Silk Road forums

Discussion => Newbie discussion => Topic started by: AussieMitch on January 24, 2013, 10:07 am

Title: Is it safe to hold large amounts of BTC
Post by: AussieMitch on January 24, 2013, 10:07 am
About 2 months ago I acquired 750 BTC at just under $13 each (AUD) which I put aside from the regular BTC I buy on here with in a blockchain wallet.

Now it's trading at around $18, meaning i've made over $3750 profit doing absolutely nothing. I'm starting to get nervous thinking this might be a bubble and the value might drop suddenly, and maybe I should sell while it's so high and be happy with what i've made, but part of me believes in the inherent strength of BTC and wants to ride this out.

What are the pro's and con's of buying/selling?
Title: Re: Is it safe to hold large amounts of BTC
Post by: trippylizard on January 24, 2013, 10:53 am
If you sell now, you kick yourself if the price keeps going up. If you hold on, you kick yourself if the price crashes.

The market depth chart on Mt Gox right now ( http://bitcoincharts.com/markets/mtgoxUSD.html ) shows no asks over about 20,000, but a much steeper bid curve, so it looks like demand is still huge for bitcoins - far more than can be supplied. So I reckon once those 20k run out the price is gonna spike big time. If it's money you could lose without too much lost sleep, then I'd say hold on and see how high it goes (and toss a couple my way if you make it big! ;) ;))
Title: Re: Is it safe to hold large amounts of BTC
Post by: flakjacket1 on January 24, 2013, 12:06 pm
same situation. Im checking it every day and am smiling from ear to ear  :) Difficult to tell people that your making money from doing nothing especially when you drop the word 'bitcoin' Blank looks all round lol
Title: Re: Is it safe to hold large amounts of BTC
Post by: kittykat on January 26, 2013, 05:15 am
I have some btc on SR and it was at $95 yesterday and now $90 today...i dont get this..will they go back up!!!!!?
Title: Re: Is it safe to hold large amounts of BTC
Post by: nacho on January 26, 2013, 06:11 am
I wouldnt suggest trying to make money with bitcoin right now.. its so unpredictable.  Buy bit and buy drugs and go home.
Title: Re: Is it safe to hold large amounts of BTC
Post by: Rent0n on January 26, 2013, 06:14 am
the price of bitcoin is tied to the success of the markets that use it. the majority of the people that buy it use it right away. they dont care what it costs, the just use it to convert money. if u buy it and use it in 5 min chances are you are paying what you expect to pay for certain goods/services. if you are confident in the markets that use it, id say investing in bitcoin is a good idea.

BTW - silk road was down in october because of too many new users accessing the site. which meant a lot of new buyers that needed bitcoin. as you can see the bitcoin market has responded accordingly (almost doubling in 3 months. but your free to do what you want as always
Title: Re: Is it safe to hold large amounts of BTC
Post by: mezzanine2323 on January 26, 2013, 06:17 am
I (and many others) think it's safe to hold. If you bought at $19, well that sucks. But just wait and it'll get back there eventually.
Title: Re: Is it safe to hold large amounts of BTC
Post by: mike12124 on January 26, 2013, 06:23 am
it's a risk holding a large amount of btc because it could drop at any second. its also very good that you bought them early tho cuz if you see the value start to plummet you can dump them
Title: Re: Is it safe to hold large amounts of BTC
Post by: Ѕpongebоb on April 19, 2013, 06:41 am
cnbbre
Title: Re: Is it safe to hold large amounts of BTC
Post by: gunslinger666 on April 23, 2013, 08:01 pm
its kool... i've done prob $2k at one time...but trusting one vendor with that much.. i can't do that lol