Silk Road forums

Discussion => Off topic => Topic started by: FuzzzyYak on May 03, 2013, 03:55 pm

Title: Anyone else lose a lot of money from the Bitcoin decline?
Post by: FuzzzyYak on May 03, 2013, 03:55 pm
Since around midnight on May 1 to now, BTC has been on a steady sharp decline. Originally at ~$145, they are now hovering just above $90

I had about 5 BTC, which means Ive lost just over $250 :(

Any other similar stories?
How do speculate BTC price 1-2 weeks from now? What about 6 months from now?
Title: Re: Anyone else lose a lot of money from the Bitcoin decline?
Post by: LEFTY on May 03, 2013, 04:07 pm
Yes, my timing must really suck because every time I buy a bunch it seems to go down before I can make my purchases. It's all part of the game and SR is my gambling addiction I suppose. Looking on the bright side, it keeps me away from the casinos.
Title: Re: Anyone else lose a lot of money from the Bitcoin decline?
Post by: MaidMandy on May 03, 2013, 04:08 pm
I wouldn't even attempt to speculate on the bitcoin market at this stage. It is a very volatile market at the best of times, so who knows what will happen?!! I have lost a lot of money this week alone with the value of it fluctuating. I'm going to hold onto the coins I have, in the hope that the value will rise sometime soon :)
Title: Re: Anyone else lose a lot of money from the Bitcoin decline?
Post by: snickerlover6969 on May 03, 2013, 04:11 pm
BTC is so volatile. There is now way of telling the direction it's going to go. I had about 20 coins and have lost about $1000 in the last 24 hours. That's just the nature of bit coin.

Some people are saying the price declined due to the fact that SR was down, because once the site was open again, everyone started cashing out their coin.  Also, one factor that people don't understand, once they see a decline in price, everyone starts panic selling making the situation worse.

I believe BTC price will hover around 120-150 in 1-2 weeks. It may be more, but I don't see it staying below $100.
Title: Re: Anyone else lose a lot of money from the Bitcoin decline?
Post by: MaidMandy on May 03, 2013, 04:21 pm
BTC is so volatile. There is now way of telling the direction it's going to go. I had about 20 coins and have lost about $1000 in the last 24 hours. That's just the nature of bit coin.

Some people are saying the price declined due to the fact that SR was down, because once the site was open again, everyone started cashing out their coin.  Also, one factor that people don't understand, once they see a decline in price, everyone starts panic selling making the situation worse.

I believe BTC price will hover around 120-150 in 1-2 weeks. It may be more, but I don't see it staying below $100.

I think the panic selling is probably the biggest killer on the market.

Having used SR and bitcoins for almost a year, I know not to panic. I have actually really learned how to chill out and relax over this past year, so I guess it is not all bad :)
Title: Re: Anyone else lose a lot of money from the Bitcoin decline?
Post by: DJ Not Nice on May 03, 2013, 04:48 pm
I deposited 500 USD when it was 110 a coin and by the time I got home, it was down to 95 a coin. Unfortunate but it's the nature of the game.
Title: Re: Anyone else lose a lot of money from the Bitcoin decline?
Post by: blackend646 on May 03, 2013, 04:56 pm
I lost about 100 bucks, sucks but I'm fortunate to not be one of the people who lost thousands. I typically buy only what I plan to spend within the next 24 hours + a few extra to be safe.
Title: Re: Anyone else lose a lot of money from the Bitcoin decline?
Post by: nanpa2001 on May 03, 2013, 04:57 pm
I think I have lost around 12K on BTC declines since I started using BTC.

I hate BTC now. LOL.
Title: Re: Anyone else lose a lot of money from the Bitcoin decline?
Post by: tree on May 03, 2013, 05:47 pm
I've gained money during this period because of trading :) If you know when to sell and when to buy you don't lose anything during periods like that, you just make money instead.. But well, trading takes a lot of time and it's not for everybody. In the meantime, the amount of bitcoins I have is rising thanks to the crash so if it appreciates significantly again it'd be pretty cool..
But I do agree that it's not as good as the days before the crash when all you had to do was to buy anything and money would magically appear. Or buy stuff and be richer the next day.
Title: Re: Anyone else lose a lot of money from the Bitcoin decline?
Post by: snickerlover6969 on May 03, 2013, 07:37 pm
I've gained money during this period because of trading :) If you know when to sell and when to buy you don't lose anything during periods like that, you just make money instead.. But well, trading takes a lot of time and it's not for everybody. In the meantime, the amount of bitcoins I have is rising thanks to the crash so if it appreciates significantly again it'd be pretty cool..
But I do agree that it's not as good as the days before the crash when all you had to do was to buy anything and money would magically appear. Or buy stuff and be richer the next day.

It was ridiculous, I was making anywhere from $1500-$2500 a day for doing nothing!
Title: Re: Anyone else lose a lot of money from the Bitcoin decline?
Post by: Sc0t1and_Y4rdi3 on May 03, 2013, 09:11 pm
BTC is so volatile. There is now way of telling the direction it's going to go. I had about 20 coins and have lost about $1000 in the last 24 hours. That's just the nature of bit coin.

hahahaha rubbish but thanks for taking the other side.

The market is heading down, that is the direction it is heading can you see it down it goes???
Title: Re: Anyone else lose a lot of money from the Bitcoin decline?
Post by: Sc0t1and_Y4rdi3 on May 03, 2013, 09:15 pm
I've lost about 800$ in the decline. *

Feels real good to lose all my profits. Makes me reconsider this whole vending thing for sure.

edit:* in the last week or so

you sat there for hours and took no action as your balance declined in value???
Title: Re: Anyone else lose a lot of money from the Bitcoin decline?
Post by: thetopshelf on May 03, 2013, 09:49 pm
This week I had 5k in BTC, and that's what I had after the drop from 150 to ~110

Spent them at 110, (I also spent at 140 but fuckers canceled my order because they hedged in BTC not USD)

So I lost ~40 per 100 I have, so this week I lost 2000 to the BTC fluctuation.

Still haven't been hit too hard, but it is some real BS


Any other vendors having a shitty week?
Title: Re: Anyone else lose a lot of money from the Bitcoin decline?
Post by: oxa101 on May 03, 2013, 11:02 pm
I absolutely HATE Bitcoin.  I buy large and it takes a few days to buy bitcoins for these larger purchases. I am charged a percentage to get the bitcoins in the first place.   It seems that every time I am buying bitcoins, the declines in value makes it impossible for me to purchase what I'm trying to purchase.  I'm not a vendor, I don't hold bitcoins for investment purposes and I've lost over $2K in the past month.  SR needs to find a better system for secure buying and selling....this isn't working.  To top it off, the fact that SR is down while Bitcoin value declines makes you a victim...nothing can be done but watch while your $$ vanishes. 
Title: Re: Anyone else lose a lot of money from the Bitcoin decline?
Post by: Oddworld on May 04, 2013, 01:27 am
I tend to spent mine as soon I as get them so haven't lost any money...yet.
Title: Re: Anyone else lose a lot of money from the Bitcoin decline?
Post by: bruzzcuzz on May 04, 2013, 01:37 am
what will a vendor do to my order i made a few hours before the latest downtime if the product was purchased at 117 and the price is 90 now? will they cancel the order and get me toorder if they have not sent it yet?
Title: Re: Anyone else lose a lot of money from the Bitcoin decline?
Post by: Jack N Hoff on May 04, 2013, 02:44 am
My bitcoin stash has lost thousands of dollars of value.