Bitcoin Forum

we all knew november couldn´t last forever. the epic rise was to be followed by an epic crash. only this correction wasn´t really THAT epic at all (so far?).

if this is all, bitcoin is made of steel.

I believe there is no reason for harder crash at all, unless some really negative news come

https://i.imgur.com/MZHpiOS.jpg

b-but it is crashing :P

Most of the bitcoins are held by persons who are not inclined to take profits until the price of bitcoin exceeds its fundamental value,or least comes closer to it.

Excuse me, but that chart shows an uptrend:  A sequence of higher lows.

Very true, selling and hoping price go lower seems risky to me

I think the crash is hard enough. ("imagine" you have 10k BTC then you did lose  10,000 BTC * $(1200-600)/BTC =  $6M USD )

bitcoin follows no pattern, clearly!

I think the main problem right now is that most people don't know what to believe about the news from China, something similar happened when we went from 1200 to 860 and then back to 1150 because "it's good news morons!"... I'm not saying that the price is being controlled by redditors, just giving it as an example of how difficult is for the market to interpret some news.
At this point there are already enough sources (CCTV, Sina, even Coindesk) "confirming" what could be really bad news from the long-term pov, but I think it could take 48hs more to see some real action in the market. Meanwhile the price is oscillating and some daytraders are still making money :)

really? and what about this one?

https://i.imgur.com/zNmIM1B.png

a short stabilization means nothing at this point, the downtrend is pretty clear.

600watt, because the reality of the situation is unclear.  I have a sinking suspicion that more bad news is around the corner from China.

It's forcing out short-term traders and weak-hands. It will make BTC stronger. Just hold on to your bitcoins until Jan'2014!

Bitcoin™

Pretty biased bearish choice of options.

Why didn't you include the obvious?

- This isn't a crash, just an adjustment.

- This dip was based on misinterpreted news and people are smartening up.

- Panickers ran out of coins to dump.

I heard this kind of 'forcing out weak hands' crap from the silver rampers all the way down from $50 to $18 or whatever it is now.

That's a failing downtrend, bottoming out.

very true. I dont see how people can trade on m charts. You really have to look at at least a 4hr to get a good idea of whats going on. A day chart is even better since its usually a single news story that moves the market.

What Im still unsure of is why it shot up so quick in the first place. Kinda fishy.

OK, cheap coins then. But situation is unclear, it helps only FUD, but announcement may clear the situation

There's nothing particularly unclear at this point.  Alipay, tencent and the like can't be used in btcchina deposit/withdrawal transactions (which are the only btc transactions in china which have any impact outside of china).  Only major chinese state-owned banks have the remit to transfer funds to/from btcchina.  BTC is treated like gold and silver, which are approved investment vehicles, and not like a currency, which is illegal to trade.  Lots of forum users report on their btcchina funding and trading experiences, and all of the information is clear and consistent.

At this point.  What's next from the regulators is what I want to know.

"Strong Support" is the only correct answer to this poll.

Weird that its not the number 1 item.

Its the only correct one.

Just trust the current charts and the emas/MA CDs nothing else. Analyzing the previous charts will get you nowhere.

I would say that (as everyone knows) the current use value of bitcoin is much lower than the price. Anything above 378 is pure speculation.
People sell when it is going down in order to rebuy when it will go up.
Some speculators are selling even though they believe in bitcoin, just so they can improve their position.
When will it bottom out? No one knows.

Why 378?

I think it's safe to say most of bitcoin's value is based on two fundamentals:

1)  This is the commodity/currency of the future, and I'm buying in now as more people will use it in the future

2)  Someone will pay more for my bitcoins tomorrow than I'm paying today, therefore it's an easy buy

When people talk about fundamentals it really boils down to the two above.  Current uses for bitcoin do not justify exponential growth in price to over US$1k.

Why no harder crash?  We still have a ready supply of speculators willing to buy back in because they think bitcoins are now cheap.  Buy at US$700, sell at US$800 a day or two later.  Rinse, repeat.  Massive profit over a very short time period.  We in the bitcoin world are so disconnected from reality sometimes that we fail to notice that such swings are extremely rare in the real world of investing.

In the end, A LOT of people are just going to get hurt by a select few.  This is obvious.  Its happening already, and this is STILL the bitcoin wealth distribution:

https://images.weserv.nl/?url=ssl:images.weserv.nl/?url=4.bp.blogspot.com/-k92tl6GClZ0/Uqe0qQX_QtI/AAAAAAAAKcQ/tb8joV99eKI/s1600/bitcoin+distribution.png&fnr&fnr

Crash?

You keep using that word.  I do not think it means what you think it means.

A 2+ week downtrend != "crash".  ???

Lol, what do you consider a crash?  ::)

It's just that the word "crash" gets thrown around the forum so much.  Anytime prices go down it's a "crash".  When prices go up, it's a "bubble".

