Bitcoin Forum

Hey, guys, it's the truth telling HappyFunnyFoo.  In today's report, he's going to remind everyone that he was dead on with his original post back when bitcoin was tanking and at $13-$14 per coin.  In that original post, he stated that bitcoin traders were experiencing the denial phase of a market bubble.  He was heavily rebuked by idiots - idiots in denial, of course!

Now bitcoin is trading at 45% of the value that it was at in that original post.  We're moving on to the fear phase.  More to come.

And, as always, here's a handy graph of what a market bubble looks like.  Hope you guys are having fun losing money, el oh el oh el oh el


http://www.mississauga4sale.com/images/Market-Emotions-Cycle.jpg

Not appropos.  If you look at deepbit, the hashing power we have now is maybe 10% off of all time highs.  This is enough of a sample for me to project that 90% of the bitcoin community are still strongly bullish on bitcoin.   That doesn't match "fear" or any synonyms thereof.

More likely we just haven't had any fresh meat cough up millions a month to pay us miners lately.

OR maybe we are already passing the "How could I have been so wrong?" phase :)

+1


Absolutely!


Ummmm some of us are actually up in both BTC and fiat ;D

I believe these people broadly fall into the following groups:

1. Bitcoin optimists.  The price will be higher tomorrow, so mine today.

2. Cheap power users.  $5 is still profitable if it costs $3 to make the bitcoin.  The gear is already purchased anyway.

3. Free power users (someone else is paying).  Why ever stop mining?

4. Libertarians.  They will never stop mining.

The percentage distribution between these three groups is anyone's guess, but I'd say #3 is the smallest.

A few of us geeks can actually do the math and get the power company a nice baggie of something from Silk Road along with a couple of ladies of the night and voila  ;D

Granted that's not the same as free but it's pretty close.

According to this scientific chart, groups 1-3 are damn socialists...  :P

http://billstclair.com/blog/images/NewNolanChart.gif

NOTE: this chart is NOT based on a log-scale  ::)

Yeah libertarians love these charts, especially the one with the "political compass"

It's all bullshit, the zero point is the natural state of Man, while every agenda has its own axis towards tyranny. Also you cannot put one agenda against another each has it's own axis. Every agenda increases tyranny, even when you can't draw that on a sheet of paper or graph it in space.




OP: what makes you so sure that we are still so early in the phases? The selloff last week where we reached 4.18 could alredy qualify as the panic phase. Or were even the point of Maximum Financial Opportunity.

It's easy to classify these in retrospect, but you can't just say that the emotional outbursts have to be that or that severe. There is always some larger scale, just classifying it by words doesn't really help.
The one mans terror might be the other mans everyday life... who knows.

Like the OP's chart, but the upswing is missing a few steps. Before hope come bearish skepticism and denial ("this is just a short term bounce and we will go lower again soon").

Ahaha, that Libertarian chart is awesome! Yep, that's the world from my eyes. I like the axes inverted though, and leave a tiny little spot for the anarchists at the origin; they're admittedly no damn socialists, though similarly crazy IMO. ;)