 Anyone else watch this just for entertainment? That depends, what am I looking at? LTC/CNY on okcoin, where supposedly half of all litecoins are traded daily. |
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Anyone else watch this just for entertainment? |
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Sorry but I'm having trouble feeling bullish right now.  |
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Judging by volume and orderbooks, this seems more like an intermediary bounce than a bottom. The question is, will 400 hold?
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For every SODL, there is more dirty fiat hiding and waiting to buy back. Really? Is that why the price has been going down for months? Yes the price has been going down since December 2013; however, the price has been going up since January 2011. Thts whts drives such a market posed to lift off.. You can't find anybody who doesn't like the hodling technique You found one. I don't like the holding technique. For one, it assumes that bitcoin is immortal and that it's upwards growth and price trend are infinite. I do not have such a faith. Have a stubborn hold mindset about any investment and one day you will end up going down with a sinking ship even when the chart told you a hundred times that you needed to sell. I agree that there is nothing wrong with that kind of healthy skepticism. That is why a large number of people in the bitcoin space are expecting bitcoin to have a lot of upside potential. So, yes, maybe you will find some other investment that is more suitable towards your risk tolerance and your comfort level and your feelings /assessments about future potential. I get the sense that as you are leaving, there are plenty more people willing to buy your bitcoins and to take your place.. and bitcoin is like no other investment... .. .... though you can find what is suitable to your own.. situation and needs.. I'm probably not going to 'leave' bitcoin. I'm just not very enthusiastic about having 100% of my portolio in it like I was last year or even 50% and now I'm diversifying. But I'm still trading profitably and I still find the technology very interesting so I probably will never fully leave. Most of my desire to 'leave' comes from how much the 24/7 bitcoin market distracts from me from my other engineering pursuits and the rest of my life and disturbs my sleep. What are some of your other engineering pursuits? -Web development -App development -Starting a software business -Learning how to integrate bitcoin into a web service -Learning about the bitcoin core code, and possible working on an altcoin Btw, in the other thread, I couldn't tell if your trades were buys or sells. For the bfx trades, anything with a negative number is a sell (or short) and non-negative numbers are buys (or covers). I started off with a short, then covered it, then went long, then sold it, and then went short. Now I've covered the short, and I am flat. Well I'm not really flat, I have some coins in cold storage. Now I'm out of daytrading mode and I'm waiting for 4-hour MACD as a buy signal and 1-hour as a sell signal (or maybe I'll consider 15m for another daytrade). |
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For every SODL, there is more dirty fiat hiding and waiting to buy back. Really? Is that why the price has been going down for months? Yes the price has been going down since December 2013; however, the price has been going up since January 2011. Thts whts drives such a market posed to lift off.. You can't find anybody who doesn't like the hodling technique You found one. I don't like the holding technique. For one, it assumes that bitcoin is immortal and that it's upwards growth and price trend are infinite. I do not have such a faith. Have a stubborn hold mindset about any investment and one day you will end up going down with a sinking ship even when the chart told you a hundred times that you needed to sell. I agree that there is nothing wrong with that kind of healthy skepticism. That is why a large number of people in the bitcoin space are expecting bitcoin to have a lot of upside potential. So, yes, maybe you will find some other investment that is more suitable towards your risk tolerance and your comfort level and your feelings /assessments about future potential. I get the sense that as you are leaving, there are plenty more people willing to buy your bitcoins and to take your place.. and bitcoin is like no other investment... .. .... though you can find what is suitable to your own.. situation and needs.. I'm probably not going to 'leave' bitcoin. I'm just not very enthusiastic about having 100% of my portolio in it like I was last year or even 50% and now I'm diversifying. But I'm still trading profitably and I still find the technology very interesting so I probably will never fully leave. Most of my desire to 'leave' comes from how much the 24/7 bitcoin market distracts from me from my other engineering pursuits and the rest of my life and disturbs my sleep. What are some of your other engineering pursuits? -Web development -App development -Starting a software business -Learning how to integrate bitcoin into a web service -Learning about the bitcoin core code, and possibly working on an altcoin |
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For every SODL, there is more dirty fiat hiding and waiting to buy back. Really? Is that why the price has been going down for months? Yes the price has been going down since December 2013; however, the price has been going up since January 2011. Thts whts drives such a market posed to lift off.. You can't find anybody who doesn't like the hodling technique You found one. I don't like the holding technique. For one, it assumes that bitcoin is immortal and that it's upwards growth and price trend are infinite. I do not have such a faith. Have a stubborn hold mindset about any investment and one day you will end up going down with a sinking ship even when the chart told you a hundred times that you needed to sell. I agree that there is nothing wrong with that kind of healthy skepticism. That is why a large number of people in the bitcoin space are expecting bitcoin to have a lot of upside potential. So, yes, maybe you will find some other investment that is more suitable towards your risk tolerance and your comfort level and your feelings /assessments about future potential. I get the sense that as you are leaving, there are plenty more people willing to buy your bitcoins and to take your place.. and bitcoin is like no other investment... .. .... though you can find what is suitable to your own.. situation and needs.. I'm probably not going to 'leave' bitcoin. I'm just not very enthusiastic about having 100% of my portolio in it like I was last year or even 50% and now I'm diversifying. But I'm still trading profitably and I still find the technology very interesting so I probably will never fully leave. Most of my desire to 'leave' comes from how much the 24/7 bitcoin market distracts from me from my other engineering pursuits and the rest of my life and disturbs my sleep. |
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....Now that the exchanges are closed.....
