how high will BTC go by next weekend - 11/15/13

[moderate]

Runaway speculation always leads to an economic bubble.

I'll tell that to the guys who invested early in Microsoft, Google and Apple.  I'm sure that Bill Gates, Paul Allen, Sergey Brin, Larry Page, Steve Wozniak and Steve Jobs will be very upset to find out that their billions are actually a "bubble" that was due for a correction and that they shouldn't have held their stock, that it was a stupid idea.

Microsoft and Apple produced software and computers; Google produced an Internet search engine. If you now buy stock in any of the three, you're investing in some of the largest companies in the world. There is underlying value in those companies that warrant value in their stock.

With bitcoin, you're investing in a digital currency which holds the possibility of becoming mainstream and one day making you rich. What I'm saying is, the current value of one bitcoin does not represent any real infrastructure and is merely speculation on the part of thousands of people who hope to become rich quick.

What you and others fail to realize is, people buy Apple stock because it's a hugely valuable company that's used by millions around the world and deserves to be valued at billions of dollars. Bitcoin has the *potential* to be that way somebody, but it has a long ways to go before it genuinely deserves a 3 billion dollar market cap. Everyone here wants so badly to put the cart before the horse and declare that bitcoin has "made it" merely because it's expensive right now, which is a logical fallacy.

I'm with you on this one, BTC people get blind on each new unexplicable price spike. I don't believe the current prices will stand and stay above 300 in the next weeks.

[kireinaha]

I don't mean to sound pompous, but there are so many naive investors in bitcoin right now. What's happening now is speculation, pure and simple. A lot of fanatics were saying in April that it would just keep rising until it hit thousands of dollars, and they were completely serious. And now we're accusing the moderate commentators who declared bitcoin a bubble to be in the wrong? They were absolutely right! And it still IS a bubble. Until anyone can show a legitimate reason that 1 bitcoin is worth $350+ as of right now, it's the very definition of speculation.

I'm not saying it can't reach $400 or even $500 in the coming weeks, but it will come down hard before long -- have no doubt of that -- because there is nothing right now to base that value on (and don't say because the Chinese are also speculating on it). If bitcoin does eventually become a major payment service, then it won't be a bubble anymore. But that's yet to happen, and nobody can foretell with any certainty whether it actually will or not.

since when does speculation = bubble?

you dont sound pompous, just uneducated. your logic is weak at best. some of the finest business minds in the entire world strongly disagree with you. and put their money where their mouth is.

If you feel this way, think how much money you can make by shorting bitcoin! tell us about your profits so far or go back school.

Runaway speculation always leads to an economic bubble. All I did was merely point out that it's already happened twice with bitcoin and is poised to happen again within the next week or two. Apparently pointing out the obvious is akin to blasphemy around here.

do you even know what a bubble is?? so how much bitcoin have you shorted? since you are so sure?

shouldnt you be looking at your governement bond charts or something/

Are you just trolling now? Look at April. You would call $266 to $60 in the matter of one day.... what exactly? That's not a bubble?

[wobber]

We already had a signifiant drop from ATH and a very strong slowdown. Even if we get another drop, who will be scared? Cause I ain't

[btcforall777]

I don't mean to sound pompous, but there are so many naive investors in bitcoin right now. What's happening now is speculation, pure and simple. A lot of fanatics were saying in April that it would just keep rising until it hit thousands of dollars, and they were completely serious. And now we're accusing the moderate commentators who declared bitcoin a bubble to be in the wrong? They were absolutely right! And it still IS a bubble. Until anyone can show a legitimate reason that 1 bitcoin is worth $350+ as of right now, it's the very definition of speculation.

I'm not saying it can't reach $400 or even $500 in the coming weeks, but it will come down hard before long -- have no doubt of that -- because there is nothing right now to base that value on (and don't say because the Chinese are also speculating on it). If bitcoin does eventually become a major payment service, then it won't be a bubble anymore. But that's yet to happen, and nobody can foretell with any certainty whether it actually will or not.

since when does speculation = bubble?

you dont sound pompous, just uneducated. your logic is weak at best. some of the finest business minds in the entire world strongly disagree with you. and put their money where their mouth is.