When prices continue to decline for a couple of weeks, is it still a "crash"?  When does it cease to be a crash and become a decline?  Or do we just like to throw around words with the most shock value?

People usually call a crash when the price goes more down than up; it's more about the trend than individual values.

did I say 48hs? sorry I meant like 48 minutes more :D

Fake chart is fake.

Couldn't agree more...If you're anxious and inclined to panic sell, just walk away from this for now and enjoy the holidays.

Option a) Bitcoin fails as a whole. By definition it is now a Pyramid scheme for those that started early and cashed out

Option b) Bitcoin succeeds. Unless no one ever sells any of their BTC the distribution will change. For b) to happen Bitcoins need to be sold

I must have missed Larry King Live.  How does Bitcoin fit the definition of a Ponzi scheme?  Because it is heavily speculated?

50% drop in value in a matter of weeks is a HUGE crash for any financial instrument. If Dow Jones fell 50% in a period of one month, you would be looking at Great Depression X100 and completely chaos.

This volatility is the reason that will keep Bitcoin from becoming the legitimate currency. No sane person would trade or do business in the currency that has +/- 20% swings on any given day.

If you want to stabilize the bitcoin and turn it into mainstream unit of exchange, you have to stabilize the exchange rate. How? Peg it to a stable fiat currency or back it by something of REAL value. Right now, bitcoin price is driven 100% by speculation, greed, and blind "belief" that it is worth something.

It does not, which is why I wrote Pyramid scheme and then ONLY if it actually fails!

The Honey Badger is force of the nature  ;D

How is that different from any other currency!? i.e. US Dollar.

You forgot Bitcoin is also being heavily driven by entrepreneurs offering new business and consumer services, that If become faster, more efficient and convenient than current methods whether it be paypal, or western union or whatever then Bitcoins value will be cemmented into the minds of people for the long term.

People just need to see the value of Bitcoin and it's uses, it's a superior method of payment than anything else out there, it's only a matter of time...

any other currency has it's value set by central issuer bank.

Well the sheeple like it when daddy says "yes, your paper will always be honored".

Prices hardly ever just go straight down. It doesn't work like that.

It's called a bust. Look at gold in the last two years -- it got on a down-trend at some point, but was just moving randomly for quite a while after an initial crash. From an all-out, giant speculation mania, it usually takes a year or two. The Nikkei took a decade of repeatedly swinging about but ultimately dropping.

If this is going bust, it'll be a slow and painful process.

before it goes  boost it has to rise first, till now it was child play

There you go ;D

Was that hard enough for you?

Sorry, but doing this to all the posters who have pi§§ed me off over the last few days, contributing towards blurring my judgement......


AHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAH

yo FOOOOL!

shit, kinda asked for it, didn´t i ?  :P

The question now is: was that it? Congrats to those that were able to buy sub-$400

Here my day:

1. wake up early and hungover
2. see ticker on the phone "wtf this is too quick"
3. fire up tablet, read charts, read about Bobby Lee saying not to worry. Worry.
4. get out of bed, unlock cold storage, send a heavy load of coins to stamp and make a guess for the bottom
5. get ready to go to work
6. market sell order from phone
7. arrive to work
8. dollar cost averaging all the way from 15 dollars lower than current price to my guessed bottom.
9. wait.

Result: almost all my orders got filled. Rest bought below 500 when I saw signals of the tide turning. 13% more coins in my pocket.
Now I just need to convince myself to put the coins back in cold storage and NOT try to do that "one more trade" to profit from the inevitable suckers' rally.

Yeah, makes me laugh. Those who thought they had strong hands and refused to sell at over $1000 have now lost half the value of their holdings. Hopefully they are comforted by the thought that they are strong hands. I'm content that I sold out at $1000, it really was a freak show with all the circus heads trying to make themselves believe that coins would rally in the short term to $10000, talk about uber delusional. And now folks are trying to blame the Chinese for their losses rather than themselves... gimme a break.

Keep selling folks, it's going to go much lower and I'd like to see more blood on the streets before I buy back in with a grin.

 ;)


-----

*raises a glass*

"To the Moon!"



Muahahahahahahahahahahahahaha!!!!!!!!!!!!!  :D

True, but one doesn't really loose until they sell. I for one have a clear target and won't sell even if it goes 100

well done ;)

But only if they are smart enough to sell before it goes back below $400.

Which I, at this moment it time, believe it will.

Bitcoin = not to be played with for time being.

It is a possibility, like it's also a possibility that you missed the train.

No, that's nonsense. Just hold. Who cares if it goes back down again? Just an opportunity to buy more.

The truth is: During each rally, some part of the coins were spread to new adopters, the coin supply are getting less and less each passing day, it will never crash too much, since there are just not enough coins for sell