I'm worried !

pro_gnostic_8

ZeroThreat wrote: »

Weak hands make for weak pockets.

I never considered myself to have Weak Hands ............ I've been a serious hodler for a long time.
But last weekend's shenanigans really spooked me -- I was panicked into selling half my stash at $5,700. I'm now considering buying back at $6,900. :rolleyes:
Aye, selling at the low, buying at the high. Luvvly !
Same thing with Bitcoin Cash two weeks ago. Believing that BCH was in a death spiral downwards, I sold at $300. The price turned just after I sold, and I bought back in at $500. FML.

So, I'll never laugh at, or criticize, anyone with "weak hands" again. Getting scared or terrorized into bailing out can happen to the most determined bitcoiner.

unkel

Grumpypants wrote: »

I had bought in september in the 245-255 range and sold them at 265-275.

Same here. Bought at 252 in September (just after it had come down a lot, but before it depped to under 200 :eek:) and sold at 272 on Monday. And sold all my mined ETH at 285 last night. Didn't expect this peak this soon. Hopefully we'll get a dip below 250 soon again

As Buffett says: you never lose if you always sell for a profit...

The One Doctor

I'm still waiting for ETH and LTC to dip. Mainly LTC.

ZeroThreat

ffs, I've been waiting a while for ETH and LTC to light a fire under their arses, while everyone else wants them to drop yet again.

McCrack

pro_gnostic_8 wrote: »

I never considered myself to have Weak Hands ............ I've been a serious hodler for a long time.
But last weekend's shenanigans really spooked me -- I was panicked into selling half my stash at $5,700. I'm now considering buying back at $6,900. :rolleyes:
Aye, selling at the low, buying at the high. Luvvly !
Same thing with Bitcoin Cash two weeks ago. Believing that BCH was in a death spiral downwards, I sold at $300. The price turned just after I sold, and I bought back in at $500. FML.

So, I'll never laugh at, or criticize, anyone with "weak hands" again. Getting scared or terrorized into bailing out can happen to the most determined bitcoiner.

Well yes but that's where I think the old - "dont put in what you cant afford to lose" really comes into play

If you just adopt a fu*k it attitude if its gone its gone rather than getting spooked and worried and then selling you will do better (with the more established coins generally that is)

The whole space is crazy but exhilarating!

The One Doctor

pro_gnostic_8 wrote: »

I never considered myself to have Weak Hands ............ I've been a serious hodler for a long time.
But last weekend's shenanigans really spooked me -- I was panicked into selling half my stash at $5,700. I'm now considering buying back at $6,900. :rolleyes:
Aye, selling at the low, buying at the high. Luvvly !
Same thing with Bitcoin Cash two weeks ago. Believing that BCH was in a death spiral downwards, I sold at $300. The price turned just after I sold, and I bought back in at $500. FML.

So, I'll never laugh at, or criticize, anyone with "weak hands" again. Getting scared or terrorized into bailing out can happen to the most determined bitcoiner.

Holding is tough. Not many have the balls to hold when BTC is sinking like a stone. I chickened out after a few days and went over to day trading with the BTC proceeds.

I really don't have the patience or balls to hold long term. Oddly enough, I'm happier day trading as I'm not using BTC. More predictable movements of ETH/LTC means (slightly) less stress. Of course, day trading is just a hobby.

pro_gnostic_8

McCrack wrote: »

Well yes but that's where I think the old - "dont put in what you cant afford to lose" really comes into play

If you just adopt a fu*k it attitude if its gone its gone rather than getting spooked and worried and then selling you will do better

Oh no, I am comfortable with the amount I hold in Bitcoin; I can afford to lose that small bundle. But that doesn't mean that I want to !

The fact is that last Sunday evening the Bitcoin blockchain was very very near to meltdown. 50% of hashpower had migrated to the BCH chain -- more profitable for the miners to mine BCH. This was exacerbated by the very high price of BCH and the falling BTC price.
The BTC blockchain was badly backed up with 170,000 tx's waiting to be processed. It was close to collapse -- tx's with high fees waiting for 16 hours and more for a confirmation, and bitcoin price falling by $100 every five minutes. There was enormous selling pressure engineered by Ver, Wu and others. There was a global-wide social media campaign against Bitcoin. It was a savage attack on Bitcoin. Were it not for a couple of good actors in the space -- Slushpool, etc, -- who kept mining Bitcoin at a loss -- it would have been game over.

So yeah, I got spooked and I sold half of my stash in an effort to protect my (falling) net worth. I regret it now, of course, but I'm not beating myself up about it. It was the "safer" and prudent option in the circumstances. Hodling down to zero doesn't make sense -- whether or not one can "afford to lose it all".

The One Doctor

pro_gnostic_8 wrote: »

Oh no, I am comfortable with the amount I hold in Bitcoin; I can afford to lose that small bundle. But that doesn't mean that I want to !

The fact is that last Sunday evening the Bitcoin blockchain was very very near to meltdown. 50% of hashpower had migrated to the BCH chain -- more profitable for the miners to mine BCH. This was exacerbated by the very high price of BCH and the falling BTC price.
The BTC blockchain was badly backed up with 170,000 tx's waiting to be processed. It was close to collapse -- tx's with high fees waiting for 16 hours and more for a confirmation, and bitcoin price falling by $100 every five minutes. There was enormous selling pressure engineered by Ver, Wu and others. There was a global-wide social media campaign against Bitcoin. It was a savage attack on Bitcoin. Were it not for a couple of good actors in the space -- Slushpool, etc, -- who kept mining Bitcoin at a loss -- it would have been game over.

So yeah, I got spooked and I sold half of my stash in an effort to protect my (falling) net worth. I regret it now, of course, but I'm not beating myself up about it. It was the "safer" and prudent option in the circumstances. Hodling down to zero doesn't make sense -- whether or not one can "afford to lose it all".

Great post. You've highlighted both Bitcoin weaknesses and strengths. It's far easier to manipulate than fiat, but the sheer belief in it will pull it out of any hole (literally).