Yup, still feeling bearish.

[evolve]

Investor confidence seems to be back on the rise, and some people are saying the bottom is in...I don't buy it for a second; I think its just the calm before the storm.

However, if I am wrong, and we start to bubble up again, I think the results will be catastrophic.

Neither situation is good for BTC, IMO...but I think another bubble would be much worse.

[thezerg]

Chillin round 100 be perfect...but unlikely  a few weeks of that would give a whale confidence

[notme]

Conflict, conflict, everybody disagree.
The more you argue up or down
The more bitcoins for me

[humanitee]

More places are accepting Bitcoin... why is the price rising!?

[evolve]

Yeah, bitcoin is well on its way to mainstream acceptance...In fact, I was going to buy gas, groceries, rent, car payment, any basic neccesity of life, drugs, porn, and trinkets with my BTC today!  I guess, I'll just hold onto them though, because the price can only go up,uP,UP!  

Dont fool yourself, this price is only justified by rampant speculation, not because metart or whoever decided to accept BTC.

[humanitee]

Yeah, bitcoin is well on its way to mainstream acceptance...In fact, I was going to buy gas, groceries, rent, car payment, any basic neccesity of life, drugs, porn, and trinkets with BTC today! 

It doesn't matter what you can buy, as long as there is something to buy. Drugs and porn are a good start.

Your post is half true.
I can buy a car with Bitcoins, as well as a house.

I don't know of anyone who buys porn except the guy I saw in the sex shop 3 weeks ago. 
I should have told him about Bitcoin!

[NamelessOne]

Yeah, bitcoin is well on its way to mainstream acceptance...In fact, I was going to buy gas, groceries, rent, car payment, any basic neccesity of life, drugs, porn, and trinkets with my BTC today!  I guess, I'll just hold onto them though, because the price can only go up,uP,UP!  

Dont fool yourself, this price is only justified by rampant speculation, not because metart or whoever decided to accept BTC.

You forgot internet dating. Can't do that with bitcoins. Oh... wait...   

[evolve]

It doesn't matter what you can buy, as long as there is something to buy. Drugs and porn are a good start.

Drugs and porn don't justify why the current price is so high...you could buy drugs and porn with btc a couple years ago.

[Wuji]

Yeah, bitcoin is well on its way to mainstream acceptance...In fact, I was going to buy gas, groceries, rent, car payment, any basic neccesity of life, drugs, porn, and trinkets with BTC today! 

It doesn't matter what you can buy, as long as there is something to buy. Drugs and porn are a good start.

Your post is half true.
I can buy a car with Bitcoins, as well as a house.

I don't know of anyone who buys porn except the guy I saw in the sex shop 3 weeks ago. 
I should have told him about Bitcoin!

You can but, are people doing it?  Also it does matter what people can buy and how much they are.  The bulls don't ever like to talk about the fact that so far Silk Road reports 1.2 million/month in sales.  I think the hippies on my street are selling more hydro than that right now.

[notme]

It doesn't matter what you can buy, as long as there is something to buy. Drugs and porn are a good start.

Drugs and porn don't justify why the current price is so high...you could buy drugs and porn with btc a couple years ago.

Sure, but now there is MORE drugs and porn

[gizmoh]

The order book on the sell side is at least 1.5 times that on the buy side(just checked:around 20,000 to 80 and 30,000 to 100)
The major buy back from recent crash sell offs and inflow of fiat from newly funded accounts is whats been boosting the price.
So I'm pretty sure another big dip/crash will come not too far, once fiat money to support heavier sell off diminishes, price will slowly decline and at any mishap, it will be accentuated by mass panic sell off. The mystery is to find the topping point..

[NamelessOne]

The order book on the sell side is at least 1.5 times that on the buy side(just checked:around 20,000 to 80 and 30,000 to 100)
The major buy back from recent crash sell offs and inflow of fiat from newly funded accounts is whats been boosting the price.
So I'm pretty sure another big dip/crash will come not too far, once fiat money to support heavier sell off diminishes, price will slowly decline and at any mishap, it will be accentuated by mass panic sell off. The mystery is to find the topping point..

20,000 to 80, and 30,000 to 100 is a very limited range though. On the entire orderbook the buys outweigh the sells by a decent margin. The sells are bigger than before, but I'd expect that given the last week. 

[evolve]

Stolen from another thread:

I saw this image linked in another post. It perfectly illustrates the similarities between Bubble 1 and Bubble 2.

There is still money to be made on the upside potentially, but I think the second part of the crash (the second hill on the first graph, or on that speculative bubble graph that get posted here all the time) is coming.

[Frozenlock]

However, if I am wrong, and we start to bubble up again, I think the results will be catastrophic.

I also believe that if we return in an upward trend shortly, it will be an explosion. (4 digits?  )
I don't see it as a bad thing however. Sure, people will get burned, but Bitcoin would have an even more amazing media presence than before.

[loanexpress]

Sure, people will get burned, but Bitcoin would have an even more amazing media presence than before.

+1 this. People already think - it's recovered once, so why not twice? Then it'll be recovered twice, so why not 3 times, etc. In fact the more times this happens, the more you'll see new people buy in at each "reset". But each reset will be to a higher level. I see no reason why this can't be the "status quo" for something deflationary like bitcoin. This is new territory for everyone and who the hell knows what is "normal"?

[evolve]

Well, that would make BTC great for a speculative investment tool, but shitty for a currency or any kind store of value. If BTC is soley a speculative tool, it will not last very long.

[superduh]

i still don't know why a previous crash is being used to predict this crash.
no, history does not repeat itself. the fundamentals have changed a lot in the last 2 years.

[just1nmc]

i still don't know why a previous crash is being used to predict this crash.
no, history does not repeat itself. the fundamentals have changed a lot in the last 2 years.

+1

Sure this bubble looks like the last one, but I have no idea why people think it will behave identically.

Interest is at an all time high, bids are at an all time high, a ton of merchants are continuing to join in, and the price crashed so fast that all these new people see a great price to buy their first bitcoins at.

[loanexpress]

Well, that would make BTC great for a speculative investment tool, but shitty for a currency or any kind store of value. If BTC is soley a speculative tool, it will not last very long.

My point was that yes it bubbles constantly, but each crash (or let's call it a reset) is to a higher level. So long term storage of value is always trending higher if you ignore the noise. For instance people's $5 coins from last year has definitely increased in value - I don't think anyone denies that - even with the bubble(s).

Doesn't this mean that speculators and long-termers can both have their cake?

[evolve]

i still don't know why a previous crash is being used to predict this crash.

Its not predicting the crash, though it is mapping how the crash will likely play out (which is amazingly similar to every single speculative bubble graph you see, regardless of investment vehicle).

The run up from < $20 to $266 dollars in less than 4 months is what predicted the crash.