Quote from: gmaki on July 07, 2013, 01:09:01 AM

Quote from: acs26 on July 07, 2013, 12:57:56 AM

I just don't understand it. A crash happens in every currency. Do people think that Cryptocurrencies are different?

I honestly don't understand. Bitcoin has had worse crashes, yet $65.40 sets off 'panic mode'? Seriously, whats the deal? I don't want Bitcoin to fail, but it's going to happen again and again as long as Bitcoin is alive.

If you owned it over $200 and haven't yet sold... you're panicking.

That means you're too heavily invested, or you're allowing your emotions to get in the way. I have a few coins myself, but I see no reason to sell, because firstly I am not positive that the price will continue to fall (though I think it's likely), and secondly I have confidence that the price will rise again over the next couple years.

There are four categories of people who are selling right now:
1) Those who are freaking out because they believe Bitcoin is entirely downhill from here
2) Those who are freaking out because they are relying on cashing out before the market recovers to pay the bills (over-invested)
3) Those who are emotionally weak and are panicking solely because their coins' value is decreasing
4) Those who are day trading trying to make a few bucks off the market panic

If you are 1, then you'd better sell everything now - I'm making the opposite bet, namely that Bitcoin will not die out any time soon.
If you are 2, then you'd better sell enough now to pay your bills, you are over-invested.
If you are 3, you'd better go invest in a mutual fund instead, or better yet, get a high-yield savings account. Bitcoin is not for you.
If you are 4, then best of luck, I hope you can make a few bucks off the crazy price swings.

IntrepidMiner

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