The only reason the price went down is because you all chickened out! Grow some fucking balls so the rest of us can be rich in peace!
I do tend to agree. A lot of losers on this market losing btc and usd. Literal losers of money I mean... they might be great people, lol. More BTC for me! A correction was needed and very healthy though, its just annoying to watch and read all the FUD from the army of loudmouth bitcoin newbs that should still be in the newb section.  +1 Thought I might be alone in this. |
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Deflationary currencies don't work and never have. There is a reason no one uses the gold standard. Bitcoin is nothing but a zero sum ponzi scheme which is powered by the greed of idiots. Thanks.
Glad to see it's only clueless statists who are fundamentally anti-Bitcoin (uh, besides an ever more rare breed of recalcitrant Austrian economist, since most have figured it out). |
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Price was living high on the hog, begging for a spanking.
We go back to "merely" exponential growth now, with who-knows-what happening for the next few days/weeks.
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BTC is going to hit $5 if not lower, as soon as GOX opens. MARK MY WORDS! Already at $70 on BTC-e....
hahahha, good one  Why do you laugh. If he is willing to sell for $5, I can save the trouble trying to log into Gox, and buy outright. Currently I can buy outright BTC40,000. PM me if interested. PM me, too - I want in on this! |
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But, but, BitInstant Debit Card  |
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This is a very interesting dilema - we have a collection of people who like the idea of a free market, but don't like the risk of the free market!
You must leave the bitcoin to do what the bitcoin will do - that is why its worth anything in the first place!
Me? I haven't bought or sold anything in the last 48 hours - there is no point. We are currently trading at the same prices we were trading at less than a week ago - its not the end of the world, its just a correction to a growth pattern which was unsustainable!
Smart man. I haven't moved a muscle either. We have some newbs who are either getting slaughtered or believe they are trading geniuses because they caught the top. The latter have of course in so doing gained not only some nice trading profits but also a very expensive hubris that will easily exceed those. The worst is when people take the risk of a lifetime and cash out completely to try to maximize their trade gains. There are people that did that at $9 and never bought back in because the market never dipped to what they consider a "fair" price. Hopefully they finally learned. |
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That lag makes people panic sell is too obvious to warrant discussion. The analogies to NYSE or whatever are totally irrelevant because Bitcoin doesn't have any kind of track record of stability like major stock exchanges do, and Gox don't communicate during their surprise extreme lag events.
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These polls are almost always right on short-term predictions, so it looks like we're gonna unwind the post-Cyprus gains, and then some more for good measure. The infrastructure is wobbling violently under the strain of this growth.
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Gold beaten hard.
Bitcoin collapsing badly.
Nobody called the top this time...
Actually, Trace Mayer did in a 21 March 2013 article: And greater confidence for VCs means higher Bitcoin prices. So where should the next target be? Well, given the fundamental state of the space as it currently is along with current growth rates therefore I think a fair value price for bitcoins is around 3-7 bitcoins per ounce of gold. It will be fun to watch the price melt-up to that over the short to medium term so get out the popcorn to watch this rocket. $1560/$266=5.86 Right smack in the middle of 3-7 bitcoins per ounce of gold. The current correction has taken it to about 10.2 bitcoins per ounce of gold. So expect a consolidation with a gradual closing of the ratio. This will probably be a combination of both an increase in the price of bitcoins and a decrease in the price of gold. You forgot "  " But in all seriousness it could fall quite a bit further before the butterfinger newbsteak coefficient falls down to early march levels again. |
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Well, you're the rare exception. It would be obvious though, that buying into these rallies is indeed partaking in attempts at profit taking based on speculation.
No, not really. It is the last stages of the bubble, the final 300% or so, that attracts people like you to participate. Most of the coins are held by long-term investors, who bought them at anything prior to March, 2013, at average prices of $1-$30. If they decide to cash out en masse, and newbies panic, we may easily see $30-$100 again. But no, it will not be an end of the world. During the whole 2012, bitcoin only rose less than 200%. The reptile knows what's up. |
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The people that sold a small percentage in the 200s were smart/prudent, not the people who sold everything.
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It will be d)... but you forgot that to mark in the image...
Price will drop to 20$ - 40$.
That's expected (although maybe not that deep) by the basic fact that markets tend to temporarily overcorrect. (C) will not be broken as the support trend. |
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 Headed to $100, maybe lower. Then will consolidate before next leg up. Pretty yawnworthy, really, as we were lower than that just a couple weeks ago. Shed the fat, keep the lean...Bitcoin's engine purrs. |
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I agree here, ruski. Just playing speculator for fun.
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Gold's valuation has ~99% the same dynamic going on, yet gold holds relatively steady. So this theory is right out.
Occam's razor: Volatility is natural and inevitable in bootstrapping from nothing to something in the global financial world.
Gold does not hold relatively steady. Gold bounces around like a jackrabbit, but on a longer time scale, since there are other controls on the price such as industrial consumption, physical vs paper gold, etc. BTC has no such controls. At all. "Jackrabbit but on a longer time scale"? "Jackrabbit" IS tacitly indicating a timescale. Everything is volatile on a long enough timescale. And 99% (or 90% or whatever; the vast majority) of gold's valuation owes to its monetary uses. That's the point. |
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When every one is selling and when blood is in the streets, and it seems like its the end of the world, this is the best time to be buying things. If you watch the technicals just wait for the MACD and stochastics to turn back up, and then go all in. Crashes happen really quickly.
Anything of value should be bought when everyone is panic selling and calling the end of the world. Because guess what, the world doesn't end and fundamentals will always apply. In this case, bitcoin will always be valuable because it is just like gold, and in many ways, more valuable than gold because you can transfer large amounts of bitcoin halfway across the world much quicker than you can move physical gold.
Get out of here with your logic and reason. /s And nice chart. A reversion the already-extremely-bullish exponential trendline at $80-100, with some panic/despair a bit below for good measure, would be welcome and let me sleep at night. Still on target for $10,000 by Christmas, even with more bubble inflating and popping in the meantime. All par for the course. Keep calm and carry on. |
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I find it amazing that Bitcoin, despite its stated goal of being a currency uncontrolled by bankers etc, is the purest construct of fiat currency ever witnessed. Government issued fiat has no intrinsic value, except that which is assigned to it by the market, and backed in part by the issuer's guarantee. Everybody complains that the dollar is "essentially worthless."
And yet Bitcoin is absolutely worthless, save for the value assigned to it by the people using it. It's a tyranny not of the government but by the people themselves, and the only value it has, is that which is assigned to it by the people. There is no backing, no manipulation, no changing the rules. It is worth exactly what everybody thinks it's worth at any given time.
I could almost say that in a market with so few controls and sources of value other than the individual's opinion, bubbles and busts are sure to occur, and recur, and recur. Humans follow the herd mentality, when everyone else likes it, so do you, and when nobody else likes it, neither do you. With no other source of valuation... can it happen any other way?
Gold's valuation has ~99% the same dynamic going on, yet gold holds relatively steady. So this theory is right out. Occam's razor: Volatility is natural and inevitable in bootstrapping from nothing to something in the global financial world. |
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Mental note: More weight added to the bull trap theory.
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Further update: 180 support broken, which means 100 is the next one. My guess is rangebound trading from between 100-180 at least for the next few days until we establish a new trendline
I'd place a somewhat higher probability on (c) just because of the sentiment here and on reddit still feeling some froth. (c) is still awesome. (c) still means $10,000/BTC from Santoshi this Christmas.  Note: If the above image looks at all bearish to anyone, please speak up. That will show how much froth is still in here. |
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