If you feel this way, think how much money you can make by shorting bitcoin! tell us about your profits so far or go back school.

Runaway speculation always leads to an economic bubble. All I did was merely point out that it's already happened twice with bitcoin and is poised to happen again within the next week or two. Apparently pointing out the obvious is akin to blasphemy around here.

do you even know what a bubble is?? so how much bitcoin have you shorted? since you are so sure?

shouldnt you be looking at your governement bond charts or something/

Are you just trolling now? Look at April. You would call $266 to $60 in the matter of one day.... what exactly? That's not a bubble?

fuck no that was not a bubble. there is a difference between a CORRECTION and a BUBBLE.

how can a bubble follow a bubble that has burst a few months later genius??

i bet you are a really wealthy guy....

[btcforall777]

I don't mean to sound pompous, but there are so many naive investors in bitcoin right now. What's happening now is speculation, pure and simple. A lot of fanatics were saying in April that it would just keep rising until it hit thousands of dollars, and they were completely serious. And now we're accusing the moderate commentators who declared bitcoin a bubble to be in the wrong? They were absolutely right! And it still IS a bubble. Until anyone can show a legitimate reason that 1 bitcoin is worth $350+ as of right now, it's the very definition of speculation.

I'm not saying it can't reach $400 or even $500 in the coming weeks, but it will come down hard before long -- have no doubt of that -- because there is nothing right now to base that value on (and don't say because the Chinese are also speculating on it). If bitcoin does eventually become a major payment service, then it won't be a bubble anymore. But that's yet to happen, and nobody can foretell with any certainty whether it actually will or not.

since when does speculation = bubble?

you dont sound pompous, just uneducated. your logic is weak at best. some of the finest business minds in the entire world strongly disagree with you. and put their money where their mouth is.

If you feel this way, think how much money you can make by shorting bitcoin! tell us about your profits so far or go back school.

Runaway speculation always leads to an economic bubble. All I did was merely point out that it's already happened twice with bitcoin and is poised to happen again within the next week or two. Apparently pointing out the obvious is akin to blasphemy around here.

do you even know what a bubble is?? so how much bitcoin have you shorted? since you are so sure?

shouldnt you be looking at your governement bond charts or something/

Are you just trolling now? Look at April. You would call $266 to $60 in the matter of one day.... what exactly? That's not a bubble?

fuck no that was not a bubble. there is a difference between a CORRECTION and a BUBBLE.

how can a bubble follow a bubble that has burst a few months later genius??

i bet you are a really wealthy guy....

further it was a correction caused by external sources - DDOS attacks

[windjc]

I don't mean to sound pompous, but there are so many naive investors in bitcoin right now. What's happening now is speculation, pure and simple. A lot of fanatics were saying in April that it would just keep rising until it hit thousands of dollars, and they were completely serious. And now we're accusing the moderate commentators who declared bitcoin a bubble to be in the wrong? They were absolutely right! And it still IS a bubble. Until anyone can show a legitimate reason that 1 bitcoin is worth $350+ as of right now, it's the very definition of speculation.

I'm not saying it can't reach $400 or even $500 in the coming weeks, but it will come down hard before long -- have no doubt of that -- because there is nothing right now to base that value on (and don't say because the Chinese are also speculating on it). If bitcoin does eventually become a major payment service, then it won't be a bubble anymore. But that's yet to happen, and nobody can foretell with any certainty whether it actually will or not.

So Gold has a market cap of 7 Trillion market cap because it is a major payment service? Right?

(oh, I forgot, its because of its myriad industrial uses. Correct?)

(oh, I mean, its because it's been considered valuable off and on by different cultures for thousands of years. That's why, right?)

Wait a minute, are you actually comparing a digital currency used (but mostly hoarded) by a small group of Internet enthusiasts to gold?   LMAO... Put the mouse down and step away from the Internet...

Of course I am. They are both stores of wealth. That's the obvious point you are missing as you chime on about how bitcoin isn't an established currency.

