Bitcoin Forum

Is in progress. Keep cool :)

Could very well be. Bitcoin has a habit of doing these while rallying.

And up we go! Congrats to all those that added at ~500

No. That's what's called a "bull trap". Happens every bubble.

Bitcoin is the biggest bear trap in history. I know one guy who is still waiting for sub-$0.01 coins.

Bear trap is when the price jumps up people buy, and then it drops. If this is a correction (and corrections are expected) then it will be a bear trap for all those that sold.

Looks like we put in a strong low at $600 (on Gox). High volume, and now a huge bid wall at that price.

A nice, healthy correction to shake out the weak hands. Hopefully $600 is the new base.

DAMN IT.

That caused a margin call on my BTC.sx position.

Good thing I made up for it with a low-priced buy at Stamp.

absolutely holding! 

Thanks bears! It seems that some people need coins more than you!

Gox just rolled over.  Might have been a bull trap.

bear trap
bull trap
bear trap
bull trap

BTC I have no idea what I'm doing BTC

Those losers are trying to DDOS again?
Who cares ! :)

 :D :D :D :D :D :D

And they are 'losers' in that they probably lost some coin selling like pigs and can only get them back with a useless ddos that hopefully wastes more money for them.

Wow your definitions.  Bear trap is when you sell thinking the price will drop but, it goes back up.  Usually its after a downward trend starts to develop.  In this case there was a big rebound.

Another bear trap is going on.
Keep calm and hold.

Those unlucky bears are trying to re-buy what they lost yesterday at <600  ;D

UP!!!

Weren't bear traps supposedly fast snappy things? This looks like a slow-ride down to me. Can't really get trapped in that.

Thanks bears we now have cheap coins to feed our bull  ;D

;D

SELL SELL SELL :D
(i want my cheap coinzzzz!!!)

buy now then :) they are very cheap, 20% discount sale atm

I think its a noob trap instead of a bear trap, because in current situation you can gain a lot more of what you can lose if the price drops.

Weak hands ;D

WARNING

BEAR TRAP

PLEASE STOP SELLING!

Other way round. A bear trap is when the price falls and is expected to continue falling, but then stalls or corrects upwards again.

http://www.youtube.com/watch?v=V_ONyukSLqA

Yes! Just got my last bid filled @ $380 !!!
Will double it by tomorrow  8)

nice! i only bought at around 420$ just now. a mere 50 bitcoins

Yahoooo! This was EPIC trap! 600->378->600 in a hour!
 :o

Bulltrap right?

No. Bulltrap is opposite.

zeroday has some misplaced optimism going on. Just keep your eyes shut, okay?

Edit// haha, double bear trap (do they exist) or genuine DOWNTREND? Just keep believing in your higher bullforce, don't worry be happy.

As far as I understand it:
Bull = person who believes that the price will keep on rising, thus buys more.
Bear = person who believes that the price might drop any moment now, thus starts selling.

Bull trap   = When the price goes up and Bulls buy lots of the stock expecting the price to rice further so they make money, but instead the price then drops.
Bear trap = When the price goes down and Bears sell their stock in expectations of the price falling even lower so they can buy it back at a low price, but they turn out to be wrong.

So, a Bull trap is a peak where people buy and then the stock becomes worthless.
and a Bear trap is a valley where people sell and then the stock rises again.


Stalagtites, Stalagmites.


Keep Calm and Carry On.


EDIT:

Also, there are Donkeys out there.

Trust me, I've been happy all the times since I started buying bitcoins in 2012.
Since bitcoin is deflationary in nature, I never worried about these "downtrends".

If you look at all-times bitcoin chart you will see that all "downtrends" became bear traps. And finally, you will not see even a single bull trap or real bubble which affected long term investor.

Dude, the more you talk the more bearish I get.. you're a scary representation of the bitcoin holders to me.

This is because you treat bitcoin as piece of shit just to buy/sell and get your fiat profit.

BTW, I gained bitcoins today and you will not see them on a market for a long time.

Margin Gap Trap Snapped?

exactly this. I never understood what bears are doing in deflationary currency.

Yes you clearly worry so little that you open a topic titled "DONT WORRY ITS A BEAR TRAP DON'T SELL" almost every other day. Actually you're here on every slight crash.

Clearly you're not worried at all.

