Quote from: mgio on May 30, 2013, 09:27:41 PM

What gives me faith, though, is that the bitcoin market did not budge at all, and in fact went UP after the LR press release.

Here is the question I can't answer right now... if the largest funding source for the most traded currency (USD) on the highest volume exchange is now closed then how is money going to get into and out of the market? I too am surprised that neither price NOR volume changed very much with this event. That alone makes me very concerned. The volume is either fake, inflated by API trading, or something else.

Quote from: CurbsideProphet on May 30, 2013, 10:17:18 PM

I think some of the rewards that you and many others have reaped is because of the significant risk that was undertaken.

That is absolutely why we reaped such rewards. My coworker traders gave me some really odd looks the whole time I was talking about it until they started hearing it on CNBC. I was an early adopter in something that could have gone to zero at any time and that high risk yielded high rewards. Risk/Reward... it's what trading is all about. And right now... the risk has become incredibly high.

Quote from: meanig on May 30, 2013, 10:30:18 PM

So you react to the confiscation threats of a cash strapped government by transferring your assets into a highly confiscable form.

Makes sense Huh

Ahhh... your point is incredibly valid. There is precedent for BTC/USD funds being seized recently just as there is for national funds being seized (Cyprus). Nothing is ever certain but at least there is LESS precedent for USD bank accounts being seized. And who said I was denominating everything back to stay in USD Wink

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I'm not sure about the OP, but I'm guessing he is in the same boat as me. By that I mean, he invested very little early on with an amount that he was comfortable losing. But now, that small amount is a lot more money at risk, even if bitcoin is actually less risky now.

My first bitcoin purchase was 500 coins when bitcoin was at $10. $5k wasn't too much to lose if bitcoin completely collapsed and I thought there was a fairly slim chance of that ever happening. Honestly, I was super happy when that $5k turned into $6k in a couple of months. I figured if I could make a couple of grand off of it, that was great. But now those 500 coins are now worth $65k (and I've since acquired many more) and that is a significant amount of money to have in one very risky asset. To put things in perspective, let's say you have $50k in your retirement fund and invest $5k in bitcoins. That's just 1/10 of what you've saved for retirement. But now, 6 months later your retirement fund is probably not much more than the $50k they were were before and your bitcoins are worth way more! Time to sell and rediversify.

We are indeed of the same line of thinking. I went into BTC with about 3% of my entire professional trading capital over time in 2011 dollar cost averaging from $5-$15. Since then I have been trading that value in swings buy side only during the time since. It represented a nice gain but now I'm doing as you said; rediversifying. I am ceasing trading due to the climate and keeping some BTC for novelty on a secured private server off any Exchange.