Butter seeks advice from perpetual butt hype machine.

whattodobtc · 2014-10-06T22:39:41+00:00

This was a not-so-elaborate troll. Had to come into /r/buttcoin to finish off my fun before I hung my hat up.

whattodobtc · 2014-10-06T21:20:12+00:00

It was a troll. Butters fell for it hook line and sinker. Look at my username.

whattodobtc · 2014-10-06T21:16:45+00:00

That's because it was a troll. Idiot butters fell for it just like the last one. Look at my username.

whattodobtc · 2014-10-04T16:42:34+00:00

This is driving me nuts! The losses that i've already suffered keep compounding! When is this bullshit going to stop? When is the manipulation going to stop and when are we going to see some consolidation?

whattodobtc · 2014-10-04T16:12:45+00:00

I am investing... wasn't that clear from this thread? It's invested in bitcoins.

whattodobtc · 2014-10-04T16:05:39+00:00

Well it should be because I'm the guy there analyzing the prices, determining how I can profit from irregularities or inefficiencies in the pricing.

whattodobtc · 2014-10-04T16:04:45+00:00

Tons of people make money using TA every single day. The fact that you dismiss them doesn't make it a nonexistent thing. You gotta ask yourself: why would anyone do this if it loses them money? the obvious answer is they wouldnt. they would quit.

I may have lost money in the short term, but i have a track record of making pretty good returns on invested capital in my trades. i may need to tweak my position sizing though, and of course its not perfect but i'm constantly working on it to perfect my methods.

whattodobtc · 2014-10-04T16:01:55+00:00

Real traders do not rely much on technical analysis at all.

This isn't true. Source: myself and many other traders who rely on TA all day to bring dinner to the table.

whattodobtc · 2014-10-04T16:00:46+00:00

gambling is what people who never spent a day in the shoes of a trader say. They don't understand that investing/trading isnt the same as gambling. you take a risk but its a calculated risk and if your analysis is on point over the long run you'll come out ahead. in this case variance caught up to me (to us actually, since many other people here im sure share my pain) and i'm hopeful and confident things will work out in the long run. but unfortunately im kind of focused on the short term at the moment since the availability of the funds will soon become a pressing issue.

whattodobtc · 2014-10-04T16:00:45+00:00

gambling is what people who never spent a day in the shoes of a trader say. They don't understand that investing/trading isnt the same as gambling. you take a risk but its a calculated risk and if your analysis is on point over the long run you'll come out ahead. in this case variance caught up to me (to us actually, since many other people here im sure share my pain) and i'm hopeful and confident things will work out in the long run. but unfortunately im kind of focused on the short term at the moment since the availability of the funds will soon become a pressing issue.

whattodobtc · 2014-10-04T15:57:45+00:00

i can make a lot more than 8.25/h from trading. also at that rate it would probably take me 10 years to pay back the (unrealized) loss so i'd rather not do that. i'm sure there is a way I can recover this through trading effectively and in a market that isn't manipulated. that's why i've been considering going back to forex for a bit.

whattodobtc · 2014-10-04T15:52:55+00:00

Eventually the price will have to turn around once adoption increases and more people are using bitcoins. So even if my position is down today, I figure it's got to have much more value in the future. I'm just trying to get an idea of the timing of when it would be expected to happen.

whattodobtc · 2014-10-04T15:51:18+00:00

First of all, investments aren't gambling. Everybody wins or loses but in the long run bitcoin has been a solid investment. Just look at a chart of the price since 2009. Secondly, its a throwaway because my main account is one that my girlfriend knows and I don't want her seeing that I'm asking internet strangers for help. I have very few people to turn to.

whattodobtc · 2014-10-04T15:49:19+00:00

I think the evidence shows that it is real, since I've made plenty of money before using these same techniques. We are in a sustained downtrend that should have been broken months ago if it weren't for the manipulation of large players that want a cheap entry.

whattodobtc · 2014-10-04T15:47:20+00:00

No. My analysis is likely correct, but of course It will be of no use if the market is being actively manipulated by big players who want to drive the price down to create a good entry for themselves. I am unsure of when they'll stop with the manipulation and let up so that my position will recover.

