Bitcoin Forum

Ok, so despite all the moronic newb threads predicting $20 by week's end, or "bitcoin is dead" (care to make the same mistake as Wired?), we have a situation where recently, some major HUGE dumps (we're talking $1 million, $2 million, $10 million) have sent price way down only to bounce back partway, trade sideways, then WHAM another dump. No, not "fundamentals have changed," no, not "all of a sudden adoption STOPPED" not "end game bitcoin." Just "Rich motherfucker dumps coins on our heads, demand isn't sufficient to absorb them." Simple. Get your heads out of your asses people and look around! 

So what are some lessons we can learn, instead of making stupid threads (Bitcoin down to $20) (OMG bitcoin is dead, I sux, I lost all my allowance money)

-If you lose money when price goes down (at least, if your trading stash loses value) you are DOIN IT WRONG. With volatility like this, it's child play. Make some money off of the idiots who think Bitcoin is going straight to the moon or crashing straight to $20, with no corrections, in the next week.
-If $10 of price change makes you think bitcoin is going to the moon or crashing to $20, you are DOINITRONG
-If you keep trying to call absolute bottoms and tops and losing money, you are DOINITRONG
-If you waste your time ranting about how bad hoarders/speculators are for bitcoins and how people should just spend their coins, you are DOINIT WRONG. Go make an alt-coin fork called KEYNESIANCOIN (oh wait, already done, called FreiCoin and PPCoin)
-If you are going to make threads crying and whining about how Bitcoin is doomed, what are you even doing here?

This PSA was brought to you by Bitcoin Irrational Bears/Exuberant Bulls and the money I've made off of them. Final message: BTFD. (STFP)

You are part of the 1%. That knows wtf is going on .

Ssssshh!! It's to the moon or doom and gloom.

Let's say people take your suggestions into consideration.  Where should they go to "trade" to take advantage of this?  Mt. Gox?  BTC-e? 

Does Mt.Gox turn over info to the gov. around the world?

Maybe you can explain this then.... http://www.google.com/trends/explore?q=bitcoin#q=bitcoin&cmpt=q ... More than obviously there has been a change in fundamentals because there are clearly not as many new adopters to BTC.

Mvidetto, didn't your mommy ever teach you that google trends is a lagging indicator for price?  :o
Not saying it's irrelevant, but using lagging indicators to predict future or current activity doesn't make an ounce of sense.


I'm not quite sure what you are implying. There are plenty of exchanges to trade at; there are even still exchanges where you can get USD to without KYC. Then there are your exchanges which don't deal in USD at all, for those that already have crypto and want to "play around with them" i.e. do their part to thwart the manipulators. In addition to your "brick and mortar" exchanges, which, yes, will probably hand over your info to the federal gov (which is why you shouldn't use them or provide information to them) there is OTC-IRC and OTC-IRL. And did I mention trusted cash-in-mail dead drops? In addition to that (as if we need any more options) there is an application in development (interfacing OpenTransactions and BitMessage) which should provide yet another OTC route.
We are currently in a lull period where incoming funds have seriously slowed, partly due to exchange drama. So I guess that could be a 'fundamental' that has changed - the actual physical (digital) consideration of moving USD to the exchanges. But this is not a long-term change as demand will, well, demand that new methods become available and discovered.


Gosh, I would hope that more than 1% of people here know what's going on  ;D



Oops, sorry, didn't mean to ruin the false choice party  8)

So what are you advocating here, being a pig?   :D  ;)

i like OP views

And here I was thinking that I'm such a kickass trader..

Fundamentals never changed so far.
Never positive, also. :)


Bitcoin is still overpriced.

To properly manipulate bitcoins lower they have to,

- get some selected new forum disinfo agents to spread fud about the end of bitcoins
- dump a huge wad of bitcoins onto a thin volume market preferably in some antisocial time so the price falls,
- wait for the weak hands to sell a bunch of their own coins thus letting price fall further in a waterfall decline
- quietly buy back the bitcoins you sold at a lower price taking care not to let the price rise too much
- new forum members continue spreading fud
- repeat

Yes, well you know what they say about the nail and the head; you've done that bit nicely.

One inaccuracy - they don't actually need to acquire forum disinfo agents - there are enough stupid people who will spread irrational FUD without getting paid. That is what we have the "ignore" button for.

HA I was just going to post the same thing...

These drops have been big but nothing like the correction/crash (whatever you want to call it).  I have been saying it was just big dumps, maybe someone cashing out, maybe manipulators... still 10% drops for a volatile market like BTC isn't insane... this double whammy was just too much.

I do think this sort of shows that at least for now BTC was still over-priced (though there is a chicken/egg here).  The market is slowing to recover from the dumps, which tells me the perceived value isn't there.  That an lots of people are spooked thus the slow down... I think the big money is lessening, leaving the old miners and die hards and a few daring investors left.

I actually was pretty impressed that the market absorbed that many dumps... that is a good sign.

I have the same observation