prophetx
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Activity: 1666
Merit: 1010
he who has the gold makes the rules
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October 05, 2014, 06:20:53 PM |
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cheap coins For a brief moment I started thinking " ok maybe this is the bottom" but then I went to twitter and saw the fucking cultist shitting their pants, I visit the main sub and I see early adopters crying on this forum, and for this exact reason I am not buying yet. my thoughts exactly plus the fact is that it wouldn't be so hard to add other coins into the banking network since they are all mostly bitcoin clones
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hmmmstrange
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October 05, 2014, 06:21:40 PM |
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We are now well below the 2 year moving average.
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derpinheimer
Legendary
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Activity: 896
Merit: 1000
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October 05, 2014, 06:22:37 PM |
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This volume.. holy shit.
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aztecminer
Legendary
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Activity: 1092
Merit: 1000
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October 05, 2014, 06:22:48 PM |
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BTC drop exactly coincides with USD jump up. Hmmmm. Conspiracy? just in time for elections ?? in the five yr graph each peak is followed by a crash. gold and silver being smashed down too. i am holding bitcoin to the very bottom. i can afford to lose what i have in bitcoin. i bought more gold/silver during the smashdown. and i am mining full speed ahead. low bitcoin prices means low income taxes on mined coins. i don't panic when blood is in the streets. i buy more instead. hhahhahha.
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roslinpl
Legendary
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Activity: 2212
Merit: 1199
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October 05, 2014, 06:22:57 PM |
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Bear Grylls: "C C M F" !
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blaaaaacksuit
Sr. Member
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Activity: 280
Merit: 250
Who cares?
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October 05, 2014, 06:23:50 PM |
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The thing I don't like about the 30000 ask wall is that is the moment when the manipulator shows his hand. Every one panics at first, but then a feeling of temporary relief comes in and people tell themselves "don't worry, everything is fine, now we all know for sure that this crash is really just manipulation and nothing more". People become confident and maybe even start placing bids. Why would the manipulator prove to the whole world that the dumping is just manipulation and nothing more? Wouldn't that make his accumulation harder?
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hyphymikey
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October 05, 2014, 06:23:58 PM |
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I'm wondering how many complaints there will be when the next run up has folks complaining that there are no coins to buy or their orders got cancelled?
Being as almost all of the ask side belongs to our bear whale, when we do have a reversal he will remove all those asks, letting the shorts burn their way up up up through thin asks. There will be a massive shortage of coins, with many people chasing them. Instant profit for the bear whale, and everyone who bought in low.
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POM
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October 05, 2014, 06:24:06 PM |
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Thats it guys, i'm selling my soul to the devil and going all in on BTC
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BitAddict
Legendary
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Activity: 1190
Merit: 1001
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October 05, 2014, 06:24:57 PM |
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The daily cash flow diagram of BTC economy is as follows (always totalling zero):
+ the purchases of existing holders + the purchases of new holders - the sales of existing holders - the value of new mining ----------------------------------------- 0.
When the price rises, the value of new mining goes up, giving possibility for more new money to come in. When it rises really high, also the existing holders sell in increasing quantities, absorbing all the new money and eventually forcing the price down. (BUBBLE PHASE).
When the price falls, the value of new mining goes down, but is still there. New money is sluggish to enter because price is in a downtrend. The existing holders largely need to absorb the mining, leading to further decline. (DOWNTREND).
When even the existing holders in large quantities throw in the towel and want to cash out, the price quickly falls until it meets a floor due to rising interest from new holders (and their fiat also buys much more coins, also mining value is very low). (CAPITULATION, SEEDS OF A NEW RISE)
Now, if the ecosystem would eventually die, we assume that new holders would not ever be coming and the existing holders would one at a time throw in the towel. Then the only ones to buy both the coins from the defectors + the newly mined coins, would be the other existing holders. In this case the price would go down (similar to DOWNTREND above) but even sharp falls would not ignite a new lasting uptrend.
This pattern has happened to many, if not the majority, of altcoins. The difference that sheds light to Bitcoin's situation is that no altcoin that eventually died or is in a terminal decline, has made successive booms before that. It has always been the tulip mania -style one bubble and then bust and die. Bitcoin has made several bubbles and survived as many busts, making the chances of survival from this one also, much higher.
