We need that capitulation event so that we can move on...  We still aren't there yet. There is still much denial but also a lot of fear.... Can't tell if this is pre bulltrap or just after. Oh that's right... BTC doesn't react like other markets even though it is proving that is does for the second time. Keep it coming, I love bacon. What is funny is that I dont have to sell a single coin for a year if I wanted to. I am sure there are others in my same position. Please sell your coins now. Don't you think the bear trap was at $5, $6, $7, $9, $14, $16, $18, $21, $23, $25, $27, $34, $39, $47... Yes us Bulls are in such trouble right now.  So far anyone who bought over 68 67 is in trouble. You got in early enough that you can probably ride this out if you want, but the thing is, if Gox's queue numbers are anything to go by, most bitcoin holders bought in the past 3 months or so. This is what I said it was when the bubble was just beginning to burst -- a serious, possibly project killing catastrophe. |
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75% off and still 10x more expensive than they should be.
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knowing how Bitcoin will cause deflation in the long run wouldn't it be best to put your attention on saving rather than taking losses now, not everyone is a trader?
There is no guarantee the price will ever raise this high again. "Saving" could be throwing good money after bad. It isn't out of the question that bitcoin recovers from what is clearly the worst market event in its history, but if it does crawl out of this pic, it won't be for many, many years. It's going to take a very long time to build trust again. Developers will have lots of time to build more robust infrastructure on top of bitcoin, while it hobbles along at values much lower than they are now and with far fewer participants. If the infrastructure is built out properly with scalability planned for in advance, bitcoin has a chance of making it out of this. If the market decides to get enthusiastic before the infrastructure is ready, or developers decide developing infrastructure just isn't worth the risk, then that's it for bitcoin. |
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its safe to assume proudhon has no bitcoins right now, and is waiting for single digits (which will never happen) so he'll just be a bear on the sidelines making no trades and making no profits.
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today and tomorrow only! get yer cheap bitcoins!
I'll wait for the 98%+ sale in a few months, thanks. |
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If this insanity continues, at some point Mark Karpeles will have all the money.
EDIT: oh hey: no lag.. why? no ddos?
At this point, I think everyone should start accepting the following identity: Bitcoins = Kerpeles |
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I'll keep posting these until everyone understands what it means. I'm with you here, PJ... Bitcoin won't die, it'll hobble along for as long as people have some and swap them around, but yeah, as I said as the crash was happening, this will be worse than 2011.
...and you lost me there. Bitcoin wont die. Bitcoin is an idea. It may not be this exact protocol in the end, but it's still bitcoin. Right, like I said, it won't die. This iteration, however, of distributed money is quickly losing plausibility as the one. |
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Nah, I think we are done. We are solidly into "the long slow slide to singles" territory now, IMO.
You can sense the sentiment changing as more and more people, especially those who bought over $100 start to realize they made a terrible mistake. Here's why we're going to single digits. There are probably millions of people into bitcoin now, and for the vast majority of them, this is their first introduction to markets. They will continue to panic. Everytime the price goes down like this, more and more of holders beginning think it might be time to cut losses or protect profits. Just think about how heavy and depressing sentiment got in 2011, and now multiply that by a lot. Welcome to 2013. |
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Down and up. Almost 40,000 BTC sold today.
Tens of thousands of bitcoins sold all while the number of them on the order book keeps going up. Maybe the Winkelvii changed their minds, eh? |
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Bitcoin is done. People trusted Bitcoin after the 2011 MtGox fiasco, but they won't do it again. Lots of people lost a LOT of money, and will not put more into the market. It is as simple as that. I am waiting for a $5/Bitcoin price in the next few weeks. Already at 83 from 102 today.
Bitcoin won't die, it'll hobble along for as long as people have some and swap them around, but yeah, as I said as the crash was happening, this will be worse than 2011. |
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Man, look at all the BTCs flooding onto the order books. The dollar's value is, like, going up exponentially, dude!
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Wow!  Most of the USD that was on the order book just before the crash has filled back in the past couple of days. USD in bids is at a little over $13 million, which is impressive...until you realize that the flood of BTCs coming onto the order book to sell means that it would take all of the money in standing orders just to move the price back to $200.  |
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I'll keep posting these until everyone understands what it means. It answers the question in the thread title.  So, yes, lots of people know about bitcoin, but enough people who know about them and own some don't want them anymore. The ask depth on MtGox is the highest it's been in 6 months and is a little more than 5x what it was just before the crash. People were fooled into thinking the supply of bitcoins was low relative to the demand. It isn't. And over time we'll see the price reflect this fact as more and more people internalize it. We will see low double digits, and when people get sufficiently off-put by that, we'll see the price collapse into the single digits. |
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The growth of the Internet will slow drastically, as the flaw in "Metcalfe's law"--which states that the number of potential connections in a network is proportional to the square of the number of participants--becomes apparent: most people have nothing to say to each other! By 2005 or so, it will become clear that the Internet's impact on the economy has been no greater than the fax machine's.
As the rate of technological change in computing slows, the number of jobs for IT specialists will decelerate, then actually turn down; ten years from now, the phrase information economy will sound silly. - Paul Krugman, 1988 I know I can sometimes be bad at predicting things, but wowzee! |
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I have to agree with smoothie. We've had a couple days around $100 and now it's monday. Means new deposits are going to clear that were sent from before the crash- there's a lot of new money moving into the system. People won't be so patient as to not buy. They will simply see that bitcoin isn't dead, and indeed is back up to it's high two weeks ago and think it's a good time to buy.
My guess: $150 by wednesday. But then I hope it just holdssss for the Longgggesssst time.
I think new money is not the critical factor. Lots of people have sold thursday and there is plenty of fiat in accounts waiting for a clear sign of what is going to happen. If we move further down, people will wait it out. If there comes any clear indication that we are embarking on an upwards trip again, all the fiat pulled out at >$200 will be put back into BTC, driving the price back up very very quickly. We may encounter more resistance than the previous 'bubble' though, since there will be people that regret not having sold >$200 and will seize the opportunity. All the money that was on the order book before the crash is basically back on he order book now, it just distributed at much lower prices than before. The main difference between now and before the crash is that there are 4x as many bitcoins for sale. It's not a question of whether we may encounter more resistance, there's so much resistance now that moving upward is basically out of the question. |
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Please make this on bets of bitcoin. I will bet against this.
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Yes, I do own some. I don't want to say how many.
LOL! HE BOUGHT! Just a few days ago he said in chat that he didn't own any. I'd really like somebody to dig up this chat, because I'm pretty sure I didn't say that. On Btccharts. Dont try to hide it. Plus, I have that post from last month as well Seriously, I hope somebody has this supposed confession somewhere. I'm interested to see it. Also, I don't see how that post implies that I bought in the last month, especially since those posts of mine you linked to are from February and March of...2012. |
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Photoshop, or maybe GIMP (they do accept bitcoin donations, btw).
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