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Author Topic: I have reason to believe there is a correction happening  (Read 3965 times)
pretendo
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October 07, 2012, 05:04:34 AM
 #1

And I think there will be reversal hysteria before it corrects downward again. The price of bitcoin is currently inflated by speculation, and isn't proportional to time value (market interest rates) immanentizing expected supply changes, nor have there been any groundbreaking bitcoin commerce developments compared to failed markets/scams. I would turn your bitcoins into USD for now.
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October 07, 2012, 05:22:02 AM
 #2

I would say buy, not sell . . .
pretendo
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October 07, 2012, 05:37:12 AM
 #3

Maybe buy before you think the (false) reversal crests and then quickly sell. It's already starting
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October 07, 2012, 07:59:46 AM
 #4

And I think there will be reversal hysteria before it corrects downward again. The price of bitcoin is currently inflated by speculation, and isn't proportional to time value (market interest rates) immanentizing expected supply changes, nor have there been any groundbreaking bitcoin commerce developments compared to failed markets/scams. I would turn your bitcoins into USD for now.

Agreed. I've sold all of mine and am hoping to buy back around 8.
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October 07, 2012, 08:08:37 AM
 #5

I would turn your bitcoins into USD for now.

"To complement the Forum moderation policy for Speculation, here are a few guidelines on why postings are likely to be deleted or moved.
On Market Manipulation:

    Clear suggestions to market participants to take a particular course of action (e.g. "Buy now before the price goes to 5", "SELL quickly, the weekend is coming")
    Deliberate spreading of false or forged and deceptive information like faked charts
    Announcements to take a particular market action (e.g. "I am going to buy 50k BTC tomorrow, so you better buy now.")"


Sorry to be an ass, but if our moderator is going to delete my for fun threads because, in his view, they lack "substance" then I am going to at least insist that he enforce his own bullshit rules.

Not, mind you, that I have ever understood what good a "speculation" forum is with such rules.

This is not some pseudoeconomic post-modern Libertarian cult, it's an un-led, crowd-sourced mega startup organized around mutual self-interest where problems, whether of the theoretical or purely practical variety, are treated as temporary and, ultimately, solvable.
Censorship of e-gold was easy. Censorship of Bitcoin will be… entertaining.
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October 07, 2012, 09:49:13 AM
 #6

I would turn your bitcoins into USD for now.

"To complement the Forum moderation policy for Speculation, here are a few guidelines on why postings are likely to be deleted or moved.
On Market Manipulation:

    Clear suggestions to market participants to take a particular course of action (e.g. "Buy now before the price goes to 5", "SELL quickly, the weekend is coming")
    Deliberate spreading of false or forged and deceptive information like faked charts
    Announcements to take a particular market action (e.g. "I am going to buy 50k BTC tomorrow, so you better buy now.")"


Sorry to be an ass, but if our moderator is going to delete my for fun threads because, in his view, they lack "substance" then I am going to at least insist that he enforce his own bullshit rules.

Not, mind you, that I have ever understood what good a "speculation" forum is with such rules.


I don't agree with those rules either, but we can still speculate without telling other people what to do Wink

www.bitbuy.nl - Koop eenvoudig, snel en goedkoop bitcoins bij Bitbuy!
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October 07, 2012, 09:51:33 AM
 #7

Some of these threads say the most obvious things like " I have reason to believe the price is going down".....oh really?

12.75 > 12.25?

LOL  Cheesy

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October 07, 2012, 12:06:24 PM
 #8

Some of these threads say the most obvious things like " I have reason to believe the price is going down".....oh really?

I have reason to believe that 1 BTC will be worth exactly 100,000,000 satoshis tomorrow. Also: I don't give a fuck about the exchange rate.

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October 07, 2012, 12:25:53 PM
 #9

People are buying it up ~12, therefore it goes up from here, not down.

My 2 satoshis
Atlas
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October 07, 2012, 12:30:22 PM
 #10

People are buying it up ~12, therefore it goes up from here, not down.

My 2 satoshis

Here's why your reasoning is lacking: There's more or less 300 BTC above 12 USD. That is not a strong resistance at all. Below 12 USD, there's no support until 11.80. The buys you are referring to are miniscule. The day is only starting.

Even if you there are people buying, the sentiment right now is bearish. There were still major selloffs this morning and yesterday. Things may change Monday when the banks open depending on other factors but with GLBSE gone, I think things may remain bearish.

I see no reason for people to go crazy over buying Bitcoins this time of year.
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October 07, 2012, 12:43:48 PM
 #11

Some of these threads say the most obvious things like " I have reason to believe the price is going down".....oh really?

12.75 > 12.25?

LOL  Cheesy

LOL, the timing on this thread is hilarious.

