Bear appreciation thread!!

[Richy_T]

It's good to have people who can keep their heads during huge gains. I appreciate you!

Now that the wind has finally changed, I think I may as well repeat my question from before: proudhon, what on earth was going on with you calling the top over and over? Have you figured out what you were misinterpreting?

I did the same thing and I realized I had not calibrated my oscillators for the incredibly large influx of money into the economy. They were screaming overbought, and I was worried that it all would lead to such a speculative bubble, but it really did seem to be on the verge of tipping at many, many points during this insane run-up.

And it'll probably happen again. Still a tiny market and governments will continue to be stupid.

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[Manticore]

I'm no Proudhon or Lucif, but I certainly tried to put in my two cents. I was actually shocked we didn't correct like this at $145ish...and then I was afraid I had underestimated the irrational exuberance.

https://bitcointalk.org/index.php?topic=171229.msg1780819#msg1780819

https://bitcointalk.org/index.php?topic=131065.msg1783033#msg1783033

[evolve]

I see no one has learned their lesson yet, people are already buying it back up into triple digits...some of you are gonna get burned (again).

[evolve]

I'm no Proudhon or Lucif, but I certainly tried to put in my two cents. I was actually shocked we didn't correct like this at $145ish...and then I was afraid I had underestimated the irrational exuberance.

https://bitcointalk.org/index.php?topic=171229.msg1780819#msg1780819

https://bitcointalk.org/index.php?topic=131065.msg1783033#msg1783033

People can't say they weren't warned.

[proudhon]

I see no one has learned their lesson yet, people are already buying it back up into triple digits...some of you are gonna get burned (again).

People won't truly understand how foolish it is to value bitcoins at more than, very optimistically, low double digits without robust infrastructure until this catastrophe reaches it's inevitable end in the single digits. 

[Qoheleth]

People won't truly understand how foolish it is to value bitcoins at more than, very optimistically, low double digits without robust infrastructure until this catastrophe reaches it's inevitable end in the single digits. 

What kind of infrastructure would you like to see before you'd be willing to believe that Bitcoin is ready to grow?

[ElectricMucus]

Joining the I told you so party.

What saddens me is that this time it will be the big fish wasting a bunch of newbs.

[proudhon]

People won't truly understand how foolish it is to value bitcoins at more than, very optimistically, low double digits without robust infrastructure until this catastrophe reaches it's inevitable end in the single digits. 

What kind of infrastructure would you like to see before you'd be willing to believe that Bitcoin is ready to grow?

A more diverse exchange market, for one thing, populated by exchanges that follow sound policies and use more robust and expandable trading systems.  I get it, we had to start somewhere, and were quickly overwhelmed by new users, so there's really not much anyone could have done.  And I say this not without a sense of irony, but bitcoin's success now depends on well funded Wall Street types getting involved and implementing the same types of exchange infrastructure used in mature global markets.  Bitcoin was created in part to stick it to the traditional banking system, but it's survival now depends on people from that very system coming in and using their resources to build a stronger financial services market on top of bitcoin.

[Crypt_Current]

People won't truly understand how foolish it is to value bitcoins at more than, very optimistically, low double digits without robust infrastructure until this catastrophe reaches it's inevitable end in the single digits. 

What kind of infrastructure would you like to see before you'd be willing to believe that Bitcoin is ready to grow?

A more diverse exchange market, for one thing, populated by exchanges that follow sound policies and use more robust and expandable trading systems.  I get it, we had to start somewhere, and were quickly overwhelmed by new users, so there's really not much anyone could have done.  And I say this not without a sense of irony, but bitcoin's success now depends on well funded Wall Street types getting involved and implementing the same types of exchange infrastructure used in mature global markets.  Bitcoin was created in part to stick it to the traditional banking system, but it's survival now depends on people from that very system coming in and using their resources to build a stronger financial services market on top of bitcoin.

Those types will be first to sell for dirty fiat.

[ElectricMucus]

People won't truly understand how foolish it is to value bitcoins at more than, very optimistically, low double digits without robust infrastructure until this catastrophe reaches it's inevitable end in the single digits. 

What kind of infrastructure would you like to see before you'd be willing to believe that Bitcoin is ready to grow?

A more diverse exchange market, for one thing, populated by exchanges that follow sound policies and use more robust and expandable trading systems.  I get it, we had to start somewhere, and were quickly overwhelmed by new users, so there's really not much anyone could have done.  And I say this not without a sense of irony, but bitcoin's success now depends on well funded Wall Street types getting involved and implementing the same types of exchange infrastructure used in mature global markets.  Bitcoin was created in part to stick it to the traditional banking system, but it's survival now depends on people from that very system coming in and using their resources to build a stronger financial services market on top of bitcoin.

Those types will be first to sell for dirty fiat.

Actually they gonna sell in a few hours.

