That is disappointing. Looks like it is going to crash.

If we don't get a great reversal adoption is on hold for at least another year.

I think i prefer it hugely when the heroes and legendarys post on this forum.

A few more dollars and we get above the earlier dead cat..

huobi trying..

yeh time for bed. hopefully the chinese drag us up over 340 over the next few hours.

EDIT: stamp not moving up bid walls..grr

sorry..revealing my bull side there

little nibbles..might see a slow drift upwards if we are lucky
some twat on stamp with a 1k wall at 340

Huobi support has moved up. 6K to 2000. 6k to 2340.

Just need a bit of buying..

Roubini will be at it next. That quote about scientific breakthroughs not being agreed upon by the chief thinkers and scientists of the day but outliving them instead seems appropriate. It is the youth who will make cryptocurrency a part of global economy, not the old guard seeing the light.

Or perhaps even more appropriate from Upton Sinclair, "It is difficult to get a man to understand something, when his salary depends upon his not understanding it!".

Jesus exo, stop with the trolling negative posts. Half the board has you on ignore for being a cunt. The other half see right through it. The only reason I haven't /ignored you is because I want to see if you stop being a miserable sourpuss when you finally buy in.

Another hero on the forum posted something about the Chinese buying fresh coins off mining farms there and transferring the bitcoins offshore to be sold on exchanges for dollars. That might explain why this bear market has lasted as long as it has against a backdrop of otherwise incredibly bullish news (and potential developments). Everyone is hoping bitcoin can become big in the remittance markets. Perhaps the Chinese are a few steps ahead and defeating capital controls with btc as we speak.

Thinking about it though, that would only account for a maximum of 3600 coins a day selling pressure on the exchanges. It is likely to be less than that as not all miners will sell. However this added sell pressure could  continue unabated until the next halving.

My gut tells me this the down trend in price is a combination of large speculator manipulation, technical small speculators trading the momentum (shorts at ATH for year, most small specs dumped already..though chatter loudly on here), increased mining supply on exchanges and a tiny amount of merchant selling. I am not sure the general public is adopting in a big way as the price is going the wrong way to attract attention.

I am not selling now, and will make one more purchase of 80 coins upwards depending upon how low the price drops this time round. My expectation is that we probably are in for more pain, flash crash downwards but turn upwards around 300, on massive volume, after some btfinex long capitulation, with shorts above ATH before they are burned very heavily by a surprisingly quick bounce back up into the 400-500 range. I expect the ETF to be announced at some stage that looking back will show it allowed insiders to accumulate at a very convenient low price.

Predictions are dangerous cypherdoc, but do you have any of your own?

 

It is technically possible and would show that these magic internet money tokens are unique in more ways than one.

Noone will care until there is a squeeeeze.

Of course if you just lengthen the timeframe slightly it looks totally different. I see what you did there.

Thanks for ignoring entirely the main point of discussion and derailing the thread.

I don't work for the SEC. Nothing you have posted is verifiable or in any way confirmed.

Yes, sorry that isn't confirmation it is a reddit post.

Not mine, nabbed from bitcoinmarkets.

And it goes to october the 3rd.

Yes, lawyers for multimillion dollar clients often divulge confidential information to redditors. But thanks for posting nonetheless.

So this is chart is interesting:



If this were really a mass exodus and the death of bitcoin then it would probably look very different. Moving the price with such a thin market is trivial. I wouldn't be surprised if something big is announced in the next few days or weeks. Something where we all go, aaaaaah, like the ETF. Or bitcoin could plummet into the center of the earth

If the price of bitcoin rises 100x tomorrow the mining cost of a bitcoin in the near term does not. The mining cost will rise as demand for miners rises to capture profit from the block reward minus cost of production, but this is a delayed response, with a definite lag period.

My point was simply that in for example november/december last year the price shot up 10x in very short order. Mining has since surged to capture that demand and the hash rate has gone ballistic.

In this example with a bitcoin valued at 500,000 dollars, however unlikely it seems, such a price could arise in a bubble situation where the price rises many fold over a short period of time, far exceeding the pre bubble mining cost of securing the network. So although I doubt we will ever see such high prices they do not necessarily require the hundreds of billions of dollars in electricity costs that goat has inferred earlier. Sustaining such a price is a different matter entirely..