Silk Road forums
Discussion => Security => Topic started by: quinone on August 26, 2012, 04:10 pm
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As slow as it may be, the value of BTC seems to be trickling up slowly, so I was wondering what your opinions are on just cashing out now and taking the substantial losses that occurred when BTC flip flopped a week ago or risk it and hold onto them in hopes they get back up into the high $11's.
It's such a volatile market that obviously no one can see into the future, I just wanted to get a take on what you people might think given past trends the best course of action is?
I don't want to see the value crash to $5 a BTC again as that'd be devastating to most of us, but also just can't swallow the losses from this flip-flop.
Do you think I should hold onto them in hopes they'll continue to trickle upwards, or just take the loss to prevent a catastrophic loss if they crash to the single digits again?
I'm asking on the premise of those of you who've kept an eye on BTC fluctuations over the months and what you think the best resource would be?
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Personally, I'm kind of in the same boat as you. :(
I bought a bunch of BTC at around $15.00 than left town for a couple of days, when I got back it was down to around $9.00, so now I am sitting on those waiting for it to get at least back up to $14.00 to minimize my losses. Hopefully this won't take to long :-\
I believe it will get back up over $12 within 1 - 1 1/2 weeks. This is just my personal opinion though and I wouldn't want you to lose any based off what I'm doing.
If you don't absolutely need the money right away, or very soon for that matter, I would suggest just waiting till it gets up to what you want to sell it at. It will eventually get up there one way or another, just might require some patience on your part.
Anyways, that's just my .02 btc on the subject :) ...and at least you know you aren't alone in this venture! ;D
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Fuck dude, that's a huge loss, man I am sorry for you. $14 to $9 wow.
Luckily I didn't suffer that much of a loss and feel like a pussy now even bringing it up lol.
I don't 'need' the money right now, but it was a loan from my best friend (whom i've loaned money to and he promptly paid me back so i'm not worried on that front, we're just potheads who occasionally dabble in psychedelics and MAYBE opiates if like something majorly awesome happens in one of our lives cuz the cost of opiates is just not justifiable for a one night experience).
My concern is to how long i'll have to sit on em for, I borrowed the money to make a purchase from a vendor whose gone into stealth and i'm concerned he won't be coming back, but at the same time want to give him the benefit of the doubt in when he said he was going to be coming back (I think he went stealth cuz of the drop in BTC and major losses to him) cuz he's one of the most reliable vendors on here. My friend only knows though that i'm sitting on HIS money for a week (thats when the vendor said he'd be coming back) and i'm not one to fuck my friend over.
But yeah, just trying to stir a conversation between those ppl who have been following the markets for months and months to try and get some insight. At least the price is SLOWLY raising.
What pisses me off is I had a tonne of BTC i bought for $5 a bit ago and was fearful the whole thing was crashing (it went from reasonble price to REALLY low), but then they went up to $14/BTC, fuck me and my poor trading sense lol, coulda had several thousand dollars for nothing.
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Lost quite a chunk of coin myself in the crash :(
I'm betting on the price of coin raising slowly for the next few months due to bitinstant and bitcoin getting more publicity worldwide.
A large holder could decide to cash-out which would send the price spiraling down, but I guess that's just the fun of dealing in btc :D
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do you HAVE to sell?
there is NO reason to believe the BTC price is not going to bounce back to $15 and beyond...
the markets are controlled by Fear and Greed...
Fear caused the market to drop but greed is slowly bringing it back up... some big player may take profit again at the $14 - $15 mark but there is absolutely NO reason to believe BTC prices will not continue to go up.
It kills me when someone says "I LOST A FORTUNE!!!" when in reality you haven't lost a damn thing unless you actually sell at a loss... sit on your coins if you can... they will be worth more than you paid and then some.
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+1 Blksheep
I too, feel BTC will only increase in value from here.
I actually waited that weekend it went from 14-9 and bought at 9 so I gained as I'm sure did many others. It was actually my first BTC buy so maybe a bit of beginner's luck, but as a total newbie I studied the market that week and felt 14 was high. So if I could do that, I'm sure the veterans of BTC market enjoyed serious gains if they bought big at the right time.
I guess the more time you have to sit there and watch it before buying, the better chances you create ;)
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imo BTC is directly affected by SR trends. If you have been watching since the start of SR bitcoins will rise at certain times, i.e. holidays and the main reason I think we have seen the rise is because of US festival season. As the summer draws to an end there are less fests, causing less demand for product which is resulting in this trickle back down. If this is correct BTC will continue to trickle down, picking back up some near the end of October and then again prior to the close of the year (that is if we make it past 12-21-12, <satire). It will drop a bit until spring festival season starts in amerika, not trying to be a buzz kill, just relaying what i have seen over the last 14 months.
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yeah like wtf $360 for an 8-ball?
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As long as BTC can be used to purchase product of value and many people want those products, with a set supply of btc available, the price will always continue to trend upward. I worry about hacks or data-breaches at mtgox or other bitcoin related holding services that could happen to drastically affect the value of the currency. I didn't have btc when mtgox was compromised in the past.
