HA this guy was wrong, half life is even less now.

So when bitcion was well over $15 or $20, I was saying I would buy bitcions when they hit around $2.00's, that is when I said it was a good long term investment.
Now that it hit that point, I do not even want to buy them. It seems that one thing consistant with bitcoin since it hit $30, was that it continues to drop.

Being one of the bigger bears about bitcoin, I am not sure now where the bottom is. Since I missed buying oil when it was $30, I was waiting for it to hit $20, I do not want to miss the bottom here.

Personally, I think I am going to wait this out for a long term stable price. I believe it should bottom out and stay at that price for a long time, like months, then it may gradually go up from there. But with gradual, I am saying, like 3-5% a year. Reason for saying this is that, 7,500 or so new bitcoins are coming to the market every day, this will have a stabalizing effect on bitcoin.

So I am going to sit this one out.

Remember, bitcoin always reaches its new lows, then it has a dead cat bounce. But the fact is that something like 50K-100K of bitcoins were sold to make it fall this low. These people now own these bitcoins. It only takes maybe 5K bitcoins to increase it back up a bit. However, 100,000 or so bitcoins are now sitting in these peoples pockets.
If they dump them they will make bitcoin fall further. They should also be less likely to buy future bitcoins, now that they own many of them.

actually $1.00 will be much better for using bitcoin as it was intended. Nobody wants to trade a coin that is worth $15 bucks. People will be more likely to spend a coin that is worth $1.00.

It will also be better that the price just stays low, forever. This way you don't get people hoarding and not using bitcoins to get them more accepted.

Update as of 2:06 AM eastern time, 10/17/11
Take a look at how weak the bids are before the manipulators come in and increase them all. These are the bids of the average investor, not the manipulators trying to make money. Look how weak it is right now. Again, you are crazy to buy, you are betting on the manipulator pushing the prices back up.

Take note of all the bids below 1,000 bitcoins. This clearly shows that there is not much demand.


Bid 2.3  290.33
Bid 2.35 767.66
Bid 2.4  371.09
Bid 2.45 92.54
Bid 2.5  4134.71
Bid 2.55 455.03
Bid 2.6  564.83
Bid 2.65 2143.07
Bid 2.7  1357.9
Bid 2.75 1758.15
Bid 2.8  2524.34
Bid 2.85 135.71
Bid 2.9  858.04
Bid 2.95 104.64
Bid 3  8770.97

TO OP, yes I think they are all suffering. I warned to.

HE was right, he won the bet.

Wanted to add that I pulled all my funds out of mt. gox. I don't want to take the risk that mt. gox. could be one of the people who has been buying large amounts of bitcoins on other peoples money. That is why they have continued to keep throwing money into bitcoin as it has been dropping as a last chance to save themselves.

Since they can't save themselves or the price, I don't want to be part of their ponzi scheme failure.

I also will not be buying any bitcoins at this point because more than likely the price will be going down way further. I do not see any reason that will change my mind at this point. I think bitcoins will eventually fail and go under $2 and probably $1 dollar with time.

SO to be safe I'm getting my money out.

I enjoy it, but lets rephrase this. It is not panic selling, especially at this point. It is people being rational and finally realizing that bitcoins are not worth much money. They want to get out before it falls even further, which it will. It is not panic selling at this point but smart selling.

Same here, as you probably remember, I've been enjoying the price falling from the $30 dollar mark. I like it because I got flammed to death when I used to say anything negative about bitcoin back then. I also did not like the fact that the forum stopped newbie posts under 50 when the price started to fall hard from the $30 dollar mark. I felt this was a form of manipulation on there part to stop panic selling.

It is enjoyable because people were treating bitcoin like it was a cult thing. They lost all sense of reason and good judgement.

What do you mean exactly "everone looks onto melting buywall"?

Like I have been saying all along the problem with bitcoins are that there is just not enough money it it to support all these miners who want to make cash for just running their video cards.

I used to deal in antiques and I see bitcoins in a similar way. There is pratically no use for antiques or bitcions. People just hold them for value. When too many of either antiques or bitcoins hit the markets, the price drops hugely. Everybody has bitcoins, can't do anything with them. Scarcity is the only thing to bring up value, but guess what, thousands of new bitcoins are mined every single day. With antiques, maybe 1 or 2 of the only product are worth 10,000, you bring 10 to the market, that price just dropped to $500.

The market is so tiny for people who will actually pay cash for these useless coins.

