Topic: why I sold my bitcoins.... - page 6. (Read 34344 times)

I think it would be both physically and figuratively more correct if the bears in this pic were getting burned...

this thread is interesting to me. I had the same feeling as the OP in around the same price range when I traded roughly 56 btc for an imaginary promise that I might at some time in the indeterminate future get a magical money-making device delivered to my door... (i.e. avalon batch 2.1)

I remember the price at that time was approaching the old *all-time high* and thought, "this is a pretty good deal! I can just buy back when the price dips back to sanity"

well, since then, I've been incrementally selling the rise, and waiting to buy the pull-back. (as a miner, I thought this was prudent, didn't want to be on the hook for the outlay - which is not extreme, but not negligible in my case_)

but where the heck is my pull-back? since then it's been straight up, other than 2 opportunities for me (was able to get back some coins at 38, 36, but never quite hit my 34 bid, both times  

at the time of this writing virtex (yes, I'm from canada) is at 64* with only marginal resistance on the up side, this makes me fearful that this run is the true opportunity and that if I ever receive any magical mining hardware it will be far to late to ever get those bitcoins back...

Either that, or this whole thing will collapse tomorrow... exciting times!  

* price actually hit 65.8 while I wasn't looking, can't help myself at these prices, gonna try new strategy though to keep me in check, just gonna sell half of what I earn each week, and try to stockpile the rest...

I am resigning as a moderate bear and taking the position of a moderate bull.
My long-term view is Bullish all the way - that hasten changed,  I still agree with all the bear sentiment, however it isn't working for me right now,  I just sold out 1/3 somewhat below $20 when my return hit 300% thinking I could buy back in,

The bottom line is: if fiat can create a dilution of wealth security, the same dilution backed by Bitcoin is just better.

 

Don't assume that all Bitcoin transactions occur on the blockchain. That is very naive. In the future, the vast majority of transactions will never touch the blockchain. They will be internal transactions between the large successful ewallets.

By this logic, people like Warren Buffet are broke and powerless, to the extent they are not actually spending their billions.

I'm quite sure there will be new services (they will not use block chain) operating on the top of Bitcoin protocol e.g. local bank (like MtGox is now .. a lot of buys/sells per minute without affecting block chain) where only 1 transaction(per day/week/month) is needed to provide clearing.

@OP:  I am assuming you bought or mined the coins at a lower cost than what you sold them for. Good for you. Don't let Captain Hindsights here ruin the joy of profiting.

I am still holding, because - unlike you - I feel the fundamentals are mostly strong and going stronger. My coins, however, are worth nothing untill I actually spend them. Lots of confused folks around don't understand this, and can't tell what is from all the whatifs, shouldhaves, and wouldhaves.

If there are only big transactions being made there will be less transactions overall. There are far less large transactions than small transactions. Plus cutting out small transactions will hurt the majority of bitcoin users and will cause the price and demand to drop.

Because of the limited size of blocks, there can only be so many transactions processed per block. Because of the way the transaction fee works it makes sense to send large transactions rather than small ones. This can be mitigated somewhat by increasing the maximum block size, and by lowering the threshold for requiring a fee, but as the value of one bitcoin goes up, the amount of bitcoins in a microtransaction or purchase goes down.
The fees have been lowered in the past, and if the price of bitcoins continues going up they could be lowered again, but if blocks are getting filled up then it does not make sense to lower the fee.

Why not both?

If bitcoins are ever at the price level of 1 BTC = $10k, they will not be used for gambling microtransactions or small online purchases, they will be used by bankers and gangsters (can you tell the difference?) to hide and move large sums of money.

You would think right? I must have been crazy to wait until $27 to buy back in right? This morning I sold some BTC at $48 thinking I would maybe buy a new camera (can't buy with BTC- need it now, and I'm in Italy). After lunch I check my Bitcoin Price app and it's OVER $60.

Realising one made a mistake in Bitcoin sometimes takes a matter of minutes. :-)

Individuals following this for years make mistakes like this but man 27 a long realization.

Everyone should remember that it's never to late to buy back in.

yeah I sold. At $17. Took me till about $27 to realize I had made a huge fucking mistake and bought back in. THANK GOD I DID.

Proudhon has spoken! We will hit $200 within the hour.

Time to update his foolishness streak again: https://bitcointalksearch.org/topic/proudhon-147907

Our permabear is always here to signal another bull race.

So, I meant the OP, because I've never sold. But I'm guessing the OP has never bought or sold. So the only thing that will hurt is how utterly foolish his post makes him sound, if he's still around to see it getting bumped.

+1