Bitcoin Forum

So this is chart is interesting:

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

If this were really a mass exodus and the death of bitcoin then it would probably look very different. Moving the price with such a thin market is trivial. I wouldn't be surprised if something big is announced in the next few days or weeks. Something where we all go, aaaaaah, like the ETF. Or bitcoin could plummet into the center of the earth :)

Read this http://www.reddit.com/r/BitcoinMarkets/comments/2i7bfn/has_anybody_tried_simply_calling_the_lawyer_in/

No ETF ever. If you think they will add an ETF that follows shady exchanges (btc-e for gods sake!) you are a fool. Learn to deal with reality and not fantasy.

Do you realize your graph only goes until 7/03, right?

Yes, lawyers for multimillion dollar clients often divulge confidential information to redditors. But thanks for posting nonetheless.

Not mine, nabbed from bitcoinmarkets.

And it goes to october the 3rd.

Guess you didn't read it, it was confirmed by the moderator:


Also there is this thing called common sense, ETF following a basket of shady exchanges.. really? You honestly believe that to be a likely outcome.

Yes, sorry that isn't confirmation it is a reddit post.

Oh dear. But like I added.. common sense? You think they will allow an ETF that follows shady exchanges? Really? If so please explain why on earth they would do that.

I don't work for the SEC. Nothing you have posted is verifiable or in any way confirmed.

"Dear Taylor"

"Signed Kathleen"

 :D :D :D :D

SERIOUSLY?

That's why I used the word common sense.. oh well nm. Guess you can't get out of your bullbubble. You want reality to fit with your beliefs, sorry but thats not how it works.

Normal way to start an email and end it.. I guess experience with this world is not the norm in bitcoin fantasyland.

Please explain why on earth would you know more about the SEC policies and likelyhood of COIN's acceptance than the top ETF lawyer on Wall Street?

From the horses mouth : “If there weren’t any realistic uses, I wouldn’t be so happy about doing this”

i think they're wondering what about what you posted makes it a confirmation by a qualified individual. as you know no one posting on reddit is going to be credible.

again, if you are so foolish as to believe a lawyer would disclose any information about an ongoing SEC ETF approval to a redditor then we can't help you and you'll have to come to your senses yourself.

The concept of common sense eludes you. I know nothing about SEC policies like most here, but I do have a mind that can think and add two and two together. That is really all it takes. The ETF would have to follow numbers that are unregulated and in one instance anonymous(btc-e). I'm sure they will be just fine with that.

Seems like the concept of common sense also eludes two millionaires, Kathleen Moriarty and law firm Katten Muchin Rosenman LLP. Indeed, in the face of such strong arguments I am not so sure as to why they judged it worthy of going forward with the ETF proposal  ??? ??? ???

You should propose your "common sense" legal counsil to them. I'm certain they could use it  ;)

I give up, ETF will be approved and bitcoin will be going to $10k when it does. I'm sure it will happen before the end of the year and that this is all just a big hoax. Congratulations on being right. Now enjoy your future riches.

Thanks for ignoring entirely the main point of discussion and derailing the thread.

I thought all the trolls were saying the early adopters were dumping?

Another hero on the forum posted something about the Chinese buying fresh coins off mining farms there and transferring the bitcoins offshore to be sold on exchanges for dollars. That might explain why this bear market has lasted as long as it has against a backdrop of otherwise incredibly bullish news (and potential developments). Everyone is hoping bitcoin can become big in the remittance markets. Perhaps the Chinese are a few steps ahead and defeating capital controls with btc as we speak.

Thinking about it though, that would only account for a maximum of 3600 coins a day selling pressure on the exchanges. It is likely to be less than that as not all miners will sell. However this added sell pressure could  continue unabated until the next halving.

My gut tells me this the down trend in price is a combination of large speculator manipulation, technical small speculators trading the momentum (shorts at ATH for year, most small specs dumped already..though chatter loudly on here), increased mining supply on exchanges and a tiny amount of merchant selling. I am not sure the general public is adopting in a big way as the price is going the wrong way to attract attention.

I am not selling now, and will make one more purchase of 80 coins upwards depending upon how low the price drops this time round. My expectation is that we probably are in for more pain, flash crash downwards but turn upwards around 300, on massive volume, after some btfinex long capitulation, with shorts above ATH before they are burned very heavily by a surprisingly quick bounce back up into the 400-500 range. I expect the ETF to be announced at some stage that looking back will show it allowed insiders to accumulate at a very convenient low price.

Predictions are dangerous cypherdoc, but do you have any of your own?

 

A good thing to take from the chart is that while many Top 100 & 500 address sold off on the way down after the peak (looks like around March, Goxtime), they have steadily bought back in and resumed their uptrend in numbers held since

yep, this pullback just gives us an opportunity to load up Moar.

Not looking too shabby. Went a bit lower than expected. Let's see if some buying volume turns up. Come on traders!

As I've said before, this place is basically a cult now, and ones who remain in the bitcoin bull camp have exercised their cognitive dissonance and will deny any piece of information that does not fit their world view. This is human nature, you can see religious fanatics do it all the time.

The saddest thing is, the ETF does not matter nearly as much as they think it does. Anyone who wants to buy bitcoin has already done it, nobody is sitting around on their hands wishing they could get in on this market which has fallen 70% in one year.

Sell orders are still being filled. Also, I introduced it to a person who hadn't heard of it yet just yesterday, who has money to spend, and he was interested.

such poor understanding of the psychology behind trading.  as the price drops to lower and lower levels, more and more ppl become interested in buying at what they now consider to be reasonable prices.  as none of the positive fundamentals for Bitcoin have changed and the protocol remains secure, this dynamic is ensured.  we see precious tangible evidence of this in the great chart posted by inca of early adopter not selling, but instead buying.  it's the bears who are in denial and so so focused on the price as if it's the be all and end all for Bitcoin's future.

what a bunch of idiots.

none of the negative fundamentals for Bitcoin have changed either

but they're tolerable and improving.  such is the nature of open source development.

You guys know nothing about fundamentals... We are talking about $2m that was being created per day by mining! Now that it moved to $1.4m per day you think its a good deal when this illiquid market isn't even bringing in half that per day. Half of our current level of 300 would be 150 & that still won't even stop this super fast downfall!

Welcome to the first long term BTC bear market, we are 10month in.

yeah, newbie for 2 wks knows more about Bitcoin fundamentals than those of us who've been around for almost 4 yrs.

Did you even read the comments?

Been around longer than you bro, nice try!

This and your other post to this gentleman asking him to find a girlfriend... you seem to judge your self worth by engagement with womens? It's so random.
Why so insecure?

Fixed this one for you too.