Bitcoin Forum

I have been watching bitcoin for a while to get a feel before it starts to drop hard. Now, I know this is all speculation for the people who say nobody can really predict, but I am getting that feeling again.

The usual signs before a big drop are a stagnation in price for a couple days, then a slow decline where it can't seem to ever go higher. This has been happening for the last couple of days. Volume has also been low, which has happened in the past right before a large drop.

What I think happens is that the person who is putting in all those bid orders, trying to keep the price high, decides to pull out after he is taking on huge losses. His bid orders keep getting sold into and he realizes that he is the only person buying. He can not risk buying these huge bitcoins knowing that he will not be able to sell them. He then starts pulling out bid orders, probably starting from the highest price first. Then of course you see those crazy 10,000 bid walls just disappear as the price gets closer.

Well you probably get the idea.

Anyway, I feel a big drop coming soon. All the signs that happened before the last drops are there.

It will be interesting at this point to see how long the price can hold above $10.

Better sell them fast and cheap before it's too late then, send me a pm with prices :)

There's a butt-load of activity right now at exactly 10.00000000.

Absolutely NO REASON for it to be dropping right now other than pure simple greed.

Thats the truth...

$100k buying wall at $10 disappeared in 2 hours.

https://dl.dropboxusercontent.com/u/28686048/10dollar.png

Looks like we might a decent sized drop in casual miners in the next few days. :D

What do you mean? One reason is there's nothing to look forward to.

No media attention
No game changing ideas
No hope
Artificial Rigging
Bot Trading


I know everyone wants to play a part in the game, but when that's taken away from them, it's just no fun and nobody wants to invest in something like this.

It was around $8-$9 before people started holding onto Bitcoins in anticipation of the huge media blitz following the conference.

Blitz did not happen. People are starting to cash out their coins.

Or more likely its that the bitcoin is being viewed as a place to put excess cash.....when the dollar goes up, bitcoin goes down. When the dollar goes down, bitcoin has a chance to go up(it hasnt been keeping pace though)....Ive watched the big swings and its been doing that 100% of the time so far...including today. It is dying however....down say 10% today, but when the market goes up it doesn't make up all its losses.

Must be those miners....or Satoshi. With the botnet coming up, it'll be interesting to see what happens....we don't know how big the botnet will be in terms of computing power...could be insignificant or.....as I hope significant.

Hey, I can post here too, now!

Long-time-reader, first-time-poster... well, I was confined to the Newbie portal until I paid my pennance... or whatever.

Not that my (or anyone's) opinions weigh more heavily than anyone else's, but I've been sensing a drop as well. The "head-and-shoulders" reversal pattern failed to break the "neckline" so there seems to be no real guster behind the $10-$11 prices we've been seeing lately. The $5-6 range "feels right," IMO. (Very scientific, no?)

Besides, I think a lower price makes for a better entry market for non-investors looking to transact in Bitcoin. Other things that will help: using concepts like "milliBitcoin" so that 1) they are common-place and 2) retailers can charge 460 mBTC instead of 0.46372 Bitcoins. This will help Bitcoin begin to forge their own value outside that of an exchange. Sure retailers will still have to adjust their prices a bit here and there to remain profitable, but they can't forget that people are simple. The more whole numbers they can use, the better. 460 mBTC gives them a sense of security, that what they are paying is a fair price, and that tomorrow, 460 mBTC will be approximately the same as it is today.

-Jix

Genius you seem to have alot of money since your in this speculation section alot, yet I see absolutely ZERO contribution from you in any of the projects in our project section. Not so much as even an idea from you has been posted, yet you're always in here trying to see "which way it will go". Well I have something to tell you pal, it goes both ways. You wan't the price to go up? Start coding/designing, and if you can't do either of those then you can invest some of the money you make speculating on some actual PROJECTS. There are so many people in this forum that NEED MONEY FOR PROJECTS, and projects are a much better investment at this point than just the pure speculation you're doing.

To put it frankly, if everyone thought like you, Bitcoin would already be a failure.

That thing is close to coming down, they almost had it and they keep coming back periodically.

I was playing around in the 10.1 to 10.3 range for a while figuring that I was safe with that huge $10 wall holding, but they attacked it hard.

I see it going down deep, at least over the weekend.

New daily low of $9.99.

Why am I going to send money to projects that will benefit everyone except for me? I'm smart with my money. I'm not going to put money into the hands of someone I barely even know, I don't trust, I don't get a return, I don't get to see progress... it's like pumping money into a bum on the street hoping the $5 you give him is going to somehow make him rich and then in 20 years he'll find you without knowing your name and thank you profusely and make it rain money...

