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Title: Stupidity is the reason Post by: wobber on October 25, 2014, 01:57:35 PM Yes. Stupidity. And greed. Stupid 'traders' that once again (like always) crash the price. Of course, greed also took us to 1200 but, but, if it was controlled greed, we'd now be at 5000.
And now you think that after we saw last 10 months, we'll go back to even 500? No. Not this year, maybe not the next one either. Title: Re: Stupidity is the reason Post by: Richard Branson on October 25, 2014, 02:27:19 PM Yes. Stupidity. And greed. Stupid 'traders' that once again (like always) crash the price. Of course, greed also took us to 1200 but, but, if it was controlled greed, we'd now be at 5000. Not true. Can't work. The smart ones just sold before the masses decided that we reached climax. 5000$ is not sustainable. Not this year or the next. It is only possible with very low volume. Only a fraction of bitcoins are really traded. If early adopters are going to dump, we will see single digits again. Title: Re: Stupidity is the reason Post by: Tzupy on October 25, 2014, 02:35:36 PM It's not greed, it's fear. Greed worked during the mania phase of November - December 2013.
The "greater fool" works both ways, up and down. It helps with the price discovery, but induces large distortions. Title: Re: Stupidity is the reason Post by: CryptoCarmen on October 25, 2014, 02:46:46 PM Yes. Stupidity. And greed. Stupid 'traders' that once again (like always) crash the price. Of course, greed also took us to 1200 but, but, if it was controlled greed, we'd now be at 5000. And now you think that after we saw last 10 months, we'll go back to even 500? No. Not this year, maybe not the next one either. Not really if we would control greed we would be at 100 USD Title: Re: Stupidity is the reason Post by: Arv1e on October 25, 2014, 03:02:34 PM Yes. Stupidity. And greed. Stupid 'traders' that once again (like always) crash the price. Of course, greed also took us to 1200 but, but, if it was controlled greed, we'd now be at 5000. And now you think that after we saw last 10 months, we'll go back to even 500? No. Not this year, maybe not the next one either. Why are you calling a Trader "Stupid" His aim is to sell on the way down and buy on the way up! If the recent decline is down to the traders then The exchanges will be Flush with FIAT just waiting to buy in when the recovery begins. Let me remind you that it was only 2 weeks ago 33,000 was dumped onto the market early sunday morning and it was all bought within 5 hours which initiated the $380 (peak $417) rally. So, unless you are desperate to cash out today then WELCOME the traders with open arms because it is all their activity, and their cash, which will initiate the FAST price increase when the market turns and they are desperate to jump on board as the price rises! Title: Re: Stupidity is the reason Post by: faince222 on October 25, 2014, 03:15:49 PM Yes. Stupidity. And greed. Stupid 'traders' that once again (like always) crash the price. Of course, greed also took us to 1200 but, but, if it was controlled greed, we'd now be at 5000. And now you think that after we saw last 10 months, we'll go back to even 500? No. Not this year, maybe not the next one either. Why traders is so stupid? And then, you think really that price will rising up to 5000$ in this year? Are you crazy? Traders make only their work, buy at minimum price, sell at maximum price, not else. Title: Re: Stupidity is the reason Post by: calchuchesta on October 25, 2014, 03:16:54 PM Yes. Stupidity. And greed. Stupid 'traders' that once again (like always) crash the price. Of course, greed also took us to 1200 but, but, if it was controlled greed, we'd now be at 5000. And now you think that after we saw last 10 months, we'll go back to even 500? No. Not this year, maybe not the next one either. Why are you calling a Trader "Stupid" His aim is to sell on the way down and buy on the way up! If the recent decline is down to the traders then The exchanges will be Flush with FIAT just waiting to buy in when the recovery begins. Let me remind you that it was only 2 weeks ago 33,000 was dumped onto the market early sunday morning and it was all bought within 5 hours which initiated the $380 (peak $417) rally. So, unless you are desperate to cash out today then WELCOME the traders with open arms because it is all their activity, and their cash, which will initiate the FAST price increase when the market turns and they are desperate to jump on board as the price rises! Yeah, how is a trader stupid when he is consistently making money. When the down trend is no longer profitable for them to play with, they'll try to rise it up again, even tho real success is only achieved through real demand, manipulation are only mirages. Title: Re: Stupidity is the reason Post by: lucasjkr on October 25, 2014, 03:18:54 PM "Stupid" traders crash the price just like "stupid" traders drive the price up. You can't cast a finger of blame at them for one thing without giving them credit for the other.