/sarcasm

this doesn't mean he is worried, we all see how some people are starting to panic for no reason.

This way I'm just helping newbies to avoid being victims of speculator sharks like you.

In reality you're just voicing your personal insecurities. Noobs will lose anyway, your 'cause' is not going to change it. Actually your posts are mostly completely useless.

Exactly.
I didn't sell - although fell tempted to at ~$715 (bitstamp) - but thought that I won't add my hand to manipulation. I would have possible made over $1000 in the process but I don't regret it anyway. I just sit back and watch with patience. And try not to buy in into this frenzy. I see a lot of people treat btc more like some 'get-rich-quick' scheme to get more fiat. I'm not participating.

If you look at my posts during previous "crashes", you will see that I've always been right.
Those, who resisted their wish of panic-selling, thanked me for preserving their wealth.

So why did you buy bitcoins then? To not get rich?

I do exactly the same thing since I am here. We need more calmness. If people hold on to their coins and/or spend it for goods there will be more stability. There is nothing wrong with speculation but if it's in the right proportion to the real market. In those types of situations it seems like 50% people are making panic based decisions or trying to make a quick buck at the expense of others. I will not participate.....

Why not? But my wealth is denominated in bitcoins and precious metals.

I wish you to stay happy with your fiat USD/EUR, but for me it's not a kind of assets to stick with.

Did you just reveal that you have a circlejerk account?

he said to not 'get-rich-quick' and not, that he doesn't want to be rich in the process at all.

I suppose, your question was pointed to all of us, who doesn't participate in such a dirty games.

It's not "dirty games", you knew what you signed up for when you started investing in BTC. Now don't cry that people are willing to take profit from the movements of the market. If you want to gamble by holding BTC (and never ever learning when to sell), that's totally fine with me.

No. I don't mind if I get rich (whatever that means according to your standards) in the process, but this is not my motivation to get into bitcoin. To me BTC can be a revolution in money system, and help topple current crony capitalism. If there was a choice between being rich in the current system and being able to help topple current political/economical paradigm I chose the later. I'd rather be poor than live in this destructive, paranoid environment.

What a lot of angry holders also seem to be missing is that traders provide liquidity to the market. Without traders / market makers placing their limit orders, the price could have collapsed completely.

Depends who defines what's dirty. In my standards this kind of trades, where people buy and sell based on short term interest is exactly the reason of the trouble we now have. So to me it's dirty like a ping pong ejected from Obama's ass

I am not angry. And yes - this is true to some extent. It all depends on the proportion. I stated right here, few posts before that some amount of speculation can be healthy. The problem is that a/ it's too much of it it seems (judging on prices jumping from 600 up to 750 and back down to 380 again etc within an hour). Way too much panic reactions. b/ exchanges don't seem to be technically ready for this kind of activities c/ often times those rushes seem to be tied to some sort hacker attacks on exchanges. As a result you've got a super volatile commodity
This is the way I see it - I can be wrong of course.

I think it's the other way around, more traders are needed to even out these wild swings. A professional trader doesn't just dump all his coins in one swoop like we saw this morning, this is rookie behavior or a malfunctioning bot.

The problem is that there are many n00b traders now with a lot of bitcoins in their possession. Once they see a million bucks in their account, they got ass whooped by their girlie to sell the shit. This is a phase we have to deal with. The 1000+ coins from last night are now shared with others instead of one n00b trader. But there are more of them and they will cash out because a million is still a million. So we need to thin that out before we have a stable coin.

It looks like things are slowing down a little bit. I suggest we all take a day off and buy some Subway sandwiches with our $700 bitcoins.  :P

I'm getting fat from buying dominos gift cards on eGifter.

I guess everyone understands that recent dip has been caused by a manipulation.

Those who sold in panic, at least got a costly lesson and hopefully won't repeat it again.

Those who hold their coins, will enjoy notable gains soon.

Those who sold their coins @ top and bought new ones @ 400$ will enjoy their notable gains soon.


Lesson:
Buy and Hold or sell on the way up and buy on the way down. Never panic sell!

The n00b traders are not problem at all. They help others buy cheap coins. Everybody is happy

It's unfortunate, but panic sellers have made a lot of us wealthy.

