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BTC Gurus - Time to Buy?
CoolAsAFan
Member Posts: 239
in Off-Topic
I am very curious as to what the opinions are of btc as of late from the guys who follow the market!
My past history with btc:
I bought 2 btc in Novemeber 2013 for around $125, ran my btc's up to 25 by grinding btc poker. Mom had surgery so I had zero time for poker and dedicated all my time to school and mom, so I had to cash out all my btc in late Nov for around $175/btc...2 weeks later...btc is at $1k and I hate myself! I cashed out for around $4k, had I waited just 2 weeks, it would've been ~$25k!!! Since then I have been hooked and watching the market as close as a rookie can.
Just in December, we saw highs of around $1150, a few weeks later (during the massive sell-off) prices dipped back down to around $520. Then 3 weeks later, it rises to another peak of about $950. Which brings us to now, ~$650/btc (due to "transaction malleability issues" and DDoS on various exchanges.
First off, I am no economist and definitely a rookie when it comes to currency trading. But it would seem to me that when btc hits it's next low, which could be anytime now, then that would be the most optimal time to get back in the market, does anyone have an opinion on this?
BTC is a strange beast. One day, a flaw in Mt Gox's implementation of the blockchain has everyone selling and prices plummet. Next day, major international banks are looking into investing in the cryptocurrency and there is small rebound. It is very interesting to see how the market reacts to these kinds of announcements. What do you btc genious' have to say?
My past history with btc:
I bought 2 btc in Novemeber 2013 for around $125, ran my btc's up to 25 by grinding btc poker. Mom had surgery so I had zero time for poker and dedicated all my time to school and mom, so I had to cash out all my btc in late Nov for around $175/btc...2 weeks later...btc is at $1k and I hate myself! I cashed out for around $4k, had I waited just 2 weeks, it would've been ~$25k!!! Since then I have been hooked and watching the market as close as a rookie can.
Just in December, we saw highs of around $1150, a few weeks later (during the massive sell-off) prices dipped back down to around $520. Then 3 weeks later, it rises to another peak of about $950. Which brings us to now, ~$650/btc (due to "transaction malleability issues" and DDoS on various exchanges.
First off, I am no economist and definitely a rookie when it comes to currency trading. But it would seem to me that when btc hits it's next low, which could be anytime now, then that would be the most optimal time to get back in the market, does anyone have an opinion on this?
BTC is a strange beast. One day, a flaw in Mt Gox's implementation of the blockchain has everyone selling and prices plummet. Next day, major international banks are looking into investing in the cryptocurrency and there is small rebound. It is very interesting to see how the market reacts to these kinds of announcements. What do you btc genious' have to say?
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WGU Indiana - BS IT Security (Started: August 1st, 2013)
Transferred: AGC1 CDP1 BVC1 CLC1 CVV1 DHV1 DJV1 GAC1 CIC1 CDC1 UBT1 IWC1 IWT1 TCP1 TJP1 TJC1 EBV1 WFV1 EUP1 EUC1 CJC1 UBC1 TBP1
Completed: CUV1 BOV1 DRV1 DSV1 CTV1 CJV1 COV1 CQV1 CNV1 TPV1 MGC1 TXC1 TXP1 BNC1 TYP1 TYC1
Required: SBT1 RGT1 RIT1
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DevilWAH
Member Posts: 2,997 ■■■■■■■■□□
Question is why does its hit its new low? if another e-currency comes along and every one starts jumping ship then it would be a bad move to buy in to bit coin. (I not saying this will happen mind you)
Or is it like at the moment due to a security issue that very likely will blow over?
If every one could second guess the long term out come of bitcoin then there would be no market any way. I have considered buying some BitCoin, but not sure its worth the investment. I think the time of quick wins has passed. Yes you can double your money, but in the same way you could lose a lot if it goes the other way on continues down.
If you have a few grand laying around to invest that you don't mind losing may be take the chance. But I don't suggest people taking out loans or scrimping and saving to buy a single coin and hoping.- If you can't explain it simply, you don't understand it well enough. Albert Einstein
- An arrow can only be shot by pulling it backward. So when life is dragging you back with difficulties. It means that its going to launch you into something great. So just focus and keep aiming.
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antielvis
Member Posts: 285 ■■■□□□□□□□
Honestly, I'm not sure if BTC is meant to be an investment vehicle and if it is it's highly speculative. Any highly speculative investment vehicle is unpredicatable and there isn't much logic to it.
I know this much. There is a limited number of BTC & more and more people are accepting it. This will increase the market for BTC & that'll push up the price. BTC has real potential. The rest of the stuff like Dogecoin, etc, is just fluff. -
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Asif Dasl
Member Posts: 2,116 ■■■■■■■■□□
You might as well go to Vegas, because bitcoin is just the same - a gamble. Investments should be over an extended timeline in my opinion. You could hold any stock and have the same outcome as you are having now - being happy when it rises, hating yourself when it goes down. This is no way to manage an investment - based on emotions. If it is part of your investment portfolio then fine but it is far too volatile to hold as a primary investment.