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China bans new Bitcoin deposits

ft.com

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Re: China bans new Bitcoin deposits

#21

Post by erikpukinskis »

sillysaurus2 wrote: post #7

I present, for your satisfaction, my comment from two weeks ago: https://news.ycombinator.com/item?id=6829180 Along with this gem: https://news.ycombinator.com/item?id=6858258 In summary, I invested $11k @ $1106/coin, predicting it'd rise to $1,500. Shazam! I've transmuted that $11k into... let's see ... $5,100. I feel pretty ill. Thought you'd all enjoy the schadenfreude, and perhaps learn from my example: "How to i…

You just have to pick a target. I feel confident that Bitcoin is worth $10k, so if I bought at any price below that, I should feel good about where I am.

If you don't decide what you think something is worth, your subjective experience of investing in it will be a rollercoaster. If you do choose a price target, then you know where you stand at all times, and whether you should buy or sell.

Re: China bans new Bitcoin deposits

#23

Post by xfour »

Well now, let's hope after all this we can find a stable price, so people can actually use this stuff as a mechanism for transferring money, though I suppose with this China crackdown it's losing some of that appeal even. I guess we're stuck with Western Union forever, nice pivot btw. Telegrams were pretty cool though.

Re: China bans new Bitcoin deposits

#25

Post by Fuxy »

sillysaurus2 wrote: post #7

I present, for your satisfaction, my comment from two weeks ago: https://news.ycombinator.com/item?id=6829180 Along with this gem: https://news.ycombinator.com/item?id=6858258 In summary, I invested $11k @ $1106/coin, predicting it'd rise to $1,500. Shazam! I've transmuted that $11k into... let's see ... $5,100. I feel pretty ill. Thought you'd all enjoy the schadenfreude, and perhaps learn from my example: "How to i…

Give it time. Don't sell just now. Had a similar situation and just choose to wait.

Made a nice profit a year later.

Re: China bans new Bitcoin deposits

#26

Post by sheetjs »

sillysaurus2 wrote: post #7

I present, for your satisfaction, my comment from two weeks ago: https://news.ycombinator.com/item?id=6829180 Along with this gem: https://news.ycombinator.com/item?id=6858258 In summary, I invested $11k @ $1106/coin, predicting it'd rise to $1,500. Shazam! I've transmuted that $11k into... let's see ... $5,100. I feel pretty ill. Thought you'd all enjoy the schadenfreude, and perhaps learn from my example: "How to i…

> learning from my mistakes.

what was your rationale for investing in the first place? Was it following some person on the internet? Or was it because you believed in the bitcoin craze? Or was it because you believed that Chinese demand would drive up BTC? Or some other reason?

The way to learn from your mistakes is to sit back and understand why you bought BTC in the first place, and then try to understand what went wrong (treat this like a scientific experiment)

Re: China bans new Bitcoin deposits

#27

Post by tlrobinson »

sillysaurus2 wrote: post #7

I present, for your satisfaction, my comment from two weeks ago: https://news.ycombinator.com/item?id=6829180 Along with this gem: https://news.ycombinator.com/item?id=6858258 In summary, I invested $11k @ $1106/coin, predicting it'd rise to $1,500. Shazam! I've transmuted that $11k into... let's see ... $5,100. I feel pretty ill. Thought you'd all enjoy the schadenfreude, and perhaps learn from my example: "How to i…

Sorry, but if you didn't realize this was a strong possibility, you didn't do enough research. I'm cautiously optimistic about Bitcoin, but this has happened before and will happen again.

Re: China bans new Bitcoin deposits

#28

Post by meritt »

sillysaurus2 wrote: post #7

I present, for your satisfaction, my comment from two weeks ago: https://news.ycombinator.com/item?id=6829180 Along with this gem: https://news.ycombinator.com/item?id=6858258 In summary, I invested $11k @ $1106/coin, predicting it'd rise to $1,500. Shazam! I've transmuted that $11k into... let's see ... $5,100. I feel pretty ill. Thought you'd all enjoy the schadenfreude, and perhaps learn from my example: "How to i…

BTC will hit ~$400 before it stabilizes and resumes upward progression.

Re: China bans new Bitcoin deposits

#29

Post by mtrimpe »

sillysaurus2 wrote: post #7

I present, for your satisfaction, my comment from two weeks ago: https://news.ycombinator.com/item?id=6829180 Along with this gem: https://news.ycombinator.com/item?id=6858258 In summary, I invested $11k @ $1106/coin, predicting it'd rise to $1,500. Shazam! I've transmuted that $11k into... let's see ... $5,100. I feel pretty ill. Thought you'd all enjoy the schadenfreude, and perhaps learn from my example: "How to i…

It's so cool to see you going the emotional roller coaster of your first big investment mistake.

And it's even for an amount you can afford to lose in the long run! You're a lucky man. That's much better than betting the house after losing your job in your mid-life crisis.

Just take the opportunity and pay very close attention to your emotions and what triggers them. Awareness of that is what will make you a better investor in the long run and, whether we invest time or money, we're all investors in the end.

Re: China bans new Bitcoin deposits

#30

Post by Fuxy »

corin_ wrote: post #11
sillysaurus2 wrote: post #7

I present, for your satisfaction, my comment from two weeks ago: https://news.ycombinator.com/item?id=6829180 Along with this gem: https://news.ycombinator.com/item?id=6858258 In summary, I invested $11k @ $1106/coin, predicting it'd rise to $1,500. Shazam! I've transmuted that $11k into... let's see ... $5,100. I feel pretty ill. Thought you'd all enjoy the schadenfreude, and perhaps learn from my example: "How to i…

Who knows, maybe the example to learn from is not getting scared when you go from $11k to $5.1k and waiting for a month until it's up to $20k. On the other hand, maybe it's that you should sell having only lost $5.9k rather than wait until that $5.1k drops to $5.10.

Depends on your wager. If you think bit-coin will never rise again sell now and walk away wounded.

But that wager makes no sense at all since people accidentally delete there wallets all the time and there's a limited supply of bit-coins.

If you factor in time bit-coin can only go up as long as people are still using it and i have confidence bit-coin will reach wide adoption.

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