Topic: why I sold my bitcoins.... - page 11. (Read 34349 times)
The market will go down AND up.
fail post is fail
I like bears who just can't wait to tell everyone after they sold their bitcoins like it's them losing their virginities.
There are tons of legitimate entrepreneurial opportunities that bitcoins provide that our traditional money systems either can't do or not as well.
Take the example of a journalist who writes and has a bitcoin address that anyone can send funds too. All the sudden this person doesn't need an advertising system in place to somehow capture whatever profit they may.
Take the example of the reddit bitcoin tip system where users can tip each other. Sound like that's easy to do with a credit card based system? Not gonna happen. And that's something that will grow to other sites and it's already being used.
Take the example of a site which has a worldwide audience. How can they offer services that easily let the entire world pay? Bitcoin is an answer for that. There are no boundaries. Any country would not be locked out. You don't need to rely on american credit cards or paypal.
Take the example of a charity who you can donate to. What method is easier than bitcoin where anyone can donate and they don't even need to sign up to donate or even give their email or make an account?
I can think of tons more but the truth is most uses haven't even been thought of yet probably.
Take the example of a journalist who writes and has a bitcoin address that anyone can send funds too. All the sudden this person doesn't need an advertising system in place to somehow capture whatever profit they may.
Take the example of the reddit bitcoin tip system where users can tip each other. Sound like that's easy to do with a credit card based system? Not gonna happen. And that's something that will grow to other sites and it's already being used.
Take the example of a site which has a worldwide audience. How can they offer services that easily let the entire world pay? Bitcoin is an answer for that. There are no boundaries. Any country would not be locked out. You don't need to rely on american credit cards or paypal.
Take the example of a charity who you can donate to. What method is easier than bitcoin where anyone can donate and they don't even need to sign up to donate or even give their email or make an account?
I can think of tons more but the truth is most uses haven't even been thought of yet probably.
I sold a nice chunk of my bitcoins recently. The reason I did this stems from my thinking that bitcoins @ 27-28 are way overpriced and I wanted to cashout before it crashes.
Bitcoins biggest selling points are its ability to be anonymous and decentralized. Most people do not care about this. The only services currently offered that really are served by bitcoins biggest assets are illegal ones--Gambling and Silk Road. The current run up is 95% related to speculation that "everyone will get rich by just buying and hoarding bitcoins". This will end like the last run up--crashing down to reality.
Ask the latte drinking hipsters why bitcoin is such a good investment. They will spill out some rubbish that sounds partially coherent but in the end--still rubbish. Again, the two biggest beneficiaries of bitcoin are gambling websites and silk road. However, most people can already gamble via offshore or its legal in their country and most people wanting to obtain drugs can do so without using silk road or bitcoin. Therefore, the biggest forces currently moving bitcoin (gambling and silk road) are really niche services and service a small percentage of those possible users.
Other forces at work that will undermine bitcoin will come from amazon's new currency that they have started promoting. If amazon had taken bitcoin as a form of payment then perhaps a larger circle could have been drawn that would have propelled bitcoin out of the niche, geek, and fringe reality. Instead that did not happen.
With this being said, I see value of bitcoin at a much smaller price then 27-28. I see it as being valued at 5-6 per bitcoin and this is quite generous. Bitcoin will descend back into the fringe and this is why I sold all of my bitcoins. 27 is bigger then 5 or 6.
PS. now there will be some people who will post 5 charts that show bitcoin going to the stars and state that the fundamentals are all there for an explosive growth in this new technology. Rubbish. They are just shamelessly promoting their current holdings much like those shameless "gold is the answer" charlatans. If you continue to hold and lose your proverbial bum--blame no one but yourself
Bitcoins biggest selling points are its ability to be anonymous and decentralized. Most people do not care about this. The only services currently offered that really are served by bitcoins biggest assets are illegal ones--Gambling and Silk Road. The current run up is 95% related to speculation that "everyone will get rich by just buying and hoarding bitcoins". This will end like the last run up--crashing down to reality.
Ask the latte drinking hipsters why bitcoin is such a good investment. They will spill out some rubbish that sounds partially coherent but in the end--still rubbish. Again, the two biggest beneficiaries of bitcoin are gambling websites and silk road. However, most people can already gamble via offshore or its legal in their country and most people wanting to obtain drugs can do so without using silk road or bitcoin. Therefore, the biggest forces currently moving bitcoin (gambling and silk road) are really niche services and service a small percentage of those possible users.
Other forces at work that will undermine bitcoin will come from amazon's new currency that they have started promoting. If amazon had taken bitcoin as a form of payment then perhaps a larger circle could have been drawn that would have propelled bitcoin out of the niche, geek, and fringe reality. Instead that did not happen.
With this being said, I see value of bitcoin at a much smaller price then 27-28. I see it as being valued at 5-6 per bitcoin and this is quite generous. Bitcoin will descend back into the fringe and this is why I sold all of my bitcoins. 27 is bigger then 5 or 6.
PS. now there will be some people who will post 5 charts that show bitcoin going to the stars and state that the fundamentals are all there for an explosive growth in this new technology. Rubbish. They are just shamelessly promoting their current holdings much like those shameless "gold is the answer" charlatans. If you continue to hold and lose your proverbial bum--blame no one but yourself
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