noobtrader
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October 24, 2014, 06:53:42 PM |
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The recent mini crash is recovering. In come the trolls.
I don't see anything recovering? 344 - 360 at least shows a recovery into Rule of Thirds mode. We'll see stability and recovery in the 360-390 range. Just like the last month you mean? let me guess, shroomie sell at 2 digit ?
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BBmmBB
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October 24, 2014, 06:54:08 PM |
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"Fraud is a very simple crime to understand -- I tell you a lie, you give me money(bitcoins), that's fraud. And it is never any more complicated than that." -- THERE'S A SUCKER BORN EVERY MINUTE^nice one ![Cool](https://bitcointalk.org/Smileys/default/cool.gif)
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ChartBuddy
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October 24, 2014, 07:01:02 PM |
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sidhujag
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October 24, 2014, 07:43:21 PM |
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You know he doesnt own any... because he said people aren't buying back in... which is false. Also he is right about what I have been talking about in that there is a seperation between blockchain technology and currency... and bitcoin is an example of a currency using the blockchain and if it catches on enough it may thwart the financial system... but the technology is here to stay so investing in the technology will pay dividends and at this point investing in bitcoin will pay in both fronts but it may not in the long run.
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ChartBuddy
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October 24, 2014, 08:00:44 PM |
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Wandererfromthenorth
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October 24, 2014, 08:11:33 PM |
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No wonder people are now leaving the bitcoin community and not coming back.
Good. Bitcoin is no longer a wildly hyped asset. They'll come right back as things turn around, as always. Then when shit gets overhyped again and in the midst of a parabola, they'll be telling me about DA FUNDAMENTALZ again. It still is. The tree needs to be shaken a lot more for that to happen.
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BrewCrewFan
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October 24, 2014, 08:38:20 PM |
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"Fraud is a very simple crime to understand -- I tell you a lie, you give me money(bitcoins), that's fraud. And it is never any more complicated than that." -- THERE'S A SUCKER BORN EVERY MINUTE^nice one ![Cool](https://bitcointalk.org/Smileys/default/cool.gif) Bro mad he did not get some when it was a penny for a hundred back then. I dont expect people like that to understand BTC.
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Mervyn_Pumpkinhead
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October 24, 2014, 08:56:41 PM |
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There are actually two bitcoins. There’s the blockchain-technology bitcoin, which I think is fantastic, and the future, and all sorts of businesses are investing tens or hundreds of millions of dollars in Silicon Valley and around the world to build businesses on the back of the blockchain technology because it’s so wonderful and can move assets frictionlessly. But then there is this aspect of the pretend currency and the pretend commodity. Part of the con is in the pretend commodity, because this is a completely shallow, liquidless market. When you know that there’s, what, 13 million coins in circulation, and more than 50% of the them are owned and managed by about 950 people, you realize how shallow the market it is and how subject the market is to manipulation. At last, someone with common sense explains the difference between the technology and the "currency" unit. Most of the get-rich-quick hardcore fanatics try to deceive people by telling how bitcoin's unit value is tied to the technology it's based on. The "currency" is nothing more then a big pyramid for a few to get rich at the expense of others. The technology can be used without everyone having to make a small group of speculators rich. Speculators who haven't actually contributed anything to the development of the technology itself. It's only an illusion that bitcoin's unit value is backed by the technology itself. I think that it's a good thing that some people will start to publicly lift the veil behind bitcoin and it's market system. I would recommend him to look into all the exchanges and question on what would stop them in playing the market themselves, with information that isn't public.
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ChartBuddy
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October 24, 2014, 09:00:41 PM |
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BBmmBB
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October 24, 2014, 09:04:50 PM |
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"Fraud is a very simple crime to understand -- I tell you a lie, you give me money(bitcoins), that's fraud. And it is never any more complicated than that." -- THERE'S A SUCKER BORN EVERY MINUTE^nice one ![Cool](https://bitcointalk.org/Smileys/default/cool.gif) Bro mad he did not get some when it was a penny for a hundred back then. I dont expect people like that to understand BTC. lol i've been trading this worthless crap for about two years.. now what? ![Roll Eyes](https://bitcointalk.org/Smileys/default/rolleyes.gif)
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jonoiv
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October 24, 2014, 09:43:10 PM |
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How much money do you make shorting?
Can someone explain it to me?
Like say you have 1 coin.
You short at $390
What does it need to hit/how do you profit?
If it goes to $350 what would you make on that?
ELI5 please someone who knows more than I do
10% is huge move for a days trading.... if you have say 1000 BTC leveraged x7 THATS LIKE 700BTC !! ;-) So buy 20,000 btc @ $390 = $7.8m open short positions on 20,000 btc Sell 5000 btc, cause price drop x 10% Profit = 2000 btc? $780,000 Your loss on the 5000 btc = 10% $195,000 Total profit = $585k Am I bein a tard here or is it really that simple to short stuff You are mixed up on what short selling is. In short selling you don't buy at the start, you borrow, and you buy at the end. When you open a short selling position, You borrow 20,000 BTC and instantly sell it. But you have to buy back 20,000 when you close the short to realise any profits. You need to rely on others lowering their ask prices. and when there are more bids then asks a huge short sell is suicide. lets take your example. you have $7.8 million. You borrow 20,000 BTC to short it. The current price is $355 The order books would for example would be filled down to say $270 and your average sell would be lets say $300. So now you need to buy back 20,000 BTC at an average of below $300 to make a profit. But there are not than many people willing to sell that low. yet...so You would be either left stranded & forced to wait and pay interest on the borrowed BTC at current bitfinex rates ($15,000 per day). depending on your collateral ($7.8 million). But if your dump causes a spike but nothing more, you need to buy the 20,000 back at a loss. or wait until the price hits about $690 and you lose every penny.