[PrymeTyme]

Line up to get your "I told you so's"  



We told you this price rise was unsustainable, but the echo chamber shouted us down.

We told you that buying after the $20 mark was risky, and we shouted even louder when the price hit triple digits.... but again we were drowned out by "new paradigm" and "up, Up, UP" talk.

When we told you all to take profits while you could, you laughed it off.

The bulls even tried to convince other shills forum members to leverage debt to buy in....well, where is that easy money now? Still a smart idea to spend those student loans on bitcoin? Still glad you took out that second mortgage?




Come on in and give it up for proudhon, me, daily anarchist, arepo, lucif, adam, electric mucus, and all the others that tried to warn you...we'll be watching this thing slide down with popcorn in our hands!! (maybe next time youll listen)

its not over yet ...  come out of your holes if we hit 00,00 ..

its funny .. ther are about 50/50 bulls and bears ,, if the market turns either way.. they are godlike...  its all about probability ,, and participating.. chose your risk.. and bring it on! .. everything else.. sucks balls...

[Qoheleth]

A more diverse exchange market, for one thing, populated by exchanges that follow sound policies and use more robust and expandable trading systems.  I get it, we had to start somewhere, and were quickly overwhelmed by new users, so there's really not much anyone could have done.  And I say this not without a sense of irony, but bitcoin's success now depends on well funded Wall Street types getting involved and implementing the same types of exchange infrastructure used in mature global markets.  Bitcoin was created in part to stick it to the traditional banking system, but it's survival now depends on people from that very system coming in and using their resources to build a stronger financial services market on top of bitcoin.

So in your view, only really really big money has the capability to create an exchange which is sufficiently robust for Bitcoin to grow?

Is this the only infrastructure improvement you think is necessary, or can you name others?

[evolve]

Bumping, since (apparently) some of you have forgotten about the last crash already.

be careful with your money,people....

[chyort]

Bumping, since (apparently) some of you have forgotten about the last crash already.

be careful with your money,people....

it is human nature to get ripped off, nothing you say or do will change that.

Years from now a bitcoin might be worth 10,000 dollars, or it might be worth nothing at all. No one really knows.

The louder someone shouts about how "We are going to see single digits soon!' or "More Cheap coins!", the more likely they are to have something to gain from it. Be it by dropping the price so they can buy low and sell high, or just trying to force the price up even higher, making what they already have worth more.

Which is why your best bet is to laugh at both of the extremists and make up your own mind.


Personally i think the price is still high, but i could well be wrong. I also believe the new hardware starting to hit the market is driving this massive price surge(trying to get in before the difficulty drives gpu's out of the market, and the turmoil associated with that.)

The new hardware starting to hit the market could solidify bitcoin into something lasting, or it could drive out the little guy and bring the whole system crashing down. Again, no one knows... And anyone who says otherwise is full of crap.

[Mouser]

Proudhon, I have a few questions for you.

Do you think BTC is enough of a threat to the mainstream fractional usury currencies that the centralbanks would bankroll (pay) people to go on BTC forums and give consistently negative opinions about everything to do with BTC?

Do you believe the 266 to 55 crash was orchestrated by a handful of operators trying to crash BTC completely?

For the record, do you yourself own any BTC? Tens, hundreds or thousands?

[ruski]

Proudhon, I have a few questions for you.

Welcome to the forum. I hope you don't think Proudhon is level-headed knowledge exemplar. He's been screaming death to bitcoin since he was a baby.

[Manticore]

Interesting timing of Winklevoss news. I suspect the media may get back into the pump game very soon.

[evolve]

Nah, I think the top is in, and the bubble is popping.

We are solidly into "the long slow slide to singles" territory now, IMO. Still plenty of profit opportunities on the way down, though if you dont mind catching falling knives.

[proudhon]

Nah, I think we are done. We are solidly into "the long slow slide to singles" territory now, IMO.

You can sense the sentiment changing as more and more people, especially those who bought over $100 start to realize they made a terrible mistake.  Here's why we're going to single digits.  There are probably millions of people into bitcoin now, and for the vast majority of them, this is their first introduction to markets.  They will continue to panic.  Everytime the price goes down like this, more and more of holders beginning think it might be time to cut losses or protect profits.  Just think about how heavy and depressing sentiment got in 2011, and now multiply that by a lot.  Welcome to 2013.

[shad0wbitz]

To be fair, I respect bears, it's only the "single digits" stuff I snigger at. The long-run bear scenario I envisage for bitcoin would be basically $0 rather than, say, $5.

Single digits still aren't out of the question...I think the price will continue to slide downward for a while.  One more big screwup from Gox, or a hack or something could knock it there in one shot, though. I think the speculators and true believers will keep this thing from going to zero.

$5 by the end of the weekend, WATCH IT HAPPEN