Does anyone think the price is unsustainable? Only bears please and seriousness.

[Edward50]

First I want to say that I would like If only bears here post. The reason why is I want to get the opinion only of people who think that the current price is unsustainable.

I get plenty of bull reasons on 99% of the other posts. I already know why bitcoin will reach 1 million dollars and how it is going to continue to go up. I am not looking for an argument here or more reasons why the price is cheap from people like this. I was around during the first bubble in 2010 and heard the same reasons as the price went form $30 to $2.00.

What I am curious about is how bitcoin can reach such a high price and actually hold? I would think many people still have coins from when they were single digits or even pennies and would be unloading now to become millionaires.

I also think that there would be a lot of people cashing out at these prices and because the price is so high that the few buyers who would actually buy for $800 could not keep the price up.

Here are some reasons why I think the price may be temporary so high.

1) There seems to be no easy way to cash out large sums of bitcoins. I have read posts where people who want to unload big time can not do it so easily.
2) The people that own bitcoins are just hording them and waiting for the price to go even higher
3) Bitcoins have changed hands so much now that many people who held large quantities of them have sold them already
3) There are a few big money players (or manipulators) who are trying to bring the price to new levels to get higher demand and price in the long run.
4) These same manipulators are trying to get the price to $1000 so that they can split bitcoin up into 1000 mbtc or something.

Does anyone think that the price is unsustainable and there is no way that the demand for these bitcoins can support such a high price? Do you think that eventually when people start cashing out it will drop huge because the demand simply isn't there to support paying off all the people who want to cash out?

I simply can just not believe that the demand for bitcoins is so great right now that they are truly worth $800. I personally have trouble buying bitcoins right now as I have been away from bitcoins for a couple of years.

I am hopefully looking for some like minded individuals who also believe that the current price is unsustainable and simply crazy.

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[windjc]

First I want to say that I would like If only bears here post. The reason why is I want to get the opinion only of people who think that the current price is unsustainable.

I get plenty of bull reasons on 99% of the other posts. I already know why bitcoin will reach 1 million dollars and how it is going to continue to go up. I am not looking for an argument here or more reasons why the price is cheap from people like this. I was around during the first bubble in 2010 and heard the same reasons as the price went form $30 to $2.00.

What I am curious about is how bitcoin can reach such a high price and actually hold? I would think many people still have coins from when they were single digits or even pennies and would be unloading now to become millionaires.

I also think that there would be a lot of people cashing out at these prices and because the price is so high that the few buyers who would actually buy for $800 could not keep the price up.

Here are some reasons why I think the price may be temporary so high.

1) There seems to be no easy way to cash out large sums of bitcoins. I have read posts where people who want to unload big time can not do it so easily.
2) The people that own bitcoins are just hording them and waiting for the price to go even higher
3) Bitcoins have changed hands so much now that many people who held large quantities of them have sold them already
3) There are a few big money players (or manipulators) who are trying to bring the price to new levels to get higher demand and price in the long run.
4) These same manipulators are trying to get the price to $1000 so that they can split bitcoin up into 1000 mbtc or something.

Does anyone think that the price is unsustainable and there is no way that the demand for these bitcoins can support such a high price? Do you think that eventually when people start cashing out it will drop huge because the demand simply isn't there to support paying off all the people who want to cash out?

I simply can just not believe that the demand for bitcoins is so great right now that they are truly worth $800. I personally have trouble buying bitcoins right now as I have been away from bitcoins for a couple of years.

I am hopefully looking for some like minded individuals who also believe that the current price is unsustainable and simply crazy.

So basically you JUST want people to respond who agree with you - or more accurately people that will make you FEEL BETTER about not buying bitcoins a few years ago when you heard about them.  What?

Why didn't you buy them then? Maybe it was for the same reasons that you telling yourself you don't want to buy them now. I'm not going to argue your points. Ill just let the "bears" come in and commiserate with you.

But, if you want a REAL discussion, you should welcome it from both sides, imo.

[seriouscoin]

LOL at this thread ....FAIL HARD is your mojo huh ?

/end thread

[Edward50]

If you read my first post correctly, I do not want to get into an argument with you bulls. I read every other post and know your or the bull side very well. I also said bears only, yet you come in and try and scare anyone from posting anything negative about the price and bitcoins.

I would just like to hear from the other side for once.

I personally do not think it is sustainable and want to hear from other like minded people to get some fresh ideas from the other side.

[seriouscoin]

If you read my first post correctly, I do not want to get into an argument with you bulls. I read every other post and know your or the bull side very well. I also said bears only, yet you come in and try and scare anyone from posting anything negative about the price and bitcoins.

