I was thinking, if drug dealers/users used bitcoins to buy and sell drugs,. Wouldn't it really have no effect on the bitcoin price?

I would speculate that if someone wanted to do a drug transaction there would be a buy order for bitcoins, and then right after the drugs are sold there would probably be a sell order for bitcoins. I do not think any of the parties would hold onto their bitcoins unless the drug dealers wanted to speculate.

This buy and sell would happen rather quickly, maybe even in the same few hours.

This is the speculation sub-topic, this is what we discuss in this section. There are plenty of areas you can discuss those topics you mentioned.

From what I can determine by watching the price is that there are not many buyers who want to really pay over $13 and not many sellers who want to sell under $13. It seems that most of the selling are done by people with big bitcoin boldings, maybe early adapters. I have noticed that bidwalls of over 5,000 bitcoins are routinely sold into by someone. Seems like someone with lots of bitcoins wants to cash out and get his millions. Think about that guy who got hacked with over 400,000 bitcoins. Even if he sells for around $13, he will have over 5million dollars.

So what we have here is someone with lots of bitcoins wanting to sell out and not shoot the market down too far. So he will sell into bidwalls. He will usually wait to the price gets close to a bidwall. Think about selling 5K bitcoins and only moving the price down .05 cents, that will not really tank the market.

What we have on the buy side is what looks to be someone trying to stabalize the market by putting up bidwalls.

This is what seems to be going on from watching the market. Only a few big players here. I think the average person does not really buy many bitcoins and only mines really, probably holding on to most of the bitcoins thinking they will be worth $100 or more in a month.

Once the early adapters sell their bitcoins, and all you have left is the market manipulators, it will be interesting to watch the price.

On one hand the market manipulators will be buying most of the mined bitcoins. I do not know how long this will go on. They will try and promote scacarity by not selling, but at one point will they want to cash out of their large bitcoin holdings? When they do this how much will it tank the market?

How long will miners keep hording their bitcoins before they sell?

Why do you keep putting this quote in all my threads. That was right after the price was $30 and I didn't see bitcoin for what it was. I wouldn't buy at $8 if it dropped that low. At $30, I felt I missed out because I learned about bitcoin way before but never researched it fully. Now I see bitcoin for what it is, a total speculation/collector currnecy.

Now I like to see the price drop because of all the people like you who try and undermine anybody who says anything negative about bitcoin, really when I say negative I mean truthful.

That is not how it works. When news comes out the speculators already in the market set the expected price. That is why rookies will usually never make money. For example, as soon as the story broke, all the smart (professinal speculators) saw that and said, jeez the bitcoin will now have a value of $15 when all the new people buy into this. So they start buying right away until the value hits the expected $15.

If someone can confirm when that CNN video was released and how the price of bitcoin was affected, then this will prove my point.

Actually I was telling many to buy gold when it was around $300-400, that was in 2003. I didn't have much money then to buy gold. Now I would not buy it at $1500.

But do sell into this rally, breaking down to $13.7 currently.

I'm not buying until the price goes way below $10.00.

We were heading down into the 11's, broke all barriers with relative ease to 12.5. Market manipulators could not even prop up the price for long although they tried.
Then the price shot up to a peak of $14.7. I am pretty sure this was all because CNN released a video or something about bitcoin. Maybe someone can verify the time this video came out and the time bitcoin shot back up to $14.7?

I am sure some of you have heard "Buy the rumor, Sell the News" in stock trading. Google it, there is a reason why this saying exists.

Well, if you have bitcoins now you should consider selling. The price has already broke into the $13's. We are heading back down again.

Look like that CNN video caused the price to spike up. I was wondering why it was in the $12's to bounce back up so rapidly.

Looks like the  bitcoin value protectors put up a wall about $13 at over 5,000 bitcoins, but that is down to 2,800. They tried to shore up their defenses with some bidwalls in the 13.30's but that was taken out pretty quickly.
They are losing the battle with the inevitable fall into the 12's. I guess they know that if the value falls into the $12's and stays down there for any length of time it will be a losing battle from that point on.

I think in the $12's its going to be a tough battle at that point to fall into the $11's. You will have many new speculators coming in around that point thinking that bitcoin will go back up. Eventually it will fall to a more stable rate, but may take some days.

You think this board is bearish? Most people are flamboyant bulls, there is only a small handful who are bearish.

What the heck happened? Does those charts show that someone actually sold bitcoin into that bidwall?

just because the last bitcoin sold for $13.5 does not mean bitcoin is worth $13.5 x 6million. only say 10,000 would say at $13.5, most would sell far below that.

Do any of you want to speculate why this person decided to put a bidwall at $13.5? Does $13.5 have any relevance?

Is he thinking that a $12 dollar bitcoin will look much much worse than a $13.6 bitcoin?

What do you think?


Looks like the battle is going to begin, they are 80 bitcoin away from hitting his final defensive wall at $13.5. Lets see how long he will hold in there!

Someone is trying to do one last gamble at 13.5, I think he is stupid because if he pulled out of that position it would let bitcoin fall into the $12's or lower. He could then buy at that lower price. However, once that wall falls and the price goes lower, it should all be downhill from there. I do not think anyone will attempt again to try and hold the price higher with those bid walls.

This person probably already took huge losses already and is trying keep what value he has. But this bid wall will probably just add to his huge losses already.

My take on this would be that the only reason bitcoin went up in value was because of the media coverage it got at one point. I agree with this because even though I heard about bitcoin earlier, I did not look into it in more detail until I saw an article on yahoo.com. I would also say that most of the hype and why the price shot to $30 dollars was all the media coverage around that time.

Now that bitcoin got media coverage and there is probably not many more reasons to give it as much media coverage it will just be an unknown hobby currency and die out. This is all speculation as who knows what media coverage it will get in the future.

I guess media coverage is a way of free advertising. Without advertising most products will go unknown and never sell. Same goes with bitcoin. You need to hype it, dump it, lol. 

I want to keep this post technical and where you feel the bitcoin price is going. I do not want it to be a debate on how one should feel where bitcoin price is going, or how I am a bad troll because I think the bitcoin price is falling and will be lower. Lets look at the obvious, it is in a huge downward trend since the peak at $30.

If I wanted bitcoin to be higher or lower, this is where I feel the price is going.

Looks like bitcoin finally broke through the $14 barrier, and it is holding long enough in the $13 barrier long enough to test that $13.5 dollar bid wall and set a new psychological price of $13 a bitcoin. 

The bid wall has fallen from over 10,000 bitcoins to 7,000. But it is obviously not a fake bid wall as it has not disappeared and is still holding strong. Who ever is buying so many bitcoins at $13.5 is taking a huge risk as I think that once that bid wall is sold we will be testing the $12 pricing soon. Maybe one last gamble by someone to keep the bitcoin price artificially high? I think that this 13.5 bidwall may hold for a few days and we should see $12 pricing by Sunday/Monday.

It seems the price will not shoot up to $14 range easily as there are many sell orders between 13.9 and 13.95.

This is my take on the current bitcoin price and where it is going. Please share what you think and what you think about that $13.5 bidwall and how long it will hold up? 

Synaptic, great post, and you laid the facts out very nicely. There seems to be few on this forum who actually see the truth about what is going on with bitcoin.

The price just went into a huge bubble and is just deflating (or what you call bitcoin shrinking). There is really no reason why it should be vauled so much higher than it was just a few months back.

Anyway, my question to you is where do you see the price of bitcoin stabilizing at?

What would be the point of this?