Holy shit that thing is insane! lol
Mother of god.

Looks like we are barely holding above $200.
All kinds of people are gobbling up them cheap coins.

This is clearly also good news for bitcoin.

Someone still has to tell me why history should repeat itself now that price is 100X higher than what it was at the end of the 2011 bear market.



2010-2011 was a very different landscape for bitcoin.

Bitcoin was an obscure experiment very few people knew about and that needed just a little injection of fiat for it to be pump&dumped several orders of magnitude higher.
A large part of the supply was lost due to early miners not realising what these funny tokens could potentially become. So, supply (hence marketcap) was A LOT smaller than what most believed. How could this be any more bullish than that at the time?
That’s just one of the many reasons why bitcoin now is not what it was in 2010-2011.


The psychology was there. Anonymous money (or potentially anonymous) you could buy drugs with, and potentially more (whatever other gimmick you can think of). “When the world will catch up on this thing, it will be a new mania”. That’s what smart money was probably thinking.

Everything was in place for a potentially big bubble/pump&dump.
The real question was: how far can this go and for how long?


Today it looks like smart money and the invisible hand did a good job in trapping people.
Today bitcoin is a cult full of believers that rely on clumsy analogies like the early internet and they try to pump the bitcoin’s price because of that.
They think decentralization is the single most important thing ever and that bitcoin will save the world.
It’s not like they ever cared for decentralization or anything else in the first place, these are just rationalisations in order to get-rich-quick and justify poor decisions and a bad investment.
Either that, or pump an early investment that is not very risky for them but that it is far more risky for the greater fools that are supposed to buy in now and support the scheme.

The idea behind bitcoin’s protocol has potential, but bitcoin’s implementation or the idea that you need a stand-alone new currency for a decentralised ledger to work ("the potential of the blockchain!!!") is simply a bad one and it carries way too many problems for it to continue any further.
Of course bitcoin will not be taken over by titcoin or pandacoin, I’m not pumping no shitcoin here.  Simply  put, it is very likely that other projects will take what is useful in bitcoin’s underlying technology and discard all the rest (which is a lot of it).




Smart money understands this cultish environment, and in the early days, that’s what they were probably thinking. “If this starts to become a cult, a new paradigm, and random dudes who barely know what an investment is or know how to manage risk start to take for granted that this “will go to the moon”, that’s when we are supposed to bail and GTFO”.

Yes, gents, that’s the anatomy and psychology of a bubble/pump&dump.
And yes, it ain't pretty.

yeah. It's just crazy that so many people just don't seem to get the picture.
They just think that the price collapsing is manipulation for cheap coins or some other shit.
They take for granted price is gonna go in another bull market just because it was pump&dumped several times in the past.

It would just take a little bit of objectivity and to ACTUALLY LOOK AROUND to simply get that people are getting screwed on something that just looks like a disaster in the making.
Things are slowly catching up and more and more people are starting to understand that the crash is not a mistery...

I am very bullshit on bitcoin at the moment.

Shit's ded AF

I'm lolling.

So bitcoin’s price is going down, but I am arguing this is actually good for bitcoin.




Bitcoin is a slow, non scalable currency under ridiculous inflation that requires enormous amounts on energy to be wasted in order to keep a ledger going (that can be done in other ways).


This is actually good for bitcoin.


7 transactions per second. Clearly a sign that we are about to take over the global economy.
Scalability problems? Not a big deal. We can do a hard fork, even though it causes some lunatics gentlemen to declare wars against lead developers (http://trilema.com/2015/if-you-go-on-a-bitcoin-fork-irrespective-which-scammer-proposes-it-you-will-lose-your-bitcoins/) having to cause “risks” (said Gavin) and blockchain bloat.

But hey. This strong consensus on how to solve problems in bitcoin is actually good news.


Bitcoin has no chargebacks and no fees.
Who needs consumer protection right? Scammin’ with BTC is very easy, but paranoia freedom above everything even if the ones losing the money is us.
Fees? Now fees are decently low, but as block reward approaches zero fees will need to be raised. We are dependent on the miners to keep the network up (even if other distributed ledger technologies don’t need that).

I am arguing this is actually good for bitcoin.

Speaking of miners, in bitcoin everything is decentralized, except for the very thing that keeps the network running and transactions to be validated. Mining centralization is a big problem that undermines the decentralization narratives of BTC  great.
In June GHASH.IO owned 51% of the hashing power, but hey! They literally said “TRUST US, we would never attack the network”! (http://www.coindesk.com/ghash-io-never-launch-51-attack/)
After all, isn’t it great to be able to avoid having to trust anybody in a TRUSTLESS peer-to-peer currency?

Now hashrate is a little bit better distributed, but mining pools can form mining cartels and some pools can perfectly be owned by the same entities, and since the whole mining system invites centralization, there is no guarantee that the tendency long term won't be mining pools owning more and more of the hashing network.






It’s obvious that the mining industry has a bright future, considering a lot of miners are severly underwater with current depressed prices (http://www.cryptoarticles.com/crypto-news/cexio-we-need-a-bitcoin-value-of-us320-at-current-difficulty-to-make-cloud-mining-profitable).




