Bitcoin is looking weak. Recommend you guys take profits soon over $1000.

[Edward50]

Seems like I'm reliving the first bitcoin bubble which I was very active in.

I got into it when bitcoin first rose up to around $30 in 2010 or 2011, I forget now. I wanted to buy and I was in the forums listening to all the euphoric people. I slowly watched it lose steam, regain steam, and slowly look weaker and weaker.

To me right now bitcoin just looks weak and I think it will be going much lower during the next few weeks.

Just like in 2011, I told everybody while the price was still over $20 that they were crazy to not take profits and cash out at that time. Wasn't a few months it was at $2.00. Call me stupid but I did call $1.00 bitcoins at that time for a long time even though people thought it was crazy and flamed me to hell, I missed my $1.00 range to buy in as it hit $2.01. I was close enough. Same stupid mistake was I predicted oil would hit $20 a barrel in around 2008, it hit like $30, my plan to buy in big at $20 and I missed that opportunity.

While I don't hit my marks, at least I predict big downfalls, contrary to what most people believe.

I'm going to say to everybody that if you are not unloading a large portion of your bitcoins over $1000, you are simply crazy as a $1000 bitcoin is just not sustainable, and is outright ludicrous at this time. I am going to even say further that you are ridiculously stupid if you don't cash out a sizeable amount at over $1000, especially if your bitcoins were bought below $100.

The reason why bitcoin hit around $30 the first time, and over $1000 this time is that their are big players or manipulators, I like to call them. They pump the price up high, get people euphoric and get interest into the coin, then slowly dump the coin to make profits. Pump and dump I guess you can call the strategy.

This strategy simply works, it almost gets me (probably the most frugal person in the world) to buy bitcoins during the first bubble at $30, and even now at $1000. Because I am the most frugal person around I just can't get myself to buy at ridiculously stupid price points. I wait to buy at what you would consider my stupid price points, which get close but never hit. My point is that if these manipulators get frugal people like me to consider buying at these insane prices, it gets a lot of normal people to pump money into the system in which they profit from.

My last point is, don't be stupid and greedy and take money from these rich manipulators. They will soon be letting the price fall very soon and doing a controlled drop while cashing out all the coins they accumulated when bitcoin was much cheaper.

Flame away, but I will stick to my position.

[seleme]

Thanks for tipoff, just sold everything.

[Ibian]

Don't think you will ever get coins for ~700 again, sorry to burst your bubble duder.

[revans]

Don't think you will ever get coins for ~700 again, sorry to burst your bubble duder.

LOL, moron.

Why not? Bitcoin is entirely driven by speculators and as such there is no limit on the downside.

[MatTheCat]

Don't think you will ever get coins for ~700 again, sorry to burst your bubble duder.

LOL, moron.

Why not? Bitcoin is entirely driven by speculators and as such there is no limit on the downside.

Yup..slowly cashing out (and losing money) on up to 70% of coins mostly bought with Btc at +$1000 price.....bought some at stages on the most recent correction....and have more on order at sub $840 prices down to $700.

Bitcoin is not inspiring me with confidence at the moment....If it can get to the end of this week holding at not much below where it is, but with a great big dirty red candle on the weekly chart, then it may appeal again to some investors...but until then, there is a real chance of this sucker going down.

[traderCJ]

Apparently the only way to keep people around is price doubling every month or so ...  

[clicksmoney]

Apparently the only way to keep people around is price doubling every month or so ...  

That's obviously sarcasm is it not? There's enough bears around believe you me.

[seleme]

Apparently the only way to keep people around is price doubling every month or so ...  

That's obviously sarcasm is it not? There's enough bears around believe you me.

Of course there is, they are mostly those that invested week, two or three weeks ago and shitting their pants as soon as BTC dips 20$. To prove this just browse through speculation forums. Beside few permabears who enjoy being contrary cunts at 50/100/500/1000, no matter what, 99% of other bears that are openly shitting their pants are guys with 10-80 activity, newcomers that invested at higher points and can't sleep now thinking about their investment being wiped out.

