this is insane again

[relm9]

Wish more folks would switch from MTGOX though... you'd think we'd have learned that by now...

Right. What's a better exchange?

[Rampion]

This whole crash was a bear trap, just watch  

If last week's action was a bear trap, four digits will be a strong possibility. If the mentioned action wasn't a bear trap but some large insider selling, in this scenario we'll have a healthier market in the long run, still we'll see four digits but it'll take more time to reach that levels. What do you think?

4 digits either way. The only question is this year or the next one. And I do not care much what is the answer to this question.

Let's see how soon we break $100 and then $130. I believe this crash was needed and very healthy, parabolic growth is unsustainable. We need weak hands selling at their b/e point.

[Manticore]

Yep we are getting trapped all the way from 0.01$, 0.10$, 1.00$ etc...


BTW is there some shorting going on at clones of Bitcoinica somewhere? A short squeeeeeeze could be spectacular.

Really in the past six days you've bought at .01, .10, and 1.00?  Can I have the name of your exchange please?  I've been buying since $14 and bought at $71.  My only two sells ever were 20% at $103 and 80% at $230.  You guys need to stop seeing everything in bull/bear and start reading.  Your religion over Bitcoin is clouding your ability to comprehend and read.

Just because I point out bulltraps as defined by traders worldwide doesn't mean I'm a bear or on the other side from you.

Most on this forum acts as if it's black and white (bulls vs bears). I was extremely bullish at $13.50 due to imminent media coverage. I was extremely bearish over $145 (even though I realized and posted that if we broke $145 we were headed much higher after which we would burst violently). I am somewhat medium-term (2-3 year) bullish on the concept but believe the case for single digits is more likely than the case for $1000. Single digits is probably unlikely in the short-term, but IMO $150 is also very unlikely.

Proudhon has been a perma-bear but became bullish @ $50 because he clearly internalized something that changed his mind. It doesn't matter if he's right, at least he's thinking rationally. It makes no sense to be firmly in either camp unless one is a fully indoctrinated long-term holder who doesn't pay attention to the day-to-day minutae (and probably would not even be on this thread). The religious fervor and polarity on this site are interesting. I can't tell if it's religion or just the run-of-the-mill hyper-speculation that one finds on penny stock forums.

The bulls here seem to all be perma-bulls. Permabulls & permabears will always be right at some point. I'm more interested in reality based assumptions and predictions.

[proudhon]

Like I said yesterday, this are looking pretty hopeful, actually.  Again, the price is going to wiggle and wobble (pretty significantly compared to most other markets) on its way back up, but I do think the bottom was put in place.

[Hfertig]

Yep we are getting trapped all the way from 0.01$, 0.10$, 1.00$ etc...


BTW is there some shorting going on at clones of Bitcoinica somewhere? A short squeeeeeeze could be spectacular.



Bitfinex.com

[impulse]

Like I said yesterday, this are looking pretty hopeful, actually.  Again, the price is going to wiggle and wobble (pretty significantly compared to most other markets) on its way back up, but I do think the bottom was put in place.

Welcome back to the bull side proudhon, we missed you here. I hope your cold storage is safe and sound

[MonadTran]

Like I said yesterday, this are looking pretty hopeful, actually.  Again, the price is going to wiggle and wobble (pretty significantly compared to most other markets) on its way back up, but I do think the bottom was put in place.

This is insane indeed. Proudhon not spreading doom and gloom? Oh my, I need to meditate on this.

[Manticore]

Like I said yesterday, this are looking pretty hopeful, actually.  Again, the price is going to wiggle and wobble (pretty significantly compared to most other markets) on its way back up, but I do think the bottom was put in place.

I won't disagree with you. Things will get interesting. I was hoping for more doom and gloom first.

[bitrider]

This whole crash was a bear trap, just watch  

If last week's action was a bear trap, four digits will be a strong possibility. If the mentioned action wasn't a bear trap but some large insider selling, in this scenario we'll have a healthier market in the long run, still we'll see four digits but it'll take more time to reach that levels. What do you think?

4 digits either way. The only question is this year or the next one. And I do not care much what is the answer to this question.

+1 That is my bet too.

[smoothie]

This whole crash was a bear trap, just watch  

If last week's action was a bear trap, four digits will be a strong possibility. If the mentioned action wasn't a bear trap but some large insider selling, in this scenario we'll have a healthier market in the long run, still we'll see four digits but it'll take more time to reach that levels. What do you think?

4 digits either way. The only question is this year or the next one. And I do not care much what is the answer to this question.

+1 That is my bet too.

+ (4+ digits)

[bitcon]

Like I said yesterday, this are looking pretty hopeful, actually.  Again, the price is going to wiggle and wobble (pretty significantly compared to most other markets) on its way back up, but I do think the bottom was put in place.

i miss the old proud who was predicting single digits a few days ago.

[bitrider]

Guys, remember that if bitcoins become widely adopted (greater than 1% of the population), bitcoins will necessarily have to cost more than $1,000 (probably more like $10,000). It has to get to that price SOMEHOW, and I don't see any possible way it could get there without a lot of volatility.

Yes, I would also like bitcoin to have a relatively stable price, but I'm not expecting or hoping for that until it's a trillion dollar market (like gold, which can still be fairly volatile).

True, patience is what everyone needs.  Adoption comes, value goes up and stability comes.  Don't expect stability to come before adoption.  It wont happen.

