This house was inherited from my father who passed away a few years ago Dear god. So your father works his ass off his whole life only to provide a better living for you, and you squander it all away at a 2/3rds loss in a matter of minutes? Wow. Can't even make this stuff up. This x 100. A lifetime's work traded for something that could be as valuable as Beenz if the market turns sour. We have the stories of the 10,000 btc pizza when bitcoin price massively rises, so now horror stories on the downside. If the OP's gamble had paid off and bitcoin kept MtGoxxing its price to $10k or more the OP would be crowing about what a genius he was. Likewise, the downside needs to be mentioned as well. |
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Losing 100 bitcoins when they were valued at $1000 each and having the ability to buy back those bitcoins at $190 is still not a victory unless those bitcoins once again rise to well over $1000 each in value.
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Anmd how ironic I told this whole community back in June if someone does not get off their ass and create a demand for this coin it will tumble it will fall, and if someone with 1000s of bitcoins in thier wallet doesn't wake up and do it now those 1000s of bitcoin will be worth pennies. Call me what you want, rationalize this however you want. But for ALL OF YOU idiots on here who do not UNDERSTAND currency trading let me give you somne clues. in order for a currency to hlde true value it MUST have a demand, in order for high dollar investors to really get involved, there MUST be a demand.
It's funny, I remember having debates with users on this forum who claimed bitcoin was going to $10k, maybe even $100k per bitcoin because: 1) Bitcoins are rare 2) Because of rarity price will keep going up 3) People will be forced (literally) to buy bitcoins from the few hodlers out there Yes, some people honestly believe that people will be forced to buy bitcoins. Their words, not mine. Quite where this forced buying comes from is quite a mystery. |
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With all this deep selling and presumably converting bitcoins to currencies, one does wonder whether the exchanges have enough USD$, Euros, Yuan, etc to cover all withdrawals. Are all major exchanges independently audited, including exchanges in China?
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Clearly the person who sold so many bitcoins, so quickly, is mentally unstable. Drunk at best. I don't buy the argument that 'they're creating panic by making massive losses now, to buy more'. It just doesn't make sense and there is no guarantee other speculators won't just dump and continue dumping.
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The only thing we truly know is that no one knows what bitcoin's price is going to be 6 months from now. Drawing waves on graphs, having a 'feeling', praying to your favourite deity, wild guesses, it's all the same.
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It just keeps going down. Who can make it stop? You. Only you. Stop selling because only assholes are selling right now. You don't want to be an asshole do you? Good. Pull your Asks and let the price rise.
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With a technology shift, the coins will be concentrated to those who have invested in leading technologies, thus the rest of the people who want to get coin have no choice but to buy, thus push up the price dramatically. But this time when there is no large technology advance in horizon, the dramatic price swing might not happen again
I'm always curious as to why people without bitcoin have 'no choice' but to buy bitcoins from the few that own them. There are plenty of businesses that may want to use bitcoin, but from a customer's point of view the only really compelling reason to own bitcoins is to buy something that's illegal or restricted in their own country. It's a valid use that cannot be denied, but it's a relatively small one. |
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Yeah, I think it can breach the $3000 mark quite easily. And I expect it to hit there by April 2015.
It is based on behavior of whales, and not on any price analysis.
That's quite a big call. More than 10 times price growth in around 3 months. We have seen something like this before, but only when MtGox was busy pumping up the price and speculators piled in to follow the trend. Who will it be this time to pump in a few hundred million dollars, either real money or fake trades? |
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It appears so far the advice has been 'buy now AND cry later'
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Litecoin is going to revert back to its true value of around US$0.05 to US$0.10 as a pure play for traders.
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It's normal to suspend all operations. Can Bitstamp be sure only bitcoins were stolen? Can they be sure no nasty surprises were left behind by the attackers, such as back doors that would allow further theft?
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So the price falls a little bit and people are losing their bundles in panic. It appears it doesn't take much to send the bitcoin community in a panic. Sad.
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Time for the bulls to put their money where their mouth is. Bitcoins are on special at the moment. Alleged real value is way beyond $1k each, so it's a screaming deal right now. People are giving their stashes away.
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Let's talk about the reason most people must use Bitcoin?
They must use Facebook, because that is where their friends and family are.
I lead quite a satisfying life with plenty of family and friend contact without a Facebook account. It can be done. |
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While ROI may never be achieved, you're still achieving something far more important for bitcoin as a whole: increasing the resistance of the network to attacks. Miners should consider the public service they're doing more than simple monetary return.
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Over the long term, you cannot win by gambling against the odds. Martingale doesn't change the odds. Save your money.
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Much of November/December 2013's action was speculators chasing fraudulent trades conducted on MtGox. Many got burned
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Bitcoin was meant to bring more freedom, less central control and lower costs to the general public. Embracing a different group of middlemen, rent seekers, and general Wall Street leaches seems quite counterproductive in the long term.
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Which came first, the alleged fraud at MtGox or the price rocketing upwards? Could it have been that the alleged fraud at MtGox got speculators interested in buying bitcoins thus helped to pump the price even higher? It's too easy in the bitcoin world to set up an exchange, create fake trades and then declare 'lolz, haxxors got us' when people come to take money out of the fractional reserve exchange.
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