Been there, been like that.

The bad thing for them is that those that invested earlier are usually much more loaded and are ready to slaughter them as they have experience to know that BTC always comes back and only government ban could stop it. Since most important Government basically gave a green light to crypto currencies 2 weeks ago they are pretty relaxed and know that despite inevitable dips, flash crashes or bear markets, there is only one mid-term/long-term direction. Up.

[traderCJ]

Apparently the only way to keep people around is price doubling every month or so ...  

That's obviously sarcasm is it not? There's enough bears around believe you me.

There always have been.  Every day there is a doom and gloom post by someone here.  This 1000 level takes us back to around the end of November.  That's a week and a half ago.  Let me repeat that: a week and a half ago.  A drop can reflect more accurate price information or it can be pure speculation.  Shrug.  People are getting shaken out.  Bye bye.  If you think it's a good technology, throw some money at it and buckle up.  This forum is rife with carpetbagger shills who troll just to get a rise out of people, influence the price, whatever.  Sure, the China news has rattled a lot of people.  I suppose people simply expected China to leave it unregulated forever.  This is foolish.  If Bitcoin becomes useless in China, so be it (although I doubt that will be the case).  Those who cannot use Bitcoin will be hurt in the short term and long term.  Bitcoin may take a hit in the short term.  Bitcoin will continue to be useful elsewhere, as will other alt currencies.  If Chinese acceptance is the benchmark for new technology, then I shudder at what the future holds.

Haha .. "contrary cunts" .. I love it.

[GriTBitS]

let them sell, like most retards buy without research. sell because someone tells you, you should sell

[BitThink]

Seems like I'm reliving the first bitcoin bubble which I was very active in.

I got into it when bitcoin first rose up to around $30 in 2010 or 2011, I forget now. I wanted to buy and I was in the forums listening to all the euphoric people. I slowly watched it lose steam, regain steam, and slowly look weaker and weaker.

To me right now bitcoin just looks weak and I think it will be going much lower during the next few weeks.

Just like in 2011, I told everybody while the price was still over $20 that they were crazy to not take profits and cash out at that time. Wasn't a few months it was at $2.00. Call me stupid but I did call $1.00 bitcoins at that time for a long time even though people thought it was crazy and flamed me to hell, I missed my $1.00 range to buy in as it hit $2.01. I was close enough. Same stupid mistake was I predicted oil would hit $20 a barrel in around 2008, it hit like $30, my plan to buy in big at $20 and I missed that opportunity.

While I don't hit my marks, at least I predict big downfalls, contrary to what most people believe.

I'm going to say to everybody that if you are not unloading a large portion of your bitcoins over $1000, you are simply crazy as a $1000 bitcoin is just not sustainable, and is outright ludicrous at this time. I am going to even say further that you are ridiculously stupid if you don't cash out a sizeable amount at over $1000, especially if your bitcoins were bought below $100.

The reason why bitcoin hit around $30 the first time, and over $1000 this time is that their are big players or manipulators, I like to call them. They pump the price up high, get people euphoric and get interest into the coin, then slowly dump the coin to make profits. Pump and dump I guess you can call the strategy.

This strategy simply works, it almost gets me (probably the most frugal person in the world) to buy bitcoins during the first bubble at $30, and even now at $1000. Because I am the most frugal person around I just can't get myself to buy at ridiculously stupid price points. I wait to buy at what you would consider my stupid price points, which get close but never hit. My point is that if these manipulators get frugal people like me to consider buying at these insane prices, it gets a lot of normal people to pump money into the system in which they profit from.

My last point is, don't be stupid and greedy and take money from these rich manipulators. They will soon be letting the price fall very soon and doing a controlled drop while cashing out all the coins they accumulated when bitcoin was much cheaper.

Flame away, but I will stick to my position.

