Technically speaking, you aint wrong...

...but hindsight is 20/20 and you have been around long enough to know that the arse can fall out of Bitcoin with a moments notice.

A toxic asset is precisely what Bitcoin is. None of the major markets can be trusted and the vast majority of the Bitcoin are in very few hands, thus the market is cornered and controlled.

With that said. Whilst Bitcoins are in my view, worthless, the price action is the price action.

Do I think that 'they' are going to drive Bitcoin higher? For Sure! Fast profits to be had for shark traders with the stomach to tolerate the by now massive downside risk, but for anyone thinking about investing in Bitcoin for their retirement or kiddies college fund, i.e., the true believers, these people are going to get absolutely fucking slaughtered. When this worthless Chinese controlled flawed, bloated, manipulated digital token fails, it will fail very quickly.

To answer 'Ted E Bare':
In June 2016, I was correct to not want to buy Bitcoin, as significant downside was yet to come. Little was I to know that the downside target would be reached with news of the so called Bitfinex hacks. In Sept 2016, with Bitcoin in the $500 range, I called $1500 Bitcoin. Look back in this thread. It is there in black and white. I also stated that after having two Bitcoin accounts plundered, with the most likely culpritts being rats within the exchanges themselves, that I was finished trading, holding, and investing in Bitcoin, because aside from the entire Bitcoin sphere being utterly toxic and corrupt, Bitcoin is in the grander scheme of things, absolutely fucking worthless. Gold is real wealth. Bitcoin may cost more than an Oz of gold at the moment, but over the test of time, gold will always be valued as wealth whereas Bitcoin's destiny is to be revealed as the vapour that it really is.

A grand idea perhaps, but also the definition of a prototype.

June 2016.

That was before I got my Kraken account emptied, and Before I got 'finexxed'.

This is why many pro traders (who aren't market makers and/or don't have access to inside info), never trade on news events and why there is such huge volatilty around these events.

Fact is, much of the price rise of potential Winklevoss ETF is already factored in. All those who are going to jump in on 'news' are jumping onboard for the last 10-20% of the entire move, buying all the BTC accumulated by the market makers way way down below.

In all Likelihood, Bitcoin is going to get up to around $1500 before this move finally pops out. A $250 move may sound good but it really isn't.

If I told you that I knew of a penny stock, price at $0.12, which was probs going to go 'all the way' to a whopping $0.15-$0.17, but which already had put in a near vertical parabolic move, for which there had been no meaningful correction and consolidation, would you be interested? If you would be interested, then you would have to have a hole in your head, yet this is the exact same position as Bitcoin is in right now.

Absolutely terrible fucking long investment, with any short trade attempts being totally out of the question and highly likely to get squeezed. Some people about to get a fucking windfall very soon. Majority however, are going to get utterly fucking gutted.

That'll teach the:

Margin Longs
Margin Shorts
Long Traders with Stop Loss Orders on the 30 day EMA at around $1140
Long Traders With Stop Buy Orders on the break out at $1300.

Utter fucking criminality!

(not to mention pissy low volume considering the massive price swing)

It shows us how easily Stop Buy, and Stop Sell orders can be triggered by exchange insiders.

On Stamp, a big bunch of break out Stop Buy Orders were triggered. On Finex, where they have margin trading, Stop Orders on both the long and the short side of the equation were triggered, hence the total wipe out candle on that exchange.

Currently, Bitcoin is just a few 0.X% above where it was when the shenanigans started, but a whole bunch of Bitcoiners are considerably poorer, with a very 'special' select few being much richer.

total fkn smash n grab. If Bitcoin were regulated, this would be getting investigated.

You will most likely learn the hard way, that scarcity doesn't necessarily equate with value....

Otherwise, I smell the euphoria building. When Bitcoin starts to make the headlines, past experience shows us that a massive dump is pending.......



Prediction: Bitcoin to get up to around $1500 over the course of the next week, followed by a huge dump around the time of the Winkledouche ETF announcement. If it gets refused, then that will be cited as the reason for the dump. If it get's accepted, then 'buy the rumour, sell the news' will be cited as the reason for the dump. Whatever, the mainstream and social media will find a narrative to pin to the actual events. All of it painful to read or listen to misinformed waffle.

A stock, is a share in the value of a company, out there in the real world, making real products, and making real profits. In the case of AMD, they are about to release a great new CPU which will put their brand right back on the map, and then some time down the line, they release a GPU which should do the same thing. Profits and market share should improve significantly, hence the value of their stock should  continue it's broad rise.