I would just like to hear from the other side for once.

I personally do not think it is sustainable and want to hear from other like minded people to get some fresh ideas from the other side.

How can you stand on other side if you're actually like minded? I hope you're just some rare species because i do believe bears are not stupid.

[Edward50]

If you read my first post correctly, I do not want to get into an argument with you bulls. I read every other post and know your or the bull side very well. I also said bears only, yet you come in and try and scare anyone from posting anything negative about the price and bitcoins.

I would just like to hear from the other side for once.

I personally do not think it is sustainable and want to hear from other like minded people to get some fresh ideas from the other side.

How can you stand on other side if you're actually like minded? I hope you're just some rare species because i do believe bears are not stupid.

Good point. It was just a badly written sentence. The other side is really to mean the bear side.

[tunctioncloud]

Its not uncommon to miss Bitcoin advantages and just look at price. Then you think the price can not be real when you could buy 3 year ago just under 1 USD. But the more people use Bitcoin, the higher the price is, because userbase has high value in any business

[firstlast]

HOLY SHIT FUCKING PANIC SELL

I couldn't sell my fucking bitcoins fast enough. I took a bit of a fucking loss.

Stupid fucking mt. gox does not have a stop loss, where I would have sold my coins before the $5.00 wall was broke.

That was intense selling those coins.

Well I gambled. I had my chance to sell above $5.2 all day today. And had my chance to sell at $5.1 just before the drop and my warning.

Now I have a fucking bit coin loss.

I knew better than to hold them, but held them like an idiot. Just look at my last posts when I said multiple times I was selling,

[Edward50]

Its not uncommon to miss Bitcoin advantages and just look at price. Then you think the price can not be real when you could buy 3 year ago just under 1 USD. But the more people use Bitcoin, the higher the price is, because userbase has high value in any business

But rising 2x or 3x is one thing. Rising as much as it has in such a short period is another thing. We are talking about a huge amount of money movement.

In the past, bitcoin price moving $10 dollars was huge. Now a $10 dollar movement is nothing.

It is hard to see how the demand has grown this much and how the market can support such a high price.

I am totally confused and can not figure out how the value can rise so fast so quickly. Lets face it, the technology is still very new and it is still difficult to even buy bitcoins for more computer savvy people.

Something just does not add up here. I personally believe there is major manipulation in the market right now by very rich players who can move the price easily short term.

[Edward50]

HOLY SHIT FUCKING PANIC SELL

I couldn't sell my fucking bitcoins fast enough. I took a bit of a fucking loss.

Stupid fucking mt. gox does not have a stop loss, where I would have sold my coins before the $5.00 wall was broke.

That was intense selling those coins.

Well I gambled. I had my chance to sell above $5.2 all day today. And had my chance to sell at $5.1 just before the drop and my warning.

Now I have a fucking bit coin loss.

I knew better than to hold them, but held them like an idiot. Just look at my last posts when I said multiple times I was selling,

I was smart to sell those coins. It was not long before bitcoin was at 2.01. I was personally waiting for it to drop to the $1.00 range to buy in again and I was planning on buying in big. Oh well, missed my buy in point but was close enough.

Bitcoins now should be worth more than they were in early 2012 when I wrote that. It has been out longer and the technology tested better. However, the $800 price for a bitcoin is still crazy in my book and unsustainable.

[emanymton]

Its not uncommon to miss Bitcoin advantages and just look at price. Then you think the price can not be real when you could buy 3 year ago just under 1 USD. But the more people use Bitcoin, the higher the price is, because userbase has high value in any business

But rising 2x or 3x is one thing. Rising as much as it has in such a short period is another thing. We are talking about a huge amount of money movement.

In the past, bitcoin price moving $10 dollars was huge. Now a $10 dollar movement is nothing.

It is hard to see how the demand has grown this much and how the market can support such a high price.

I am totally confused and can not figure out how the value can rise so fast so quickly. Lets face it, the technology is still very new and it is still difficult to even buy bitcoins for more computer savvy people.

Something just does not add up here. I personally believe there is major manipulation in the market right now by very rich players who can move the price easily short term.

I agree with the manipulation. I am afraid we are witnessing a gigantic pump and dump. I really wish I am wrong because if it is the case it will leave bitcoin discredited.

We have been seeing this since the inception of bitcoin.
Truth is that even despite the volatility at this early stage your fear is unfounded because nothing could possibly discredit bitcoin,
with a foundation of cold hard maths, anywhere near as much as fiat with a foundation of greedy bankers.

