Bitcoin sellers remorse.... how many people are kicking themselves for cashing out>?

[ultimatebob]

Heh... the price for Bitcoin is down to $67.50 on BTC-E.

MtGox is getting slammed... everyone is trying to flee to the exits but they're trapped.

Do I really need to say "I told you so"?

 

[Alienwho]

The problem with bitcoin is that it's so volatile that somebody new can say "I told you so" every 15 minutes. The I told you should come by the months, not the minutes.

 

[darkewaffle]

The problem with bitcoin is that it's so volatile that somebody new can say "I told you so" every 15 minutes. The I told you should come by the months, not the minutes.

Yeah but then there'd only be like... half as many posts in this thread

 

[Chiropteran]

Texas is kicking butt in the big picture, and $220k will get you a really nice house up here.

http://www.zillow.com/homes/Allen-T...29-Hillcrest-Dr-Allen-TX-75002/26664861_zpid/

That's like 10 minutes from EDS, Dell, etc. Lots of big corps up here paying big $ for programmers, lawyers, etc.

It's hard finding directly comparable statistics but Arlington VA average per capita income is $60k and Allen TX seems to be $35k. You get your cheaper houses because people are paid less on average, there is no free lunch.

Arlington VA
Per capita money income in the past 12 months (2011 dollars), 2007-2011 $60,223

Allen TX
Estimated per capita income in 2009: $35,484

Also, Allen TX is on some "best places to live" lists, it's not exactly an average scenario. I'm sure if you search through every local and select for low housing and high income you could come up with some cherry-picked examples, but overall I'm betting that if houses are cheap somewhere it's because the economy sucks.

Heh... the price for Bitcoin is down to $67.50 on BTC-E.

MtGox is getting slammed... everyone is trying to flee to the exits but they're trapped.

Do I really need to say "I told you so"?

You can say it all you want, but even if it falls to $20 bitcoin is still outperforming just about every other currency and/or stock in existence

mtgox is down for 24 hours due to server issues and ddos, and almost all the other exchanges are down or broken. I think things will be broken for awhile, maybe even months before recovery. Or value could recover as soon as mtgox is back online, it's impossible to predict. Best thing that could come out of all this is some smart people putting together a good exchange that can handle the necessary volume.

 

[Doppel]

You don't get it. Bitcoin could go to 0 and I have lost nothing. You being wrong for long enough for me to make a big pile of money means I can play with the half of the pile I still have in the market without any risk of ever losing money.

Anyway, I'm tired of your silly arguments. Reality is more important than theory. You can theorize and complain about bitcoin all you want, fact is it's already made me a ton of money just from mining with video cards and even if it went to zero over night I would still end up on the plus side. The real money I have made and have in my bank is far more important to me than any silly argument or theory you have

I'll check in with you in 5 years when bitcoins are $5000 each and see if you have changed your mind

So basically your argument is "I can't debate any of your points, but I already made money, so I don't care.". This is like me telling a person not to dump their retirement into the lottery because it's a bad idea and their retort being "But, it's not a bad idea to do that because I already did it and made some money, nah nah nah nah nah."

I never implied that Pyramid Schemes were not beneficial for those who got in at the top. Of course they are, that's all you did. I'm not terribly impressed.

Speaking of silly arguments, yesterday you said that in your opinion bitcoins were a better investment than cash. On a day that they in reality they lost HALF their value. Like you said, reality is more important than theory.

 

[Doppel]

You can say it all you want, but even if it falls to $20 bitcoin is still outperforming just about every other currency and/or stock in existence

haha, really I can hardly breath.

If it's so good why aren't you taking the money you already made and spending it all on more bitcons?

The fact that you say

I'm already $5000 ahead in cash I have cashed out already.

--that you define your success as the amount of USD you've made, really shows that in your heart you know Bitcon is just a pyramid/scam and not a real currency.

 

[Chiropteran]

So basically your argument is "I can't debate any of your points, but I already made money, so I don't care.". This is like me telling a person not to dump their retirement into the lottery because it's a bad idea and their retort being "But, it's not a bad idea to do that because I already did it and made some money, nah nah nah nah nah."

I never implied that Pyramid Schemes were not beneficial for those who got in at the top. Of course they are, that's all you did. I'm not terribly impressed.

Speaking of silly arguments, yesterday you said that in your opinion bitcoins were a better investment than cash. On a day that they in reality they lost HALF their value. Like you said, reality is more important than theory.