Bitcoin, is a share in the value of a cryptographic ledger. A ledger system that is as of yet to offer any practical advantages to end users (not involved with darknet markets or small time fiscal control evaders) over conventional finance, whilst financial institutions are busy developing their own crypto ledger systems.


The point is, for those looking to make a fast buck (most people here), Bitcoin just isn't that good a prospect right now, offering way lower likely net returns with way way more risk than many conventional stocks, with AMD just being one example.

...and looking at the bigger picture, BTC just crept above it's ATH. AMD stock is still only a fraction of it's ATH, even after a 750% run....

.....truth is, AMD been in the shithouse for years, with their lacklustre processors that nobody wants. Next week, AMD release Ryzen, which smokes it's Intel competitors and costs less, in some cases much less. Sure, much of the rise in value based upon the anticipated market reception of Ryzen is already baked in, and for this reason, an investor has got to be looking for pullbacks and/or consolidations before they make their entry, but AMD stock has now got to be seen as being in a bull market. Whilst the big moves (in % profits terms) have already registered, get a pullback to $9, and I could easily see AMD get up to around $40 in the fullness of time.

For AMD, the future is rosy. For Bitcoin, after this Winkledouche ETF, Bitcoin has fuck all going for it except the same old bag of scalability and regulatory issues, not to mention having hit it's ATH on ultra low volume. If Bitcoin even doubled in value, that would be an astounding move that would defy any rational expectations. All the value baked into the Bitcoin price right now is based upon the actions of relatively few heavily invested players in the Bitcoin sphere, in anticipation of a whole load of events that may never happen.......I think Bitcoin will get up to around $1500 in the end before the bull market pops it's clogs and the The Age Of Karhu returns, but man, is it a fucking highly risky investment right now.

lol.....pretty bullish on the 1 minute there though!

Krooked Kraken.

Bump.

So who are the major players?

You think that just cos the USD exchanges are leading at the moment (due to clamp down on CNY exchanges), that it isn't the same forces operating on the USD exchanges, as it is on the Chinese ones?

Bitcoin doesn't do anything that conventional finance can't do just as well, if not better.

.........except for circumnavigating Capital Controls that is. I wonder to players in which major economy, this feature of Bitcoin may be quite appealing?

What a stupid fucking idiot you are.

Don't you get it? Bitcoin is all about getting rich and raking in massive profits. Same people who are responsible for pumping the market (i.e. the market makers) are the same people who are responsible for dumping the market, or at least refusing to support it once the market gets into nose bleed territory, lest some other whale with different ideas take a big dump on them.

For my money, there are some very deep pockets heavily invested in Bitcoin (i.e. Chinese mining cabals) who are going out on a limb to lift Bitcoin right up here,and they will probs want Bitcoin to stay reasonably high, with a min organic price floor of $500 being the lowest price tolerable to the miners, and hence to the whole Bitcoin ecosystem. Their resources are deep and plentiful, but no guarantee that they will succeed if Joe Public don't bite, and if Bitcoin continues to be largely 'unadopted', or if the good ol PBoC just keep on with their disapproving.

Perhaps you should do your altruistic bit for Bitcoin, and help these poor miners out by going all in at the ATH, with whatever capital you can get your hands on. These mining farms cost a fkn fortune to run ya know!

Buy AMD stock....far far more upside potential than Bitcoin has with none of the systemic risk.

......(but wait for a pullback in that as well)

Ever heard of buy the rumour, sell the news?

If/when the Winklevoss ETF gets approval, you can be rest assured that the market will have already priced it in......


......with that said, I dont see the huge significance of this. The Winkledouche twins already have their 100K+ BTC which will back their ETF, and their is already a BTC out there, which last I noticed, traded at a huge premium to BTC itself, and in very low volumes.



Ok....I certainly wasn't the first who immediately thought of that upon reading the OP.

yep. this*10.

whenever the shorts pile up, but the market keeps going up, expect a massive short squeezing spike, which will take Bitcoin to it's zenith....

......then after that, the dumping can commence.

Already have some gold and a bunch of silver.....

.....bought it years ago....watched it all double in value and then come right back down again.....but the big BIG pump* is yet to come.....
Shouldn't really call it a pump, cos unlike Bitcoin, the massive precious metals ramp is not going to come about due to the machinations of a few strong hands controlling the market, but despite those strong hands controlling the market.