Title: Re: Stupidity is the reason Post by: Cluster2k on October 25, 2014, 03:28:53 PM The "greater fool" works both ways, up and down. It helps with the price discovery, but induces large distortions. Maybe we have just run out of greater fools? Title: Re: Stupidity is the reason Post by: exocytosis on October 25, 2014, 03:34:24 PM We all know that Markus, Willy and other Gox bots created every previous rally. Without them, Bitcoin will slowly and painfully find its true price, somewhere in the single digit range. That's what the cultists and the bulltards will have to come to terms with eventually.
Title: Re: Stupidity is the reason Post by: cbeast on October 25, 2014, 03:43:36 PM Don't forget Fred, Wilma, Barney, and Betty that also helped "manipulate" the price. Or maybe it was real people. It was Mt Gox's insolvency and fractional reserve trading that allowed an otherwise normal series of rallies and profit takings to get out of control.
Title: Re: Stupidity is the reason Post by: MrBig on October 25, 2014, 03:44:06 PM The "greater fool" works both ways, up and down. It helps with the price discovery, but induces large distortions. Maybe we have just run out of greater fools? +1 Fool me once, shame on you. Fool me twice, shame on me. People who got burned are taking this as an expensive lesson and moving on. They have no incentive to remain, and be the laughing stock of most of the people here and the general population that still thinks bitcoin is a ponzi scam. Title: Re: Stupidity is the reason Post by: Tzupy on October 25, 2014, 03:44:24 PM The "greater fool" works both ways, up and down. It helps with the price discovery, but induces large distortions. Maybe we have just run out of greater fools? No, in an efficient market the price would have slowly risen to about 100$ by now. Bitcoin price is bubble after bubble, no chance to change that. Title: Re: Stupidity is the reason Post by: wangxinxi on October 25, 2014, 04:43:32 PM The "greater fool" works both ways, up and down. It helps with the price discovery, but induces large distortions. Maybe we have just run out of greater fools? No, in an efficient market the price would have slowly risen to about 100$ by now. Bitcoin price is bubble after bubble, no chance to change that. Speculating on the direction seems quite difficult now. Trade volatility instead. Title: Re: Stupidity is the reason Post by: damnek on October 25, 2014, 05:15:41 PM The "greater fool" works both ways, up and down. It helps with the price discovery, but induces large distortions. Maybe we have just run out of greater fools? No, in an efficient market the price would have slowly risen to about 100$ by now. Bitcoin price is bubble after bubble, no chance to change that. Speculating on the direction seems quite difficult now. Trade volatility instead. Afaik there is no liquid exchange to trade bitcoin volatility on. Title: Re: Stupidity is the reason Post by: wangxinxi on October 25, 2014, 05:24:53 PM At least, there is an options exchange now https://coinut.com
Title: Re: Stupidity is the reason Post by: damnek on October 25, 2014, 05:28:24 PM At least, there is an options exchange now https://coinut.com Nice that you started an options exchange, I hope it becomes liquid enough for me to trade there eventually. I played a bit with Atlas ATS but it doesn't support margin, will your exchange? Title: Re: Stupidity is the reason Post by: _chance_ on October 25, 2014, 05:33:10 PM I think panic is the reason. Most new users can't hold onto their coin when they sees a dump for -11.1% in a day but holding is the only way to go.
