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Author Topic: Who is buying above $13? Manipulation or Market?  (Read 7716 times)
Edward50
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July 06, 2011, 02:00:46 PM
 #1

The bitcoin has consistently demonstrated that it will go lower and continue to reach new lows. Yet, it is currently trading close to $15 dollars.

Who would be buying at these prices?

What i think is either speculators are only buying to try and sell at a small spread, so they do not care what the price is, as they will sell very short term.

Manipulators are trying to maintain price and are trying to keep the price high so that they can build confidence in bitcoin and sell the majority of their bitcoins higher?

Your average investor just thinks bitcoins are worth it, and are buying them up.

I can not see the average investor buying bitcoins at this price, knowing that it will most likely continue a downward trend, and they could also wait a few days and buy low.

So what is going on? What is causing the price to continue going higher after it has been hitting new lows? Or how I would like to put it, who is dumb enough to buy at $15 now, when it was just $11 yesterday, and will probably hit that again very shortly?


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MiningBuddy
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July 06, 2011, 02:15:30 PM
 #2

Or how I would like to put it, who is dumb enough to buy at $15 now, when it was just $11 yesterday, and will probably hit that again very shortly?


Who is dumb enough to sell at $15 when the price was over $30 not so long ago?

jonny
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July 06, 2011, 02:18:26 PM
 #3

Well if you have bitcoins and you think 15 is way over market value, why not offload? Then buy them back for 11 in a few days time...
stic.man
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July 06, 2011, 02:46:45 PM
 #4

maybe incoming money combined with interesting and better media coverage brought the bulls.

People hustling to get money in during the fall to 11 yesterday finally had their funds by the afternoon and bought bought bought when they saw a decent wall at 10?
kokjo
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July 06, 2011, 02:51:01 PM
 #5

yesterday was panic selling. i did buy at 12. now its going back to normal 15+ possibly a new all time high. then im selling the ons i buyed at 12

you noob just don't understand whats panic, and whats is normal. Cheesy

"The whole problem with the world is that fools and fanatics are always so certain of themselves and wiser people so full of doubts." -Bertrand Russell
Cluster2k
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July 06, 2011, 03:22:54 PM
 #6

Or how I would like to put it, who is dumb enough to buy at $15 now, when it was just $11 yesterday, and will probably hit that again very shortly?


Who is dumb enough to sell at $15 when the price was over $30 not so long ago?

Who is dumb enough to believe the $30 spike was based on genuine fundamentals?  The price crashed from $30 to $10 within 2 days.  That is not a sign of a healthy and rational market.  It was based on new speculators piling in.  "Hey, the price is going up.  Time to buy more!"  I hope many people got burned at the $30 price.  It's not to sound mean, but believing bitcoin's price should follow an exponential curve is very silly.  By the end of the year one bitcoin would buy a nice car.  Everyone on this forum would be a millionaire.  Fantastic.

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MKW2012
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July 06, 2011, 03:33:05 PM
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All trends are eventually broken. We'll see if it's a legit break out or fake out. I'm just waiting to see more clarity.
Tronlet
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July 06, 2011, 03:37:14 PM
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The bitcoin has consistently demonstrated that it will go lower and continue to reach new lows. Yet, it is currently trading close to $15 dollars.
Here is where I stopped reading.

Vladimir
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July 06, 2011, 03:38:53 PM
 #9

The bitcoin has consistently demonstrated that it will go lower and continue to reach new lows. Yet, it is currently trading close to $15 dollars.
Here is where I stopped reading.

It is where I thought that he is trying to spoof it or be ironical. Next few sentences, though, demonstrated that he was probably serious.

Somebody has not seen yet panic buying, I guess.


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5grainsilver
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July 06, 2011, 03:48:22 PM
 #10

yesterday was panic selling. i did buy at 12. now its going back to normal 15+ possibly a new all time high. then im selling the ons i buyed at 12

you noob just don't understand whats panic, and whats is normal. Cheesy

15$ is normal?  Since last week?  Yesterday?  1$ was normal not too long ago.  Normal is defined by how many more suckers are willing to buy in to this pyramid.  This thing fluctuates 20% like its nothing.  Bitcoin could go to .50 tomorrow.
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July 06, 2011, 03:52:03 PM
 #11

Normal is defined by how many more suckers are willing to buy in to this pyramid.

Today's sucker could be tomorrow's genius.

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July 06, 2011, 03:52:52 PM
 #12

yesterday was panic selling. i did buy at 12. now its going back to normal 15+ possibly a new all time high. then im selling the ons i buyed at 12

you noob just don't understand whats panic, and whats is normal. Cheesy

15$ is normal?  Since last week?  Yesterday?  1$ was normal not too long ago.  Normal is defined by how many more suckers are willing to buy in to this pyramid.  This thing fluctuates 20% like its nothing.  Bitcoin could go to .50 tomorrow.

So why are you here?
Or is this another jealous unemployed bum who is mad he didn't buy coins when they were 0.02 a piece

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PseudoCode
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July 06, 2011, 04:00:16 PM
 #13

Isnt it funny how most of the posters predicting bitcoin's imminent destruction/devaulation nearly always seem to have been around for 20-50 posts ?

Latecomers hoping to scare people into selling so they can buy in cheaper ?  Sour Grapes ?  
If they're really so convinced that BTC is on the way down permanently, then why not just sell out, and piss off ?  

Why would they take the trouble to hang around crying doom ?   Ulterior Motives I suspect..  

or do the Trolls really have nothing better to do than watch graphs and cry chicken little at every dip ?  
Surely there is a Warcraft game out there that needs griefers, some IRC channels to spam or something ?

Wasnt there an options market I saw somewhere that you could go an put your money where your mouth is and stand by your predictions ?

