farfiman
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Merit: 1001
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November 20, 2013, 02:49:31 PM |
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$900 to $453 is a healthy correction?
Ask anyone in investments if a 50% crash in price is healthy. Good for business.
SMH only in Bitcoin.......
Was never really 900 ( mtgox price doesnt count...) - so 755 to 380... but that was for a very short time (the top and the bottom) If you didnt sell you didnt lose. At around 500 now it's a "reasonable" drop.
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San1ty
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November 20, 2013, 02:49:55 PM |
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Oh wow this looks like one ugly motherfucker of a bull-trap. (Hope I'm wrong)
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CryptStorm
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November 20, 2013, 02:50:13 PM |
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Looking an awful lot like that was a bull trap.
Yes, before ema 30 hours crosses ema 7 hours, no reason to think the trend is turned around. I'm sorry, what? I agree (down trend), but let's take a peak at mutiple Commodity Channel Indices, with the top one being the shortest term. So, yes, we are bouncing, but there is a great downward force, in general (bullet holes in a water tank!?). Not that the lower index can't rise to the occasion, but, will it?
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Vycid
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♫ the AM bear who cares ♫
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November 20, 2013, 02:51:24 PM |
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Looking an awful lot like that was a bull trap.
Yes, before ema 30 hours crosses ema 7 hours, no reason to think the trend is turned around. I'm sorry, what? I agree (down trend), but let's take a peak at mutiple Commodity Channel Indices, with the top one being the shortest term. So, yes, we are bouncing, but there is a great downward force, in general (bullet holes in a water tank!?). Not that the lower index can't rise to the occasion, but, will it? what is this I don't even
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gandhibt
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November 20, 2013, 02:52:31 PM |
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Every time it's a bigger bubble, bigger losses, and more negative publicity. Which is why they won't buy in. Which is why they will never buy. Which is why there will never be mass adoption. Which is why Bitcoin will never become all of the things we had hoped it would. What are you talking about? The 2011 bubble was the biggest bubble of all and those who bought at the top would be sitting on huge profits right now. This drop from $900 to $453 is also peanuts compared to the crash in April, so the bubbles are only getting smaller and the losses as well. There is no such thing as negative publicity for bitcoin. The only people who bought in 2011 are people who understand Bitcoin. Again my point is take yourself to a normal person thinking strategy. Okay let me spell it out for you. You now only have a high school diploma. You work at a factory, walmart, you're a waiter bartender whatever. You have 3 kids, a tiny house, and a minivan. You live paycheck to paycheck. You took your savings ($10,000 or so) you put it into this Bitcoin thing. Now you have $5000 worth of Bitcoin/savings. You think they are still holding and hoping? You think they haven't sold and are screaming and cryin at the top of their lungs I lost half of my life savings Bitcoin is the devil to everyone they know? This is why it is bad. Because the people investing in bubble rises are people who think they will get rich quick (99% of the population which is why lottery is the most profitable thing for states) and when "healthy corrections" happen it's devastating to the reputation to Bitcoin and the bigger they get and the harder they fall the more negative news and I promise you the 99% don't know, care or believe in BTC technology they believe in their dollar and you Bitcoin took it from them. Oh, look, it's me in 2011 and 2012. Except I grew some balls and now I'm rich. touché This is why I read this thread! Best in high! =D
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crazy_rabbit
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RUM AND CARROTS: A PIRATE LIFE FOR ME
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November 20, 2013, 02:52:37 PM |
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If your life savings is only $10,000
you're doing something wrong. thats not fair to say. We should know better then most that the system is designed to keep people impoverished.
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meanig
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November 20, 2013, 02:53:50 PM |
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If your life savings is only $10,000 that may be emergency medical money for your family, money set aside over the last 10 years because you may need a new roof, or furnace for your house etc. is not a lot of savings. Or you could have borrowed against your 401k. $10,000 is not changing anyone's life and it damn sure doesn't mean you're not living paycheck to paycheck.
You guys win, I'm just a silly bear. I'll check back in with you guys every now and again. See how things are going.
Living paycheck to paycheck means that you have no money to cover any unexpected events such as losing your job or a medical emergency. Literally if you miss a paycheck you have no money. Quiet simple really. Anyway, someone living paycheck to paycheck or someone doing a low paying job with $10k in the bank is never going to make any sort of investment in anything. The people getting into Bitcoin over the coming weeks will be the rich guys who were previously sitting on the sidelines over the legality issue. Now that they've heard Bitcoin isn't illegal expect them to start dropping a few tens of million here and there into the exchanges.
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San1ty
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November 20, 2013, 02:54:56 PM |
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Hmm, I'm looking to buy back in, but the chart is looking ugly! It looks like we are trying to climb a cave that's about to cave in.
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N12
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Activity: 1610
Merit: 1010
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November 20, 2013, 02:54:59 PM |
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If your life savings is only $10,000
you're doing something wrong. thats not fair to say. We should know better then most that the system is designed to keep people impoverished. It's more than I had when I started out with Bitcoin. It depends on age and other factors.
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ShroomsKit
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November 20, 2013, 02:55:28 PM |
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I smell 2011.
It's really too bad for people who can't imagine how 2013 could possibly be like 2011 because they weren't here at the time. Yes you're so smart Blitz you were there back in 2011 and you know exactly how history will repeat itself right now in November 2013. Even though you thought the same thing after the April 2013 crash, but this time it will really really be just like 2011. It has to be. After some of the claims this clown made i can't believe he still posts here at all. Some people have no shame whatsoever.
