The Bubble Popped

[accord01]

I thought the previous high in btc history was 266 on mtgox, but it seems like it was only 240.... anyway...  this new jump and correction is happening exponentially faster...

new trends will definitely be happening exponentially faster.

[accord01]

new rally starts in 5 4 3 2 1...

[wopwop]

The bubble can't pop as long as you can't withdraw real money in significant numbers

Thank MtGox

[mootinator]

Sheesh, with all the people openly having a target of $1000 it's going to take years to get there and crash magnificently the moment it does.

[Xiaoma]

Well it was quite a drop, and I wasn't happy to see it.  But it's fairly typical for Bitcoin lately.

Oh I was happy indeed, I had dollars ready for days, just waiting for this correction

[600watt]

Sheesh, with all the people openly having a target of $1000 it's going to take years to get there and crash magnificently the moment it does.

so you think it wiil take years for this

https://bitcointalk.org/index.php?topic=285771.msg3055867#msg3055867

to take place ? and then it would crash ? that would make it a strange party...   

[mootinator]

Sheesh, with all the people openly having a target of $1000 it's going to take years to get there and crash magnificently the moment it does.

so you think it wiil take years for this

https://bitcointalk.org/index.php?topic=285771.msg3055867#msg3055867

to take place ? and then it would crash ? that would make it a strange party...   

Well, I'd expect a large correction somewhere around that level at any rate.

[windjc]

Sheesh, with all the people openly having a target of $1000 it's going to take years to get there and crash magnificently the moment it does.

It depends. If Bitcoin hits $1000 for the same reasons it hit $266 in April - pure speculation - then, yes, it will crash dramatically. In fact, it will most likely crash before it gets to $1000, if its based mostly on speculation.

However, if the underlining fundamental values of BTC increase such as:

A. Legitimacy as a true store of wealth - (ETF funds, financial markets treating it as if it is a viable option)
B. Increased adoption and implementation in developing or struggling countries (i.e. relationship with M-pesa/Cyprus)
C. Legitimacy as a currency grows - adoption by large internet companies/off-line retailer brands, etc.

then $1000 could come and go without much ado at all.

It really just depends on how Bitcoin evolves over then next 24 months.

[Lohoris]

The only thing that really happened was that some folks who think bitcoin is just another market that you use Wall Street strategies for got their clocks cleaned.

The only people selling at $160 and $155 were wonks and day-traders that had stuck in stop-loss orders. Now when they wake up in the morning, they can look at their balances, and then climb back into bed and cry into their pillows because they got their pockets picked.

Bitcoin trading is not Wall Street, and if you try that crap eventually you will get eaten.

It's no different than trading anything else - there is no formula, and most traders, including professionals, end up failing to beat the market.

Actually they do differ.

Bitcoin is much more volatile and have much wider swings up and down, so while the principles might be the same or at least similar, the actual values are quite different. This means that if you take some constants from your wall street trading, and you "just use them" in Bitcoin, they will perform quite poorly. That's why he wrote that example about stop-loss orders: in wall street market, likely such an order would have made sense. Here it was just a normal swing.

[BitcoinAshley]

Still waiting for the "bubble" to pop, Op 

[JimboToronto]

Still waiting for the "bubble" to pop, Op 

[BitcoinAshley]

Let me guess... this is just a "dead cat bounce," right, OP? 

[BitcoinAshley]

OK, it's official, the "bubble" is DEFINITELY "popping" ... ... it's just doing it really, really, really, slowly. 

Nice call, OP 

[wobber]

Reviving this thread because it suits well today.

[freedomno1]

Looking back I feel that defining a bubble should be measured in weeks not months