Please don't fall for this crap. This afternoon the CEO's of every major Chinese exchange said it was rumors and they had nothing official. (I don't have the link now, but I saw it here and maybe on Reddit too) The current status is still FUD and BS until proven otherwise.Obviously they are going to say that so that business keeps running as usual. |
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I don't know why the Chinese central authorities want to cede future financial power to the West by banning Bitcoin. Bitcoin could wind up being worth hundreds of trillions of dollars. A poor small country like the Phillipines could choose to aggressively adopt it and become an overnight super power in China's backyard. They better think long and hard about their decision. It could be the best or worst decision they make in hundreds of years.
Perhaps the chinese authorities don't have the same opinion as the bulls do here about how magnificient the bitcoin technology is and how big it will become and how it could give that much power to a foreign country as you believe. They probably think of it more like another pesky shadow currency which they've banned many of in the past. |
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For every SODL, there is more dirty fiat hiding and waiting to buy back. Really? Is that why the price has been going down for months? Yes the price has been going down since December 2013; however, the price has been going up since January 2011. Thts whts drives such a market posed to lift off.. You can't find anybody who doesn't like the hodling technique You found one. I don't like the holding technique. For one, it assumes that bitcoin is immortal and that it's upwards growth and price trend are infinite. I do not have such a faith. Have a stubborn hold mindset about any investment and one day you will end up going down with a sinking ship even when the chart told you a hundred times that you needed to sell. |
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The PBOC must understand that closing the exchanges will do little to stop the effect of Bitcoin capital flight.
The social network between people is too great; even if China can prevent social networking websites from talking about it. The word of mouth for something like Bitcoin between friends and family is strong enough to make capital flight unstoppable should the Chinese people desire to preserve their wealth as the unimaginably large economic bubble bursts.
I honestly think this is a direct reaction to an abnormally high risk of economic collapse. I think this is a strong knee-jerk reaction and it is very much grasping at straws.
The Chinese government is resisting change, but sometimes change is irresistible. The Chinese government can't keep the people from Bitcoin any more than they can keep a Typhoon away from the coast.
I don't think that the actual economy of bitcoin in China was that big if it even existed at all. The trading volume was just daytraders speculating and trading with the help of exchanges. Now that the exchanges are closed they will look for the next place where they can easily speculate and trade a different asset. There will be no motivation for them to suddenly establish a barter based bitcoin economy, especially not one nearly as large as the trading volume that was going on in exchanges. |
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Sorry. It's just kind of hard to do that when I'm daytrading in high volume and tracking a bunch of charts at the same time. Maybe I should only post in here when I'm doing swing trading and not daytrading?
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Why does every subject I talk about here end up with an irrelevant discussion about my own trading?
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There will be a probably be a downtrend consisting of spikes down whenever each exchange's bank account (or the exchange itself) actually gets closed. It's not going to happen all at once, because the money flow is still active and there are still people hoping it won't happen.
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 Hard to post trades in real time when I'm daytrading. |
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There's always this sharp rebound when the price enters a new area (breaks a support level) and goes down hard due to a thin order book area. It is as if the price is trying to deny that it went there and say that the drop was due to a glitch. Eventually it falls back down.
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I'm really angry that wall street is probably buying cheap coins right now (not much, but any is enough)... they should pay much higher price.
Not likely, haven't spoted any large buys. If they did, they were $540 and $500 walls, otherwise they didn't get much coins. True... but I think they are playing smart here. Buying more like 100 coin in a time and not going big, at least not yet. I think the going theory is that if they're smart, they're not buying on an exchange. |
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 Here's the logarithmic chart I keep posting these past months based on what we THINK are our logarithmic trendlines. They might not actually be the real trendlines and the slopes might actually be less, especially if this turns out to be a 2011-like supercycle. Regardless, there are going to be a lot of bulls and traders playing these trendlines. There are two very strong (one linear and one logarithmic) support levels below us. It is almost as if this crash was painted with a bullseye. So at the very least I expect a strong bounce from 400 or greater. Right now we're only at $480 and already there is a semidecent volume on Stamp building. See why I'm not shorting right now? A rally from $420 to $550 is possible. After this, a sustained recovery from here is the only chance left to resume the 9-month-per-rally trend before the 1W emas turns down and it turns into the 2 year cycle rather than a 9 month cycle and we see a very long crash/recovery period. |
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