I've got my piece of cake from recent dip too, but I don't think this way of slaughtering of noobs is good for bitcoin economy. It just slows down the adoption.

How many potential newcomers have given up on the idea of jumping into bitcoin today ?

All the weak ones. The less panicky types we have trading - the better, so only people who understand that 50% price movements due to low liquidity is normal in the newborn market can trade. Or let me put it this way - only people who actually believe that bitcoin is here to stay can survive daytrading this. Other will be slaughtered sooner or later.

bullshit, what do you want a circle of 100 people trading this stuff? The only way it will catch on is if people don't feel like this is a total rip off when they come here.

+1 to not killing noobs for the sake of mass adoption

that's just not how it works tho. it's a nice idea to "save the noobs" but the fact is, they will panic sell and there is money on the table. someone will take it.

Right, because the rise was clearly not manipulation at alll  ;) :D ;D

It's been quite a day for the bears.

http://www.youtube.com/watch?v=uxFIGWm9M6w

Exactly.  That's why I say it's unfortunate.  I'm not just going to pass an opportunity to make easy money.  Sorry to the weak hands.  I learned my lessons the hard way, too, and I'm lucky enough to be in a position to take advantage of people who are now essentially what I was in 2011.  One of the big lessons I learned in 2011 was that panicing usually doesn't work out well.

BTC CHINA:

5351 Chinese Yuan equals
878.23 US Dollars


BTC is actually at the same price it was at yesterday before the rally.

I bet it will go up in 12 hours.  Chinese demand is extremely strong.

I sold at 680 and bought back at 490  :P

This is the IRS. Please report your gains immediately. Non-compliance will be regarded as domestic terrorism and treated as such.

Thank you for your cooperation.

Daniel Werfel

I thought you guys were having a party and taking expensive retreats on the tax payer's dime?

I hope so. I bought at the first dip and watched as it goes up and down again whole day. People were going crazy panic buy-> panic sell and so on  :-\

I hope you bought all the coins to your stuffing in this bear trap...

Yes, the bear trap, before the running series of bull traps that have lasted all day today.

I love how every time BTC prices go nuts, the forums fill with people shouting about 'new paradigms' and 'what bubble?', and bears are scorned. And every time the result is exactly the same.

Yes BTC has a lot of potential, yes it has been, and will probably continue to, grow exponentially, at least for some time. But what we saw in the last few days was super-exponential growth - it looked exponential even on the log charts!

Learn to recognize this and you will do very well out of these sorts of price movements.

Zeroday, haven't heard from you in a while. How are you doing, my mate? :D

Waiting for a wire to be deposited today and hope this bear trap won't slam before I buy at lowest rate ;)

Hahaha delusion at its finest.

Got any more hilarious face palm images for us 'Bears'?

I only turned into a bear a few hours before the crash yet you still managed one for me....actually, I think yours was a 'Double Face Palm - For Times When One Face Palm Isn't Enough'

Hilarious stuff.

And denial too!

So, do you suppose bitcoin is going to $0 ?  ;D

Right after April's crash i bought at $100 and then even at $60. Now it's the most profitable investment in my life.

We have another "I sold at $900 and bought at $400" merchant here!

You hero, you must be so pleased.

I suppose all your 'face palming' of bears and hyperbole of Btc going to the moon right up until 5 minutes before the crash must have been to draw in the foolish money to buy your expensive coins before you bought back in at a 50% discount?

Gotta hand it to you, that was one slick move!

MatTheCat, I didn't sell. I'm only buying.

Nope, it is just play money until exchange actually send you the money.

I sold. Everything.

And I aint buying.

Not right now.

Probably not for another few weeks until Btc finds a stable bottom.

Right, and that pattern will just carry on and repeat forever "just because".

http://imgs.xkcd.com/comics/extrapolating.png

Bitcoin has become extremely volatile at extremely high volumes. Millions of dollars in single trades. Every time someone pumps in 1 million USD (2k BTC) into bitcoin, and pushes the price up by say 100 USD, the market cap magically rises by 1.2 BILLION USD - though only 1 million USD flowed into bitcoin.

Free money does not exist.

The volatility at this liquidity is rapidly destroying bitcoin, stripping it of any true investment value. For now, anyway. New money from new users is not going to flow in after a bubble burst, no matter how good the news. Any buys now are made by speculators. Buying for long-term investment at this stage is nothing but gambling.

