this is amazing!

[antimattercrusader]

Every single chinese speculator who bought bitcoins at any price is sitting on profits, some of them massive profits.

100% of them!!!

literally every single one, and not a single one can be short, or hedged, or on the wrong side of options, so 100% of them are sitting on big to massive profits!!! all in less than 30 days.... the kind of returns you lucky to get in the stock market in 5 to 10 years.

In all my years I have never ever ever seen anything like this, such a one sided state of affairs, it's blowing my mind.

It's all a happy story until it crashes and people go kill themselves over it

... and then it's hilarious!

Natural selection at its best.

[RenegadeMind]

I just sold 1btc for £500! Madness!

I agree. Selling is madness.

 

Yup! It is!   

And the bulls are spending BTC to buy bear rugs!

[Wekkel]

the wealth isn't there that is what I have been saying all along

A seller that sells and has no intention of buying back (such as myself) removes that money from the system and it is gone.... for good.

the only thing holding the value are the parked buy orders of new incoming money.....  now if people were using their coins like crazy to buy stuff and millions were travelling in circles every day, that would work. But that is not what is happening, there is masses of hoarding and speculation, I would wager 99% of coins are in this hoard and speculate camp.

There are a total of less 200 000 bids across all exchanges down to $100, and 12 million coins floating around - that is what made me very very nervous. What if 5% of people decide to hell with this, it's christmas and I am cashing in! who buys those 600 000 coins? yeah they will be bought..... but where? at $50? at $20?


same thing on way up - there were total of 10 000 coins across all exchanges for sale from $500 to $1000. Thats about $12 million. So one big buy of $12 million puts btc at $1000 - on all exchanges. However that increases market cap of BTC by $6 000 000 000  ......   500 to 1 leverage ratio on the way up. So now you have somehow created $6 billion of wealth with $12 million? Bernanke would be proud.

and that is why I am out.

The masses go wild in spades and only come to their senses again one by one.

[TERA]

yeah i don't know what happens next but just seeing what I am seeing is nothing other than amazing. I am telling you my brain is totally amazed.
I have no clue what happens next because I have never seen this before.

and this is now with real money, not that BS april thing that happened before, I can see orders of $100 000s flowing through in single buys and sells.

no offence to any of you still long, but just so I can witness something equally as amazing, I would like to see a crash of the same magnitude, because I will never forget this run up, ever, so a crash to match would complete the amazement x 2. But I am hoping it runs higher first, stretch the elastic band to the moon ...... and back lol

It will crash eventually like it did in April, but probably not as hard - maybe it will drop to 1/3 of the peak before it gets bought back up. And there will be endless threads of, 'I told you it was a bubble' with the replies of, 'whatever, just hold and wait for it to go recover and go even higher'

In this case the crash already happened: 900 to 600.

[Parazyd]

I'm seeing this as the new minimal value. $600.

[bennybong]

It's crazy. I sold 1btc last night for £400... When I woke up (7 hours later) I sold another for £500!!

Earned £100 for that sleep

[piramida]

i am seeing orders on gox go through for 200+ coins...... buys

who in their wacky mind keeps close to $200 000 USD on gox?

that also blows my mind, you cannot withdraw anything but leave $200 000 usd on gox?

I think BTC people have cahones the size of watermelons

Jason, accept the reality, you are struggling now, I understand. There are investors - long term ones - not speculators like yourself - who transfer millions to exchanges and get BTC back in 10 minutes to be stored for years. This is what happens.

[GigaCoin]

Every single chinese speculator who bought bitcoins at any price is sitting on profits, some of them massive profits.

100% of them!!!

literally every single one, and not a single one can be short, or hedged, or on the wrong side of options, so 100% of them are sitting on big to massive profits!!! all in less than 30 days.... the kind of returns you lucky to get in the stock market in 5 to 10 years.

In all my years I have never ever ever seen anything like this, such a one sided state of affairs, it's blowing my mind.

actually i disagree with the analysis that 100% of all investors made money in the past 30 days, like in all financial markets you'd be surprised how many weak hands panic sell (buy high sell low) and how many day traders lose most of their holdings (statistically most day traders fail). There are always winners and losers, usually more losers than winners.

[BitchicksHusband]

Yeah, I mean, who is selling to all those Chinese investors?  Other Chinese investors.  So they are not all holding.  Statistically, half must be selling and half buying.