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Mervyn_Pumpkinhead
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October 24, 2014, 09:45:03 PM |
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There are actually two bitcoins. There’s the blockchain-technology bitcoin, which I think is fantastic, and the future, and all sorts of businesses are investing tens or hundreds of millions of dollars in Silicon Valley and around the world to build businesses on the back of the blockchain technology because it’s so wonderful and can move assets frictionlessly. But then there is this aspect of the pretend currency and the pretend commodity. Part of the con is in the pretend commodity, because this is a completely shallow, liquidless market. When you know that there’s, what, 13 million coins in circulation, and more than 50% of the them are owned and managed by about 950 people, you realize how shallow the market it is and how subject the market is to manipulation. At last, someone with common sense explains the difference between the technology and the "currency" unit. Most of the get-rich-quick hardcore fanatics try to deceive people by telling how bitcoin's unit value is tied to the technology it's based on. The "currency" is nothing more then a big pyramid for a few to get rich at the expense of others. The technology can be used without everyone having to make a small group of speculators rich. Speculators who haven't actually contributed anything to the development of the technology itself. It's only an illusion that bitcoin's unit value is backed by the technology itself. I think that it's a good thing that some people will start to publicly lift the veil behind bitcoin and it's market system. I would recommend him to look into all the exchanges and question on what would stop them in playing the market themselves, with information that isn't public. 200 posts, do you realize the reward for maintaining the blockchain is bitcoin, and it's our job to make bitcoin widely used and valuable? GET ABOARD SAILOR That's the thing. The millions worth of equipment isn't needed to maintain the blockchain of bitcoin. Increasing hasrate of the network doesn't improve anything in the network. The general idea was that it would increase the security, but now most of the network goes through only a few pools, and if those pools get compromised, then the network will get compromised, no matter how big was the overall hashrate of the network. So, rewarding miners actually means rewarding work that has no use. The bitcoin mining equipment merchants are practically snake oils salesmen who prey on the ignorance of consumers. I'm on board "the crypto casino" already, only not in bitcoin, because bitcoin is old, boring and fragile to me. I'm now into newer cryptos, that have more attractive attributes and that are currently at the beginning stage, not the end stage.
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ShroomsKit
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October 24, 2014, 09:47:51 PM |
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340-320 in the next 24 hours.
I'm so happy i left this sinking ship at 400.
The sooner you realize it's over the better you feel. Believe me.
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Wandererfromthenorth
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October 24, 2014, 09:51:16 PM Last edit: October 24, 2014, 10:08:53 PM by Wandererfromthenorth |
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Interesting to note that shorts are down by a lot (8k right now on bitfinex), shorters have been taking profits on this dump. This means that a lot of buys (shorts being closed) to counteract the drop were executed but we dropped quite a lot regardless. Also it means a short squeeze is less probable.
Further, interesting to see the lack of a proper bounce (one would have expected a bounce to at least $370, where the recent historic support was) and very low buying pressure around $350, an important level.
In case I need to state the obvious, all of this is pretty fucking bearish.
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bitebits
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Flippin' burgers since 1163.
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October 24, 2014, 09:52:59 PM |
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I'm on board "the crypto casino" already, only not in bitcoin, because bitcoin is old, boring and fragile to me. I'm now into newer cryptos, that have more attractive attributes and that are currently at the beginning stage, not the end stage.
Ok, goodbye!
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empowering
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October 24, 2014, 09:54:00 PM Last edit: October 24, 2014, 11:04:40 PM by empowering |
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Of course blockchain/Bitcoin technology is seperate from bitcoin the currency.... to an extent.
However unless you believe there will be no form of currency (or tradeable asset) in the long run built ontop of blockchain technology, then until someone creates another currency/tradable asset/token on a blockchain that garners more users , then , bitcoin, for now is the token that is most widely used and accepted and established on the most widely used and established blockchain backed by the biggest network of distributed miners. The distributed network and the current Bitcoin are the network in cryptocurrency (for now) its size and distributed nature (and of course the underlying cryptography technology/blockchain) are what gives it any amount of trust, and until something comes along that is better , it will remain the network,and the most used and backed cryptocurrency. If anything it is not large enough yet... imagine in the future, an entity wished to send 10 or 15 billion across a cryptocurrency network from user a to user b, how is this possible with a network with a marketcap of 5 billion? The value of the tokens, in the network do matter, and the trust, and size of the network do matter. Assuming cryptocurrency and blockchain technology is here to stay, and will continue to grow and with that in mind, until something better, decentralised and distributed pops up, which is more useful and trusted by more users, and has the network to usurp bitcoin from its current crown as the token of choice on the blockchain of choice, I see no reason bitcoin will be replaced as the cryptocurrency of choice, until something comes along that is better, and even then it cannot be better in everyway, until it is larger and safer and trusted more and used more and has grown larger than the Bitcoin network already in place with the bitcoin token currently being traded.
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ssmc2
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October 24, 2014, 09:55:22 PM |
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340-320 in the next 24 hours.
I'm so happy i left this sinking ship at 400.
The sooner you realize it's over the better you feel. Believe me.
Let us know how you're feeling when we're back above 400 ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif)
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jonoiv
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October 24, 2014, 10:00:15 PM |
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340-320 in the next 24 hours.
I'm so happy i left this sinking ship at 400.
The sooner you realize it's over the better you feel. Believe me.
Let us know how you're feeling when we're back above 400 ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif) +1 ![Cheesy](https://bitcointalk.org/Smileys/default/cheesy.gif)
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ChartBuddy
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October 24, 2014, 10:00:43 PM |
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