Title: Re: Stupidity is the reason Post by: NotLambchop on October 25, 2014, 05:35:02 PM I think panic is the reason. Most new users can't hold onto their coin when they sees a dump for -11.1% in a day but holding is the only way to go. Hasn't been in 2014 :-\ Title: Re: Stupidity is the reason Post by: wangxinxi on October 25, 2014, 05:36:39 PM At least, there is an options exchange now https://coinut.com Nice that you started an options exchange, I hope it becomes liquid enough for me to trade there eventually. I played a bit with Atlas ATS but it doesn't support margin, will your exchange? Yeah, it supports margin trading. Right now it has only cash-or-nothing binary options. Vanilla options are very risky because the volatility could change extremely rapidly and thus the seller's lose could be huge. That's also why MPOE failed, so we don't support vanilla options at this moment. Title: Re: Stupidity is the reason Post by: dropt on October 25, 2014, 06:23:13 PM His aim is to sell on the way down and buy on the way up! No, the traders aim is to buy on the way down and sell on the way up.Quote If the recent decline is down to the traders then The exchanges will be Flush with FIAT just waiting to buy in when the recovery begins. Implying that the trader's goal is to have more BTC. I believe this was the majority in the past, as of current, I think the more active traders are looking for gains in $. Consequently they're taking $ out of the BTC economy, not keeping $ in it by taking BTC off the table.Quote Let me remind you that it was only 2 weeks ago 33,000 was dumped onto the market early sunday morning and it was all bought within 5 hours which initiated the $380 (peak $417) rally. Only 8000 were dumped, the remainder was a market order and we don't know if the market maker was also the market taker.Quote So, unless you are desperate to cash out today then WELCOME the traders with open arms because it is all their activity, and their cash, which will initiate the FAST price increase when the market turns and they are desperate to jump on board as the price rises! In an ideal world. However, the reality is is that it's far from ideal.Title: Re: Stupidity is the reason Post by: Arv1e on October 25, 2014, 09:15:13 PM His aim is to sell on the way down and buy on the way up! No, the traders aim is to buy on the way down and sell on the way up.Quote If the recent decline is down to the traders then The exchanges will be Flush with FIAT just waiting to buy in when the recovery begins. Implying that the trader's goal is to have more BTC. I believe this was the majority in the past, as of current, I think the more active traders are looking for gains in $. Consequently they're taking $ out of the BTC economy, not keeping $ in it by taking BTC off the table.Quote Let me remind you that it was only 2 weeks ago 33,000 was dumped onto the market early sunday morning and it was all bought within 5 hours which initiated the $380 (peak $417) rally. Only 8000 were dumped, the remainder was a market order and we don't know if the market maker was also the market taker.Quote So, unless you are desperate to cash out today then WELCOME the traders with open arms because it is all their activity, and their cash, which will initiate the FAST price increase when the market turns and they are desperate to jump on board as the price rises! In an ideal world. However, the reality is is that it's far from ideal.A trader will look to sell BTC if he believes the market is falling to buy back in cheaper on the way back up.. If you buying BTC on the fall and selling on the rise then you are doing it wrong!!!! 33,000 were purchased at a fixed price in 4 hours and then the price increased. You can argue all you like but if bitcoin was that frail then such action should have initiated the BTC value to fall through the floor.. It didn't! If you take time to listen to the various bitcoin feeds and the commentaters and analysts they are suggesting the value will increase substantially over time and ar of the opinion that a lot of FIAT is sitting on the sidelines. This is certainly true of the exchange I use. Title: Re: Stupidity is the reason Post by: Robert Paulson on October 25, 2014, 10:50:03 PM the price doesn't mean anything when the daily volume is only a couple million USD.
one rich guy could throw an 11 million USD buy order on bitstamp right now and the price would instantly jump to 1000 USD. does that mean anything about bitcoin's fundamentals changed? is it being used more because some bored rich guy with too much money bought a whole bunch? nope. bitcoin adoption is growing everyday that's all that matters right now. the price doesn't matter until the trading volume is at least in the hundreds of millions daily. |