Bears Bunker - Official thread

[pera]

Let's stay together my fellow bears, not even the most irrational bull still believes in this madness:



Yesterday (Sunday) the price in China went from 3000 to 4000 in 12hs, today we almost reached 5000.
And MtGox and Bitstamp are blindly following BTCChina.

The current situation is ridiculous and everybody here knows it...
Can anyone mention just ONE good reason to explain this price? well, no, because there is no reason for this delusional rally. Actually the only reason for this rally is the rally itself: people are buying only and only because they see other people buying and the price is going up like crazy!

So what happened over the last month in Bitcoin:

• Jiasule, a Baidu division, started accepting bitcoins
• Silkroad seized
• "First" Bitcoin ATM
• Bitmit (the only eBay-like website for btcs) went bankrupt

The Baidu thing is just hilarious, and the story about those news bitcoins ATM in Canada is almost irrelevant since BitInstant is still (and forever?) down.

But now we have the US Senate hearing, is this going to change anything? I don't think so, but let's see...

[1714661816]

1714661816

[Tzupy]

The hearing will be reflected by the press and will influence markets in a couple of days.
Until then a lot can happen. On Bitstamp and BTC-E experienced traders started to dump big, to cash out or buy back at the bottom.
It has nothing to do with the hearing, but with the market peaking, at least that's what they believe.

[pera]

Until now the hearing is very negative...

[kireinaha]

I call it the echo chamber, others call it the postive loopback cycle, but from what I can tell, there are many new, naive investors getting into bitcoin and the main source of their news is this message board and reddit, both of which contain a lot of people trying to drive up the price further for their own self interests. Some of these people are just trying to play the market, and others are simply delusional and think the rally will never end.

Actually the only reason for this rally is the rally it self: people is buying only and only because they see other people buying and the price going up like crazy!

That sums it up pretty well.

[antimattercrusader]

Until now the hearing is very negative...

Disagree.

[jasonjm]

reason price is going up is because there is no supply

longs are 100% firm in their belief that its going to $10 000 so why sell....

so more money chasing almost no coins = massive prices

right now pretty much anyone who bought a bitcoin ever is sitting on healthy profit on paper, and there are no shorts. So market is basically 100% on paper profit, quite amazing.

[ElectricMucus]

Looks like the peak gonna be this week.

[adamstgBit]

LMAO!

[Bitcopia]

Until now the hearing is very negative...

Disagree.

I thought panel 1 was rather positive.

[kireinaha]

reason price is going up is because there is no supply

longs are 100% firm in their belief that its going to $10 000 so why sell....

so more money chasing almost no coins = massive prices

right now pretty much anyone who bought a bitcoin ever is sitting on healthy profit on paper, and there are no shorts. So market is basically 100% on paper profit, quite amazing.

What is it going to take for them to sell?

[jasonjm]

fear of losing their profits is the only reason people will sell, and as long as its moving up, greed is the emotion driving the day

everyone will have a different pain threshold. People who got in early or are true bitcoin believers will not sell at all unless it goes to say under $100 or under $50 (not saying it will go there).

the new buyers are those that are vulnerable. If you bought in for 600 and it goes to 400, it will not feel good.

[Ozymandias]

Until now the hearing is very negative...

Disagree.

I thought panel 1 was rather positive.

It all depends on the color of the lenses in your glasses. Check the speculation forum and r/bitcoin to see how everyone else views the hearings.

[goxed]

I can spell a bubble right now. Too high too quick

[damnek]

Me too. It was hard to pull the trigger but I had to.

[pera]

longs are 100% firm in their belief that its going to $10 000 so why sell....

Back in April people in this subforum believed that the top of that bubble was going to be 3000

[pera]

btw I wouldn't sell btcs right now: wait til the bulltrap :>

[jasonjm]

I still see big buys going through at these prices, some well over 100 BTC

no idea who has cahones or money that big, to buy into a vertical rise with $100 000+ USD at market prices.

just crazy.

[zeraTunerse]

the new buyers are those that are vulnerable. If you bought in for 600 and it goes to 400, it will not feel good.

Selling lower just few days after you bought does not make any sence.
You should only sell when you need money

[SuperHakka]

Can I say this:

There are a few people who are truly btc devotees and will not sell no matter what. But most people are just sitting on their hands at the moment and just waiting for the right time to dump and make a killing. Probably once the price retraces say x%, there will be a tremendous rush for the exit but the door is only so wide.

Another thing, I look at the btc chart here http://bitcoin.clarkmoody.com/ and the volumes seem low compared to pre-April 2013. Basically the volumes never recovered after the April crash. Low volumes confirm the weakness of any bull market. I tried to get charts for BTC China exchange to look at volumes but I couldn't get anything.

[W-M]

I sold my bitcoin already yesterday for 400 USD apiece.

Not sure if happy or sad right now. I do think that the price is going to crash very soon, but I should have waited a little longer, in hindsight.