Fact is, even a broken clock is right twice a day. You come in here talk about doom and gloom and crashes, and *gasp* one 3-day period out of the last hundred you actually ARE correct.

BTC: I'll give you a dollar every day for a month, 
but one one random day I will take 2 dollars away.


USD: I'll take away a penny from you every day forever.

You are acting like this one crash negates everything else. It doesn't. It's a bumpy ride, if you don't like it get off. But it takes more than one bump to remove the profit from weeks and weeks of gains.

 

[Chiropteran]

haha, really I can hardly breath.

If it's so good why aren't you taking the money you already made and spending it all on more bitcons?

The fact that you say --that you define your success as the amount of USD you've made, really shows that in your heart you know Bitcon is just a pyramid/scam and not a real currency.

If I lose money it's a pyramid/scam/ponzi because those things make you lose money.

But if I make money, it's a pyramid/scam/ponzi because those things make you make money also.

Right...

I'm adding you to ignore.

 

[PingSpike]

I haven't read the last few pages of this but I don't understand why everyone is so emotional about this. It seems like its pretty easy to not buy bitcoins. I personally am skeptical but entertained and sort of intrigued by the whole phenomenon.

 

[OverVolt]

I'm pretty sure the government is going to clamp down on bitcoin anyway honestly. Its going to get hard to convert bitcoins to cash and vice versa.

 

[Doppel]

Chiropteran, 04-09-2013, 06:54 PM, Bitcoin = ~$200 Remind me to never get any financial advice from you...As far as I am concerned it's [Bitcoin] a a safer investment than cash

04-10-2013 Bitcoin peaks at ~$260ish and then drops half its value.

Chiropteran, 04-11-2013, 11:27 AM [Following continued mockery by Doppel of his stance on Bitcoins] I'm adding you to ignore.

04-11-2013, 12:45 PM Bitcoin drops as much as 50% again, down to $55 for today's low and currently at $85.

------------

Poor wittle Chiropteran

Chiropteran, 4-10-2013, 12:13PM

I am confident it won't drop below $60 per BTC, and that would only be an extreme crash- the support at $150 is pretty solid.

Oh, how did I miss this gem? Yeah, it already dropped below $55 today and the "support" you speak of is simply a number pulled from your stinky parts, given that it's trading well below that.

I'm only going to continue to rip apart your stance on Bitcon because it's the only way you'll learn, though you've shown a great stubbornness and unwillingness to do so. That leaves me with only a petty, though still fun, guilt-fully told-you-so.

 

[ultimatebob]

When Mt. Gox finally reopens, where do you think it's going to end up?

I'm thinking $15 by Monday. This price free-fall is going to scare off most legitimate businesses from accepting it, leaving Silkroad and the like as the only places still accepting it as currency.

Chiropteran should be thankful for the potheads, or he might have lost everything

 

[BoberFett]

If I lose money it's a pyramid/scam/ponzi because those things make you lose money.

But if I make money, it's a pyramid/scam/ponzi because those things make you make money also.

Right...

I'm adding you to ignore.

You missed his point entirely.

You're talking about making money. The idea was supposed to be that Bitcoin was money, so that going from 1 Bitcoin to 2 Bitcoins would count as making money.

But when you or most of these other "investors" talk about making money, you're talking about making USD, not Bitcoin. You're framing your gains and losses in terms of USD, meaning you only think about USD as money, Bitcoin is just a commodity that you're trading in pursuit of actual money.

That's the failure of Bitcoin. It's not really money if you can't spend it on anything.

 

[D1gger]

I'd sure hate to be a business that accepts bitcoin as legal tender.

How the hell would you ever price your product accurately? Do you have to change your price every 10 minutes?

You sell something today for delivery tomorrow and get effectively 1/2 of what you thought you were going to get?

Oh, and congratulations to those who speculated and made a lot of money with the boom, but I can't see how bitcoin can survive as a currency if it doesn't stabilize.

 

[momeNt]

When Mt. Gox finally reopens, where do you think it's going to end up?

I'm thinking $15 by Monday. This price free-fall is going to scare off most legitimate businesses from accepting it, leaving Silkroad and the like as the only places still accepting it as currency.

Chiropteran should be thankful for the potheads, or he might have lost everything

Bitspend basically acts as a paypal of sorts for any place that accepts online orders.

