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Author Topic: Wow this place changed in 2 weeks! Fill me in??  (Read 865 times)
bitcola
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August 04, 2011, 01:55:01 PM
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Haven't been here in 2 weeks. I was previously called a troll for being a bear. Now this place is full of bears!

What happened?

The reason I checked in was because I hadn't checked the price for over a week and was shocked to see it at $10, especially with all the economic woes and everyone expecting us to be heading for a double dip.

Did something happen? Why the sudden turn in sentiment? Are the hoarders now cashing in some profits out of fear that they might end up with nothing? Or was there some cataclysmic event that I missed???
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August 04, 2011, 02:41:12 PM
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panic selloff caused by major bad news around mybitcoin and polish exchange fueled along with persistence of bears that sky is falling
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August 04, 2011, 03:49:33 PM
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bitcola, I am also a bear that took lots of heat over the last months saying that bitcoin will go into the single digits. I warned many of these tards to sell, but all I got was lots of hating and flaming.

I really can not say if it was any major reason for bitcoin failing other than the fact that there are many more sellers than buyers. I personally think that you can not have 7500 new bitcoins coming to the market every single day, and expect there to be enough buyers who will buy all of them at these high prices we have now.

The only thing keeping the price, even what I consider high now, is the fact that most miners are just hoarding their coins expecting a large price increase before they sell. I do not think they can keep doing this forever and at some point they will sell.

Expect the price to continue to fall. Ever new low we make is always followed by a pull back higher, but not as high as before, then it will gradually fall and have a large sell off when the price will make a new low.  

Empty your mind, be formless, shapeless — like water. Now you put water in a cup, it becomes the cup; You put water into a bottle it becomes the bottle; You put it in a teapot it becomes the teapot. Now water can flow or it can crash. Be water, my friend.
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August 04, 2011, 04:44:21 PM
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...... I warned many of these tards to sell......

.......I really can not say if it was any major reason for bitcoin failing.......

..........Expect the price to continue to fall.......

You warned them because....you had a "feeling". That's a very bad reason to sell. Its precisely why the sell-off took place, because of emotional irrationality. If miners need money to pay off their debt, they will sell, often regardless of price.

Past performance is no indicator. Your "analysis" is that prices will continue to fall "because its falling". Just like past performance didn't guarantee that bitcoin would continue rising past $30 non-stop.


bitcola
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August 04, 2011, 08:50:56 PM
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You may call it emotional irrationality but others see it as the inescapable fundamentals playing out.
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August 04, 2011, 08:53:57 PM
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You may call it emotional irrationality but others see it as the inescapable fundamentals playing out.
What fundamentals might those be?

Mousepotato
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