Once it is stable for a few weeks/months at a pricerange it manages to stay within 1 percent of, THEN there might be some investment value into bitcoin. Right now; steer the fuck clear of bitcoin unless you're a daytrader and have balls of steel.

Well , this world it's so full of bear traps and bull traps , I need a metal detector to get out of the house.

Conventional wisdom which will be subscribed to by the vast majority of those holding investment capital. Thus, the near term future for Bitcoin is from here pretty easy to see.

Good common sense post. Had you made it a couple of days ago though, I would have braced myself for the flurry of 'Face Palm's' and 'Doesn't understand Bitcoin' posts.

April's panic was much worse with absolutely negative media coverage.
Now it's different situation and I'm expecting it will recover fast.

Yes. One thing is certain, is that this event will not play out as a carbon copy of April's spike n crash, just as April's never played out in the fashion of July 2011's crash.

I for expected for Btc to go much lower than it did and to consolidate over a much longer period of time than it actually did. I did however correctly predict that the exact same thing would happen all over again and I swore to myself to profit from the next one, which I did to a certain extent.

So what do I expect now? I expect Btc to go not nearly as relatively low as it did before and for yet another parabolic spike followed by flash crash to occur, within a relatively short time frame. Because this is such an obvious conclusion to come to, you can bet that things will out just a little bit differently from what I and everyone else expects.

Now it's $540. Probably the trap is slamming.
Seems I missed it at $400+ :(

Then be sure to catch $300 when it comes.

Allready sold again. Much profit to take from scared people.

Of course. Buying allways on the right side of a peak and selling on the left.

Of course , everybody on this forum is "trading like a boss". Buy low , sell high , o yeah. Too bad it ain't happening for many in RL.

Yeah. Because most are too stupid or too greedy.
Just don't sell all at one point and try to buy back...

It's really easy. Buy anticyclical.

Put $250 buy order, I hope it gets filled today (you should hope too ;))

It seems now we are going back to $600

On the way back up bros.

Shoulda stocked up in the 500s.

Heading to $700 :D
Still bearish?

I told the bears to wake up and buy when it hit $530 last night...

Oh well.  :P

This was caused by one player who bought about 2.2k coins, for reasons I don't understand.
It's possible that the same player panic sold after seeing China going down.

bear attack failed :)
going up

Buuuuuulltrap

Just watch BTC China.  ;D

LOL.

Surprised you haven't given him the link:

http://bitcoinwisdom.com/markets/btcchina/btccny

Sorry to freak you out zeroday, but I just can't stand pomposity and hubris in the face of common sense, you see?

Lol. If it reaches back up to 900 you can shout "bear attack failed". No, everyone who remained bullish on the drop from 900 to 700 has in fact lost a lot of money, and in fact THEY are now trapped until the price reaches back to those heights. Bears selling above that point have made some extra.

But why am I even trying - I should be happy you exist. The money I gain comes from the pockets of people with your attitude. Thanks for that, mate.

It's just reached $755 at bitstamp and that means the bear trap is finally slammed.
So, who is smiling now? Definitely not bears.

Another bear trap has just been closed.
It's getting boring.

Lol @ everything being bear trap. This bear made loads of $$ by it dropping from 1200+ to <1100.

A few lucky bears got their profit.
But the majority of their population (who dumped <1000) are now sucking their paws :)

Today was another bear trap.

ALL ABOARD!....CHOOOOO CHOOOOO!  ;D

As I use to say, prove it. Then I believe it.

Bear attack failed.  :D

It didn't fail at all. On the contrary, these dips are needed for whales to make cash. Got lots of coins for cheap myself. Rinse and repeat.

LOLOLOLOLOL

That "bear trap" took 9 days to close. That must be the slowest beartrap in the history of mankind. Even the slowest of prey imaginable had plenty of time to get out of the way.

No, sir, that was not a bear trap, but you do make me laugh.

So it sure sounds like we have a differing definition on the term "Bear trap".

Your posts too make me ROFL.  :D

No, there were actually some bears trapped. It might have been a slow moving trap, but in this market we have a lot of stubborn bulls and bears. A lot of bears want to buy at $200-$500 and have convinced themselves that is where we are going even if it means going to $2000 first (how much ever since that might/might not make).

