Topic: Wish Me Luck! I Just Spent Nearly $2000 On Bitcoins! (Read 3330 times)

I know a guy who sold a lot of bitcoins over ebay. He did in the end lose about half of his sales due to fraud and what not. But since he sold them for about double their value he did okay. He more or less had to pay ebay fees and his time.

The buy price of the BTC was $13.21. As you can see, there were a few opportunities to sell for profit after the purchase, but the price hasn't been there since July:


Also the OP posted about the purchase June 19, and last logged on June 21. Looks like they weren't interested too long...

Any overvalued eBay auctions were probably fraudulent non-paying joke bidders or bidders that were planning on reversing the PayPal payment after they got their BTC.

Are you not aware that you can trade bitcoins for different prices than the one MtGox reports? On ebay it was triple the MtGox rate for a while. My point is, no one knows what the OP did with his coins other than OP.  Your time joke sure does express how limited your mind is. I hope your insult to "a lot of bitcoiners" made your ego feel good as well. You is the smart! How many bitcoiners fit in a lot anyway? I have seen a lot of cars. Never a lot of bitcoiners, they seem to be too scattered and paranoid to go to one area of land:)    Just playing, good luck!

I don't think you'll have much success explaining this to them. It seems a lot of bitcoiners are overwhelmed by the concept of time.

as i just mentioned, he bought after the peak. so selling at the peak would be a pretty neat trick.

You can get 150 bitcoins for about $750 now, really wish that he is lucky enough to have already sold off at the peak

well i don't know if he sold BUT he posted on june 20 which was after the $30 peak and it hasn't been back that high ever since.

I just mine bitcoins because it seems fun and a challenge I can't imagine actually investing money in them.  Although at five bucks they seem reasonably priced right now.

Jason

how do you know he kept them? maybe he sold at 30$ like he wanted and bought mining rigs? or what? wanted to see how he was doing with it. unless you do know him and all his data...

current value: $738

how have things worked out?

probably not the best idea to invest that amount of money now, right after mtgox got hacked. im very sure tho that after a few month youll have made a good amount of profit. Good luck !

Don't put all eggs in one basket :-)

There is no guarantee a crash won't result, but it isn't likely either.  The problems with MtGox were not indicative of an inherent problem with bitcoins, but a problem with one site that happened to arbitrate bitcoin trades.  What will probably happen is a lot of people will probably leave mtgox and move their coins to another exchange.  This is far different from converting them to USD, as that would cause a crash. 

Personally, I don't think it is fair to blame Mt Gox.  They are a young company, and they learned the hard way lessons on security.  Always keep the database behind a firewall!  I give them credit, at least the passwords were salted and hashed.  Sure, some can be cracked, but they must be done with individual brute force cracking (not so ironically there is a lot of knowledge on how to do that here in the bitcoin community).  If your password can be cracked, it is your fault, not theirs.

I do think it is a good thing if there is a mass exodus from MtGox.  For one thing it'll make everyone a lot more security conscience - free market in action.  For another, I've considered it a major fault that such a strong pct of the volume was at MtGox.  Competition is important, and now hopefully we'll have USD / BTC trade shared among a few major exchanges and not a single one.

I'd probably do something similar if I could afford to lose $2k.

Are you buying just to sell back for USD later (if the market rises) or do you think BTC could be useful themselves?

BTC could still crash when MTGox, even if the other exchanges haven't for 2 reasons:

• It could be possible that the other exchanges don't have enough volume for the "big players" to cash out.  If they tried they would do the same thing that happened to MtGox.
• They could have all of their funds tied up in MTGox and cant get it out to sell it

Wow, I wish I had that much money to invest into Bitcoins
Good luck dude, I hope it pays off for you..

Solution has my favorite posts http://forum.bitcoin.org/index.php?action=profile;u=26676

I have a feeling a lot of the people here "investing" in bitcoins have never done real investing in their lives.  Same thing with mining, I doubt they have ever run a real business in their lives.  The concept of investing means to jump in while everyone is jumping out, so kudos to OP for making a wise choice in my opinion.  If I had the money in the right place, I'd put quite a bit into it now, and fully expect an amazing return in the next week to month. 
These markets are subject to the same forces as the stock market.  Granted, it moves more wildly, and has more inherent risks, but the rewards are far greater.  If you follow the masses and sell when it is going down (IE more sellers than buyers) and buy when it is going up (IE more buyers than sellers) you will lose every time, and people like me who time my buys and sells in reverse will gladly take the profits while you lose money.

Some people in here are so trigger happy... this is what is actually wrong with any kind of economy. No rational thinking whatsoever.