The price of bitcoin can never be sustained over $50k
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October 07, 2012, 12:48:56 PM
 #12

People are buying it up ~12, therefore it goes up from here, not down.

My 2 satoshis

Here's why your reasoning is lacking: There's more or less 300 BTC above 12 USD. That is not a strong resistance at all. Below 12 USD, there's no support until 11.80. The buys you are referring to are miniscule. The day is only starting.

Even if you there are people buying, the sentiment right now is bearish. There were still major selloffs this morning and yesterday. Things may change Monday when the banks open depending on other factors but with GLBSE gone, I think things may remain bearish.

I see no reason for people to go crazy over buying Bitcoins this time of year.

I figured my noob assessment of the market was wrong. But, I'm more of a glass is half full kinda guy. Truth is that no one knows what the market will do. Just gotta wait and see!
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October 07, 2012, 01:37:37 PM
 #13

People are buying it up ~12, therefore it goes up from here, not down.

My 2 satoshis

Here's why your reasoning is lacking: There's more or less 300 BTC above 12 USD. That is not a strong resistance at all. Below 12 USD, there's no support until 11.80. The buys you are referring to are miniscule. The day is only starting.

Even if you there are people buying, the sentiment right now is bearish. There were still major selloffs this morning and yesterday. Things may change Monday when the banks open depending on other factors but with GLBSE gone, I think things may remain bearish.

I see no reason for people to go crazy over buying Bitcoins this time of year.

I figured my noob assessment of the market was wrong. But, I'm more of a glass is half full kinda guy. Truth is that no one knows what the market will do. Just gotta wait and see!

You were not proven wrong yet. I would be curious to know, Atlas, what do you mean when you say "there's more or less 300 BTC above 12 USD"? This sounds like a gross misinterpretation of whatever you are looking at.

My 2 satoshis - maybe buyers step in at 11.8-12 later today, but if not then some of the biggest resistance of all lies at 11.58, so we would have to see how price reacts there. A break of that line, on volume, would mean major trend change, but that line hasn't broken since the Pirate "news" panic in August, and even then the break didn't result in trend change but instead only lasted half a day.

Also, compare the volume on this pullback with the volume from the August 30-31 pullback to the 50 ema on the daily. Interesting, that last touch of the 50 ema on the daily happened on a long weekend as well (US banks closed Monday, just as they were on the 1st Monday in Sept.)
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October 07, 2012, 01:46:44 PM
 #14

People are buying it up ~12, therefore it goes up from here, not down.

My 2 satoshis

Here's why your reasoning is lacking: There's more or less 300 BTC above 12 USD. That is not a strong resistance at all. Below 12 USD, there's no support until 11.80. The buys you are referring to are miniscule. The day is only starting.

Even if you there are people buying, the sentiment right now is bearish. There were still major selloffs this morning and yesterday. Things may change Monday when the banks open depending on other factors but with GLBSE gone, I think things may remain bearish.

I see no reason for people to go crazy over buying Bitcoins this time of year.

I figured my noob assessment of the market was wrong. But, I'm more of a glass is half full kinda guy. Truth is that no one knows what the market will do. Just gotta wait and see!

You were not proven wrong yet. I would be curious to know, Atlas, what do you mean when you say "there's more or less 300 BTC above 12 USD"? This sounds like a gross misinterpretation of whatever you are looking at.

My 2 satoshis - maybe buyers step in at 11.8-12 later today, but if not then some of the biggest resistance of all lies at 11.58. Also, compare the volume on this pullback with the volume from the August 30-31 pullback to the 50 ema on the daily. Interesting, that last touch of the 50 ema on the daily happened on a long weekend as well (US banks closed Monday, just as they were on the 1st Monday in Sept.)

The first statement was regarding the market earlier this morning.
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October 07, 2012, 01:49:17 PM
 #15

...and I was speaking in the general tradeable range. Not overall.
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October 07, 2012, 02:13:07 PM
 #16

And I think there will be reversal hysteria before it corrects downward again. The price of bitcoin is currently inflated by speculation, and isn't proportional to time value (market interest rates) immanentizing expected supply changes, nor have there been any groundbreaking bitcoin commerce developments compared to failed markets/scams. I would turn your bitcoins into USD for now.

Pics or it didn't happen.
You're basicly saying that you have some reason to believe bitcoin is worth less than it should.
I'd like to know what makes you think this.
pretendo
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October 08, 2012, 07:14:06 AM
 #17

Doubt not my wisdom
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October 08, 2012, 07:24:09 AM
 #18

FUD

Bro, do you even blockchain?
-E Voorhees
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October 08, 2012, 10:39:01 AM
 #19

Or not FUD:
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October 08, 2012, 12:11:19 PM
 #20

Well its down to around 11 now
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