übrigens.....

looks like Bitcoin is on it's way to $1500.....ATH and Gann arc taken out, and no signs of any blow out top, be sure to take profits though, cos what goes up, must come down.

When you know how to work with Gann Squares, they can offer a fantastic 'road map' (no good for taking trade setups off, though..need other tools for that) for any given market. The trick is getting the scale correct. i.e. how many units of price = 1 Gann unit of price (I just scale so that 45 degree line represents average price at point off swing high). There is obviously no arguing with the unit of time, which Gann himself stated should be weekly trading intervals, although Gann Squares can be applied to shorter time intervals and still provide good price road maps.



I did actually buy at $240 Torque. And held all through 2015, watching position increase by around 35%, then crash right back down, before recovering.....I sold at $335, just prior to the Nov 2015 ramp....then bought back in at $390......then despair sold at......$300! At this point, I decided to learn to trade and was gradually improving and was getting to the point where I was regularly turning out a profit.....and then I got robbed on two different exchanges. On Kraken, I got my account emptied by a 'hacker', with Kraken support offering nothing more than 'sorries for your losses, but you must have had your computer hacked, not our fault, now fuck off' (even though small scale Kraken thefts of this nature happen regularly), and then of course the Bitfinex scam came shortly thereafter.

This was the point, that I decided that I was finished with Bitcoin for good, even although I was very confident that Bitcoin was going to $1500 in the fullness of time. I stated as much in this thread when Bitcoin was still in $500 range (although obviously, I had no clue as to which course Bitcoin would take to finally get up there....with hindsight, seems like Bitcoin opted for a pretty direct route, in the face of some ugly fundamentals i.e. increased heat from PBOC).

Over the piece, I have lost thousands in Bitcoin and other cryptos. I am not stupid, in fact, I am quite smart, but I have to concede that somehow, my karmic blueprint is just not well adapted to the whole 'get rich quick' trading game and I seem emotionally compelled to repeatedly do the wrong things at the wrong time. Sept 2016. Whacked out Mescaline hit that was so strong, it sent me into a DMT entities world. It was coming down off that, that I seen Bitcoin being driven up to $1500 and no mistake about it. At the time was totally confident in this prediction due to where it came from. Told everyone in real life, and posted it on web forums......but I didn't give a fuck. I was 100% through with Bitcoin and all the sharks and crooks swimming around pretty much anything to do with Bitcoin.

I reasoned, and still do reason, that even if my nominal wealth gets wildly pumped through holding Bitcoin, the nature of Bitcoin is such, that you can lose everything, pretty much at the click of a finger. The exchanges pull whatever stunts they wish with utter impunity and the whole project can be turned off overnight by the PBOC.

In the long run, all the current crop of crypto is gonna fail, and in the long long run, global currencies are either gonna fail, or experience some kind of reset or 'consolidation' event. If Trump and his cronies get their way (and I suspect that Trump may prove to be an even bigger dark horse than he has already proven himself to be), he is going to hyperinflate the USD, bringing all those trillions of stored up M0 from post 2009 QE, into Main Street. Crypto good prove very interesting through this period, but at the same time, ever so fragile. Only safe place to be in the end will be in physical gold. Russian and Chinese governments are stock piling gold, not Bitcoin.

The rules of the Gann arcs are, that if price bursts right through a Gann Arc, then price will come right back down to retest that Gann arc, which Bitcoin certainly did. The Gann arc was applied by scaling the chart so that a 45° line represented average price from the period at the start of the Gann Square, to the ATH. The spike up to $250 is taken as the point of first resistance, hence the first arc is positioned on that high. It can be seen that Bitcoin shot right through the 2nd arc at around $250, and then again through the 3rd arc, finally failing at the 4th (green) arc, at around $1200. Since price had burst right through the 3rd arc, and also the 2nd arc, the rules of Gann state that these arcs should then be retested, which they both were in as spectacular fashion as they were taken out to the upside. I put this chart together in late 2015. It has since predicted the $780 top, and price is doing as it should on the current Gann arc, and is struggling to get through it, having been violently rejected on the first attempt. Most likely, (i.e. in terms of statistical probabilty) price will fail here once again, and Bitcoin will get whacked back down a bit and be forced to consolidate. If Bitcoin just burst right on through here however, then it can be expected that this arc will be retested somewhere down the line...........


.......with all that said, I still like Bitcoin up until at least $1500 before this pump is said and done.....will probs go a good bit higher as well.