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CryptStorm
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November 20, 2013, 02:56:36 PM |
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Looking an awful lot like that was a bull trap.
Yes, before ema 30 hours crosses ema 7 hours, no reason to think the trend is turned around. I'm sorry, what? I agree (down trend), but let's take a peak at mutiple Commodity Channel Indices, with the top one being the shortest term. So, yes, we are bouncing, but there is a great downward force, in general (bullet holes in a water tank!?). Not that the lower index can't rise to the occasion, but, will it? what is this I don't even You're looking at an indicator that measures the strength of the commodity (we STILL don't know how BTC trades, so looking at it under this perspective gets us away from everyone else's RSI stoch or moving average-- not that it's better, just another looksee). I've put the indicator below the price/vol four different times and adjusted settings so that the lowest one is the longest term, and the upper gives you a more immediate value. Typically, commodities are bought below the gold bar, sold above the yellow (if you want more info, might I suggest http://www.investopedia.com/terms/c/commoditychannelindex.asp). Does that help explain why it might be useful?
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Vycid
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Activity: 336
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♫ the AM bear who cares ♫
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November 20, 2013, 02:56:43 PM |
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I smell 2011.
It's really too bad for people who can't imagine how 2013 could possibly be like 2011 because they weren't here at the time. Yes you're so smart Blitz you were there back in 2011 and you know exactly how history will repeat itself right now in November 2013. Even though you thought the same thing after the April 2013 crash, but this time it will really really be just like 2011. It has to be. After some of the claims this clown made i can't believe he still posts here at all. Some people have no shame whatsoever. Protip: he's the subforum moderator.
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N12
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November 20, 2013, 02:58:03 PM |
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Right, someone trading successfully practicing risk management while profiting of BTC must predict everything 100% in order to do so. For me it's all about reliably growing my wealth by identifying good opportunities and taking them. Bitcoin is just one particularly profitable asset. For you it's about holding Bitcoin forever. Both can work. I also have some BTC I will never sell. By the way, I used to be a permabull "hold forever" too.
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CryptStorm
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November 20, 2013, 03:00:25 PM |
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If your life savings is only $10,000
you're doing something wrong. thats not fair to say. We should know better then most that the system is designed to keep people impoverished. +1 Wachtwoord, you've talked about distrusting your wife and now are slamming those based on their net worth. I'm getting an idea of some of the things that you may mistakenly value, not that I blame you, just an observation. Hope things look up for you (and all of us here) in terms of the real wealth in life, happiness. Cheers buddy.
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Nightowlace
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November 20, 2013, 03:01:55 PM |
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If your life savings is only $10,000
you're doing something wrong. You're an average middle class working family man. You know for all you guys that scream mass adoption you're sure quick to call out "weak hands getting shaken out" those weak hands are your mass adopters. You guys should really hear yourselves
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Vycid
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♫ the AM bear who cares ♫
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November 20, 2013, 03:03:23 PM |
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If your life savings is only $10,000
you're doing something wrong. You're an average middle class working family man. You know for all you guys that scream mass adoption you're sure quick to call out "weak hands getting shaken out" those weak hands are your mass adopters. You guys should really hear yourselves You sound like you leveraged long at the peak
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NamelessOne
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November 20, 2013, 03:05:12 PM |
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If your life savings is only $10,000
you're doing something wrong. You're an average middle class working family man. You know for all you guys that scream mass adoption you're sure quick to call out "weak hands getting shaken out" those weak hands are your mass adopters. You guys should really hear yourselves The people bringing the big money will be the same people investing in gold and all the other markets, most of these markets are full of people that have a better idea of how to handle investments than the average get rich quick clueless Joe. The market will likely become less volatile too as more and more people join.
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N12
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November 20, 2013, 03:05:46 PM |
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My intention is to warn you guys to practice proper risk management because inevitably, even with a small investment, your Bitcoin allocation will be the main source of your wealth. Marginal utility of wealth dictates that it's more important to secure your first million than to make another.
I've seen it go down from 32 to 2 and it was a really bullish environment too until about 14. It was a long drawn out process with countless bull traps over the course of 6 months. Don't fool yourself thinking it can't happen again today. That's just the nature of humans.
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adamstgBit
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Trusted Bitcoiner
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November 20, 2013, 03:06:58 PM |
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If your life savings is only $10,000
you're doing something wrong. thats not fair to say. We should know better then most that the system is designed to keep people impoverished. +1 Wachtwoord, you've talked about distrusting your wife and now are slamming those based on their net worth. I'm getting an idea of some of the things that you may mistakenly value, not that I blame you, just an observation. Hope things look up for you (and all of us here) in terms of the real wealth in life, happiness. Cheers buddy. this is truly true, you the eraly you realize this the better. thats not going to stop anyone from selling their bitcoins tho!
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ShroomsKit
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November 20, 2013, 03:08:22 PM |
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I smell 2011.
It's really too bad for people who can't imagine how 2013 could possibly be like 2011 because they weren't here at the time. Yes you're so smart Blitz you were there back in 2011 and you know exactly how history will repeat itself right now in November 2013. Even though you thought the same thing after the April 2013 crash, but this time it will really really be just like 2011. It has to be. After some of the claims this clown made i can't believe he still posts here at all. Some people have no shame whatsoever. Protip: he's the subforum moderator. I know. It's absolutely crazy that he's a mod here.
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