This relentless downward spiral sucks but we HODL.
Nothing else we can do.
I'd rather lose everything than sell now at a loss.
Damn straight Spoken like a true poker player on tilt  Have you seen me on seals or getlucky? My best game is heads up NL. Earlier today I won 11 BTC heads up to pay off some debt I owed. Honestly with the price the way it is I am really debating playing 75 of my BTC. The idea would be to raise that to 100 BTC. It would make me completely fine with the drop and cashing out those coins as that would be the same as if the price was $325 right now. Downside of coarse if I loose it is a lot of money. I am trying to evaluate right now if it is worth it or not. In other words. The risk of keeping my money in btc and it going down more then it not rebounding to at least 300$. Or the risk of playing a heads up NL match to increase my BTC to it as the same amount of money as if the coin was at 300$ At least with the second option I have control over what happens. Tough decision. Edit: SamedamnBTC, ___ActioNNN is that you? My gentle advice would be not to gamble with your savings. Edit: new lows... |
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Yep, I'm right with you guys here. I should post all my posts warning people at $1000, and constant posts thereafter that it is ridiculous how overvalued it is.
Why it will keep going lower is that China is out of the game. I think China was part of the reason it got so high and with them out of the game it will fall back to under $100. There is nobody who is going to throw money into bitcoins to make a lot of computer geeks rich.
The main reason it is going lower is that bitcoin doesn't offer anything that Fiat, visa, mastercard doesn't offer, at least not anything that makes it worth over $100 or even $250.
Like I have always been saying, where is the money going to come from? Miners? Computer geeks? It will come from nowhere, at least nowhere to sustain these very high prices.
After $300 the capitulation is going to be very bad and we are seeing that now. Should test $200's any day really at this point.
I would suggest that Bitcoin got where it did on the back of 'natural' bullish market sentiment, but also given a huge helping hand by fraudulent trading on MtGox (800'000 BTC of price insensitive buying power can do a lot in a natural bull market phase). Now that neither Gox, Markus, or Willy are with us, we have had a wildly overinflated Bitcoin price, which needs to sink to it's natural non hyped, non manipulated market equilibrium. I hope that Bitcoin doesn't die. I would absolutely fucking love to have one day, an alternative means of conducting commerce that doesn't involve the banking system, but what concerns me is that due to the Bitcoin price becoming so over extended, the mining has gotten way over-extended and I believe that at these prices right about the $200 range, that many miners are at a 'break-even' level. Below this range what do they do? Switch their rigs off and with it goes the heart of the P2P network that keeps Bitcoin's blood pumping? Matt the price of a bitcoin is unrelated to the cost of mining. |
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Nothing drops forever. Every coin sold has been bought by someone.
If this is miners dumping (which clearly it isn't unless it is an active attempt to bankrupt their competition) then they know there is a limit to what bitcoin can endure without being irreparably damaged. Some people may cite 2011 and say, "look it recovered from 2 dollars", but there were less than 10,000 users at that stage. Bitcoin is now in the public eye, discussed openly in the MSM and adoption plus half a billion dollars of VC money ride on bitcoin having a market cap large enough to be useful as an internet currency in the next year.
I personally am not convinced this decline has had anything whatsoever to do with what is fairly minor monetary inflation. It is just speculators trading and shorting the price down. I am cool with short selling in general but in this case I think the fact whales can actively profit with just the price falling means there is less incentive to accumulate coins and profit by selling high later. It is conceivable for a large hedge fund (in fiat only) to be gaming the price with no interest in acquiring coins, instead simply manipulating the price for profit. Whilst bitcoin remains unregulated this could continue ad infinitum. In the real world where demand for a commodity per day is N, a hedge fund short selling 400xN over a few minutes is deemed manipulation. Regulated US exchanges are needed badly.
In the end though, a floor will be found through which traders 'shall not pass'. The question is whether this floor is so low as to effectively destroy the bitcoin economy and permanently damage the experiment. That would be the best outcome for, say, an organisation with a money printer and a dislike of a superior form of money gaining ground, right? Especially as the central banks have been so happy to embrace bitcoin in public; bitcoin would be the only market they aren't currently manipulating if alternative media is to be believed.