If you're still here posting the-end-is-nigh posts after a while, you start to sound like a cracked record imo.
bitebitebite
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July 06, 2011, 04:00:32 PM
 #14

 I bought at 15.7 on Saturday, perhaps a bit high for now. Probably will sell near there (missed 15.5) and play about.
5grainsilver
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July 06, 2011, 04:05:46 PM
 #15

yesterday was panic selling. i did buy at 12. now its going back to normal 15+ possibly a new all time high. then im selling the ons i buyed at 12

you noob just don't understand whats panic, and whats is normal. Cheesy

15$ is normal?  Since last week?  Yesterday?  1$ was normal not too long ahhgo.  Normal is defined by how many more suckers are willing to buy in to this pyramid.  This thing fluctuates 20% like its nothing.  Bitcoin could go to .50 tomorrow.

So why are you here?
Or is this another jealous unemployed bum who is mad he didn't buy coins when they were 0.02 a piece

As an active trader in real markets I am finding this a great way to view the thought process of the losing trader and bubble sucker.  I've never seen it presented so clearly before.

I wish there was a real options market on this.  I would put most of my money into long term puts right now. 

I have no motives or money on this,  just bored at work and this is very entertaining.
SgtSpike
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July 06, 2011, 04:09:11 PM
 #16

Isnt it funny how most of the posters predicting bitcoin's imminent destruction/devaulation nearly always seem to have been around for 20-50 posts ?

Latecomers hoping to scare people into selling so they can buy in cheaper ?  Sour Grapes ?  
If they're really so convinced that BTC is on the way down permanently, then why not just sell out, and piss off ?  

Why would they take the trouble to hang around crying doom ?   Ulterior Motives I suspect..  

or do the Trolls really have nothing better to do than watch graphs and cry chicken little at every dip ?  
Surely there is a Warcraft game out there that needs griefers, some IRC channels to spam or something ?

Wasnt there an options market I saw somewhere that you could go an put your money where your mouth is and stand by your predictions ?

If you're still here posting the-end-is-nigh posts after a while, you start to sound like a cracked record imo.

Haha, so true...

The OP:  Date Registered:   June 09, 2011, 11:48:20 pm
Tronlet
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July 06, 2011, 04:11:39 PM
 #17

Normal is defined by how many more suckers are willing to buy in to this pyramid.  This thing fluctuates 20% like its nothing.  Bitcoin could go to .50 tomorrow.
So wait, you say "pyramid", but then what you say afterwards doesn't describe a pyramid at all. Huh

Jack of Diamonds
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July 06, 2011, 04:13:16 PM
 #18

I wish there was a real options market on this.  I would put most of my money into long term puts right now.  

There is.
http://www.glbse.com is probably the best, bitoption.org is just starting out

You can buy long term futures and soon options for BTC, and sites like Mt. Gox and Camp. BX are adding support for it if you read their websites.
The fact is, you can't analyze the bitcoin market. After you find out the options exist, you wont have the guts to do anything.

The price is very volatile, the market is too small at this point and influenced by bots and occassional large buy orders/offloading of hoarders

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5grainsilver
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July 06, 2011, 04:36:32 PM
 #19

GLBSE is not a real exchange.  There is no volume.  It is not regulated by any government organization.  My expectation of receiving payout should my contract become profitable is pretty damn low.  The site owner has a link where you can donate to him lol.  That is not a professional exchange.  What are the qualifications of the person running it?  Who is running it?  Where is it based?  On the about me page it says the following:

"We Are The Market

Buy, sell, raise, lend, borrow, invest, the single market that does it all. Keep your bitcoin in one market, and instantly switch between different assets, currencies, shares, and bonds to take advantage of the largest bitcoin market.

    * Issue shares to raise capital
    * Pay dividends to shareholders
    * Put resolutions to shareholders and get their vote
    * Issue and sell bonds
    * Borrow and lend to the market
    * Make and recieve loan repayments
    * Issue futures contracts
    * Meta-trade on non listed companies (on other exchanges)
    * And trade all of the above with other traders on the market


Start Trading Now!

The exchange is currently under testing, but is being used, you may use at your own risk but be warned,you could lose your shirt ;-)"


That says nothing, except that the person running it is building this as they go and have no idea what they are doing. 


The fact that these are not the first questions people are asking when this site advertises, just shows how naive the bitcoin community is.  Here are some more good questions:

Who holds my deposit?  Who guarantees it?  Are my funds used for operating expenses?  (I bet they are)  Are my funds held in a segregated account?  In what currency?  How is that account being managed to hedge against currency and bitcoin value changes? 



You might not like what I am saying, but to completely write it off is ignorant.  I have a LOT of experience in gambling, trading, and business.  I've seen a lot of bubbles, I've seen people act CRAZY when they come into a lot of money or lose a lot in a short time.  Be smart.  Learn from the mistakes of others.  People behave in repeating patterns, especially in crowds and markets.  Have you studied the history of bubbles?  Might be a good idea.  If you are one of the ones that has come into a lot of money from this, be smart and diversify.  Acknowledge that there is a real chance that bitcoins could go down the toilet and take some of that money and put it into a different type of investment or business.  I'm sure the smart ones have already quietly done that. 

OK enough good advice.  I know most of you will completely write me off as an ignorant whatever you think I am.  Most people have to learn the hard way, that is just how people are. 
5grainsilver
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July 06, 2011, 04:39:12 PM
 #20

Or how I would like to put it, who is dumb enough to buy at $15 now, when it was just $11 yesterday, and will probably hit that again very shortly?


Who is dumb enough to sell at $15 when the price was over $30 not so long ago?

Ah now this right here is classic loser trader mentality.  I don't mean that as an insult.  If you find yourself agreeing with this quote, you really need to do some research on how markets and bubbles work. 
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