$14.000 coming up, 331 bitcoins on the bitfinex bid, big again, let's see ...

WOW all gone in a few seconds, damn, these sellers are not joking around ! I wonder when the real panic selling starts, can't be too long away now... Flash crash below $10.000 is becoming a real possibility now. I think below $13.000 we'll start to see real panic.

Yes of course it has a future. A confirmation time over 8 minutes makes it excellent for paying in shops, who doesn't like to wait 8 minutes after paying for something ? And that it's more expensive than an international banking wire, who cares, that's just boring details. It's nice to pay for a coffee of $3 and then get $15 transaction fees on top, everybody just loves that. Also shops just love the extreme volatility, they like to see huge moves in their account, up and down because they just LOVE to gamble with their earnings, that's why they can't wait to offer bitcoin payment. Also maximum 7 transactions/second world wide makes it just SO much better than visa with their lousy 2000 transactions/second that it currently does. Imagine 7 people in the world doing a transaction in the same second, that's extremely unlikely, so it's more than enough !!

It has a very strong future ! Because it's BITCOIN !!! It's the future !!

Wow it just broke $14.600 on bitfinex ! There's quite some big bids uptil $14.500, let's see if they're big enough ... If they get taken out then it's starting to get REALLY bearish

Wow there we go, they start taking the huge bids out ... DAMNNN what a a selling pressure is mounting now

AND GONE !! Below $14.500 now ,damn

Hehe. Among all those posts that makes no sense, it's good to read finally some post that DOES make sense. "Big powers going to destroy bitcoin" haha. It's the bitcoin itself that's going to lead to its demise. It's currently even more expensive than an international bank wire, and that's supposed to replace traditional banking ? What a joke ! Anyway very well put, sir.

LOL, these are very famous last words

That's because it's a scam platform. They're not paying out anyone, read up here: https://www.trustpilot.com/review/cex.io (skip over the obvious post by their own people)


The panic will start once the people who are catching this falling knife ("because bitcoin will always go up !") will get margin calls. Remember that Japanese trade with huge margin !

Aaaand here we go again, another attack at the $15.000 level ...

Either short futures or short bitcoins directly with margin. On bitfinex it's easy: transfer assets to your 'margin' wallet and then just sell bitcoin, it will turn up as a negative number in your blotter.

It's a great idea. But even better: take a mortgage one your house (if you haven't done it already). Bring your car to the pawn shop. Then with that money go to the casino and play roulette, put it all on 1 number. If it falls, take your winnings and invest it all in bitcoin. You'll be billionaire in no time and there's almost no risk.

It broke down 15k already on Bitfinex and Kraken. Not looking good. Although it just bounced above 15k again on Bitfinex ... So bitfinex still holds ... for the moment

It officially entered bear market territory: https://economictimes.indiatimes.com/markets/stocks/news/take-note-bitcoin-has-just-entered-bear-market-amid-all-hype-hoopla/articleshow/62189564.cms

Also interesting, the big guys, the whales, have been dumping onto the 'little guys', (the forum visitors here). See: https://www.bloomberg.com/gadfly/articles/2017-12-21/bitcoin-whales-are-cutting-back

Tons of people are still buying these levels because "bitcoin will always go up". Once we go down further and brokers will have to auto liquidate margin positions the ball really starts rolling, panic will break out, people will ask themselves "what the hell did I even buy into", staring in disbelief at their portfolio's being wiped out.

Not sure if that's today though But I honestly do think this will become reality pretty soon. The chart is getting extremely bearish already.

This is a scam. I've wired them 8000 EUR on 8 December and it's still not credited. There are literaly thousands of same reports on trustpilot, I wish I'd seen them before. Best case scenario this is a Ponzi scheme and they're paying people once newbies like me deposit money. Worst case scenario is, well, they're not paying anyone anymore.

Anyway I've just filed criminal charges against them for fraud on https://www.actionfraud.police.uk/report-a-fraud-including-online-crime I advise other victims to do the same.

We need to have them shut down. I wish we could file against the owners personally, but they're Ukrainian, not sure how to do that, anyone any experience there ?

LOL. That's indeed more likely the explanation than all those media reports that bitcoin is not suitable as payment system. It's because of Santa Claus!

They indeed are trying to solve it. The "Lightning network" should fix the issue's according to the devs. That might or might not work out as good as planned, we'll have to wait till they publish the details.


But why would people store money in bitcoin instead of say bitcoin cash if it's not a viable payment system ? The whole reason bitcoin is so popular right now is that it's THE payment system of choice at the moment. If a shop supports coins then it most likely will be bitcoin. But that is changing as we speaks, reports of shops changing to DASH and BCH are coming out more and more now, like https://www.ccn.com/gift-card-platform-bitcart-ditches-bitcoin-over-transaction-times-only-accepts-dash/ and https://news.bitcoin.com/remittance-startup-bitspark-drops-bitcoin-over-network-fees/ or stores just drop support altogether because of the high fees: https://arstechnica.com/gaming/2017/12/steam-drops-bitcoin-payment-option-citing-fees-and-volatility/

That's correct. The question is: do they have valid points ?

Why is that ?

This is very true. No asset goes in a straight line up, not even in the most bullish rallies. There will always be corrections. But fact of the matter is NOBODY knows the future. If I've learned anything in the past 20 years full time trading it's that nothing is impossible. Which means you need to protect yourself by cutting losses when something moves against you beyond some limits you've set for yourself.

Anyway this is it, I just wanted to share some experience here but I'm pretty sure nobody is going to listen anyway haha. I know this because I was EXACTLY like you guys 20 years ago. Started out trading a 15k eur account as a student and had it up to 100k in notime, planning to buy me a Porsche, just wanted 25k more ... And that was before my whole account got wiped out, even beyond my initial 15k eur.

Anyway good luck people, be safe.

And what if the day comes that it's not just a panic sell ? You'll lose it all. A much better way of trading is applying risk control, know when to take profit and know when to take your losses. That's what every professional out there does, otherwise he doesn't survive long term. Just sitting there doing nothing when it goes down ... well it has worked for years in bitcoin and has brought great fortune to many. And it might work today again, who knows. But some day it won't work anymore and many people will just sit there in disbelief, watching their accounts being wiped out. Believe me, I've been through all that in the dotcom hype myself.

And you say that because you've never even been part of a real crash. Every bitcoin investor out there has made tons of money buying the dips and thinks he knows how to trade. Fact of the matter is you don't, not until you've actually been through a crash and knew how to survive.

Again, I'm not saying BTC is going to crash now, it might very well recover, nobody knows. But people who claim that 'bitcoin will always recover' really do have a very dangerous mindset. Trading is not only looking to the upside, but also to the downside, implementing your own risk management strategies and know when to take money off the table. In fact, whenever taking an entry, it's even more important to know when you're going to take your loss than when to take profit.