Yup, still feeling bearish.

[evolve]

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.

That's a very big assumption. This bubble may not be done popping, and who knows where it will rest. It is very possible that we will end up with a lower low than 2011.

[Crypt_Current]

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.

That's a very big assumption. This bubble may not be done popping, and who knows where it will rest. It is very possible that we will end up with a lower low than 2011.

What a load of the purest bear-FUD...

[loanexpress]

I was not making a prediction or assumption. Just putting forward a theoretical possibility - no-one knows how this will play out since there's never been anything like this before.

[evolve]

What a load of the purest bear-FUD...

Uh-huh.

No... you are right, its not possible...BTC price can only go up, uP, UP! Right?  $10,000 coins by tomorrow!!!!  We are all going to be millionaires!!!!


Don't delude yourself, it is entirely possible. If you don't realize that, you are going to be the one left holding the bag. You may think you are a bull, but you aren't.

[SAQ]

Investor confidence seems to be back on the rise....

I don't think so. The price has artificially inflated due to the seizure or closure of bitfloors USD bank account. People that had dollars in bitcoins are seeing that the safest way to withdraw those dollars is to buy bitcoins, driving the price up for everyone.

The question is, what will these people who are forced to buy bitcoins do with them once they transfer them out of bitfloor?

Fire sell off?

[adamstgBit]

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.

so i started making a list of thing you can buy with bitcoin, needless to say the list was extensive...
so i deleted that, and all i'm going to say is
if you throw enough bitcoins on the table, there's simply nothing you can't buy


@evolve, if your so conviced bitcoin is going to go down, why not order some food tonight Foodler.com

[ironstove]

Judging from the previous bubble, it is easy to make a bearish prediction, however the situation is quite different on an order of magnitude:

1. Security of exchanges is much higher
2. Larger number of speculators currently in the market
3. More and more merchants announcing everyday that they accept BTC (Sure, it starts with adult entertainment and dating sites today, but maybe a week from now we'll be finding stores like newegg/amazon accepting BTC, at that point it needs to be taken a lot more seriously. This is just a start and a world apart from where it was at in 2011).
4. From what I have last heard a couple days ago, the queue @ gox was 28k
5. A lot of 3rd party investors are dumping fiat into BTC trying to pump it up and raise confidence in the market

I was initially extreme bearish but extremely surprised that the 50 wall held up yesterday (as I expected it to go to the 40s), and I'm kicking myself for not having bought a couple of coins when all the signs were showing at the very least a short term rebound when looking at the money flow, wedge formation, and momentum/movement.

All of the above are at the very least signs of a sustained market in the short term and might even form another 'miniture' bubble before another collapse, much like the 2008 stock crash.

Short to mid-term I'm still bearish, and long term bull... I've got a 12 BTC (valued @ 120/USD at the time) bet hedged against someone, their fiat vs my BTC on where the market will be at the end of the month so I'm all for a huge crash to occur, but it looks like BTC might even be around the 150 range near the end of April before it starts its steady and much needed decline....

[evolve]

@evolve, if your so conviced bitcoin is going to go down, why not order some food tonight Foodler.com

That would take money off the table that would be better spent buying back into BTC when the price is low enough. The money I have on the exchanges is reserved for trading only, for now (though I have made BTC purchases in the past). I havent moved any USD into the system since my first buy in back in 2011, and I dont plan on moving anymore in now.  

Eventually (once I get bored with BTC), I plan on cashing out into precious metals so I have a momento of my BTC adventures, though.

[notig]

out of curiosity does anyone know how much bidwalls were before the crash? right now there is 17 million in bidwalls

[just1nmc]

out of curiosity does anyone know how much bidwalls were before the crash? right now there is 17 million in bidwalls

The bid sum peaked at $16 million before the crash. It is currently almost $19 million.

[dave111223]

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.

Just paid for a new web hosting account with bitcoins yesterday.  I wasn't even looking for somewhere that accepted them, just happens that the host did.

Or does that fit into "drugs, porn, trinkets" somehow?

[evolve]

Almost doubling in value in less than 2 days isn't exactly inspiring confidence in me right now either.

[humanitee]

Almost doubling in value in less than 2 days isn't exactly inspiring confidence in me right now either.

Look at it this way, we were way oversold.

[ElectricMucus]

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.

Just paid for a new web hosting account with bitcoins yesterday.  I wasn't even looking for somewhere that accepted them, just happens that the host did.

Or does that fit into "drugs, porn, trinkets" somehow?

That's one of the few thing they actually make sense to use them for.

[evolve]

Just paid for a new web hosting account with bitcoins yesterday.  I wasn't even looking for somewhere that accepted them, just happens that the host did.

Or does that fit into "drugs, porn, trinkets" somehow?

You know, being snarky (and pretending not to get my point) doesn't change the reality of the situation.  

[ElectricMucus]

I think the point here is:
The world now knows about bitcoin, pretty much all of it.
But it knows it for what it is: A trading game with scummy figures playing captain of the industry and an attached army of zealots with the attitude of MLM participants.

In short: We're out of suckers.

[notme]

I think the point here is:
The world now knows about bitcoin, pretty much all of it.
But it knows it for what it is: A trading game with scummy figures playing captain of the industry and an attached army of zealots with the attitude of MLM participants.

In short: We're out of suckers.

Bitcoin just hasn't found it's niche yet.  It will eventually solve the funding issue for open source software, free music communities (free as in permission to reuse), and other crowd-sourced creation endeavors.  It will start off as a niche, but in a hundred years it will just be how the economy works.

[ElectricMucus]

I think the point here is:
The world now knows about bitcoin, pretty much all of it.
But it knows it for what it is: A trading game with scummy figures playing captain of the industry and an attached army of zealots with the attitude of MLM participants.

In short: We're out of suckers.

Bitcoin just hasn't found it's niche yet.  It will eventually solve the funding issue for open source software, free music communities (free as in permission to reuse), and other crowd-sourced creation endeavors.  It will start off as a niche, but in a hundred years it will just be how the economy works.

It has. This is it. Ground Zero.
It's Max Kaisers and  Bruce Wagners forever.

[loanexpress]

Almost doubling in value in less than 2 days isn't exactly inspiring confidence in me right now either.

How about being the same value it was 3 days ago? What a silly comment.

[anonymous_hero]

I think the point here is:
The world now knows about bitcoin, pretty much all of it.
But it knows it for what it is: A trading game with scummy figures playing captain of the industry and an attached army of zealots with the attitude of MLM participants.

In short: We're out of suckers.

I agree that we're "out of suckers" as it were but I disagree that the whole world knows about Bitcoin.

Outside of my fellow news/tech junkies, only a couple people I know have heard of it.  Then of course there's also the fact that the majority of the world doesn't have Internet access (source).