I stayed up until 5am last night waiting for this, and then it goes and happens right after I wake up. Typical.

My asshole has clenched quite a bit, I'll admit. Going to have trouble going to the bathroom for the next few hours!
You know, there really is no good reason for that to have happened. The data LIED to me!!!

I'm sitting this one out until the dust clears. Dammit!

No it's not, but that long upper tail doesn't fill me with confidence either.

Spiked to $4.75 and now has retraced over 50%.

Ho lee shit...

I'm not trying to imply anything. That post was in response to PatrickHarnett's question.

@tehnomage: I'm not curious why there has been a recent increase in the number of bearish threads, isn't it pretty obvious? For the same reason that the bulls are constantly posting threads about the 'rocket taking off'. We have reached the peak of this rally according to some, and they are trying to get their arguments across.

What I have done is try to be as neutral as I could with this thread (as much as I can, it is impossible to eliminate bias) and let the data speak for itself. It's limited I'll grant you, but certainly should give even the most ardent and blinkered bull pause for thought.

After an increase of almost 100% over the past month, there is naturally going to be a price correction back to lower levels, and if this is true growth it will continue up again from there. This has absolutely nothing to do with bitcoin's suitability as a currency, it is as a result of market speculation. The price has to be tested in both directions if growth to continue.

I don't think any of the bears here believe that bitcoin is doomed. I certainly don't, and I know that I am only temporarily a bear. I am a long term bull, but also a realist. I think in fact that the bears actually believe more firmly in the future success of bitcoin than the bulls, because they want more btc, while the bulls only care about their fiat profits! Kind of ironic, eh?

When you have thousands more where that came from, the best time to cash out is when your trade affects the price the least. I'm telling you guys, there is some serious profit taking going on. Over the past 10 days there have been volumes of selling equal in magnitude to about half of the total demand on mtgox right now.


Somehow, I doubt it. Those traders are looking for safe harbors, not a coast of jagged rocks on which to shipwreck!

LOL. Yep, very suspicious. Maybe you should withdraw all your bitcoins and send them to me for safekeeping!
And before I forget, did you hear that panerai is supposedly a hermaphrodite? Tell EVERYone.  

I think you're preaching to the choir!

I also believe that bitcoin is massively undervalued too, but only when compared with the price in 10-15 years, and only because I speculate that bitcoin WILL be the cryptocurrency of the future. The price cannot be supported by hopes and dreams alone, it has to have a real economic backdrop supporting it. Wide distribution is first required for this to happen. And until the everyday person is able to obtain and spend bitcoin on the things they want and need, it will remain a speculative commodity and not a currency. And we will continue to do what we are doing within the given boundary parameters.

In the mean time, none of that detracts from the fact that the market is currently overbought at these price levels and that a market correction is imminent. The price will not continue to rise because of what bitcoin might be in the future. The only real demand right now is speculative.

I wondered that myself after all the criticism I slung at him a few weeks back. Not bloody likely! Heh.

I'm almost convinced that he has blocked my IP range somehow. I can't access bitcoinica from my home ISP connection anymore, just get server not found errors. I have to go through a proxy to find out bitcoinica's daily volumes!

Just to be clear, I'm being facetious again. I'm not accusing zhou. But it is pretty weird.

LMFAO @ panerai! I actually LOL'd.
I'm all giddy tonight. Even the trolls are making me laugh.
It's 5am here. I've been up all night waiting for this rally to fail to emerge.

Alright, how about 'intellectually challenged' then? Does that fit better with the sensibilities of this subforum?

It wouldn't be that hard, true, but it would be very risky. The difficulty lies not in the execution, but in the fact that none of us here has the capital required in order to do it - or else we wouldn't be complaining about it in public.

I hope people realize I was being deliberately flippant with my 'meathead' comment. And I was referring to 'non techie traders' (i.e professional traders) as meatheads, not the general population. I.e. the stereotypical wall street 'meathead' who thinks that the world can be plotted neatly on a graph and that reality is nothing more than a trivial nuisance.

Or did you mean by your post that 'meathead' was not strong enough of an adjective? Hehe. I'm not quite sure.

Those pesky spreads would widen like like his eyes when he realized that he wasn't able to exit at anywhere near the price he had spiked it to. Shucks. But actually, this worries me a lot. If he was somehow able to prevent the reflex movement by continuing to buy/sell, the spreads might indeed stabilize at an exit point that would be quite profitable for him.

Hehe. You're hoping for a bubble, aren't you? Keep hoping...
Non techie investors. Love it. Who else but a geek would involve themselves with bitcoin, even now?
Even many of us 'smart' folk still are failing to understand what we have created, so what hope is there for the meatheads?
It's the same people with the same money and the same coins (plus some new ones that have yet to hit the markets).

A second bubble will not occur any time soon. All those people who have taken losses on the way down are waiting to sell in order to recoup some of their starting capital. There will be far too much selling pressure on the way up this time for a bubble to form, there was nobody in a losing position the first time around to dampen the spike.

I wouldn't worry about it.

rofl. A+ for effort.

At least be original with your trolling. You've already posted that one.