Also read the professionals (rpietella,) comments here carefully;
Hahahaha. Too funny.  |
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Then why don't you help out and report the crap? "Report to moderator" in the right bottom corner. I'm constantly deleting things, perhaps you don't notice. edit: I just saw that you did at least report one thread. I've deleted that one too.  |
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Liquidity and convertability are the largest part of Bitcoin's value. It's not a consumption good that people would need. Therefore, making Bitcoins harder to attain decreases their value. Do you really think that if MtGox went poof, prices would increase in the OTC market? |
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It's funny because even though I personally thought Bitcoin would never have a bubble like the 2011 one again, people still bought in, and insults raged at anyone who called, or even voiced concern about it. I'm optimistic about Bitcoin long term, but the reality is, the community loves its baby more than the rest of the world does (as of yet), and is too bullish in general. After a 2046% rise from $13 to $266, all anyone could say is "Don't sell now! We're headed to $1000 and beyond!"
My point is, we just recently saw irrational thinking with regards to price (I was beginning to succumb myself so this isn't an insult) on a scale that just shouldn't be possible, and I think caution is still warranted. The price could go up... but it could go down $50 or even $30.
What's truly incredible is that Bitcoin went down 81% in 3 days. So that part is already worse than 2011, where it "only" crashed from 32 to 10 in the initial burst. I also thought this market would get more efficient at higher prices, it's truly incredible. It's like the speculator's perpetuum mobile, the infinite money making machine. Also, I love how everyone gets hyped about some news piece and justifies the next bull trap with it. It's Tuesday after a long weekend, and the price is going down like on the last Tuesday. |
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Remember this, guys?  Now look at this:  Now, at what point do you think we are? |
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Yes, it is concerning.
The Great Dollar Extraction is upon us.
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Volume picking up on this downtrend.
If anybody cares, I cancelled my highest outstanding bid at $95 and moved it to join another lower existing bid as part of a spread of bids should this downtrend indeed make a strike for $80. I now believe that a retracement from a retest of $80 might not get as high as the last one did.
I don't think it will drop much further right now. I think people are beginning to learn their lesson... You must be new here. |
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And personally, I accept bitcoins in my business since 2012. What are you doing for Bitcoin?
Bitcoin is the new religion/patriotism/communism. Traitors are shot! |
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Everybody is hoping for cheap coins but this is very bad for Bitcoin with the price moving like this. We'll see if the people in China that downloaded the client are willing to buy in a declining market.
Exactly. I don't get it how keep act like it's a party when the price drops. It's bad. You can buy a few coins 20 bucks cheaper. Really, that's worth potentially killing the coin? Don't you think you'll make more if we actually let this coin grow to 300 dollars and then slowly sell them if you're so desperate for money. There is nothing good about seeing it crash over and over again. Really nothing. Unfortunately the majority of the people in Bitcoin don't care about Bitcoin. They just want to make quick money. Preferably by sitting on the ass, holding coins and wait for others to make developments so they can become more valuable. That's exactly what this forum is about. |
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For a real contender, if it works as advertised, look at Ripple.
So how many RippleCoins do you own?  About 1000 I think, which is worth pretty much nothing. I sold nearly all I got in their forum handout. Ripple prices have been hugely inflated since its inception because they haven't distributed any meaningful sum yet. There are 100 billion ripples, and its last price is 8800 per BTC. Wish I could short this thing. I wouldn't advise anyone to pay any money for them, OpenCoin claims they will distribute all within 2 years, so it's going to get flooded and you'll be able to get them for free, like here: https://bitcointalk.org/index.php?topic=145506.0My point was only that it appears to be a good system if it works under stress. There's no mining and transactions are instantaneous. If there is anything to compete meaningfully, I don't think it will be Litecoins and xyzcoin but Ripples because it's a completely different system. |
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The real problem is, we can never be sure that Bitcoin will have another bubble at all. When enough new, inexperienced speculators come into the market, we will see another bubble. I don't know whether it can survive the bear market with its position as Digital Cash #1 with things like altcoin competition (Litecoin is coming to MtGox, and Ripple might be a true future competitor) and problems like the block size limit. Thoughts? That may be impossible to predict. Usually the first comer garners a natural monopoly. That is why there is only one big eBay, only one big PayPal, only one big Facebook, only one big Google. Of course these don't stay natural monopolies forever, but usually they can cling to their position for many years. That said, if a new digital currency comes along that has at least one clear and important advantage over bitcoin, then things may change. MySpace preceded Facebook, and there were search engines before Google. I don't know about the other examples. It will be interesting to see what happens once Litecoin trades on MtGox. Although I don't believe Litecoin stands a chance, it may still decrease faith in Bitcoin. For a real contender, if it works as advertised, look at Ripple. |
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There was a similarly sized ask from when we plunged to 50 and rebounded to ~80 in the 90s. Of course it vanished.
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Looks like we are back in 2011, where huge walls were used to manipulate people on either side.
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Looks good. I think this will suffice for a good bounce.
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Things like PayPal are currently nothing but maybes. So far, there is only Silk Road and SatoshiDice.
Remember MySpace?
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Price is going down because a price bubble has formed and burst, and we are now in the process of deflating it.
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Price leads Google Trends.
Google trends is worthless except as a lagging confirming indicator of major market cycles.
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I named this bear market The Great Dollar Extraction.
Perhaps it should be called The Great Bitcoin Expansion, but it just doesn't have the same ring to it.
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Seems that the recent flash to 80 was too quick for my taste, my personal take is that we're crossing into oversold territory, might see a rebound to ~110 soon before returning back on the downward trend and slowly heading back.
110 ? No way. It's possible, retracements can be quite violent. If it's worth trading it is another question. |
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It means we go there and it acts as a resistance, pushing the price down. It just happened now, by the way.
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