[zachcope]

HOLY SHIT FUCKING PANIC SELL

I couldn't sell my fucking bitcoins fast enough. I took a bit of a fucking loss.

Stupid fucking mt. gox does not have a stop loss, where I would have sold my coins before the $5.00 wall was broke.

That was intense selling those coins.

Well I gambled. I had my chance to sell above $5.2 all day today. And had my chance to sell at $5.1 just before the drop and my warning.

Now I have a fucking bit coin loss.

I knew better than to hold them, but held them like an idiot. Just look at my last posts when I said multiple times I was selling,

I was smart to sell those coins. It was not long before bitcoin was at 2.01. I was personally waiting for it to drop to the $1.00 range to buy in again and I was planning on buying in big. Oh well, missed my buy in point but was close enough.

Bitcoins now should be worth more than they were in early 2012 when I wrote that. It has been out longer and the technology tested better. However, the $800 price for a bitcoin is still crazy in my book and unsustainable.

I agree, bitcoin at $800 / usd is unsustainable.

Unsustainably low. Wait till some of the 80 billion usd / month new money gets involved. These coins will be seen as cheap cheap yum yum!
BTCBTCBTCBTC
Good luck with the bear love fest!

[Hawker]

http://marginalrevolution.com/marginalrevolution/2013/11/china-and-the-soaring-price-of-bitcoin.html

When the Chinese can freely buy dollars without buying Bitcoin as a hedge against the coming fall in the Yuan, Bitcoin values will take a big hit.

[Ibian]

Why do threads like this keep popping up? Why is supply and demand so difficult to understand?

[Elwar]

I sold a good chunk of my BTC and have around $30k sitting in my bank account so I would love for the price to plunge.

But I think we are at a sustainable level. Those that wanted to sell at $1,000 have probably already cashed out by now as it is likely close enough for most people.

I do not believe we will go over $1,000 for the moment, we would need momentum to take us over that price point and we no longer have it. A week ago I believed we would shoot up past $1,000 to new territory but even then I believed we would fall back to around this price, right below $1,000.


But...the price does like to drop on bad news. When Silk Road went down the price crashed (before bouncing right back).

So if you are looking to buy back in, make sure you have some buy orders in the $600 and $700 range because a quick reaction to some bad news may create a quick fear sell. But it will be short lived (when the price was sitting at $120 for a long time I had a bunch of buys going all the way down to $82, the price dropped to my bid of $93 before returning up). Though the money I had in the 80s waiting to buy would have done better at $120 than at $500 when I finally made use of those funds.

[BitThink]

http://marginalrevolution.com/marginalrevolution/2013/11/china-and-the-soaring-price-of-bitcoin.html

When the Chinese can freely buy dollars without buying Bitcoin as a hedge against the coming fall in the Yuan, Bitcoin values will take a big hit.

Buying dollars as hedge of Yuan seems really funny to me. But I agree that BTC is a good hedge.

[GriTBitS]

You think its unattainable because you think 800 is a lot to you. To the rich that realize what bitcoin really is. 800$ is nothing. They buy it up. Implement it as the new standard and then hold the price at the 1m+ range and if you wanna shop at their stores you will pay the bitcoin price. Cash sure you can keep, money in bank yes you can keep, well some. Because the new zirp thats about to sweep over. Look to the banks to charge you interest on your money. So Cash=dangerous. Banks=pay interest. Bitcoin=free storage. But since you don't buy now. Look to being a slave.... Telling everyone around you. I could have been rich, instead of having the balls to be.

[BitThink]

But rising 2x or 3x is one thing. Rising as much as it has in such a short period is another thing. We are talking about a huge amount of money movement.

In the past, bitcoin price moving $10 dollars was huge. Now a $10 dollar movement is nothing.

Don't look at the absolute value, and look at the percentage instead. Moving $10 to $20 (100%) is huge, but moving $790 to $800 (1.27%) is really nothing.

[maz]

You should have probably made this a self-moderated post if you want to keep it bear only. You will be constantly berated by bulls otherwise.

[sgbett]

The bear argument is just as well understood. There just isn't much of one, so however hard you look you are going to struggle to find some huge insight why you shouldn't buy other than "it could crash anytime". Same could be said about pretty much every financial instrument I can think of.

I'm far bigger bull now than the past few crashes, but of course its once you get complacent that you should worry.

Thats about as serious/bearish as you'll get me though.

Hold for the longest time. Skim a bit when shit gets cash. Don't trade. Works for bears and bulls alike.