all through 2012. I held as they shot up to $260 (though I traded some out for litecoins at the time).

Mainly, all that shit doesn't matter because through it all, the price is going up on average as more people learn about them. The ups and downs are just the assholes in charge of the banking system fucking with your head. You're an idiot if you don't think they would do such a thing.

tokeweed

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Life, Love and Laughter...

Quote from: acs26 on July 06, 2013, 07:57:56 PM

I just don't understand it. A crash happens in every currency. Do people think that Cryptocurrencies are different?

I honestly don't understand. Bitcoin has had worse crashes, yet $65.40 sets off 'panic mode'? Seriously, whats the deal? I don't want Bitcoin to fail, but it's going to happen again and again as long as Bitcoin is alive.

buyer at 200 confirmed.

ilovedragons

newbie

Activity: 6

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Quote from: IntrepidMiner on July 06, 2013, 08:36:38 PM

There are four categories of people who are selling right now:
1) Those who are freaking out because they believe Bitcoin is entirely downhill from here
2) Those who are freaking out because they are relying on cashing out before the market recovers to pay the bills (over-invested)
3) Those who are emotionally weak and are panicking solely because their coins' value is decreasing
4) Those who are day trading trying to make a few bucks off the market panic

I think a large segment of the market right now is a mix of categories 1 and 4. They think there is potential for growth, but we're still (even right now) overvalued from the bubble. The price will reach these levels again, but it's too high, too soon, so it's a good idea to sell.

I'm not saying I agree, but these people do exist, and their reasoning is valid if you make certain assumptions. (Interest and volume are way down, supply keeps increasing, and we have significant regulatory hurdles ahead.)

Melbustus

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Weak minds, weak hands.

IntrepidMiner

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Quote from: gmaki on July 06, 2013, 08:09:01 PM

Quote from: acs26 on July 06, 2013, 07:57:56 PM

I just don't understand it. A crash happens in every currency. Do people think that Cryptocurrencies are different?

I honestly don't understand. Bitcoin has had worse crashes, yet $65.40 sets off 'panic mode'? Seriously, whats the deal? I don't want Bitcoin to fail, but it's going to happen again and again as long as Bitcoin is alive.

If you owned it over $200 and haven't yet sold... you're panicking.

That means you're too heavily invested, or you're allowing your emotions to get in the way. I have a few coins myself, but I see no reason to sell, because firstly I am not positive that the price will continue to fall (though I think it's likely), and secondly I have confidence that the price will rise again over the next couple years.

There are four categories of people who are selling right now:
1) Those who are freaking out because they believe Bitcoin is entirely downhill from here
2) Those who are freaking out because they are relying on cashing out before the market recovers to pay the bills (over-invested)
3) Those who are emotionally weak and are panicking solely because their coins' value is decreasing
4) Those who are day trading trying to make a few bucks off the market panic

If you are 1, then you'd better sell everything now - I'm making the opposite bet, namely that Bitcoin will not die out any time soon.
If you are 2, then you'd better sell enough now to pay your bills, you are over-invested.
If you are 3, you'd better go invest in a mutual fund instead, or better yet, get a high-yield savings account. Bitcoin is not for you.
If you are 4, then best of luck, I hope you can make a few bucks off the crazy price swings.

gmaki

newbie

Activity: 11

Merit: 0

Quote from: acs26 on July 06, 2013, 07:57:56 PM

I just don't understand it. A crash happens in every currency. Do people think that Cryptocurrencies are different?

I honestly don't understand. Bitcoin has had worse crashes, yet $65.40 sets off 'panic mode'? Seriously, whats the deal? I don't want Bitcoin to fail, but it's going to happen again and again as long as Bitcoin is alive.

If you owned it over $200 and haven't yet sold... you're panicking.

acs26

Activity: -

Merit: -

I just don't understand it. A crash happens in every currency. Do people think that Cryptocurrencies are different?

I honestly don't understand. Bitcoin has had worse crashes, yet $65.40 sets off 'panic mode'? Seriously, whats the deal? I don't want Bitcoin to fail, but it's going to happen again and again as long as Bitcoin is alive.

Topic: Why are people panicing about Bitcoin's price? (Read 1169 times)