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

[kehtolo]

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.

+1 from me. Great advice.. and true to boot.

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[WompRat]

Firstly, I don't really like the terms bull and bear, I would describe myself instead as a skeptical investor, so I hope that qualifies.  There is clearly a lot of exuberance in the crypto market and evidence of herding which are both indicative of a bubble pattern, but I am afraid it is just too early to say if the price is unsustainable.

Bitcoin behaves and is treated a lot like a stock.  If it were it probably would have been split a few times already and you would see a much more palatable price, although one that doesn't change the market cap.  A move to mbtc would presumably be the Bitcoin equivalent of a stock split, but I don't think will catch on for a while.  I will throw in to the mix too that a single share of Bekshire Hathaway trades for over $173,000 and is non divisible, so high stock prices are not unknown and may encourage a longer term outlook.

The market manipulation, if verified, concerns me greatly.  It was a major factor in the collapse of the South Sea bubble and may shatter investor confidence.  The thing that concerns me most though, more than the problems of getting money out, hoarding or volatility, is probably the lack of utility that Bitcoin holds for me.   I never had any qualms about shopping on the Internet in 1994, so I don't consider myself too conservative - I just don't understand why I would want to use my coins to pay for anything.  I also remember that people have been re-inventing digital wallets every few years for decades and they never catch on.  Perhaps it will be different this tine, but perhaps not. Cash has a powerful hold on most people.   I will add though that I have no idea what they do in China, so I concede that foreign markets may be different. 

I was also thinking about the times I have needed a bankers draft or CHAPS payment  - these are the UK terms for a guaranteed immediate exchange of payment.  People often use one or other when buying a house or car.  Bitcoin could potentially be used for these transactions, to avoid bank charges, but then again it is needed so infrequently by most people that the £20-ish charge is tolerable. 

As a last point i would add that with an entirely digital, globally traded entity, Bitcoin may just become the biggest example of an irrational price hike we have yet seen (although I am not saying it is currently irrational).  When one market slows down another may pick up the baton and run with it, prolonging the run for many more years.  This makes it quite unique historically where the crazy has been much more geographically isolated.  Even the dot com boom, although partly global, was largely NASDAQ led. A sustainable level might just be higher than you think.

[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.

And from $100 to $900 it's 900%.

Yes, you are right. But from $0.001 to $1 is 100000% and from $1 to $100 is 10000%.

[umaOuma]

I believe those who think 800 cannot be real and is unsustainable dont want accept the fact they made bad decision and feel the need to be proven they were right. It is quite normal human behaviour.

[damnek]

The amount of bullish circlejerk is reaching alarming levels, time to get out..

[Tzupy]

IMO the current situation on Gox can have (at least) two possible outcomes:
1. break the resistance and stabilize above 900$, with a new ATH of about 1,300$. (the bullish scenario, although uber-bulls would say 1,800$ or more).
In EW theory terms, the break would be the first sub-sub-wave, followed by a slow uptrend (second) and then the parabolic rise (third) and large drop.
2. failure to break 900$ and stabilize, followed by a large drop.
In EW theory terms, it would mean that now we are at the top of wave B (fake return to bull market), and we can expect several large drops, with rebounds in between.

[Bitsurprise]

Edward

Yes it is unsustainable at these prices and yes it will drop hard but to be honest i don't know where is the top , it could be between 1-2 K , so it isn't that far but we will visit lower prices again that's for sure , BTC price bloated alot within a short period of time at the beginning of the year it was at what $13 so lets get real , i have seen many penny stocks that jump and drop within a short period of time and i've seen some penny stocks jump and make a correction then visit the top again then go sideways -but drifting slowly to the downside - for a long time until it reaches the starting point again 0.0001 , if i've learned one thing in life it would be that making money is hard and getting rich is near impossible , so think of it why would be buying BTC at 800 a sure easy smooth bet ?

[Ibian]

Think I'll get a beartrap for my avatar.

