Nah, the real panic selling should start in about a month, this is just a prelude.  You have totally lost your objectivity..shame. |
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6k market sell. Yawn.
At least there is movement. So clumsy unless it was a margin call on some long.
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That's nothing..
You have reported 243 posts with 91% accuracy
I approached Theymos about this at the height of the forum troll posting lewd pornography and making child porn references and accusations against members. He believes it would stifle new user activity to reintroduce newbie jail.
Clearly the best solution would be to limit newbie jail to this forum. Trolls would disappear instantly. The forum moderators do a great job actually. If you see a post that is obviously nlc then just report and they are summarily deleted.
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Ignore the trolls who are desperate for the price to fall.
Unless we break 270 this is just noise.
'Wall of worry'
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Are we going under?
Quick look at the price.. flat! We have been 10-12k from 270 and 5-6k from 300 forever  |
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In a way it is a shame that most of the bears got caught short in this upswing. We have lost the balance of a bearish perspective and been left with just bulls and vapid trolling.
Bitcoin may be entering the 2012-like graveyard recovery, boring it's way to a bull market.
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Just a feeling Fakhoury.
Since the downtrend was broken the market is behaving differently. We are basing here and each successive repulsion of 270 means another retest of 300 is more likely. We are still in a bullish upmove and a breakout from this latest triangle - if up - should definitively break 300. Whilst we remain in the triangle all moves are noise.
Furthermore, there is no build up of speculative shorting, despite extremely low borrowing rates for btc to be lent out and sold into the open market. The reason for this is that market participants do not want to risk leveraged selling into this market because no one believes the price will crash and those that did were wiped out with repeated price surges from 219 to 316. Also, even though the orderbook is a mirage of true supply and demand, it is supporting the price and is superficially incredibly bullish.
Remember the halving isn't far away. Ignore the trolls and keep your position.
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Time for us to move up..  |
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So it's not a cup&handle anymore?
It's a cup with a triangular handle  Anyway the triangle looks like it might be breaking to the downside. Could we be seeing a repeat of aug/sep 2014? If it breaks down, yes we could. It would also mean that the whole July rally was misleading, being amplified by the litecoin ponzi. Anything is possible. But it hasn't broken anywhere yet. |
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Hence why major financial institutions are using the term 'blockchain'. Some have the objective of creating competing chains (which may or may not succeed), others are trying to do a rebranding job by distancing themselves from the name 'Bitcoin', which takes time, but with large amounts of capital and big names behind is likely to be successful in the long run.
Yeh, in time BTC can leave its sordid past behind it, but I am not convinced that that time is here yet. And I agree, Karpeles in the news is not likely to help with 'social stigma' in the short term with new entrants. Agreed, we already know this shit, but to Joe Public, it is a bad read, but if he is nailed to the wall, the medium term outlook improves ...
We may still have to revisit whatever is imagined as 'No Willy Bot' prices (whatever they are) to establish a 'true' base but that remains to be seen. I am undecided on that. But I think in the long run, as much as possible of the Mt Gox story being made public and flushed down the tube is a good thing. We can then leave it all behind ...
Shorter term I think we are going up regardless. Remains to be seen if it can hold though over the coming months
The market sets the price. Mt Gox closed over a year ago. Try as perma bears like OP will, they are running out of bad news to smear bitcoin with. Just the final USMS auction and the Gox payout now. |
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Mainly because unlike every other currency on the planet bitcoin is scarce.
Thousands of altcoiners would beg to differ. Hundreds of altcoiners would, sure, and quite legitimately too. True, instead of using currency I should have specified fiat currency. There can be only one, network effect, first mover advantage etc etc |
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People seem to keep hoping for the currency to appreciate in value when the USD is potentially on a run that repeats the prosperity of the 1980s. That's not going to happen.
At the same time, why does BTC even need to trade significantly higher than its current price. If it wants to function as a currency, why should it be dislocated with such magnitude from other currencies?
Mainly because unlike every other currency on the planet bitcoin is scarce. There are considerably more than 21 million dollars in the world. |
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More dumping than pumping, currently. It's been a fake recovery or a looooooooooong dead cat bounce.
I love it when the price just keeps dead cat bouncing with these higher highs! Fake riches in my wallet! |
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How would people feel if it were true?
It would be near term bearish on the price. |
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Just finished Peter R's paper. Really excellent, clear, and much-needed formalization of an important aspect of the debate often mentioned here.
