Well, you guys are crashing so fast my bearishness just can't keep up. I think that push to $50 was the low and we'll be heading back up from here.
You sound like a bull. This is worse then I thought.  |
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Is it safe to come out? Is it over? No, no it's not.  well??!!???!!  down to 40 up to62? all the new bears- its a bull trap all the longterm- bulls its the bounce all you bears that say its a bull trap- WTF is wrong with you dont you want to make some mother fn money!?!?!?!?!?!?! |
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The golden goose still has a little fight left in her. |
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Massive bid walls around 50
Yeah I'm interested to see if someone actually throws 15k coins at it. |
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I think we agree; I may have worded that poorly. Once we have a week or so of increase people will gain confidence again and start buying in. All I meant is that I don't think it's going to "explode" upwards, but rather a slow increase.
Ahh yeah. It will take some stability for sure. Solid gains for 4-5+ days, people will be foaming at the mouth for more. We just need to hit the bottom so we can start the ride all over. The biggest problem with BTC atm is that someone has to hold it. Someone has to hold onto those 11 million coins. Right now there's not enough people willing to do that for any length of time. It's a lot of "hot potato" and no one wants to be left holding the bag. So we keep passing it around while the price keeps getting pushed down. Eventually it will get so low, people will just be resigned to holding the coins. Right now no one wants to hold coins that are hemorrhaging value. |
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It's insane to see this and then imagine what the price of these coins could be even a year away from now. If this goes mainstream it could be one of the last times they ever reach a low price like this. Can't believe I've got no money to buy some for a while yet. (I know I could easily be completely wrong, have just got a weird feeling about this.)
I believe the price will keep going down for a little while and then explode. Most people are selling so they can buy lower. The day everybody start buying back the price will explode. I don't think it's going to just explode up. Maybe a short upward correction, but it's going to take a little time and a slow rise to build confidence back. Are you kidding? It was just at $266. Once you have 4-5 days of gains, people will buy coins and stop selling coins. That's what happened before, each day people came back and the price has jumped. After awhile they started hoarding coins. There was so little supply the price skyrocketed. People want to believe, people want to buy in, you just have to give them a reason. It takes very little for people to get greedy. When the ATH is $266, people won't dump during a prolonged rally, they'll do the opposite and buy more. |
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Corner the market and do what with it?
Print out your wallet key and roll around on the bed with it. |
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Ok I just bought back in.
Inb4 10$ crash.
You have awful timing. |
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I fell asleep at "long term". Its simply this, I am in it for the long term, for every peak I could pick, I would also be wrong.
So next time when I sell, thinking its a peak, and it does not come back, I will miss out.
So it's just not worth the effort/stress over a 10 year horizon to essentially get a zero sum game
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Here's that bounce I was calling for. Gox still pretending it doesn't have my coins yet. Time for bed. Should make for interesting dreams tonight.
It does look like we have just passed the bottom. At least tonight's bottom. =) |
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ok, someone stop this now, I don't want it to drop more  If only you would have said please. |
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$5 by the end of the weekend, as I said before . These people have a lot of coins, and are unloading not to buy cheap, but to get out of the game while still there is some value on the BTC. If you want to get out of the game, why would you do large dumps to induce panic selling thus costing yourself more money? Large coin dumps like this have been going on for years. It's the best way to create volatility. |
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There's also quite a few people who aren't big investors, but also have that many coins. Someone on reddit hit over $1 million a couple weeks ago, with a fairly small initial investment. They planned on cashing out slowly.
Seeing a crash like this could easily lead someone to selling it all off at once.
Yeah but it's happening all day long. They're really going to cash out with a 4k sell market order? I find it hard to believe that large dumps like that are just people freaking out. |
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Am I reading this chart right that someone just sold over 9000 bitcoins?
Not sure if it was 9000, but it was a shitload The only reason you dump that many coins at once is to drive the price down so you can re-buy at a lower price point. Someone with that many coins, isn't "panic selling". It will probably spike back up and the process continues. =) The other reason is that dumping the coins slowly would allow the price to go down, possibly costing more than it's worth. The big bidwalls are making panic selling easier. Agreed. There's been a bunch of 3-4K coin dumps today. I find it hard to believe it's a whole bunch of big investors panic selling. If you wanted to force the price lower, 3-4K sells pushing the price down quickly, suckering in panic sellers, is pretty much the way to do it. |
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Am I reading this chart right that someone just sold over 9000 bitcoins?
Not sure if it was 9000, but it was a shitload The only reason you dump that many coins at once is to drive the price down so you can re-buy at a lower price point. Someone with that many coins, isn't "panic selling". It will probably spike back up and the process continues. =) |
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We went below $50 last week, what if this is just the start of the correction. I know it'd take a lot of real bad news but its possible. The Bitcoin price was stress tested and it crumbled but the whole bitcoin network is growing larger and stronger all the time but the powers that be could shut every (major) exchange within a month if they wanted to.
Look at this this way: During the majority of it's existence as a practical application it has been valued between sub dollar and 10 dollars. Practical uses for Bitcoin include: Silk Road, other illegal stuff, small scale money laundering and donating to your favourite website. Then there is the cargo cult which includes: Bitcoin ATMs, Bitcoin stock exchanges, cancerous endeavours like bitpay, and the army of Internet zealots preaching the gospel. They provide zero economic value and always end in disaster. (The pirate ponzi, bitcoinica, Bruce Wagner & the bitcoin show, GLBSE, etc...) I agree. The value of Bitcoin has nothing to do with it as a practical application. Bitcoin works just fine at $2 as it does at $200. Bitcoin usage could surge 50000% and the USD rate of Bitcoin could very easily go down. People using it as a currency doesn't cause the price to go up. People seem to think the exchange rate of Bitcoin is tied to how well it's doing. How many people are using it. How many businesses are accepting it. When really it has nothing to do with any of those factors. The price is based on supply/demand, day traders, investors and market manipulation. When someone dumps 50,000 BTC and the price tanks, that doesn't mean Bitcoin is suddenly "doing worse". When someone blows $300,000 buying Bitcoins driving the price up, that doesn't mean Bitcoin is "doing great". The exchanges are their own entity in the Bitcoin ecosystem. The exchange could be up while adotion/usage is down. Exchange could be down while usage/adoption is up. The link between the two is iffy at best. Anyone projecting Bitcoin value is talking out of their ass. It's an unregulated exchange, no oversight, no transparency, and the more money you have the more influence you have on the price. The swings are based on a small group of people dumping or a small group of people pumping. Currently when the price starts sliding, people read that as "bad news, sell". When the price is rallying people read that as "good news, buy". When most times it's a handful of people throwing their weight around on the exchange. |
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Stop confusing the situation with facts. It's the weekend slump. Once people's fiat starts appearing in their Gox accounts, I really expect a short term rise this week to at least 140.
There is no weekend slump, except when a slump happens on a weekend. I looked at the historical data, and you can do the same. There is no correlation between weekends and drops in the price. |
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Year to date performance Gold -10% Silver -15% Bitcoin +600% I wish gold and silver would "crash" like bitcoin. |
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Down down down.
Masters just ended. Coin buying time. =) |
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