Topic: why I sold my bitcoins.... - page 10. (Read 34344 times)

Two charts for you.

How the dow looked in 1950:





You could easily say everything you have said about BTC about this chart, sold everything for your perfectly logical reasons. Unfortunately the price then proceeded to do this:





Obviously there are more applicable charts than this but I would have to make the screenshots myself which I can't be bothered to do, but you get the idea.

Bubble moves on new technologies are almost always explosive.. they tend to overshoot as people get overly excited in the mania. See the dotcom bubble charts for the industry leaders like Amazon etc. They bubbled then crashed even though they were fundamentally huge companies that have changed the world. This time its different though right?  

Let me leave you with a famous quote:

"The market can stay irrational longer than you can stay solvent."
-- John Maynard Keynes

I just gold out by 80% of my bitcoins :-)

As Falkvinge and others here have pointed out, drugs and gambling by themselves could potentially drive BTC usage in the many billions.  Silk Road and current gambling usage is peanuts.

But beyond that, I think you're severely underestimating worldwide demand for a private, portable, wealth storage/protector/diversifier/transferor outside of the banking system.  We're talking trillions.

Sure, there might be a price correction coming.  But trying to play short-term trades with something with this much potential, sounds terribly shortsighted and likely to end in regret.

So Bitcoins are a good investment at $5 but not at $27? What makes them good at $5?

Even if it were true that it is only good for gambling and drugs, the worldwide drug trade has a yearly revenue of over $300 billion. Even if all Bitcoins were distributed and Bitcoins were used in only 1% of the drug trade, Bitcoin would need to be worth over $100/BTC just for that small sliver of commerce.

When did you buy in? Was it at $5? Or did you buy in high according to your valuation of Bitcoin?

better to be left holding a bag of bitcoins than with a bag of paper.

It's FUD or they can hold until the price rises up again and start bragging.

Anyone here left holding the bag, can just lie and brag about how they sold at the top.

Each one to themselves I guess.

This exactly. 

No argument in OP, just opinion. Why should we care?

If memory serves, the size of the online poker market in 2006 was $8,000,000,000. And that's revenue, not flow. And that's just poker, not all gambling.

And all gambling is not all commerce.

And consumer-commerce isn't all of bitcoin's theoretical monetary value.

And bitcoin's purely monetary-use value is not all the theoretical value provided by humanity's first decentralized authoritative record system.


OP, you may of course be right. But the potential is just too huge to ignore. On 5yr+ timescales, I think bitcoin is a considerably +EV bet at current prices.

Would you say the fundamental drives are not stronger now than when the bubble happened in the summer 2011 ?

Personally I think we will see far higher prices in the future, although there may be corrections along the way.

Bitcoin is a gamble.

And like any good investment you run the chance of losing all of your money. But If you truly believe that bitcoin is the wave of the future, you hold, no exceptions. You only 'cash out' when you need to purchase assets, divest your fortune into other investments, or you need the liquid cash badly for some reason.

Yes we run the risk of crashing in the near future due to 'weak hands', but who cares? I am here for the long haul, I could care less if the market crashes in the near future. I would probably buy more coins in fact.

The only reason I would stop buying is if something catastrophic happened to bitcoin itself. I am not here to be a daytrader.

Hipster? Please. I live on a ranch and I fix computers/program as a hobby. I weld and fix fences as a part time job and I work for a tv station. Stereotype broken.

Edit:

P.S. Please sell because Coinbase needs your coins, they keep running out! XD

SELL!!!!! Last chance to sell at $27!!!! I wish all bears sell!!!!

Everybody should know what he thinks is the right moment to say " Btc is overpriced" maybe at this moment it is, but in the longrun you will be glad you still own a few of the btc and also wake up thinking america is the only place on earth (amazon) if only 1% of the rest of the world gets to know btc $27,- is nothing, nothing at all..!!

At least we all agree that this is a bubble and not the natural grow of bitcoin.

There are people who can only see the current moment and they can't even imagine something longer term than a year - and that is a valid point, live today, there may be no tomorrow etc etc - and to them bitcoin is currently overpriced, sure.

Then there are others, either smarter or idealistic fools (depends on how it goes), and to us now is not as important as future. Several years at least makes sense. Cash to spend over several months? Who cares.

/end of latte drinking hipster rubbish.

this is true only under certain circumstances. be careful.

Shit, better go get my tinfoil hat.

I'm not selling, at least not just yet. I think the bubble will take us even higher before the crash.

The only reason to sell at this point would be if one is overinvested to begin with.

Bitcoin is a protocol. Protocol adoption is driven by 2 things: its technical parameters, and faith.

The technical parameters of bitcoin are superior to those of any government-issued currency. If no single entity can control money supply, 99% of people would win. The ability to be one's own bank also looks great. You can take your savings anywhere, and nobody can stop you. I won't go into this further, as you didn't present any arguments against the protocol, so I assume, you are fine with it.

Now, faith. The best indicator of faith is price, in case of bitcoin. The price is growing, and that's the indicator that people have more and more faith in bitcoin.

Now, you are telling you have no faith. I don't see why you wouldn't, but that is fine, thank you for your bitcoins. I am sure banksters and polititians would thank you too, 'cause they are going to inflate your savings away.

One thing I don't like is the word "overvalued". It is pretty destructive to the community. If enough people say "overvalued" frequently enough, that word will become the new faith, and it really shouldn't. The protocol is superior to anything used currently. It deserves wider adoption. Please stop spreading panic. This is not a good thing to do, even if you, yourself, are not a believer.