Agreed.

This stuff is definiely not good for Bitcoin. It won't be widely accepted as long as it's dancing like this, it'll just be a speculation asset.

The short term thinking in these threads is remarkable to me. As stated above, Bitcoin will not be a truly viable exchange medium or "universal" store of value until the price of bitcoin is in the order of magnitude of $10K/coin. Before that it is almost useless on a large scale (except for a few people to move small amounts of money around).

Arguments about "what is bad for bitcoin" are truly irrelevant to the ultimate adoption or failure of the coin. There will bubbles (many I believe) over the next few years and there will be crashes. That is the nature of the beast. Complaining about "manipulators" and "speculators" is just plain silly and naive. That is always the nature new ideas and technologies.

I have worked with dozens of vc funded start-ups. Many die. Some make it long enough to get 2nd and third round funding. Those that do are often bought by larger firms or explode out on their own. I have never seen one that did not have wild swings in "valuation" along the way - however you choose to measure that. Will bitcoin survive? I don't know. If it solves an existing problem (or many) and does it better than the competition, it will thrive. If not it will die.

My bet is it will live. Bitcoin is strong and will get stronger as it is tested. Just my opinion.

But all this hand wringing and anger about what "they" are doing to you and hurting bitcoin by trading and speculating is just nonsense and a misreading of what is required - and inevitable- at this time in the bitcoin adoption phase. We are involved in a high-risk venture capital long-term investment (some more than others And something that no one has ever seen before. It is going to be messy for long time.

[loanexpress]

https://i.imgur.com/hSyEkq1.jpg

Why do people keep posting this stupid chart. What if bitcoin is not a commodity, but a technology... then isn't this better?

http://www.tsanalysis.com/wp-content/uploads/2011/05/gartner-hype-cycle.png

And for some reference:

https://www.x.com/sites/default/files/6695_gartner-hype-cycle-2011.gif

[zedicus]

Wish more folks would switch from MTGOX though... you'd think we'd have learned that by now...

Well the current exchange i was using just went belly up i think .. or something is going on with bitfloor.
They just asked the whole lot to pull funds out ..btc or USD and all trading has stopped!



So ... where is a halfway decent exchange??? I was thinking bitstamp but .. i need to pull out USD easy. Bitfloor did just that!

Direct deposit was a sinch..just gave it my routing and bank name . .. Think it was 2 1/2 days funds were in my account!


Im approaching all exchanges with a 50 ft poll from now on.. I really liked bitfloor hope they arent gone for good.

[samurai1200]

If you are trading relatively small potatoes (a couple hundred BTC and under), CampBX seems nice. Liquidity is not the best (though there is a dark pool) but ive never had a problem with lag or missed orders, etc.

They tend to trade about $1-5 cheaper than Gox.

[ManBearPig]

Nice times to rake some profit daytrading. Never did that actively, but its very profitable indeed

Been daytrading for over 15 years and I have to say I have yet to see anyone get rich at it.  Lot's of guys who made a quick million and then lost it all though.  You can't predict a panic sell off and can easily lose weeks of profit in one day.  Anyone who replies claiming to be getting rich on Bitcoin daytrading please show us your statemtents and continue to show them from now on.  I doubt you will see this.

Doing well enough thank you kindly.

[superduh]

Nice times to rake some profit daytrading. Never did that actively, but its very profitable indeed

Been daytrading for over 15 years and I have to say I have yet to see anyone get rich at it.  Lot's of guys who made a quick million and then lost it all though.  You can't predict a panic sell off and can easily lose weeks of profit in one day.  Anyone who replies claiming to be getting rich on Bitcoin daytrading please show us your statemtents and continue to show them from now on.  I doubt you will see this.

Doing well enough thank you kindly.

Do not delude yourself, ManBearPig is telling the truth, the more you trade the more certain is your loss.

Vladimir is correct. so is ManBearPig. day trading when it was just going up is fine. picking tops and bottoms unless you have enough capital to move things will probably wind up being worse than just being long

[BitcoinAshley]

Great, more people who don't understand markets or currencies. Bitcoin will not be stable until it is at a MUCH higher valuation. You come across like an angry emo kid in the OP, so if the price action bothers you, just leave bitcoin for another year or so.
When mBTC is $1 then we can talk about stability. You can daydream all you want about a slow, stable increase of 1%/month for the next 10 years but the fact is, people want Bitcoin and they want it now, stability just can't happen at $0.01/mBTC, bitcoin is behaving like a penny stock but since its value is displayed as a mature stock, it seems to be far more volatile than it should be.

[ElectricMucus]

Great, more people who don't understand markets or currencies. Bitcoin will not be stable until it is at a MUCH higher valuation. You come across like an angry emo kid in the OP, so if the price action bothers you, just leave bitcoin for another year or so.
When mBTC is $1 then we can talk about stability. You can daydream all you want about a slow, stable increase of 1%/month for the next 10 years but the fact is, people want Bitcoin and they want it now, stability just can't happen at $0.01/mBTC, bitcoin is behaving like a penny stock but since its value is displayed as a mature stock, it seems to be far more volatile than it should be.

Oh I see you like big numbers too.
It's fascinating to see the this cargo cult evolving.

[justusranvier]

Bitcoin will not be stable until it is at a MUCH higher valuation.

Bitcoin will be only be stable with 10 billion users or with zero users.