False bid wall.

[ruski]

I say this as a person about to put $4000 into an epic mining rig, and having serious last-minute doubts.

Does this not concern anyone? The value of Bitcoin is slowly rotting, on low volume. Difficulty has also peaked.

I'm also finding a common theme on these forums - SUPPORT BITCOIN! INVEST! Why does it need your support? If it's viable and has value, why does it need any artificial support? You wouldn't happen to be a large crowd of bagholders slowly realising it, would you?

Pic related - from bitcoin charts.

[1714148189]

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[ruski]

Also, for those who aren't financially minded, if this were an equity being traded by MMs on a real exchange, this would put the actual value of BTC at around $4. Since it isn't, and there is no facility to short sell, right now it appears to be headed for a slow, painful death.

Also keep in mind that there are vast reserves of bitcoin not being actively traded. If enough people lose confidence and dump, we are in for another quick ride down.

Please prove me wrong. I very much like the idea behind it. But the fact is that Bitcoin is backed by NOTHING AT ALL. Anonymity without security isn't going to hold it up forever.

[ellipsis]

I say this as a person about to put $4000 into an epic mining rig, and having serious last-minute doubts.

Does this not concern anyone? The value of Bitcoin is slowly rotting, on low volume. Difficulty has also peaked.

I'm also finding a common theme on these forums - SUPPORT BITCOIN! INVEST! Why does it need your support? If it's viable and has value, why does it need any artificial support? You wouldn't happen to be a large crowd of bagholders slowly realising it, would you?

Pic related - from bitcoin charts.

http://i54.tinypic.com/9libyo.jpg

It needs value and volume, not high a high dollar price. It is also likely to be quite inflated right now and "rotting" due to speculators meeting resistance.

[Stephen Gornick]

as a person about to put $4000 into an epic mining rig

Notice the green line ... mining is currently at its lowest profitability levels.




 - http://tvori.info/bitcoin/charts/  (scroll down to the second chart to see the current chart of what I have above.)

[Leon]

Look at long term data for BTC.. Good god. 

I feel like his post is just to troll.

[BTCSports]

This is a really poor attempt at technical analysis.

[nmat]

You wouldn't happen to be a large crowd of bagholders slowly realising it, would you?

Maybe we are Anyway, short selling is coming at least at Camp BX. That should shake things up a little right?

[phillipsjk]

I'm also finding a common theme on these forums - SUPPORT BITCOIN! INVEST! Why does it need your support? If it's viable and has value, why does it need any artificial support? You wouldn't happen to be a large crowd of bagholders slowly realising it, would you?

Yes, for the foreseeable future, it will always be possible for the value of Bitcoin to drop back down to 0.

The only thing that gives bitcoin value is the ability to buy things with it. That means: we need merchants to invest in infrastructure for accepting bitcoin. Few merchants will invest in bitcoin if they feel it has little support.

If bitcoin gains widespread support as a payment alternative; mining and speculation will be very profitable. However, if everybody hordes without spending any Bitcoin; the value will stagnate or even drop.

[MineForBitcoins]

yes, the key in the future will be to see merchants ACCEPTING bitcoin.  That'll provide a real reason to buy BTC other than just speculation.

[MineForBitcoins]

1.  Dark pools mean that there are more orders entered than visible.

2.  People can add/edit/remove orders at any time.  Trust me, there are a ton of people who will jump in at $10 if we see it get there.