Bears Bunker - Official thread

[jasonjm]

noways it stabilizes here. It must go over $1000 tomorrow to keep this momentum or it will implode back on itself.

[jasonjm]

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.

i sold all of mine between 320 and 440

if you made money be happy

its impossible to be right all the time

problem with bitcoin is the exchanges are so primitive there seems to be no stops or options or any way to manage your risk, so unless you sit attached to the computer 24/7.......

[davider]

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

Yes, but rational thoughts don't apply to someone who just entered BTC during a bubble.

[jasonjm]

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.

BTc china volumes are massive

almost 100 000 coins today and its not over
$840 on btc china now

[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.

i sold all of mine between 320 and 440

if you made money be happy

its impossible to be right all the time

problem with bitcoin is the exchanges are so primitive there seems to be no stops or options or any way to manage your risk, so unless you sit attached to the computer 24/7.......

Thanks for your reply. Yes, I made about 500 euro profits, so that's very positive. Still, I could've made double of that if I'd only waited a day longer. Hindsight is always 20/20, of course.

And yeah, it gets very tiring to watch the prices go up and down all day on these primitive (and often lagging) exchanges. But today I made a simple script that will mail me if the price will be in my favour. Yay!

[jasonjm]

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

Yes, but rational thoughts don't apply to someone who just entered BTC during a bubble.

yeah if you are speculating you are trying to make money with money you (hopefully) don't need......

[vps15]

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.

self fulfilling prophecy, but whats your point though?

[davider]

I sold 50% at 400$, I plan gradually sell another 25%
I want to keep 25% just in case something crazy happens.

[pera]

I'm truly devoted, but if the fucking Bitcoin Foundation is going to cooperate with the US government to regulate Bitcoin and try to stop the implementation of ZeroCoin or CoinJoin then I say good bye!  

[jasonjm]

it will be interesting in the next few days.

bitcoin advocates will say this is technologically disruptive thing, that deserves to go much higher, this is only the beginning.

I came to the opposite conclusion, its a pyramid scheme disguised as something new and brilliant.

Bull are literally so sure of themselves, out of 12 million coins, only about 10 000 are on offer for sale, less than 0.1% of total

[zef]

heres how i see it. you kind of have to zoom out and look at the big picture.

during times of monetary inflation, when money is easy to come by, it tends to move to riskier and riskier ventures. both china and the u.s are seeing serious money printing. When money is being printed you don't want to hold on to it.  if you are well connected to the source of printing there is very little risk involved with investing it, so you go big on high risk high reward investments.

bitcoin is a very attractive investment to someone with a lot of cash just sitting around i think. its novel, its high tech, its young, secure, and its high risk and high reward.

with that said... i would guess there would be a major correction soon, but who knows how high it could go...

[wachtwoord]

Is Proudhon in here with you guys?

[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.

self fulfilling prophecy, but whats your point though?

What`s yours?

[SuperHakka]

bitcoin is the currency of the technocrat isn't it? and probably always will be.

in fiat world -> currently high inflation -> people spending their cash now before prices go up
in btc world -> currently high deflation -> people holding off spending until later when they can buy more, make more capital profit

neither is good isn't it?

[Impaler]

No, the ideal currency is one in which the holding of currency and the holding of real assets are equally desirable/profitable and currency can fulfill the role of being a medium of exchange with as little friction as possible.  This means currency can not accrue interest, or experience long term upward or downward trends in purchasing power, all of these things tip the scale.

[bitcon]

well at least you guys still have time for the litecoin Train. 

[oda.krell]

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.

How odd. I'm getting a very different result.

First, we're looking at $ volume, right? Otherwise we would have to pretend that trading 1 btc for 200$ is equivalent to trading 1 btc for 500, 600$.

So let's add up $ volume on mtgox, bitstamp and btcchina in the 4 full weeks before the April peak (including the week of the peak). That adds up to 376M $.

Now adding up volume for the same exchanges, for the past 4 full weeks (up to now), and we get 761M $.

Volume never recovered?


Wait, let me guess: "btcchina has zero fees, their volume is all fake!"

[AndrewWilliams]

Bears, get ready to slaughter some Bulls! 

Their time is near!   

[pera]

http://www.google.com/trends/explore?q=bitcoin#q=bitcoin

 

[zachcope]

Are you guys going to have a bear party if the price tanks before it hits 1000usd?

Proudhons 10dollar celebration?