This is true on both sides. Bitcoin is still a penny-stock market, thus is easily manipulable or "moved" by just a single entity with big pockets. If a random guy decides to "dump" his fresh $10M on the market, the rest who is not buying right now will just panic buy.

For this very reasons Bitcoin is so "fun" from a trading perspective, compared to Forex for ex. is a very wild game. As many like to say, because of how small is this market, "Bitcoin just does what the fuck he wants"

First 10 votes, and 90% say its a trap.

Too few votes to say, but if that incredible 90% figure is confirmed that would be an indicator that we are completely oversold and we are going up... Especially if we consider that this poll is run in bitcointalk.org, which is a community bullish on BTC by definition.

Interesting.

Interesting to see how big its being the bounce from the 200 day EMA (blue line):



For the first time since we hit $50 in mid-April, the rally from $66 has been on high volume, which is a point in favor for the "this is not a trap, but a trend reversal" case.

One point against that case is that the current rally is fueled by scarcity of coins, and not in an increased influx of money. CMF is still negative, and the fiat on Gox's order book is stagnating at less than 50% of its ATH ($11M). In the meanwhile, 10s of k's of coins disappeared from the order book:



The mother of all traps or a trend reversal? Speculate, gents.

This you call "political philosophy and idealism" is in reality a very big practical problem solver for a big part of the world. I will give you two examples based on my very own personal experience:

1) Have you ever tried to do business with Argentina? I've been doing for many years, with big and reputable companies (but currently in a "fight" with C. Kirchner), until they couldn't pay us any more in USD because of internal monetary policy. The situation got so absurd that I was offered to flight to Buenos Aires to pick up a suitcase full of useless pesos. Obviously I declined as that is a dangerous game, I took quite a big loss and I moved on, not doing any more business with that country. That problem persists and is very common in my industry, Argentina is "cut out". BTC has the potential to solve that problem.

2) One of my best friend moved to a South American country, and there are very big barriers to get a residence permit (the process is lengthy and the bureocracy messy), and without resident permit you can't have bank accounts that allow international wires, both incoming and outgoing. BTC is actually solving that problem, besides of the exchange rate risk (which is indeed big at this moment).

Plus, I think that I don't have to remind you what happened in Cyprus, and the amount of money taxpayers from most of Europe and the US had to pay from their own pockets to bail out "too big to fail" banks. I guess you also know that Southern Europe countries are in the middle now of a deep financial crisis triggered again but a disastrous monetary policy.

So, I understand how for a lot of US and generally speaking "first world" folks the "decentralized, trust-free" characteristic of BTC is only "ideological", but the reality is it is not: millions of people are becoming poorer because of the IMF, FED or ECB monetary policies.

TL;DR -> do not underestimate the practical need for monetary freedom.

...And we indeed bounced straight on the 200 day EMA, which is triggering what will probably be the biggest trap of this summer (see blue line):



This is quite standard stuff, so I really don't see why you get so excited.

The fact that some of you are so emotional, calling names to the people that share bearish analysis, is just a proof that the market is fearful, or very anxious at least. Its like you think that us "bears" only want the price to go down. You are mistaken, 99% of the people in here wants BTC to grow, we are just acknowledging a trend and acting accordingly. Since April 10th, the trend is down - and its still is.

Long term bull = "Neutral"?

    

LOL, you guys are hilarious. Shroomsy, care to explain how you lose money by selling most of your coins at $129 when they are traded at $99 now? If I buy in now I would have 30% more coins I had before selling, plus I made some small profit buying at $68 and selling at $78 (yup, didn't expect such a big bounce).

BTW Shroomsy... Do you still think that a deep crash (because going from $266 to $65 is quite a crash) "hurts the coin" or did you finally realized that's nonsense?

Yep, the guy has some balls, I closed my position with only a 12% profit, couldn't stand the nerves on this shaky bounce

What do you mean by "earnest"?

100% agreed. OP-moderated threads shouldn't exist at all, or exist only on a specific subforum.

Thanks, OP updated

Yeah, scary indeed. Many seem to take too seriously what is written on that piece of paper.

Yep, got it too.

User than sent it is "runescape"

OP updated:

Great. I just closed my position at 60€ish, after having bout at 53€ish. A little more than 10% profit, enough for me during this sucker rally. I might regret it as we may be heading to the mid $80s (which in EUR would be the high 60s), but I just couldn't stand the sucker rally's tension

No, my position is not statist at all. I don't believe in state, precisely because I don't like armed thugs forcing you to follow their rules at gunpoint.

Let me say it clearly: I do not think guns should be banned so the state has the exclusive monopoly on violence. Never. But saying that more guns = less violence is false, is a dangerous simplification that only leads to more violence - and this is a practical truth and not a philosophical approach.

I think the solution starts in the individual and his choices: In my case, I can guarantee you that I will never live in a country/area where there is a real threat that a random criminal carries a firearm, unless I'm obliged to by force majeure circumstances. I've been grown in countries where most of criminality is made by petty thefts (or white collar criminals, eg. corruption, etc.), and where you feel safe anytime, everywhere. I wouldn't want my kids to grow up in a place where carrying a gun is normal, like some areas in the US: do you know why? Because all this "love" for firearms is precisely what makes the USA one of the most violent countries in the world. You speak about rapists, like there is evil people around every corner... Well, how many rape episodes do you have in your area per year? In the country where I am now is pretty high for Europe standards, 4 rapes per year each 100,000 inhabitants (and like everywhere else the vast majority of rapes are not reported). It's high because its quite a "macho-driven" society. But, as usual, more than half of them are committed by a combination of family member+a relative+a close friend, the kind of guys that doesn't assault you on the street anyway, and that probably the victim wouldn't shot in any case. Summing up: not exactly a lot to fear for the average woman walking down the street by night in Berlin downtown, at least in most of Europe women's enemies are usually inside their own house, or very close to it.

But still, there is this mentality in the US where it seems that you are living in the wild west and you need to defend yourself. Defend your property, defend your family, defend your life. From what, for fucks sake? I think what you need to defend yourself and your society from is that obsession with guns and violence. There is some special olympics shit going on with the so-called "libertarians"... Just check that stupid gif in the post above. They compare the US with Israel, which is occupied territory and a warzone (*facepalm*), and where there are still school shooting episodes, even if rarer than it he US. Why don't those guys compare the US with Italy, Belgium, Spain, Greece.... Where no one is armed in schools, and no school shooting has ever happened? That should be the model, doesn't it?

I guess it will go up before it goes down. At least I'm putting my money there, let's see how that plays out.

False. There's people paying for a) electricity, b) storage (renting for space to host their operations) and c) expensive hardware.

Do the math. With the current difficulty projections, anything below $50 will make the ASIC miners that are not hashing yet to be in red for a looooong time.

We had a hint of fear as we went through $88 and $79 like a stone in the water, now with this smallish bounce it seems that it faded away, but it didn't - its still well rooted in the market subconscious, as soon as this bounce reverses towards new lows there will be more fear, but I guess we won't see  REAL fear until sub $50, and true panic approaching the $30s.

All the risk on the customer's side, as usual with these ASIC preorder schemes. Win/win for the vendor.

Its getting tiresome indeed.