Looking through reddit there are a number of despair "i'm out" posts. Hopefully we get a high volume reversal soon, bitcoin is certainly massively oversold technically.
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That's what the order books look like.
Roughly 30k btc needed to drop to $0, also almost that amount required to buy to get back to even $300.
This looks extremely bearish to.
Will we stay here or where do we go NXT?
You might be taken more seriously if you didn't constantly shill for failed alt coins. Yesterday the orderbooks looked extremely bullish prior to the cascading price drop. Your point is, well, pointless. |
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despair?  |
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Huge volume titanic fight for 250
Huobi doing fuckall. Faaaake.
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The world is ending but we are still above 250.
Were |
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Huobi still well off lows
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Someone is buying every coin sold!
Yeah. So? It just means that "Someone" are stupid and will panic sell when we go sub 200 soon. Keep hoping for your ten dollar coins you clown. The world is ending but we are still above 250. |
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Did you say capitulation? Someone is buying every coin sold! |
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I think we go lower shortly. How low do we go |
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Bam, and a new low on Houbi and OKCoin.
Anyone brave enough to fill their boots right now?  I did the impossible and sold a third of my stash at 270 this morning. I was almost certain that would mark the bottom but I see the selling continues. Now the question is when to buy back? |
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It would just take one market buy on finex and the orderbooks looks stacked heavily in the favour of the bulls.
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Assuming that the mining hardware is paid off and have no added overhead than we are at a point that many miners will decide as to the usefulness of continued operations. .
Thank you. So should we expect more bear market until the unprofitable miners are out and the leaner big players are all that remains? Then the next pump? Edit: growing walls on both sides on finex. |
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So, I too stare daily at the pretty green and red lines at bitcoinwisdom. I have no idea what to make of them, and I see them analysed in so many different ways that I won't even try another. But what I recently realised, reading this forum, is that the most consistent thing I hear, from many users, is "bitcoin always surprises us all".Thus this poll: what would surprise you if it happened in 2015? You can choose multiple options, and let me know if you want me to add any. My personal opinion: in 2014 I was supper sure there would be a big rise by the end of summer. Boo at ridiculous past me. This year, I feel quite confident that we'll have a generally flat market. Let's see if I get booed at my myself in 2016. Cheers Heh, I read through the options and I can't find one that surprises me. The only one that would come close is the slow rise. Bitcoin has too much FOMO to have a slow rise. A little bit of rise will trigger a cascade effect and everyone thinks they're missing the train. I guess the two higher prices would be a little surprise because I'm thinking the next bull run may get $5k MAYBE, but that may take a year and a half or so after a bottom is found. But ultimately, Bitcoin never ceases to amaze, and it will do the same for years to come. Just from speaking with friends about bitcoin (who invested on my advice, but did not sell on my advice), the average joe has been burned pretty bad- think silver stackers *20... I would be surprised for them to enter the market once more. Maybe we are heading for a choppy down market for a year or two before any major uptrend? I start to doubt if the average Joe will have such a part on the next developments. And if big money comes in and there's a huge rise, don't you think they'd buy again? (Even if probably late, again) No, I think they would stay out of it. But no doubt there would be plenty of others to fill their shoes. Average joe will steer clear until the media start reporting the revival of bitcoin's fortune later this year. The price can double and we are still below 600! My view is that if the ETF is going to be announced that it will be front run by big money. Given we know everything is corrupt then it wouldn't surprise me if this extended bear market is being helped by miners colluding with people in-the-know prior to it being announced. Bitcoin does not need average joe for the next run, it just needs average 401k investor this time. |
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Small wall of 700 coins trying to hold 270 on finex.
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Are we going up or down or just .. sideways |
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...
Considering Mircea Popescu as a major player. rofl
Lol, how much coin do you hold, Rockefeller? This is a proof of work coin. Who cares how many he holds? |
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