..Just finished reading the last 66 pages. Took over half a dozen hours. When I saw the persistent dumping carry onward past 573, then 560's, 540's, even 525, I knew I needed to come back here & help myself to a large serving of this ever-so-familiar endearingly hysterical drama. I'd missed this thread, my first, legendary home & cradle to my introduction into this community ;p
The raging bird-dog's spectacular about-face was something I never thought would actually come, where the entitled kid finally capitulates right onto raving bear mode ; a popcorn-worthy momentous event where he suddenly realized that
HAVING PATIENCE before entering a trade position & buying decently low, then selling as high as realistically possible is how you make good money, not by holding idly for a thousand million years (bull) or waiting for impossibly low prices to finally dip your toes in (bear).
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One statement of his is correct, though. Not only will this blood continue to flow at least to $500 if not straight past, to $450-70's ; But more relevantly, this trend of deeply wishful, irrational, cultish bubble-frenzy that religiously holds 'when btc moons..!!11!!1!' as a dogmatic certainty has been growing at a dismaying rate lately ; Now it seems it's reached critical mass, with yet another 'faithful believer' uttering the words every other post - as far as these delusional church-flock hopefuls are concerned cryptocurrencies were created to make them rich, save them from the abyss of their unfulfilling shallow lives & mindsets =/
BTC mooned for years because its price was an uncertainty. That's how market prices work. More information about something's value - less price arbitrage & trading volatility. Less information about something's value - more violent volatility as participants scramble to make money while contributing to the 'price discovery' process.
For example last year, nobody knew what to do when bitcoin surged after Silk Road, then
CONGRESS of all entities, whom
EVERYONE HAD BEEN FEARING FOR SO LONG (before China, it was the US itself people were afraid might 'ban btc'), actually says something entirely bullish & supportive of crypto, something that was totally unexpected of them, what do you think happens..? Add that to WillyBot's antics etc, of course we mooned, even if a 2nd time within the same calendar year.
So because btc does this
(at much lower nominal price values) a few times in a row, they get fervently convinced it will automatically repeat such a bubble 'right on schedule' the next year and at around the same exact price gain %'s too..??!? Since when do things happen like this..? Everyone expects some grand, awesome thing to finally come to pass and it does so perfectly on cue..? Barely ever. Especially since
crazed asset price bubbles are caused precisely because of a lack of information - lack of a mass-shared expectation that it's coming - Now that every 'true believer' and their mother believes in 'the next moon', it won't happen. You might even say it
can't happen, by design.
That's why the price is dropping now. It's the only direction the market finally realized it's able to go. Until capitulation & sentiment shift occurs where a large portion/majority of bitcoiners start screaming for the end, and drop their wild moon-rocket dreams. When a huge debt/budget/monetary controversy erupts in a G8 country, or even a systemic fall/collapse in public confidence of gov-issued fiat, traditional banking / payment systems, and central banks. When a direct, non-geeky, fundamentally powerful & undeniable incentive to use cryptocurrencies emerges leaving most people
no other practical alternative to simply breaking out of their ignorant complacency and jumping at last onto the cryptosphere.
Then, is when the next bubble can begin in earnest, being able to catch more by surprise, as well as through sheer force of exponentially increased user adoption.
Poll
