It will take a little bit of time to gradually go down again, look at the bulltrap we had in november. same thing.

Just a reminder of what this big bulltrap we had lately was:







The crash has officially resumed.
You're welcome.

You need to have an account.
You go to the "Trade" page, you go to "Liquidation", you click "Last 7 Days: Filled" and you have all the margin calls of all users.

Shorts being wiped out in the last pump?

Part of the pump was shorts being closed not BTC being bought.
Shorts can have a nice reset.
Market doesn't have much shorts to squeeze anymore.

Incredibly bearish  

That's why we had the pump in the first place  

I thought the "news" was the announcement that coinbase was launching a regulated exchange.

Turns out that the "news" in the "buy the rumor sell the news" was actually the site launching.

Timing was slightly off, but the idea remains  

I'm serious guys.

If you don't know what's going on you are simply clueless. This is your chance to understand what a news hype pump&dump is.
Don't waste it bagholding 

I'm gonna spell it out for you guys:




Coinbase news was a pump&dump, exactly like the LTC on Huobi pump and all the other countless attempts to dump higher!
Insiders buy before anyone knows anything, all the other people buy at the announcement and at the countdown. Smart traders dump as soon as the site is online!


It's not difficult to understand! It's always the same thing.

Good thing coinbase is bringing regulation to BTC right? LOOOOOOOOL

You had a good run, but now it's over, now it's time for the beartrolls again, sorry  
We'll try to be gentle lol

We can safely say that the Coinbase 2015 pump&dump is officially over.

Thanks for playing. We appreciate your collaboration.


Now it's time to dump again.





lol

Good day to you bitcoiners, looks like the pump&dump had more steam than I thought.

But anyway, does that pic tell you anything my friends?

That's not how you should look at the orderbooks, you shouldn't really compare bids and asks at a given time. What you should do is compare the bid side and the ask side over time, how much they change over time. But especially the bid side.

Simply put, if during more than a year you can see the bid side slowly drying up in all exchanges and not get particularly better, it's a good indication that not much money is flowing in exchanges (and the one that is already there is slowly being pulled, probably) There is no amount of manipulation that can explain that phenomenon except for simply a lack of demand. Don't you agree?

That's what my thread wanted to bring attention to.


Also, one of the most interesting things is this:

4 pools controlling more than 51% of the network.

Very decentralized, much impossibility of mining cartels, many trustless currencies, wow.

Have you actually read the WSJ article? Very superficial understanding about bitcoin and the blockchain.
Plenty of hype articles during 2014 right before crashes too.

Borrowed or lent coins on bitfinex (who blindly follows china most of the time, if you were a trader you would probably know that) matters more than bid sum over time? I think I heard them all now.

Ask users that were actually trading or following the market in 2011-2013 before and during the bubbles if bid sum doesn't matter.

My main question still remained unanswered:

If there is no guarantee that the bitcoin's price is gonna go up and allow the average Joe to profit from it, why should he buy bitcoin to use it as a currency?