Bitcoin Forum

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Look closer at what happened at $6 in May 2011. Buy in now to take advantage of the forthcoming newbs. Will it crash afterwards? Probably, but it may be a trick.

It would be stupid if someone did not create another bubble at this point. Everyone says bubbles harm the legitimacy of bitcoin. I disagree, from what I have seen bubbles get people interested who otherwise would not have been. Did the dotcom bubble harm the legitimacy of the internet?

All the way to $50 baby!

FTFY

The most likely reason a bubble will occur now is a big investor makes a big market-order buy, not realizing or not believing the walls are false and will be taken down before they can be sold into - meaning their $1kk purchase will now take the price to $50 in an instant instead of the $20-ish they probably expected. At this kind of volume that's the only way I see it happening. Fear of that keeping big buyers from making big one-time buys is also a great thing. Slow and steady wins the race!

Would you mind explaining why they would do that?  Wouldn't they always be better off placing limit orders?

Fat-finger error? Overconfidence? Wanting to deliberately cause an updraft with a spike, not realizing how big it would actually be?

Just like what happened now. The $15 wall came down, the buys reached up to $15.40 before restabilizing thanks to the massive market orders. Entirely possible.

I agree we really need to slow down....

did you not go to sleep?

you sound really tired and cant think right


XXX.XX here we come....

Lol 3 hours  ;D

Just remember it is different this time. This is not a bubble. Keep buying.
To the moon!

There is latency getting fiat into exchanges which sometimes create slowdowns.  Temporary when interest (or desperation) is high.  Mistaken for tops by some unfortunate analysts.

If we are really only at blurp 2, we are going to go past $50 for sure lol

I think this may be the cause of the stead(ier) pace this time.  I'd imagine that before all the hacks people were a lot more willing to hold fiat on the exchanges.  Now I guess that many people only move what they want to spend...

I was never keen to have any of my assets under counter-party risk so I never held more fiat than I needed for near-term use at an exchange, and when I started the only exchange which had had a problem was Mt. Gox.  OTOH, I always funded with wire transfers and the larger the funding block, the lower the percentage I paid for that part of the transaction.  So it was always a balancing game.

I choose the position I wanted (which was a function of how low the price got), achieved it, cold-stored my loot, and have not traded since.  So now I can just sit back and enjoy the ride no matter what direction it takes me.  Until we get to points where I expect to back some of it out at least...if we ever get to those points.

Just as a helpful reminder, "Bubble" refers to a market that completely COLLAPSES after the upward move is over. I think using it to describe blow-off tops and parabolic moves isn't correct. With all that, I think the current move is heating up a bit, but I'm reluctant to call for retrace until it has concluded.

It has decisively bust through the upper channel trendline, which sits just north of 14.00 - this may become a new support trendline. Watching the dailies with much interest.

Update: While watching it - it broke below 14.00 and then traded above. Closing below 14.00 would be bearish to me.