Bitcoin is much more usable now than 12 months ago when the price was 4 times higher. Unless the actual ecosystem goes into decline, I would not worry of Bitcoin dying. IF the ecosystem goes into decline, though, the price is already likely in a trash, because markets tend to forecast such events. Considering the price, I have no reason to remove the STRONG BUY from Bitcoin though. Just make sure you operate with funds that you are comfortable with.
+1 Great post. I would also add, that all the altcoins and all new bitcoin businesses takes money from the bitcoin ecosystem. Right now it was a bubble of both, a lot of money wasted in stupid ideas or businesses that need bitcoin to keep growing fast in order to be profitable and not die soon. Most of this was funded with bitcoin profits. Also a lot of bitcoin advocates stopped their jobs to live just with their bitcoin holdings and were cashouting bigger from bitcoin every month. And hoping to be able to maintain their lifestyle with the "next incoming bitcoin bubble". Now with this big crash all will start to return to normal. Only good businesses and rich advocates will keep doing it, rest will need to abandon it and find a job.
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roslinpl
Legendary
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Activity: 2212
Merit: 1199
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October 05, 2014, 06:26:08 PM |
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Thats it guys, i'm selling my soul to the devil and going all in on BTC You are lying! None of the devils would pay for your soul! It is a bless of g.o.d. to have a possibility to buy BTC @current price this year.
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phosphorush
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October 05, 2014, 06:26:30 PM |
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Satoshi Nakamoto is dumping his BTC! RUN LOL
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adaseb
Legendary
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Activity: 3738
Merit: 1709
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October 05, 2014, 06:26:47 PM |
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I can't believe how low it went. I covered my shorts too early at $335
Very volatile at the moment.
Too risky to short or go long
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gnode
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October 05, 2014, 06:27:26 PM |
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The thing I don't like about the 30000 ask wall is that is the moment when the manipulator shows his hand. Every one panics at first, but then a feeling of temporary relief comes in and people tell themselves "don't worry, everything is fine, now we all know for sure that this crash is really just manipulation and nothing more". People become confident and maybe even start placing bids. Why would the manipulator prove to the whole world that the dumping is just manipulation and nothing more? Wouldn't that make his accumulation harder?
It is done for one last good size dump so that he can accumulate his final coins. He would be foolish to put up the wall again. Somebody might be lurking, ready to take out the wall then he will lose his coins. Why people are selling now is beyond comprehension.
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roslinpl
Legendary
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Activity: 2212
Merit: 1199
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October 05, 2014, 06:28:07 PM |
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Satoshi Nakamoto is dumping his BTC! RUN LOL
No he isn't. ...
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adaseb
Legendary
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Activity: 3738
Merit: 1709
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October 05, 2014, 06:28:35 PM |
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IF it bounces high enough, I will be looking to re-short it again when CNY goes around 2000
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POM
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October 05, 2014, 06:29:50 PM |
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Thats it guys, i'm selling my soul to the devil and going all in on BTC You are lying! None of the devils would pay for your soul! It is a bless of g.o.d. to have a possibility to buy BTC @current price this year. You're right, my soul ain't worth a dime!!
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blaaaaacksuit
Sr. Member
Offline
Activity: 280
Merit: 250
Who cares?
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October 05, 2014, 06:30:09 PM |
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The thing I don't like about the 30000 ask wall is that is the moment when the manipulator shows his hand. Every one panics at first, but then a feeling of temporary relief comes in and people tell themselves "don't worry, everything is fine, now we all know for sure that this crash is really just manipulation and nothing more". People become confident and maybe even start placing bids. Why would the manipulator prove to the whole world that the dumping is just manipulation and nothing more? Wouldn't that make his accumulation harder?
It is done for one last good size dump so that he can accumulate his final coins. He would be foolish to put up the wall again. Somebody might be lurking, ready to take out the wall then he will lose his coins. Why people are selling now is beyond comprehension. That's what I'm hoping for.
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Boxman90
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October 05, 2014, 06:31:00 PM |
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Does Bitfinex do hidden orders? I'm not seeing any walls on Bitcoinwisdom, though many (large) trades are occurring right on the 300 mark.
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DanWest
Newbie
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Activity: 54
Merit: 0
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October 05, 2014, 06:31:07 PM |
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Blue
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October 05, 2014, 06:31:10 PM |
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the game is round and the ball has 90 minutes ! (Sepp Herberger)
after the dump is before the dump
but then its too latex anyways
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