How hard is it to believe that a good number of the whales are smart, savvy geeks like us who can see the incredible potential, but with just a fuck ton more cash? And they throw in a few % of their net worth to hold for the next few years... and everyone in the wall thread is like OH SHIT 10K BUY haha
 Smart money so clever! Smart money, trading against the trend.  Do you really want to be a part of this "smart money"? |
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People are getting to understand what "deflationary currency" truly means right now. |
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Sure, bounces and bull traps are always expected. But you can kiss triple digit goodbye.
That statement is meaningless without a time frame. Will it hit triple digits in the next 24 hours? Probably not. In the next week though? It is very likely. For the remainder of 2013. As I've been saying for weeks now. |
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Sure, bounces and bull traps are always expected. But you can kiss triple digit goodbye.
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Probably the same thing as to the 300 Spartans. They died.  |
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Funny people who thought we had enough momentum to break 100.
Funny, isn't it? |
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If you have more coins that still buy less stuff than before, then you are in the red. But if you really want to play a super long game and can stomach holding for years, that may not be a problem.
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Unbelievably, there are still a few morons doing 100+ buys right now.
How stupid can you be?
Cant wait to see them get burnt.
They cannot fathom the nature and severity of The Great Dollar Extraction. In the same way as gold bulls, bitbulls are in complete denial of what is happening. |
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Bids still very juicy, eventually someone will strike and extract a couple million USD out of that book and into their account balance. Cash is king. There we go. |
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There is no Bitcoin economy and there never has been, it's all lies and deception to justify higher prices in the minds of a few bubble driven speculators. ASICs aren't an economy. The only thing we have are Silk Road and Satoshi Dice.
I disagree. If you look at all the products and services you can buy with bitcoins, and compare it to what you could buy with all of the other currencies ever invented and used by mankind throughout history, the bitcoin economy is one of the most successful economies in history. You can buy food, clothing, gadgets, services, consumables, etc. with bitcoins. And who actually USES Bitcoin to perform such transactions? The supply side is there, but the demand side not. Like I said: all other economic indicators I know of like bitcoinstore.com, Humble Bundle sales figures, Reddit Gold figures etc. suggest that Bitcoin simply isn't a currency. |
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Yes, go and buy the scamcoin valued at 13% of Bitcoin already. This cannot possibly go wrong. By market cap LTC only has 5.5% of Bitcoin's total value. Longer term, Litecoin has 4x the money supply, so I'm calculating with that in mind. Sure, you can play the Greater Fool Theory. But I wouldn't add it and sit on it for months or years. |
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Yes, go and buy the scamcoin valued at 13% of Bitcoin already. This cannot possibly go wrong. |
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Bids still very juicy, eventually someone will strike and extract a couple million USD out of that book and into their account balance. Cash is king. |
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My guess is that we are in July or August 2011. Back in 2011, going from 32 to 10 was a huge panic sell, that was the bubble burst, which is equivalent to 266 to 50. The final panic selling that resulted in the $2 bottom happened 6 months later. That's the end of the bubble which inverts and people undervalue Bitcoin.
You can make the case for 50 being the new 2 of course.
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DDoS stood for "Distributed Denial of Selloffs". |
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The blind panic was specifically caused by the DDOS in that case. Thankfully MTGox servers are coping with this small sell off today. There is no blind bids here.
And what was this panic in 2011 caused by? The panic selling is caused by multiple weeks of parabolic price action. Any other factors like news or order delay only serve to quicken/deepen it. Human psychology is always the same.  That's right. Price action causes price action. |
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They told me I was wrong to sell my Bitcoin at $162 and I'd better buy back quickly before I miss the train. LOL  But dude, Cyprus China Turkey Argentina! |
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All exchanges except MtGox have been trading in the 80s for a while already. It's just a matter of time until MtGox follows again, and again, and again.
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I've just been buying all the way down.
Buying all the way down in increasing size (and selling all the way up) is a good strategy, you need to have some money for that though. ^^ Panic selling and hoping you can buy more coins at the bottom is not, that is more like gambling. Well my strategy has been, sell 50% of my BTC yesterday as I saw this coming and then buy up BTC all the way down on this panic sell. I'm almost totally back in again and look, the price is rising. Not all my efforts but glad to be of assistance  I don't think you know what panic selling really is. There has been none so far. |
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