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Bulls had their run to try and take $250 a couple times, now bears have their chance to make a run at $220.
I think nothing major happens (220-250) until the hours before auction news.
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Schiff is a gold bug, and his sentiment on BTC doesn't give any surprises. His business is selling pm's, being publicly skeptical of something that could nibble away at your business is rational.
The point about the Winklevii pretending to not follow the price very closely struck the "true" chord though. As did pointing out the fact that BTC reaching a valuation of all credit card companies + gold is ludicrous to say at this juncture. (Extreme contradiction of the under-promise, over-deliver maxim.)
I am pretty sure he did an interview after the $260 to mid double digits drop that echoed his comments about the 1100 to 200 drop. His comments devolve into saying how your gold hoard will always be good for shoving in your mouth as dental work, do that with your bitcoins! lol
BTC's got some problems, but I'm pretty sure looking to Peter for advice on the subject like asking your heating oil delivery guy about manufacturing raw lithium into something useful. Gold is a hedge on national currencies, financial structures, and shares. Bitcoin is a speculative bet on a new global value transfer and storage mechanism, which is quite reliant on communications infrastructure being there (Not Zombie Proof).
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Notice I didn't say everyone else must not ignore him.
I think the guy's funny.
And I'm bullish on BTC's long term future... imagine that. I can ride this thing to 0, or 10k, and someone typing on a forum has nothing to do with it.
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My ignore list stands and will stand at 0.
This forum has a proud tradition of good trolls. A check on hyperbole and dare I say... euphoria.
ElectricMucus
Proudhon
Walsoraj Edit: Jaroslaw, been too long
NotLambchop
The pretenders/socks are less funny.
If the coin fails, they get "lels". If not, they fade away, it's cheap entertainment.
If you can't take some criticism and hilarity about your cryptocoin investment, you're in the wrong game.
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billyjoeallen have been real intellectual boons to this thread.
Was it the racism, the sexism, or just the ignorant bigotry in general that sold you on him? Dude, none of what you allege about him is correct in this recent period. I mean how recent are we talking? The reason I never learned whatever tribal grunts is your native tongue is because I don't have to. English speakers rule the planet. And I'm drunk too so back at ya, you foreign fucking foreigner fuck.
That's pretty recent, and not even close to the most offensive thing I've ever seen him post. Not saying you're wrong or right, but include context. Or ignore it all because it is wholly meaningless.
english is my third language and I am drunk .
now, unless I am speaking to sorosh, goat or mircea gtfo you poor, english centric troll with your ad hominem attack.
Your critique is so stale it only merits an ad hominem attack. The reason I never learned whatever tribal grunts is your native tongue is because I don't have to. English speakers rule the planet. And I'm drunk too so back at ya, you foreign fucking foreigner fuck. |
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There are still veterans from 2010-12 who need to be shaken out, or at least forcibly diversified. The Jan 14 shakeout was part of that diversification, not sure it was the last. All that considered, as a speculative bet on a new technology... you could do worse than the good ol' BTC.
Oh, really? And what if Big Money doesn't want to wait that long? What if a new innovation sparks a grass roots recovery? There's as much danger in waiting for the optimal time to buy as there is in waiting for the optimal time to sell. I'm one of those veterans and the reason I have survived this long is because of ideological commitment, not money. You could be waiting a long time if you think you can shake me out. Don't take it personally, there are many that were in for single digits, some double, some triple. I was talking on a general basis, a portion of those holders need to diversify, we've been watching that for 14 months. I treat it as a binary bet, all or nothing, as long as you can stomach nothing, you've hit the minimum height for this ride. The possibility of a positive outcome is the only reason the longs are here, just like a negative outcome is the only reason the shorts and trolls are here. (Setting aside certain mental health conditions, which are evident on both sides.) |
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If this bear market has been largely caused by Chinese miners that can do nothing with bitcoins except sell them, then it is likely to end when one of two things happen: Either they run out of stockpiled coins to sell over and above coins they are mining, or when the Chinese economy gets so bad that they realize that the killer app is to sneak out of the country with them.
Right now Bitcoins seems to be an answer in search of a problem: Most obviously capital controls in a world where capital is still largely mobile. When this situation changes, it is likely to be sudden and swift although the time frame is difficult to predict with any accuracy.
Miners aren't the ones selling in this market. It's pure speculative manipulation. A miner would never dump coins and cause the price to decline. They would sell the minimum number of coins necessary to cover costs at the best price possible and stock the rest for a much higher price. Lets put this one to bed, miners are not dumping coins and they are certainly not doing them as a market order. Best... Post... Recently. Gotta agree with rolling. Miners are among the most optimistic of the bulls as a group. It doesn't matter how optimistic miners are. Miners have to service their debt and to meet expenses just like everybody else. If you postpone selling because of a bear market, you can end up NEEDING to sell more rather than less because the price is lower, the loan payments are higher and all your other expenses remain the same. It doesn't matter one bit if it's market orders or limit orders creating more overhead resistance. Partially true. Miners may have to start selling at some point if they are no longer able to service debt with other income streams but a market order has a huge difference in this market compared to a limit order. A miner would NEVER dump 5k coins in single market order. It causes too much slippage and the market seems to stabilize at a lower price after a big downward movement. It's not miners causing these major movements. A flash dump of 5k coins is actually the only way to get the least slippage on the public exchange market, doing it piecemeal would chase the bids down. Place bids a bit lower than that, and you can claw some back from the panic sellers. Most industrial miners have some OTC deal they can look to which is some % under market, or above market if locked in. I suspect most of the action we see these days on the exchanges is whales and sharks, their gambler lackeys, stop hunting, etc. There are still veterans from 2010-12 who need to be shaken out, or at least forcibly diversified. The Jan 14 shakeout was part of that diversification, not sure it was the last. All that considered, as a speculative bet on a new technology... you could do worse than the good ol' BTC. |
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And yet, (see ChartBuddy above) Their book remains relatively flat. Still, not bad for what, a month? Do they still have 0 fees Till the end of Feb. I wonder if they will remain at same level once free trade is disabled. No fees until March 30. 0% for market making bids and asks, 0.25% for taking bids and asks thereafter. |
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