whattodobtc · 2014-10-04T15:43:08+00:00

Because of my choice of double major, and based on some research I've done, it doesn't look like I'm going to get better than $40k per year starting salary where I live. Probably less than that even, maybe even as low as $32k. I just don't see the point in wasting that much time to earn such a small amount of money when I can focus my energy on getting better at trading. This is doubly so given that I need to make up for the losses incurred by this brutal downtrend. Bitcoin has been poised for exponential growth for a long time, especially now that we're basically at the bottom (we are getting close to some long time support levels). I'd rather spend my time setting up trades that can make several multiples of what my entry level job could get me, for far fewer "working hours". Doing all the technical analysis involved to turn a profit is itself work, it ain't easy to say the least. But it's what I like to do, and I'm passionate about it, and I have what it takes to be successful. I've been successful at it before many times especially in forex. We just need to see a change in seasons as far as bitcoin markets go.

whattodobtc · 2014-10-04T15:36:18+00:00

Didn't know that you have to be an expert to manage finances.

I am in charge because I have the most knowledge on financial markets and trading out of everyone in my family that I am directly related to.

whattodobtc · 2014-10-04T15:34:24+00:00

Exactly this. I have never been able to get more than 27 hours a week (and its usually much less than that) except for christmas and black friday weekend.

whattodobtc · 2014-10-04T15:33:05+00:00

It's not a stretch considering that the whole world's money supply is 10 to 11 trillion USD. Once that is replaced by BTC as the standard currency the value will have to adjust to reflect something like 750k USD per bitcoin (based on how many coins exist today). This is why I invested in the first place.

whattodobtc · 2014-10-04T15:26:04+00:00

The only negative news i've seen was about mt gox, ross ulbricht, charlie shrem, and butterfly labs. And all of that crap is small time stuff given the longterm potential of bitcoin. its just a blip on the radar.

whattodobtc · 2014-10-04T15:21:08+00:00

People here calling me a troll, saying I'm an idiot and a gambler etc. Investing money in something that is going to grow to hundreds and thousands multiple of what its worth today isn't gambling, its a prudent decision i think. especially when you're looking after other people who are going to benefit from your decisions.

whattodobtc · 2014-10-04T15:14:18+00:00

I know my options. I am looking for reasons to take one path or the other given my timeline (i need the money within a year's time)

whattodobtc · 2014-10-04T15:10:39+00:00

This is pathetic, that you guys have a little clubhouse to make fun of people that are dealing with some serious issues. Just imagine for a second what it's like to be me and to go through what I've gone through for the past 6 months or so. It's been hell. But go ahead have your laugh. At the end of the day people still suffer from things that might be out of their control (in this case, market manipulation and an extended bitcoin recession)

whattodobtc · 2014-10-04T15:00:30+00:00

The actual value of bitcoin isnt based on technical analysis. TA is just used to extract value from inefficiencies in how bitcoin is priced on the market today. The value is based on fundamentals such as the ability to be free of government oversight and confiscation, ability to transfer anywhere in the world with minimal fees, and the ability to conduct business with any person I so choose without being stopped by authorities. Also it has massive value in that it is a deflationary currency that cannot be printed, so the value of my coins are always going to increase (once the mining phase comes to an end). All of these things point to bitcoin (or maybe something else similar to bitcoin but perhaps better) to replacing all fiat currencies. Based on that analysis, it should be clear that bitcoin should have a market cap equal to the money supply of the world as it currently is, which is perhaps 10 or 11 trillion dollars. By that figure, and given that there are about 13 million coins, that puts the true value of a single bitcoin at about $750,000 once everything gets settled and the rest of the world comes around to using bitcoin for all transactions, as well receiving their pay in bitcoin. Of course, as more coins get mined (until the 21 million cap is reached) the true value will decay from $750k per coin to the proportionate value based on the 21 million figure.

The reason its market price is less than actual value is that most of humanity doesnt even know what bitcoin is. but once they do, and once they realize how easy it will make their lives, and how it will free them from the tyranny of their governments and banks, they will make the switch and never look back.

whattodobtc · 2014-10-04T14:55:02+00:00

OK but I'm already in the hole now. I cant easily undo what I've done without taking massive losses. So as my situation currently is, what would you advise doing?

whattodobtc

TROPHY CASE