[henryreardon]

from http://finance.yahoo.com/blogs/daily-ticker/bitcoin-heading-toward-high-could-1-million-175818638.html

Right now, because Bitcoin's price is going up, and Bitcoin is in relatively short supply, people are willing to pay almost $1,000 for it. And the ever-increasing demand for Bitcoin will keep driving the price up until people don't want to buy or hold it anymore.

At that point, by the way, unless Bitcoin has become widely accepted as a legal means of exchange (as "money"), the price of Bitcoin will collapse. And anyone who thinks the price of Bitcoin can't collapse all the way to zero is delusional.

I also think the odds are that Bitcoin will probably prove to be a gigantic bubble, like Beanie Babies, Pogs, or, yes, tulip bulbs. Bitcoin has all the hallmarks of bubbles, including:

A good underlying story (the need for a global, electronic, anonymous currency)
A sexy "new-ness" that requires some work to understand
A small and finite supply
A fundamental "value" that is subjective
A high level of risk and excitement associated with trading it
A passionate community of early adherents who are convinced of their own brilliance and lash out defensively at anyone who dares suggest that they are hallucinating. (Don't believe this? Diss Bitcoin on Twitter and see what happens. Bitcoin zealots are more aggressive and sillier than Apple fanboys.)

I have also described some of the major risks that could break the Bitcoin spell and lead to a price collapse. The biggest of these, I think, is that Bitcoin won't ever become widely accepted as a means of exchange — either because governments ban it or because it remains complicated and shadowy.

So, yes, Bitcoin is probably a gigantic bubble that will leave its early religious devotees looking and feeling like fools.

[MAbtc]

The amount of bullish circlejerk is reaching alarming levels, time to get out..

Indeed it is.

We can remain at high-volume circlejerk levels for long periods. Be careful now!

[fleabag]

The pyramid is going to collapse. Way too many bulls now. Someone is going to eventually have to hold the bag.
One reason I think it will fall is because fractional purchases of a full bitcoin should not move the price to the next bid. For example if I want to buy $100 worth of bitcoin the price should not move to the next bid until one full bitcoin is sold. Hypothetically if you have no human investors and only bots, the price will keep going up and up with .00001 buys and sells. so you have a .01 buy at $800 then a .01 buy at $801 .01 buy at $802 etc. but nobody is actually buying a whole coin, so how can there be all this money when the price can be increased buy putting in a $8 buy. Total false price mechanism.

[Ibian]

The only ones holding the bag will be the people with fiat. And at this point, I don't feel sorry for them.

[ElectricMucus]

Who the frack cares if it is sustainable?

[Ibian]

Who the frack cares if it is sustainable?

I kind of do. As little as ten coins could enable most of us to live a nice work-free life for the next 50 years and still have a few millions left over. But only if it doesn't crash in the meanwhile.

[fleabag]

The only ones holding the bag will be the people with fiat. And at this point, I don't feel sorry for them.

Cash is king! I love cold hard fucking cash!

[Ibian]

The only ones holding the bag will be the people with fiat. And at this point, I don't feel sorry for them.

Cash is king! I love cold hard fucking cash!

Me too. I never use plastic except for online stuff. But fiat is gonna crash, it's built into the system. Change is required for financial survival, across all of society including down to the individual level.

[torrentheaven]

Funny how many think this price is unsustainable. I bet they hope for huge crash to two digits 

[ElectricMucus]

Funny how many think this price is unsustainable. I bet they hope for huge crash to two digits  

Fractional digits actually, not because I want to buy in at this price, but because the fallout would be hilarious. Still that doesn't affect how I speculate, if it goes up, fine I am a happy as long as I can siphon off fiat, I buy and sell all the time.

[wobber]

Yes it is unsustainable. Think of 4k coins daily and the money needed to buy all of those.

Actually, the price could go up some more or sideways for a few weeks. But bubblepop's time will come... Sadly...

[fleabag]

Funny how many think this price is unsustainable. I bet they hope for huge crash to two digits 

if this goes to double digits now. its all over