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yeah like wtf $360 for an 8-ball?
Product prices will remain the same regardless of what BTC is worth at that time.
Vendors set a dollar price for their product and BTC goes up and down based on the actual value of it at the time.
Example:
A $50.00 product would cost 10 BTC if BTC was currently worth $5.00 each.
That same product would cost 5 BTC if BTC were currently worth $10.00 each.
:)
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I'm fairly new to transactions with BTC, but have been following things closely since I've started as a vendor (longer than what my profile here indicates, of course).
Looking at the bitcoin charts, I am reasonably convinced that it will trickle back up, as others have suggested. Spikes like this are bound to happen and, for the most part, there is little a single, small holder of BTC can do to mitigate these losses.
I personally cash out much of my BTC whenever its at a relatively high value and keep whatever is left as an "investment". I do expect this investment to pay off, but even if things crash bad I won't be devastated. Like stocks and other investment vehicles, you should only have in whatever you can afford to lose. Just my 2 cents...
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I'm no trader, so I don't really invest heavy into coins tbh. There's too many bigger players that can do a whole lot of damage manipulating. Plus, imagine if SR went down....
But I think it's going to keep going up. And up a lot.
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As slow as it may be, the value of BTC seems to be trickling up slowly, so I was wondering what your opinions are on just cashing out now and taking the substantial losses that occurred when BTC flip flopped a week ago or risk it and hold onto them in hopes they get back up into the high $11's.
Guess it went up a little quicker than expected! Hope you were able to recover your losses quinone! :)
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Nah, I cashed out all my BTC when they started crashinf-f.so i I lost several hundreds dollars from that,and just I guess don't have enough business sense to know when's best to hold on and not, but yeah it's ramping up quick.
This all had to do with placing an order with me concluding plans with googleyed to place a custom order in the first place, and when he went into stealth I figured it's cus he took heavy losses an worried he wasn't gonna come back (and that he himself was in financial trouble because of the sudden BTC declinre).
But I see thank god he's back up and running and I reestablished contact with him about that order, so hopefully that's a sign that BTC will start to stabilize out again. The BTC price has gone up to an acceptable rate given the circumstances and quick time to rebound. I think w'ere all just (still) on pins and needles about it.
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Like any market you have to play the long game.
It really doesn't matter what you buy BTC at today. Sit on it for a few years and you will make money through it's overall upward trend, increasing scarcity and popularity.
If you are using BTC to buy drugs, don't horde any - buy your BTC then buy your drugs immediately.
In effect, have two wallets. One for investment. One for spending (quickly).
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Like any market you have to play the long game.
It really doesn't matter what you buy BTC at today. Sit on it for a few years and you will make money through it's overall upward trend, increasing scarcity and popularity.
If you are using BTC to buy drugs, don't horde any - buy your BTC then buy your drugs immediately.
In effect, have two wallets. One for investment. One for spending (quickly).
Says the chicken man. Nice pic. ;D
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In effect, have two wallets. One for investment. One for spending (quickly).
Says the chicken man. Nice pic. ;D
Thank you sir. ;)
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My first buy-in was at 12 and all I wanted to do was pay for my store. Then it went up to 12.5 and I tried to buy my vendors store and I didn't have enough and I was like, "WTH?"
SO i bought more and then it was like 13 and I was like, "WTF?"
But I had learned form y first WTH and I was ready when I said WTF 'cause I had bought extra that time, so I got my store and I sold some shit and got the BTC and I was like, F'inA."
Then while I was holding and trying to figure out how to get cash it went to 14 and then 15 and I was like, "F'inA in H Ain't that a B!" Cause my Shit was going up in value just sittin' there! So I was happy as S.
Then it went to F'in 9 and I was like, "Oh! S! WTFH is this S!?!"
That's when I cashed out and now I'm just F'ed.
My GDF'in H Store: http://silkroadvb5piz3r.onion/index.php/silkroad/user/14845f6687
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My first buy-in was at 12 and all I wanted to do was pay for my store. Then it went up to 12.5 and I tried to buy my vendors store and I didn't have enough and I was like, "WTH?"
SO i bought more and then it was like 13 and I was like, "WTF?"
But I had learned form y first WTH and I was ready when I said WTF 'cause I had bought extra that time, so I got my store and I sold some shit and got the BTC and I was like, F'inA."
Then while I was holding and trying to figure out how to get cash it went to 14 and then 15 and I was like, "F'inA in H Ain't that a B!" Cause my Shit was going up in value just sittin' there! So I was happy as S.
Then it went to F'in 9 and I was like, "Oh! S! WTFH is this S!?!"
That's when I cashed out and now I'm just F'ed.
My GDF'in H Store: http://silkroadvb5piz3r.onion/index.php/silkroad/user/14845f6687
Censorship at it's finest!
I definitely agree with those who say that BtC will go up both in the long and short term at this point. I don't know if it will climb past 12 again for a while but it'll likely be on the up and up for a while.
Cheers!