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I also didn't think wall street, or hedge funds would jump into bitcoins any time soon. It just seemed to risky.
First, all the exchanges etc. are far too risky to hold any significant amounts of money in. They are also slow as hell, I Just lost hundreds today in potential profits because stupid bitcoin took way too long to confirm a transaction.
Bitcoins I would think would also be highly unsafe to deal in. Imagine someone internally just transferring out all those bitcoins into anon coin, then transferring them to another coin, and mixing it up until their is no trace. Hedge funds would have to take serious security measures here, its not like trading in fiat which is much more safer.
It could happen, but bitcoins are in no shape or form ready for serious money from wall street. I just don't see it.
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Love it how the bulltards push the goal posts back now that their fantasy tu da moon rhetoric hasnt panned out. Ya, lets save some face by saying...welll, ya know, it's still higher then the last bubble..
anyway you slice it, %75 drop over a few weeks is insane, many suckers who listened to the bulltards lost their underwear.
Yep, the problem with listening to anybody on bitcoin forums or chat boxes is that they own bitcoins so they want it to go higher. Makes sense, every dollar it increases is extra money for them. I do not own bitcoins so I am not biased trying to push up the price. What I do not understand is why the mods have not banned me yet for being so bearish. I do believe bitcions should have a steady growth, but nothing like the growth we have seen. Speculators need to keep making money and once they can't pump it anymore and profit from it then it seems to go bust. |
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Bitcoins tempory rise was very weak today. Looks like another temporary price point before a further fall, just like when we stopped at $900, $800, $700's.
All signs pointing for another crash, people are starting to sell. When China wakes up they will start to dump in mass again.
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Because people are buying up 'cheap' coins.
Market pressure is clearly downwards. This will break 470 and will trend down gradually towards 320 or even less.
With china more or less out of the game, those buying now will be regretting when it hits 300s.
Brief bounce seems to have passed. Down again.
It does look like that. The price seems to be holding very weakly around this point. Lets face it if people thought bitcoins were dirt cheap they would be scooping them up. The price would easily skyrocket forward as we all know. Seems to be going down slowly, getting close to the $400 range on some exchanges. Its hard to believe a recovery from $550's is going to happen now, as it would have already happened. |
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Bitcoin is looking weak again. Coming off tempory highs.
We may very well see another downturn tonight.
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There can only be one person who buys at the very bottom. Remember that.
Yeah....the April bottom was $50. But $60 - $70 range was waved in everyone's faces for quite a period of time back in July 2013. The absolute bottom, I am not interested in. That will always be hit by either the sublimely lucky, but more likely some high risk tolerant mad gambling bastard or some Bitcoin whale puppet-master ensuring that a certain price target becomes the bottom, although as market cap grows and grows, I would imagine market manipulation will become harder and harder to do. Who knows, perhaps the money that will pile into Bitcoin at thee bottom will be from Wall Street, now that we just happened to have had an effective pump n dump from the Chinese government. One of the interesting things out of all this is that it reveals how vulnerable Bitcoin is to interference from governments. Sure, if Bitcoin remained a small time underground thing as it was when I first started using them for Silk Road purchases, then there would be little that governments could do to harm it. But allow it the oxygen of publicity, tacitly approve of it or even encourage it, allow it to grow into a monster, then the whole Bitcoin universe will find itself at the mercy of governmental whim. Bitcoin nutters who view Bitcoin as the 'currency of freedom' might want to take note of this. I think Bitcoin will tank quite a bit yet, there are still all those Chinamen who need to get rid of their coins so in my view, it must do. I think that Bitcoin will then have a period of stagnation, possibly during which big Wall St money quietly takes a large position over as long a period as possible, luring Joe Public in, and shaking him out. When these guys have a suitably dominant share of the market, my hypothesis is that we will have another Bitcoin bubble, hitting unfathomable heights and sucking in a huge volume of funds as Bitcoin goes truly mainstream. The banks will suck in all the wealth, and then allow the whole thing to go 'pop' once again, resulting in a truly massive transfer of wealth from the hands of the masses, into the hands of the few. Buy when it's $1000, maybe it's safer then  When I was selling at $1000, I was getting told by everyone here that I would be crying when I was buying back in at $1500. Is that the standard line of the standard Bitcoin retard? I agree with you in that it will bottom and then should stagnate for a while at a certain level. Or basically stabilize at a certain level, obviously above the all time low. I personally do not like trying to time the low as I feel it is too risky and not worth the reward of hitting the absolute bottom. My original position in 2012 after it reached bottom was to just wait for it to stabilize and at that point buy. This way bitcoin finds its correct value and then you can have stable growth from that point. This would have been buying around $10 dollars as that seemed to be the long term stable growth point after hitting the low. Right now I think it is best to just wait until everything stabilizes. There is still too much risk that it will head lower. Yes you could possibly make more money if you correctly timed the bottom and maybe we hit it already, but I am smart enough to not gamble with my fiat with the downside risk of it going lower. I want to also say that one of the reasons that worried me about bitcoin originally was that I could not see how the US government would allow bitcoin to be an alternative form of payment. I saw what they did to those people who owned "egold" I believe or something like that. The government went in and raided them and shut them down. The China thing doesn't surprise me that much, but what does surprise me is that the US government supposedly seems more accepting to bitcoin than I would have expected in 2011. |
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Maybe I should buy reasons:
Prices look cheap relative to the prices we just had
Looks like it could continue to go high and higher at this point
Maybe I shouldn't buy reasons:
China was the main reason why the prices rose so much now they are unloading all their coins
Is $575 dollar bitcoins sustainable without china
Prices were below $200 before china stepped in, why shouldn't they go back to that level
Will china start unloading tomorrow when they wake up
Are we just stabilizing here before we drop even further just like we have at $900, $800, $700
Will new buyers really want to fork over $600 or more dollars for a coin that just fell 50% from its highs, and china is no longer in the game
Hmmm.. What do you think?