OF COURSE it's not an established currency. That will take years.  But what it IS today is a STORE OF WEALTH. Just like gold. Right gold - that "precious" metal that you gave no reason as to why has any real value, except speculative.

[kireinaha]

fuck no that was not a bubble. there is a difference between a CORRECTION and a BUBBLE.

how can a bubble follow a bubble that has burst a few months later genius??

i bet you are a really wealthy guy....

A bubble/crash/"correction" ... these all mean the same thing (ie. the valuation of an asset outpacing its true value followed by rapid devaluation) but if "market correction" is less likely to offend your delicate bitcoin sensibilities then by all means go for it. And why do you keep attempting to instigate this ad hominem line about my wealth? Because I'm not a millionaire that somehow makes my point about bitcoins invalid?

I'm sorry if I've offended your faith in bitcoins somehow. I've never said once here that they flat out won't be successful, but someone around here has to be in charge of rationing out doses of reality here and there.

This message board can act as an echo chamber with everyone trying to psych each other up and creating wild market forecasts with little basis in reality. If guys like me don't come around and remind everyone that there are still years and many hurdles to overcome before we enter a bitcoin global economy, we're all going to start believing our own bullshit.

[btcforall777]

fuck no that was not a bubble. there is a difference between a CORRECTION and a BUBBLE.

how can a bubble follow a bubble that has burst a few months later genius??

i bet you are a really wealthy guy....

A bubble/crash/"correction" ... these all mean the same thing (ie. the valuation of an asset outpacing its true value followed by rapid devaluation) but if "market correction" is less likely to offend your delicate bitcoin sensibilities then by all means go for it. And why do you keep attempting to instigate this ad hominem line about my wealth? Because I'm not a millionaire that somehow makes my point about bitcoins invalid?

I'm sorry if I've offended your faith in bitcoins somehow. I've never said once here that they flat out won't be successful, but someone around here has to be in charge of rationing out doses of reality here and there.

This message board can act as an echo chamber with everyone trying to psych each other up and creating wild market forecasts with little basis in reality. If guys like me don't come around and remind everyone that there are still years and many hurdles to overcome before we enter a bitcoin global economy, we're all going to start believing our own bullshit.

THEY DO NOT MEAN THE SAME THING. THATS MY POINT. DUDE, YOU ARE IGNORANT AND TRYING TALK LIKE YOU ARE EDUCATED. YOU HAVE NO CREDIBILITY. YOU HAVE NEVER TRADED OR INVESTED IN ANYTHING IN YOUR LIFE. THANK YOU FOR YOUR PATHETIC REMINDER. NOW GO HOME. LOL

bubble = no recovery

correction = recovery possible

[kireinaha]

DUDE, YOU ARE IGNORANT AND TRYING TALK LIKE YOU ARE EDUCATED. YOU HAVE NO CREDIBILITY.

...Says the guy writing in all caps. 

So now you're trying to tell us that the United States housing bubble means that real estate will never reach 2008 levels again? After all, a bubble means that there is no chance for recovery, right?

[t3xasdolly]

I'm with you on this one, BTC people get blind on each new unexplicable price spike. I don't believe the current prices will stand and stay above 300 in the next weeks.

Only the market will say whos right. All I believe it wont go under 200 for sure, the recent dumps and fast recovery convince me

[MoreFun]

I'm with you on this one, BTC people get blind on each new unexplicable price spike. I don't believe the current prices will stand and stay above 300 in the next weeks.

Only the market will say whos right. All I believe it wont go under 200 for sure, the recent dumps and fast recovery convince me

TBH there were no serious recent dumps

[btcforall777]

DUDE, YOU ARE IGNORANT AND TRYING TALK LIKE YOU ARE EDUCATED. YOU HAVE NO CREDIBILITY.

...Says the guy writing in all caps. 