What the market really needs is a stable bitcoin, maybe tied into the cost of living. This way it will have some practical use as you could store your money into it without the wild price swings.

It is trading if you want to hold some bitcoins and you buy them, or if you have some bitcoins and you sell them at the current market price. Or maybe even throw in a set price for your bitcoins.

It is manipulation when you put up bid walls (as the manipulator does) to try and make other people buy or sell bitcoins. This is manipulation because he is trying to show that there is lots of demand for bitcoins, when in reality he just removes these bitcoins as soon as the price starts dropping.

I am sure you get my idea. He is playing on the psychology of others.

Anyone notice the manipulator pulled his 10K bitcoin wall back to 3.8. It is looking bad for bitcoin.

To sum it up, people are crazy to buy in right now. It seems that people forget what the old prices were, and a price spike to 4.45 will make people think bitcoins are doing great. It can barely hold $4.00 now, just like it was hanging around $5.00 and $6.00. The price needs to take a beating some more then we will be around $3.00.

I seriously doubt it is the same person on both sides. Why would anyone want to lose money by doing that.

However, this person is trying to force the price higher by continuing to place his bidwalls higher.

We need someone to sell into his puny attempt to manipulate the price higher.

I don't understand, you used to flame me when bitcoin price was around $20 dollars and i said it would go lower, now your saying to sell?

We got to get that price into the $3.00 range to set a new psycological level. Sell guys, someone out there sell to drive the price into the $3's, and show that bitcoins should be cheap for everyone to own and afford.

If anyone has noticed that when the price drops fast, faster than the market manipulators can put in the phony bid walls. It usually shows just how weak the bitcoin market really is without the big players.

You can see that even with such a low price now in the $3.00 range, most of the increments have less than a thousand. Before long the manipulators will come into the market and inflate all these prices. I have noticed this from the drop of $30. This shows that most of the bids you see are just fluff. The 10,000 bidwall at 3.2 was just placed them from $4.00, as earlier the 3.2 mark was I believe under a thousand.

Most of you who are betting on prices going higher really have to take a look at just how weak the demand is for bitcoins. You guys buying thinknig the price will go higher are really betting on if the few big players (manipulators) will drive the price up higher. But after what I have seen today, where one of these manipulators fools put up a 30,000 bidwall, that looked to be totally sold into, I doubt that they will continue to try and shore up the bitcoin price. They have to realize most of the comptuer geeks into bitcoins are cheap, and will just mine their bitcoins and sit it out for the price to just go lower. They have to also realize that the early adaptors probably still have over 500,000 bitcoins that they are still looking to unload.

The end should be near, this whole bitcoin ponzi scheme should all come crashing down soon. Which is good because we can finally start to use bitcoin for fun purposes, like gambling and porn, instead of most of the fools hoarding them thinking they will be worth a small country in a few months.

One thing to note is that with these lower prices, the demand should be much higher. Also, the following prices are also somewhat manipulated already as I copied this late.

Bid   3.1   300
Bid   3.15   3.18
Bid   3.2   10713.1
Bid   3.25   1833.43
Bid   3.3   1664.33
Bid   3.35   127.81
Bid   3.4   584.55
Bid   3.45   104.93
Bid   3.5   2994.65
Bid   3.55   872.81
Bid   3.6   4903.03
Bid   3.65   3280.2
Bid   3.7   1394.52
Bid   3.75   436.13
Bid   3.8   2311.04
Bid   3.85   1397.43
Bid   3.9   1382.49
Bid   3.95   261.08

The guy pulled his bidwall of 13000 bitoincs out at the 4.00 mark and looks to have set it at the 3.2. He is giving into a total collapse.

All I know is this is a new downward movement we have here. It has been stable for the last couple of weeks around $5.00 but now the selling pressure is very high. Nothing really new here, this has been the same with bitcoin since the drop from $30.

The first bidwall which was at 14,000 bitcoins has been chewed down to 10,000 bitcoins. People are selling into this bidwall.

Interesting stuff is going on. If it was not for this huge bidwall, we would be pushing into the 3's and lower.

I think bitcoin is finally going under, we should have selling pressure into the $2.00 and $3.00 range. Personally, for the last months I thought around $2.00 would be a good buy, but now that we are this low, I do not even think I would buy any considerable amount of bitcoins at that price.

The person or persons involved with this huge bidwall are crazy. Why would they put up such a large bidwall? how will they sell all the coins they will buy. Like i have said a million times, this person has probably lost thousands of dollars trying to keep the price from dropping. What an idiot. He should learn the economic term "sunk cost"