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Looks like it will stabilize around here before falling again, just like it did at $900, $800 and $700. Don't expect the drops to stop or the bottom to be here. $500 bitcoins is still way overpriced and not sustainable and especially without china.
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Bitcoin broke $500, falling fast. Will probably stabilize under $300!
This is getting as good as that drop to $2.00!
I have an order for 1000 Bitcoin at $449. You raised my hopes and I dashed to the gox website to see and found...nothing  Hatechu. Don't worry, you will get your $449 dollar bitcoins sooner than you think. |
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so you trolling buddy?
don't I deserve it after all the crap I took from many users here about me warning them the price was unsustainable? unsustainable for what period?!.... Unsustainable at least for some years ahead. With china out of the game, who knows how high it will rise in the future. It is showing how much china was involved in the recent price hike. |
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so you trolling buddy?
Firstly, just reporting the news as this is very important and relevant in a speculation thread. secondly, don't I deserve it after all the crap I took from many users here about me warning them the price was unsustainable? |
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Bitcoin broke $500, falling fast. Will probably stabilize under $300!
This is getting as good as that drop to $2.00!
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$500 bitcoins cheap? You haven't seen anything yet
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Yeah, I just came back during this recent price spike. I guess just like why I came around in 2011 during that price spike.
What amazes me is the bullish sentiment that is almost blind and religious. The people really believe that the price will not fall and will go to astronomical levels.
It kind of fascinates me that these bulls can not see the truth that the price is totally not sustainable so I stick around while the price falls.
I do try and help and tell people to sell during the way to the bottom. Even this time at $1000 I made a post specifically telling people to sell and it would be their last chance to sell above $1000.
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In the 2011 bubble it went from ~$30 to $2.01.
That would be like going from $1000 to $66 during this bubble.
Seems unlikely, yes. But it also seemed unlikely that it would go to $2.01 at the time.
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Mt GOX. broke under $600 dollars!
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What are you waiting for, keep buying
Many people are expecting $450 and lower on BTCE troll box. Expectations are really low, we are going to go really low soon. I bet the bears who thought the bottom would be $600 are rethinking their positions now. |
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Gox under $600 dollars. Everything is free falling. China selling off like crazy.
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I do not understand how it can be a ponzi scheme if the ultimate goal of Bitcoins is to replace traditional currency with a decentralized one. The USD, CNY, EURO value that you are placing on it does not mean it will end even if the value of the currency that it is trying to replace dictates it is worth next to nothing. Bitcoins is not suppose to be a stock where it is valued by the company that is offering it. Kinda defeats the purpose if the ultimate goal is to convert it back to something that it trying to replace.
I think it may not meet all the requirements for a Ponzi scheme, but in a way it is acting like one. At least it has many similarities. However, there is no fraud involved with bitcoins, and was never intended to be a Ponzi scheme. With the recent rise of bitcoin, the original people holding the coins made millions, while the people entering down the road lost millions. Kind of a similar to a Ponzi scheme. When a Ponzi scheme fails it falls quick and the last investors lose big, similar to the recent price bubble. But you could also call the US housing bubble a Ponzi scheme, the people who sold at the peak and got out made the most money. However, I blame the idiots who bought bitcoins at the peak thinking it would go higher, they were just gamblers looking for easy money. I also blame the idiots who did not sell at over a $1000 when they had plenty of chances to. |
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Now that China is banning bitcoin, don't expect the crash to stop. The best thing to do right now is to get out when you still can. This time around there will be no dead cat bounce, bitcoin crashed right in the centre of media attention and any faith gullible idiots still have in it will be destroyed.
It's over. Bitcoin is finished. Good riddance to this little Ponzi scheme.
I have to agree with him. At least he sees where this is all heading. The current situation for bitcoins is very very bad, and the drop will be a lot lower than most people expect. I also agree there will be no dead cat bounce here, there simply is no enthusiasm anymore for bitcoins, at least not for prices this high. Buying into bitcoins now will only distribute your wealth into the hands of other bit coin holders as the price continusly drops. You will be cashing out people who most likely paid less than 100 dollars. Anyone still in the game at these high price points is totally insane to not crash out. As I write this Mt. Gox is making new lows. |
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