So now you're trying to tell us that the United States housing bubble means that real estate will never reach 2008 levels again? After all, a bubble means that there is no chance for recovery, right?

the real estate market will take DECADES to reach 2008 levels! If it ever ever does again!

look, its not my responsiblity to you about business, investing and economics.  In case you have not noticed, the USA economic system is toast. Get it?! That is a huge part of what makes bitcoin so attractive to us speculators. And im not stickin around to see the grand finale. I taught myself portugues and am moving to brazil.

so you stick around watching your reality tv shows and playing videos games or whatever it is that you do that qualifies you to make your petty little reminders ....im leverage trading bitoin on ICBIT and MT4/ BTC-E and planing for the future.  If you want to know more its $400 per hour for consulting.

[PumpkinCoin]

Take a look at some of the trading sessions pushing the coins up tens of $ with only a few hundred trades.

There is a MASSIVE bubble forming, it is being driven by sites trading futures and naked short selling of the coins, and the  recent 3 pronged dumping of the coins in the last week.

If you can ride it and get out just before the crash… then good luck.

I'm unaware of these sites.  I've been thinking of the impact of naked shorting BTC for a few weeks.  Because BTC trades on different exchanges and venues with big price differences that no one can apparently arbitrage currently, I do not feel naked shorting at this point is very relevant.  If prices were the same on all major exchanges or at least very close one could surmise that there is arbing and one exchange going down would have a large impact on BTC price.  An exchange or bucket shop could naked short and easily blow up; it wouldn't affect the other trading venues or average BTC price other than the investment money allocated towards BTC being lost.  But then there are bucket shops and exchanges running off with customer funds right now and, for all we know, they are long only and not naked shorting.

[kireinaha]

If you want to know more its $400 per hour for consulting.

Wouldn't you prefer bitcoin, since the whole US economy is going belly up soon?

[btcforall777]

If you want to know more its $400 per hour for consulting.

Wouldn't you prefer bitcoin, since the whole US economy is going belly up soon?

You are funny as you are investment savvy.

are you missing "Family Guy" or something?

[Roy Badami]

Microsoft and Apple produced software and computers; Google produced an Internet search engine. If you now buy stock in any of the three, you're investing in some of the largest companies in the world. There is underlying value in those companies that warrant value in their stock.

Google is an interesting example because they produced a free search engine.

If you look at the combined valuation of the Googles, Facebooks and Twitters of this world - companies whose main business model is to give away free services funded by advertising - it's not at all clear that the Internet advertising market is big enough to support these valuations.

The fact that these stocks made a bunch of people rich doesn't mean they're not in a bubble.

roy

[Wekkel]

Bitcoin is still extremely expensive for a dream. I love a free market.

[Zangelbert Bingledack]

I don't mean to sound pompous, but there are so many naive investors in bitcoin right now. What's happening now is speculation, pure and simple. A lot of fanatics were saying in April that it would just keep rising until it hit thousands of dollars, and they were completely serious. And now we're accusing the moderate commentators who declared bitcoin a bubble to be in the wrong? They were absolutely right! And it still IS a bubble. Until anyone can show a legitimate reason that 1 bitcoin is worth $350+ as of right now, it's the very definition of speculation.

I'm not saying it can't reach $400 or even $500 in the coming weeks, but it will come down hard before long -- have no doubt of that -- because there is nothing right now to base that value on (and don't say because the Chinese are also speculating on it). If bitcoin does eventually become a major payment service, then it won't be a bubble anymore. But that's yet to happen, and nobody can foretell with any certainty whether it actually will or not.

So Gold has a market cap of 7 Trillion market cap because it is a major payment service? Right?

(oh, I forgot, its because of its myriad industrial uses. Correct?)

(oh, I mean, its because it's been considered valuable off and on by different cultures for thousands of years. That's why, right?)

Wait a minute, are you actually comparing a digital currency used (but mostly hoarded) by a small group of Internet enthusiasts to gold?   LMAO... Put the mouse down and step away from the Internet...

You don't seem to understand investing. The fact that the price is $380 when this group is small is exactly why it will have to rise immensely higher ($500,000 to $1M) if it is adopted. If everyone were already using Bitcoin like gold, there would be no upside to be made. The idea of investing is to identify what will be big BEFORE it's big. Not after.