Ladies and gentlemen, this is actually good news for bitcoin.






The price has been on a downtrend for a year, having halved already three times since its all time high. Currently at around 70-80% from the ATH after a whole year of bear market, the longest in the history of bitcoin yet.
There is evidence that in the two previous bubbles the Mtgox bots Willy and markus played a central role.

But no worries, this is all good stuff for bitcoin.


We broke the previous bubble high ($260) that now seems like a target for the moon (while supporters cheer and scream “CCMF” for $200-$240 coins).
We have broken a long term trend line after 1 year of bear market close to price levels not seen for more than a year.

My friends, cheap coins. This is clearly amazing news for bitcoin.





The future looks bright. The winklevoss ETF is taking forever. The more times passes, the less likely the ETF will be approved (“The longer it sits in registration, the less likely it is to launch” (http://www.bloomberg.com/news/2014-12-22/bond-kings-bitcoin-and-china-exchange-traded-funds-to-watch-for-in-2015.html)), but good things take time right? Even if the coins in the ETF will not be insured in case they get stolen or lost (http://insidebitcoins.com/news/the-surprising-and-blatantly-obvious-risk-of-the-winklevoss-bitcoin-etf/28489)

What about Second Market investment trust fund? It looks like currently, fund investors can’t liquidate holdings. Basically they are stuck bagholding watching the price slowly fall while Barry Silbert is having fun (https://twitter.com/barrysilbert/status/551533923663355904) and predicting the price drops to stop just before the next big crash (https://twitter.com/barrysilbert/status/555137108126756865).

How can this not be excellent news for the future of bitcoin?



You can tell that bitcoin is the future because all enthusiasts talk about is how many DOLLARS they are gonna get when they dump their coins the amazing returns that are gonna come with this disruptive technology for them while sitting on their asses  helping make the world a better place.


The quantity of venture capital investments is only less than a billion worth massive, and historic examples like the dotcom bubble clearly shows that when early risky venture capital investments are involved, nothing can go wrong.
Bitcoin adoption cannot be stopped, all merchants of the world will soon be accepting USD from a bitcoin dump through Bitpay while bitcoin whales who already own bitcoins get free towels at Overstock.com bitcoin and everyone will be using it for the reliable and stable store of value it is.

The world of bitcoin is so filled with amazing news and sentiment that lead developers and gurus like Andreas Antonopolous and Gavin Andresen are declaring bitcoin “dead as a get rich quick scheme” (https://twitter.com/aantonop/status/555382361676734465) and selling coin holdings in order to buy stocks (http://www.ft.com/intl/cms/s/0/9b27fb72-967f-11e4-922f-00144feabdc0.html), respectively.




I have no idea why not everybody in the bitcoin world would be less than enthusiastic about the future of this amazing bubble technology.



All this is actually good news.

Are BULLS being played?



Short answer: Yes.
Long answer: Yeah.

"Where do all these coins keep coming from"


Stop.


YOU. DON'T. UNDERSTAND. MARKETS.

He is just some dude with some insider info.

He was trying to pump the price before the crash lol


Too bad that most of the time news or insider info do NOT move price (not major moves anyway), it's an illusion.

Jesus dude, the original quote is too long to fit in the title, I had to cut a few words out.

The original:
“Bitcoin", the speculative small-cap get-rich-quick investment scheme is definitely dead for now. Bitcoin however is fine."

My title:
Bitcoin, the get-rich-quick scheme is definitely dead


“Bitcoin", the speculative small-cap get-rich-quick investment scheme is definitely dead for now. Bitcoin however is fine."


For fuck's sake!

Yes that was it.

Why "spamming/trolling?"


Did you read it?
The time machine thing was just a joke to prove a simple point. The fact that everyone gets excited with quick rebounds even if price is still 70-80% since its all time high after 1 year.

It's an original funny way to prove a point, why deleting it?

Or maybe there was a problem and the thread didn't get posted?
I didn't receive any Personal messages telling me that a post of mine was removed (what usually happens).

I'm going to re-post it.

My thread was just a fun and original way to prove a point  

I haven't insulted anybody, why was my thread deleted?

https://www.youtube.com/watch?v=CXrD4rAHZyE




Trader dave buys a stock thinking he'll suddenly get rich, the results are not what he expected.


The dude is clearly acting and the video is a joke, but that shit happens all the time in the bitcoin markets, with real people with real money blindly listening to bitcoin pumpers while they dump on their followers' asses!

Last time we had big volume? during the $475 bulltrap.

Of course there is insane volume and sentiment is depressed. The tulip mania is collapsing.
What do you expect to happen when btc dies? low volume and everyone is happy?



If you're buying just to dump higher it's all good, just remember to wave goodbye to the BTCeanies when it's time 

Why don't you talk about the bid sum on Huobi and Okcoin  or BTCChina (THEY move the market, not bitswap and short-covering-finex) that show a totally different picture?

After the hack bitstamp is irrelevant. Bitfinex is just shorters taking profits.
The fact that the bid sum is higher now doesn't mean this is the bottom, at all. It could mean that it's gonna take a little more time to dump through those levels.