Is that the sound of the tide turning I hear?
I don't think the actual tide was ever in doubt, just a few noisy ego's yelling King Canute style.  Excellent work Peter R. Congratulations on the paper. |
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So fart is registered at a exchange with a linked bank account so he can exchange the coins to fiat? Sounds like he's a actually a supporter of bitcoin. That's alot of trust to put into a scam ponzi exchange. Thanks for clearing things up fart. How much btc do you currently own?
You can save this off-topic shitty excuses, just say it that you are a internet kid trying to talk your little sinking bag moon, you can't pay him cause you have no money from your mom. There is no trust into a scam ponzi scheme. The reason we want the real money FIAT from bitpay conbase and auto sell any coins back to bag holders is because this thing will go down at any seconds, if any ponzi promoters send you the "thing" then don't hold it any longer but sell it right away. Apparently the venture capitalists spending a billion dollars didn't get the memo about it being a ponzi. |
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It is getting mighty tempting to liquidate my remaining equities and rotate over into pm's and cash.
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Do any of you have any links to a side chain white paper or proposal for bitcoin? I am keen to read the technicals in a bit more detail. Thanks.. or is this it: https://blockstream.com/sidechains.pdf |
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It might be wise to sell all private asset shorts for the time being. Looks like we need one more test of the resistance to the upside before the next move downwards in Sept-Oct. Also it appears the low in private assets won't be until Spring 2016, as we need to allow time for the October kickoff of the contagion in Europe to spread into liquidity crisis and selloff globally with capital rushing into the dollar as the safe haven... It might even be wise to reestablish some long positions for the time being. There may be a possibility of the Bitcoin price moving above $320 and staying below the next zone of resistance. http://www.armstrongeconomics.com/archives/35597 While gold elected the Monthly Bearish at 1155, we did so well below that level, yet holding the 1084 number both weekly and monthly. Our energy models are turning positive so it does not appear we will get major follow-through at this time. When you elect a Bearish Reversal that far from the number, you typically bounce back to retest it before proceeding further.
We have a Directional Change back to back for August and September and July was a turning point. So, we may see a reaction to the upside to flush out the shorts at this time since we have excessive bearishness building in the press as the WSJ comment that gold is the “pet rock”.
A reaction rally at this point BEFORE new lows will relieve the short positions but this is not likely to last beyond September. Therefore we are more likely than not going to see the final decline stage into the Benchmarks [now]. http://www.armstrongeconomics.com/archives/35556We must always play it by the numbers and time. Nothing else matters at the end of the day. Clearly, gold is not in such a Waterfall Event no matter how bearish everyone gets. We have moved beyond the 3 year window from 2011 and the Yearly Bearish Reversal at $681 has held. To make that final low in gold, the vast majority have to write off gold entirely and regard it as the WSJ just did – nothing more than a “pet rock”. So as the bearishness builds, this is good for establishing character separating the traders from the fools who just believe propaganda and trade fundamentally. But the hate mails still come in and this warns the tree must still be shaken. When they stop, then the market will be ready to rebound but only on short-covering – not new longs. So expect no sudden news of a huge buyer to save the day. That will NEVER happen. The low is made by massive shorts just as highs are made by fools rushing in an believe the propaganda of the promoters at the top.
... [click the url to read all]
Those targets for the low in gold are in the International Precious Metals Report that warns of the final decline. We are NOT looking for the low in gold to be on October 1 either. If that materialized, it would be extremely profound. However, the more likely event will be the rush to cash completing the final Flight to Quality.
How high gold will rise from a major low depends upon the entire political landscape but more importantly, the technical projections and the Reversals generated from that low. Will we still have a free market for gold? Or will gold move entirely underground, deemed the money of “terrorists” in an attempt to hunt down business conducted off the grid? This we will cover for the future rally in the next Special Report. http://www.armstrongeconomics.com/archives/35582Government would not necessarily travel door to door to confiscate gold. They would more likely than not employ the same tactic as in the past – just outlaw transactions in gold to avoid taxes which might even include BitCoin. That would be the way they set the stage for confiscating anything that is avoiding taxation which they now call money laundering with up to 20 years in prison. This is now all about them – not you.
...
Such schemes against tax-avoidance would not be merely a target against gold alone. It would be against anything taking place in a tax-exempt atmosphere.
... So sell everything and go short, but also go long because the price may rise? |
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