But if you understand how much money the Chinese middle and upper classes have and how few investment opportunities (even building whole cities full of empty investment buildings), then you will understand why the Chinese are very likely to buy and hold.  Because they have nowhere else to park their money anyway.

[solex]

Every single chinese speculator who bought bitcoins at any price is sitting on profits, some of them massive profits.

100% of them!!!

Except the trading noooooooob on GoXBTC who paid 22,213 yuan per BTC or $3,600!  

https://www.goxbtc.com/

[BitPirate]

Every single chinese speculator who bought bitcoins at any price is sitting on profits, some of them massive profits.

100% of them!!!

literally every single one, and not a single one can be short, or hedged, or on the wrong side of options, so 100% of them are sitting on big to massive profits!!! all in less than 30 days.... the kind of returns you lucky to get in the stock market in 5 to 10 years.

In all my years I have never ever ever seen anything like this, such a one sided state of affairs, it's blowing my mind.

actually i disagree with the analysis that 100% of all investors made money in the past 30 days, like in all financial markets you'd be surprised how many weak hands panic sell (buy high sell low) and how many day traders lose most of their holdings (statistically most day traders fail). There are always winners and losers, usually more losers than winners.

+1

The volume is testament to that. If the initial statement were true, there would need to be a lot more BTC available.

[jerelimZ]

Every single chinese speculator who bought bitcoins at any price is sitting on profits, some of them massive profits.

100% of them!!!

Except the trading noooooooob on GoXBTC who paid 22,213 yuan per BTC or $3,600!  

https://www.goxbtc.com/

 
This must hurt. Not enought coins at exchanges, we need more bear talk I guess

[Spaceman_Spiff]

yeah i don't know what happens next but just seeing what I am seeing is nothing other than amazing. I am telling you my brain is totally amazed.
I have no clue what happens next because I have never seen this before.

and this is now with real money, not that BS april thing that happened before, I can see orders of $100 000s flowing through in single buys and sells.

no offence to any of you still long, but just so I can witness something equally as amazing, I would like to see a crash of the same magnitude, because I will never forget this run up, ever, so a crash to match would complete the amazement x 2. But I am hoping it runs higher first, stretch the elastic band to the moon ...... and back lol

It will crash eventually like it did in April, but probably not as hard - maybe it will drop to 1/3 of the peak before it gets bought back up. And there will be endless threads of, 'I told you it was a bubble' with the replies of, 'whatever, just hold and wait for it to go recover and go even higher'

In this case the crash already happened: 900 to 600.

I would call it a big correction, not a crash.

[viboracecata]

Yeah, I mean, who is selling to all those Chinese investors?  Other Chinese investors.  So they are not all holding.  Statistically, half must be selling and half buying.

But if you understand how much money the Chinese middle and upper classes have and how few investment opportunities (even building whole cities full of empty investment buildings), then you will understand why the Chinese are very likely to buy and hold.  Because they have nowhere else to park their money anyway.

Yup, you got the point.

[PenAndPaper]

So the Chinese are speculators now? I thought they were collectors 

[Hyena]

AAAND THE CRASH WILL BE HARD!

Yeah, like from 400 000$ / BTC to 40 000$ / BTC. That's a really hard crash.

[danielW]

I estimate the value of a bitcoin at minimum $15 000. This  takes into account risk of failure of the technology and potential future value.  


They will continue to raise quickly because they are so undervalued. Definitely not a bubble. Something increasing != bubble.


I believe the market will raise to around $8k next year (edit: 3rd or 4th quarter next year).

[wopwop]

3 million USD per day to keep this system up

woohoooooo is paying?

[PenAndPaper]

I estimate the value of a bitcoin at minimum $15 000. This  takes into account risk of failure of the technology and potential future value. 

I bet you have put a lot of thought in this. Care to show us the maths behind it?

[jasonjm]

3 million USD per day to keep this system up

woohoooooo is paying?

not quite right

at $1000 per bitcoin

miners will all be selling every coin mined to cover outrageous mining costs

that is $2.5 million a day. every day. including weekends.

plus people who want to cash out. assume 1% of people a month need their money or want some money (low in my opinion noways 12% turnover per annum), thats 120 000 coins. That is good for $4 mil per day.

so approx $7 million per day to stay at $1000 per bitcoin  - best case.

yay!

BTC-E from $823 to $375 in a few hours! lost over half its value in hours.

bitcoin will end up under $10, not $15 000.

Bitcoin: the billion dollar penny stock   TM