Yes bitcoin is king for faceless and anonymous drug,sex slave, and weapons ordering, but it has at least a little bit of traction in the white market as well with bitspend.

Places that take actual bitcoin wallet transfers are still few and far between though, i'll give you that. Also bitspend will take some time to establish itself as credible and not scam the first $100,000 amazon home theater purchase and make off with the BTC transfer and shut its doors.

 

[Doppel]

@<$60 right now on btc-e.

You know what the mark of a great currency is? Losing 75% of its value in two days.

LMAO

 

[OverVolt]

Its a classic bubble. This was a long time coming.

Same graph as tulip mania BFD.

There will be a dead cat bounce usually along the golden ratio :awe:

Speculating is fun when its with a bunch of noobs.

 

[Juddog]

Crashing hard... how low will it go?

 

[Doppel]

Crashing hard... how low will it go?

Eventually it will go to $0.00, though not yet. There are still too many bitcon faithful to let that happen yet and they still think it has real value well above where it is right now.

 

[ultimatebob]

I'd sure hate to be a business that accepts bitcoin as legal tender.

How the hell would you ever price your product accurately? Do you have to change your price every 10 minutes?

You sell something today for delivery tomorrow and get effectively 1/2 of what you thought you were going to get?

Oh, and congratulations to those who speculated and made a lot of money with the boom, but I can't see how bitcoin can survive as a currency if it doesn't stabilize.

Even the few businesses who accepted Bitcoins usually listed their prices in USD and did the conversion for you when it was time to pay. There is no way you can price a product in bitcoin when the value of bitcoins swings 20% on the average day and over 50% on a day like this one.

 

[Crusty]

I'd sure hate to be a business that accepts bitcoin as legal tender.

How the hell would you ever price your product accurately? Do you have to change your price every 10 minutes?

You sell something today for delivery tomorrow and get effectively 1/2 of what you thought you were going to get?

Oh, and congratulations to those who speculated and made a lot of money with the boom, but I can't see how bitcoin can survive as a currency if it doesn't stabilize.

Uhh... your still price your products in USD.

At checkout time you have the option of paying with a credit card or bitcoins. If you choose bitcoins you pay the amount of BTC converted from USD.

 

[zinfamous]

@<$60 right now on btc-e.

You know what the mark of a great currency is? Losing 75% of its value in two days.

LMAO

still has a long way to go if it wants to compete with Zimbabwe.

 

[OverVolt]

People get excited when dollars go from 97.81% devalued to 97.79% devalued so whatever.

 

[SaurusX]

I like to think I would have sold at $230, but my greed probably would have made me ride it all the way to the bottom. Purely hypothetical of course. I have $0 invested.

 

[Chiropteran]

Its a classic bubble. This was a long time coming.

Same graph as tulip mania BFD.

There will be a dead cat bounce usually along the golden ratio :awe:

Speculating is fun when its with a bunch of noobs.

It's funny, I heard the exact same things in 2011 when it crashed from $31.90 down. It's a hiccup, nothing more.

Oh, and congratulations to those who speculated and made a lot of money with the boom, but I can't see how bitcoin can survive as a currency if it doesn't stabilize.

The same could be said about computers. What idiot would pay $1000 for a computer when the same hardware will be worth $600 or so in a couple years, because faster better chips are made?

When your currency doesn't inflate away while you aren't using it it may encourage you to save a little more, but you will still spend it when you need something.

You're talking about making money. The idea was supposed to be that Bitcoin was money, so that going from 1 Bitcoin to 2 Bitcoins would count as making money.

But when you or most of these other "investors" talk about making money, you're talking about making USD, not Bitcoin. You're framing your gains and losses in terms of USD, meaning you only think about USD as money, Bitcoin is just a commodity that you're trading in pursuit of actual money.

That's the failure of Bitcoin. It's not really money if you can't spend it on anything.

You missed the point, not me. He was saying if I kept my money in bitcoin and it went to 0 I had nothing. But if I sold some I was proving bitcoin is a ponzi/pyramid scheme. He was creating a false argument in which I was proving his point no matter what I did. I just called him out on it.

You can spend it on plenty of things, but not everything yet. Which is why I sold a small fraction of my total bitcoin for USD, to cover all my initial expenses and then some free profit. I also felt like buying a new Dell computer and Dell doesn't take bitcoin yet. It took decades for credit cards to catch on, I think I can wait a few more years for bitcoin.