You're living in a fantasy world.

So you are admitting that you lack any capacity to manage your own projects? Who said you have to give your money to anyone?

"Who said you have to give your money to anyone? "

You did:

"and if you can't do either of those then you can invest some of the money you make speculating on some actual PROJECTS."



I already own a business, I work 128 hours  a week. I said I'd contribute to bitcoin if someone built a bitcoin bank so that I can verify funds and customers. I would accept bitcoin as a form of payment.

That hasn't happened.

Why can't you verify the payments yourself?

And there is already countless solutions to pick from when it comes to payment verification/storage, and here are just a few:

http://walletbit.com
https://bit-pay.com/
http://www.flexcoin.com/

but regardless I would just accept the payments myself? It's not that hard to take Bitcoin payments, and the beauty of it is you don't need a bank. You can store crazy amounts of money right under your pillow case within a USB file, that's encrypted and offline. Not even the devil himself will be able to get to get in, and the best part about it is that nobody knows!

The selling point right now is insurance. You may think you are smart with your money, but assuming your money is the US dollar, its declining in purchasing power ever year. A lot of people think there is a risk (that is enough to be concerned about) that the US dollar will decline even further due to X(the federal reserve,deficits,Satoshi,whatever).  If that does happen, and there is no alternate, you will be the bum on the street and no one will give a d**n. There is just a lot of people looking at their US dollars and questioning their faith in the US dollar....and ultimately acting as a check against the government...or as I prefer to think of it as a backup/redundancy....its either that or a dictator, your choice.

^That's like saying "why protect yourself against a house fire if there's a possibility a hurricane will knock your house down."


bitcoin collapse is to USD collapse AS house fire is to hurricane that'll knock your house down.


If the USD loses, everyone loses.
...but what about bitcoin?!? Can't have bitcoin if power companies and cell towers and internet services and satellites don't work.

Nice call.  No technical charts, just a gut feeling.  I had the same. 

The issue is that house fires are just as dangerous as hurricanes if you don't protect yourself from either. If you hate crashes and the possibilty of disastors, get something with intrisic value, like water, and use that as a medium of exchange. Impossible? Live with the risk then, there is no practical 100% safe investment.

I do not see any reason why hitting 9.20ish USD per BTC will not happen shortly.
And it will only get worse because buyers are probably realizing 9.50 per BTC is not cheap.

And what if somebody buys your cheap coins before you get a chance to do so?

The 8.5 wall fell! I am shocked!!!

 :o

Here comes $5

That doesn't work.  Let's say there's a bunch of Bids at $9, $8, and $7.  I put in a Bid of $4, because I think I can fulfill that order myself and dump the price.  It only works if I can fill the $9, $8, $7 and all other orders above $4 until I get to my bid.  Do you have enough money to fill all those bids?

It seems we are at the same point.

Fear & Greed, repetitive and cyclical in nature... :-\

If we are at the same point on the chart, (August 25, 2011) then we've still got more than half the way to go DOWN before we start going back up. I don't think we'll drop that low.

No matter how long it will take, for a hodler it's always ok.

Reading things from 2011 just reminds me of all the things I was doing in that year that wasn't buying bitcoin.

Oh well, onwards and upwards.....

These were the years I got my kids.
I can't blame them for getting into bitcoin as late as February 2013  :)
I mean, the fun I had making them was also very valuable.
But only the diapers! ;)

Those must have been the days...

I have my first little one on the way. Well.......in 4 months I'll be a dad.

I hope in 10-15 years I'll look back and think I'm glad I saw bitcoin's potential and bought btc whilst the price was reasonable.

Either that or it's worth nothing!


Our kids could be using nothing but bitcoin in the future. Nobody knows....

Hope everything goes well!

That's the spirit. Just like me, a proud hodler
 ;)
We'll tell our kids and grandchildren we were there and were pioneers and took risks for the greater good.



Our kids will inherit bitcoin from us, at least from me!

I have my first little one on the way. Well.......in 4 months I'll be a dad.
[/quote]
Hope everything goes well!

Thanks a lot!! Me too!

Our kids will inherit bitcoin from us, at least from me!

[/quote]


Yep, they will inherit but I won't spoil my kid/kids if bitcoin does take off. They can get a job (as long as they are old enough) and learn what life is all about. They will have to do it themselves but won't ever go short! I'm mean but not that mean

Some say leaving 1 BTC as inheritance for them could solve their lifes in the future. It is really worth the try, if I had kids thats what I would do.