There were some well documented trapped bears on here for the last week.

Still a bear trap? If anything, the money I made on this dump so far has come out of the pocket of the bulls... Zeroday, smoothie, thanks!

I remember one man who was shouting on the street telling everybody how he won $50k betting on his birth date number playing roulette. He was so confident and insisted that everybody should go to casino and bid on their birthdates.

>Implying I'm not consistently gaining money on each of these dips

Are you not preaching to everyone to buybuybuy bitcoins solely because you got some cheap in the early days and are in uber bull mode?

It seems all bears were untrapped and the trap never actually closed (we never broke 1240, for three times now).

Still a bear trap?

It will recover soon, which will prove that today's price drop is just another bear trap.
Tomorrow I'm hoping to buy some cheap coins when my wire is deposited.

Deposited at Saturday ? Never happened to me

True :(
Still hoping not to miss it at dip after weekend.

I don't usually laugh at people losing money, but...

HAHAHA. wtf.

Some people are crying tonight.... big price crash all across the board.  :o

>1000 monday?

Dayum, zeroday, did you get bulltrapped or what? I hope you didn't buy too much in the previous bulltrap, because DAYUM you'd be trapped.

(Sorry I just feel the need to kick this topic every once in a while)

Still believe we're going to >1200 within the week? :D

$2000 B4 2014!

Dont come crying to me when you are buying back in at $3000.....shit, or should that be $300?

A lot of bulls bleeding on the streets right now... it's going to get ugly.


Bulls, you day of judgement cometh.

I'm very sorry for everyone that lost money. Just not for delusional bulls. I get the feeling that I get to kick this thread many more times :D

Umm what? I have added plenty of coin to my position today, an amazing day that is. Which blood?

as long as one hodles not a thing happens. even the +1000 buyers.

imagine you could buy for 260 right now. tempting ?

so will 1000 be in the next run up.

Everyone with a brain knew BTC was not going to hold at $1,000 forever.

Smart money made money the past few weeks as it oscillated between $700 and $1100 every day or so.

Pigs got stuck and didn't sell before this big crash.




Smart investor always cashes out at high and rebuys at low, no matter what price you bought in at. It's called locking in the profits.

True, Chinese gave us opportunity to buy cheap Bitcoins now. I believe Bitcoin will be over 1,000 next year again

fine if it works for you. but why bragging ?

hodling always worked. no one ever got burned and i hear no valid arguments telling me this time it is different. you guys laugh at the guys that say "this time it´s different"  - well, it is not. which also means: it will go back up. as normal.

oh well...

That's my definition of a potential pig, not a smart investor. The one who thinks he always cashes out high and rebuys low after he did it once; then proceeds to lose all.

"Look I am smart investor I flipped heads two times in a row". Ok son, now go play outside.

Just don't cash out ALL...
Why is this so hard to understand?
And this time it was really bad news -> drop was expected weeks ago

If you didn't sell any amount, you probably wouldn't sell if the price would go to 1$. Denial all the way down  ;D

Haha! "Silk Road bust" was also "bad news" and many "smart investors" dumped all their coins that time.
Now they are flooding forums with "bitcoin is doomed" topics and hope to crash the price to pre-silkroad-bust times.

BTW, we have just passed another bear trap yesterday. Those who sold below $500 are likely just missed the boat. To be more correct, I'd name it chicken trap catalyzed by proudhon's "bad news" thread :)

Predicting $785 before a collapse

What a prediction. If the price hits 785 in a week and continues to move up to $10,000 in the course of the next year, then collapses to $8,000, you can still say "I was right".

Holy fucking BATMAN bear!!!!  :D :D :D :D

there's a price where I would sell a little and buy something good - it's 5 digits. there's a price where I would sell all and go away - it is currently $60, but growing every day.

You are trading all the time.
So you are selling and buying  ;D

Or do you only talk about cashing out?
I don't do that, my cash stays inside the exchanges. I don't have to wait 5 days to buy back.

I'm glad you noticed  ;D

Yes, trading money is a small part set aside with a desire to lose all, this stays at exchange :) You only need like 10-20% traded to hedge against possible (temporary) moves down. You don't hold everything at exchange, that goes without saying.

The day when cold storage will be opened has not come, yet.