Bitcoin Forum

Since the crash, the price has kept decreasing.

Otherwise, whats up guys?

Feeling generous?  12hYBWiPqfwdveGzpbRdGxeqnoMcNvGNSq

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You didn't buy the hype that Bitcoin is "different this time" and stuff can keep going up 50% per day until it hits $1B USD did you?

Long term bullish on Bitcoin but the price gains over the last week or so are just utterly unsustainable.  Will Bitcoin hit $1K someday?  I think so but even the exponential long term growth has been on the order of 0.5% per day not 100x that.

I always thought bitcoin wasnt going to continue to rise rapidly. Too many people would be multi millionaires! As you said, unsustainable.

I just wish I knew of a good way to buy and sell during these times.

Always used Coinbase but that was a failure.  I bought at $65 so it's not like I'm mad in the least, but I was trying to sell at $850 yesterday and couldn't find anything that wanted to work for me.   I don't trust BTC-E or MtGox since I have heard horror stories out of both of them.

Guess I need to check this CampBX site out.

???  You couldn't sell on Coinbase?

What happened?

Well, it's higher then like, well, last week. So it's not really a crash. More like it was unsustainable for the price to keep going like that.

Please see 2011, 2012, and earlier this year.

Never forget.

http://www.sierrachart.com/image.php?l=1384911782547.png

You can't know. It could have gone to 2000$ and more and afterwards settle on ~1000$ for a long time. But it could have happend earlier, too.

But the fact: 48 hours ago the all time high was 544$ at Gox. Now we are standing still above 600$.

Oh god, take that away!

Six months of terror. It has happened before, it can happen again.

Not likely. What was Bitcoin in 2011? Was there a hearing in the senat, too?

To compensate for that, the price is a little higher now. But yes yes, it is completely different now, human psychology has changed etc. etc.

hm you can just sell all your coins and rebuy when they reach the 1000$? It's your decision ;) Did you bring the same graphics 6month ago?

I think we could be in for another 6 months of terror... but i doubt it'll be that steep. Probably bottom is about $266.

it never felt below 500 so how it could struggle to kept above??

No, 500$ is the new bottom (gox price). 266$ has no meaning. Look at the chart. http://bitcoinwisdom.com/markets/mtgox/btcusd

But it is possible to stay in the 600 +-100$ region for a while.

$250 much more likely bottom. It will take time. Months.

I don't understand why people think this is going to last months. Do you really think every significant Chinese investor invested what they wanted in this one week period?

In 2011, Bitcoin was mentioned because of Silk Road, and then Silk Road left the news and it gradually faded away. Now, Bitcoin is huge. The buzz surrounding it will not go away.

You know, I still can hardly believe you aren't actually a permabull as I thought you were.

You're a funny guy. :D :D :D :D

Every investor?

I think the people that won the incredible game of pass the bag will not risk driving the price up for a while. The last few investors that joined the game late before learning the rules will likely have to wait.

Did you try BTCChina with 0% fees? Even they describe it as "A new trading experience". For most users, particularly new panic buyers, this experience is probably quite far from "investing".

BTC was huge all year. It still is. The price is not tied to that.

and I'm not even the one posting a graph from 2011 and claiming that it is analogous to 2013. :D

Roller coaster price. Goes down and goes up again.

I hope it does. It will make the price more affordable for me to buy in again. Then it will go back up to 400, 500, 600+.

$250 by year-end is still absolutely meteoric -- wouldn't be averse to it going even lower.

$1000+ by year-end is ridiculous. $500 is pretty questionable even. I'm in this for the long haul.

I'm saying that the hype around bitcoin is exponential. China just started investing significantly. The time between bubbles has been dropping. If this "bubble" is truly over (hopefully), a new rally won't be six months away.

Ah yes, good old economic singularity. Trillion dollar market by 2015. :D

Or, the balls of bitcoin might need twice as long to recharge, after splurging twice in one year. Who knows?

how are you picking these arbitrary numbers. i can make those statements with completely different numbers and i'd be just as right.

no, we know.

$500 very well might be the new bottom. I'm just saying that $266 is the absolute minimum price possible, because that was the top of the last bubble. The only reason why it appears to have no meaning is because we've never tested it. The moment we get even close everybody, myself included, will come bidding with thousands of dollars.

$600 feels like a reasonable price to fluctuate around, though I'm thinking its more like $650 if we aren't going to continue any kind of slide.

Based on the weekly VWAP. How many weeks this year have we been above $250? 3?

Where were we in January?


Actually -- you could pick almost any number below $250, and the rise would still be very satisfactory.

as an investor..isn't this a good thing?  With this much volatility there is a lot of profit that can be made!

you do understand that the value, awareness and usefulness of bitcoins is growing.... makes sense for the price to reflect that. not your desires to buy cheaper coins when you have more money to spend ;)

Was at 500 3 hours ago now at 560 looks like its rising at a good speed KEEP BUYING!

