Just how many more corrections does the market need? We're already down a lot from previous mini-rally and at the low side of the fibonaci fans. I don't think your conclusion is wrong but i just wonder why the market wants so many corrections even with all the good news and also the timing is about right for the next rally.
It just feels too bearish atm.
Take a look at the negative divergences all lining up at the moment:
https://bitcointalk.org/index.php?topic=499968.msg7372816#msg7372816I guess the bottom line is that 95% of people buying Bitcoin are buying it with the sole interest of having someone else who is willing to buy it back at a higher price at some point in the future. Bitcoin is a game of catch the momentum and then avoid the swingback that traders are playing, which is all held together by the belief that at some point in the future, Bitcoin is going to actually be a useful and reliable commodity to the masses. Without any real surge in demand for Bitcoin for it's practical uses, then the overall trend in Bitcoin is going to be regressive, as an asset dominated by speculators is going to be a zero sum game and thus destined for ever decreasing cycles until some kind of external impetus comes into the market. Just look at practically every single ShitCoin out there. Speculative flash boom followed by relatively slow and grinding bear market as volume and value of the coin dwindles away to nothing.
In April 2013, we had the Cyprus bank bail-ins, which apparently was responsible for the $10-$266 bull-run. Then in November 2013, we had the China craze until the PBOC gave Bitcoin a disapproving grunt. Again, the big attraction of Bitcoin to Chinese investors is that it is/was an easy means to bypass their countries stringent capital controls and get wealth out of the country. The last truly insane bout of Bitcoin buying I remember was back in early March 2014, when within the space of one day, the day in between the Ukrainian Hyvrnia looking as though it could turn to dust and the EU/IMF offering a $17 Billion bail out, Bitcoin rose over $150 in one single day, the vast majority of it occurring during Eastern European Office hours. In otherwords, the big recent bull-runs that have required a significant amount of capital injection have all coincided with some kind of panic capital flight activity/planning........or was it all really down to Traderbot Willy?
As horrible as it is to say it, as far as another parabolic bull-run goes, Bitcoin needs a capital flight event. Increased merchant adoption is all very well for the long long term acceptance, propagation, and use of Bitcoin, but considering the already wildly over extended market, increased adoption is actually bearish event in the short term. What every single troll on this forum subsection is wanting is another massive injection of fast cash. Capital flight is the only feasible source of what the Bitcoin community are looking for.
They did when i signed up to them a few months back, same requirements as stamp. passport, utility bill etc
When is the last time that you have tried to move money onto Stamp?
Ok Mr Bett, we have received your request to transfer 50p onto your Bitstamp account. Unfortunately however this transaction exceeds some of our limits and we are therefore going to have to ask you for:
Your tax reference code and tax return forms.
Proof of how you earn your money.
Receipts of any computer equipment you may have used for mining.
A short history on how you first heard of Bitcoin, 2000 words will suffice, English US spellchecked.
Why do you want to buy Bitcoins.
What do you plan to do with your Bitcoins.
Seriously!