I don't know, having gone through the April crash (we bought right before and into that rise) I have learned from experience that this is all normal and I am quite relieved that we are settling in at around $500 as the new base.  Sure we might be in the 400-600 range for a while but there will come a day when we have another crazy rally, this time it will be up to $1500 or so and then settle around $1000.  Then the price will stay around $1000 for a few months, we will have a rally up to $3000 or $4000 then the price will find a new base of $2000 or so.  This will repeat all the way to the top of the S-curve adoption, which many speculate could be $100,000 per coin, or more.  At this point Bitcoin will act more like a stock and have it's ups and downs but will no longer have these massive runs.  I personally enjoy them.  They just mean that Bitcoin is going up and will find a new "bottom" as we continue the rise to numbers beyond my wildest dreams.  ;D

Why? I would absolutely LOVE it if the price reach single digits again.

Not really a crash? Seriously? So when the price went from 200 to 900 in 2 weeks i guess it wasn't really a rise..

I agree $500 is going to provide some serious support, we'll see if it holds up!

Also, how did I not know of bitcoinwisdwom.com/markets??? Awesome. Thanks.

Pay them no attention. They seriously use that rationalization every single time we crash. This is what is known as "denial". I'd post the sentiment chart, but it's really been overdone.

WEAK HAND DETECTED WEAK HAND DETECTED

Can you even hold a bottle?!

Lot of new users now and then the Sentiment chart should just be a sticky itself XD

$500 will offer as serious a support as it offered a serious resistance "back then" (3 days ago).

Mod trolling a mod?

 :D

I think we will be moving a lot. Price fluctuations are getting bigger and bigger with each new upswing.

All those threads "do you think bitcoin will hit 400$ / 300$ / 200$?" will become active again. For all the wrong reasons this time  :P

$500 is the new $100. Bitcoin will have crashes below and rallies above $500 for the next 6 months until the next bubble.

Bit too soon to call that I think. Remember, $100 was the new $120. And $120 was the new $160.

This is gonna be a wild ride indeed.

I remember when they handed us all hats that said Dow 10,000 and asked everyone on the trading floor to wear them whenever we hit it in the next days for the photo op.    They did not think it was as cool of a photo when people wore them when we hit it going the other way.

In one more day they will start doing ACH deposits and withdraws, cant wait!

I was thinking to myself (when Gox hit $900), "This is going up way too fast.  It hasn't even taken a breath today.  This reminds me of $266 in April.  Maybe I should sell the coins I have on Coinbase."

Checked the chart one more time and a nosedive with a sea of red.

Alt-Tabbed back to Coinbase and hit sell when the price was still $850.  It didn't go through.  Tried again and got halfway through and it told me the price had changed.  Hit Confirm again and I finally got out at $733.

Bought back in at $525 after the crash.  I rarely trade like this (never, actually), but I knew that I was catching this one.  Still I turned 3 bitcoins into 4 for free.

Then they started their "Buy at market a week from now" nonsense.  But since I had money ready to buy and any other option would take at least a week anyway, I went ahead and tried it.  It appears that they have locked me at $525 already (not too unbelievable since it dipped below $500 for a while).  But we'll see when they go to deliver on Monday.

Haha. No. Barring horrible news, the next bubble will be in less than 6 months. The bubbles are speeding up now. If we consolidate and start to go up again, we are going to be testing ATHs potentially in a few weeks. At the very least, we will be pre-bubble again in the next 2-3 months at the latest.

You CAN wait.  And you'll have to, since they delayed it until the 27th.

you all don´t get it:

the chinese madness will soon continue. next steep rise: this year.   ;D

That's what I was trying to do, but I couldn't connect to Coinbase.  I never sold on Coinbase, so maybe I was doing something wrong, but every time I tried to sell the website timed out.

You just want to party for Christmas...  ;)

I was lucky because I was already logged in because I was already thinking of selling at $875.

Nice.  I didn't even think about selling until it hit like $900 and that's because I wanted to sell and then wait for the retraction and buy more... oh well, I still got my coins, so I am happy.

Might buy some more for the Holidays and hold them for another year or two. 

Could this be a hint that the U.S. is about to reduce money supply and taper?

The deficits are shrinking, debts are being repaid.

Tapering would lead to less total dollars in the market. Thus ridding the need for bitcoin and gold holdings.

Take a look at how stockmarkets worldwide are trending down... QE isn't a one way street.

U.S. Defence spending is down 30% this year. Food Stamps being cut. Everything is being cut to repay the debt so that they can taper.

Onto bitcoin:

Flaws with bitcoin's block sizes being discovered.

Large flaws in exchanges matching orders, e.g. Gox.


All on our favourite bearish website, zerohedge.

Did you mean to say $600?

China wasn't around back then  :P

honestly, we would prefer a party date around may 2014 or later. this year is out of question/impossible.

Did you mean to say $700? 
Every post about the price looks obsolete 1-2 days later and even hours later in some cases.

$800?

Yes, bitcoin is STRUGGLING to stay above $500. REALLY STRUGGLING.  ::) ::) ::)