Although you correctly predicted the fall from $30 in 2011, you made a worse error in put $1 bids and miss the train forever compared with those holding their $20 bitcoins.

For bitcoin, just predicting the fall is not enough. If you cannot find a good position to buy them all back, you are much worse than just holding them. Ask those who sold most holding at $30 in 2011 and $266 at April. Are they happy now because they sold exactly at the top that time?

[MatTheCat]

Apparently the only way to keep people around is price doubling every month or so ...  

All I have ever used Bitcoin to actually buy has been substance purchases on Silk Road probably way before most people on this forum even knew what Bitcoin was.

But until the day comes when I can put petrol in my car or buy a house with Bitcoin, I am primarily interested in increasing the amount of Fiat that I have.

To my understanding, the value of Bitcoin has rapidly outgrown its real world uses and its value is largely hoarding and speculator driven. Now, I thought this as Bitcoin soared past $100. A price level that would be unthinkable today, and I never got involved. Indeed, I have only shifted a sizeable portion of my capital over to Bitcoin since mid November 2013, having spent a very long time on the sidelines, thinking that surely the price cannot keep rising.

Based on my rational of being wrong all the way up from $100 to $1000, I have now entered at top of market and done quite well, although am losing now and selling at lower prices than I paid to limit damage. Perhaps Bitcoin could go all the way to $10'000, and I will always be willing to take a punt on it when the going looks good. But in the short term, Bitcoin could also go to $500 or even less. Right now, it is looking far more likely to head south in the next few days than head north. Long gone are the days when Bitcoin could be seen as a Anarchist Kid on the Block...something that the little man concerned with freedom should support. These days, Bitcoin is the ultimate speculative bubble, with the potential to deliver great riches, but also to suck wealth dry.

I don't plan on having my real wealth sucked dry. Right now, I have far too many Bitcoins and 70% of them are getting sold.

I will keep my fiat.

New entrants to the market represent the money that has most recently drove the price up. It stands to reason that newer money is going to be a whole lot more nervous and sensitive than old money. Those lucky enough to have properly invested even 1 or two months ago need to shtfu and stop bitching when those of us who have paid high prices for most of our BTC start getting twitchy.

Buying back in at sub $800 and all the way down to $500....if it goes down that far.

 

[traderCJ]

Apparently the only way to keep people around is price doubling every month or so ...  

All I have ever used Bitcoin to actually buy has been substance purchases on Silk Road probably way before most people on this forum even knew what Bitcoin was.

But until the day comes when I can put petrol in my car or buy a house with Bitcoin, I am primarily interested in increasing the amount of Fiat that I have.

To my understanding, the value of Bitcoin has rapidly outgrown its real world uses and its value is largely hoarding and speculator driven. Now, I thought this as Bitcoin soared past $100. A price level that would be unthinkable today, and I never got involved. Indeed, I have only shifted a sizeable portion of my capital over to Bitcoin since mid November 2013, having spent a very long time on the sidelines, thinking that surely the price cannot keep rising.

Based on my rational of being wrong all the way up from $100 to $1000, I have now entered at top of market and done quite well, although am losing now and selling at lower prices than I paid to limit damage. Perhaps Bitcoin could go all the way to $10'000, and I will always be willing to take a punt on it when the going looks good. But in the short term, Bitcoin could also go to $500 or even less. Right now, it is looking far more likely to head south in the next few days than head north. Long gone are the days when Bitcoin could be seen as a Anarchist Kid on the Block...something that the little man concerned with freedom should support. These days, Bitcoin is the ultimate speculative bubble, with the potential to deliver great riches, but also to suck wealth dry.

I don't plan on having my real wealth sucked dry. Right now, I have far too many Bitcoins and 70% of them are getting sold.

I will keep my fiat.

Buying back in at sub $800.

 

If you're strapped for cash, by all means cash out.  You'll drive yourself crazy watching the price ticker every day.  I completely agree that the price of a Bitcoin has outstripped its point of sale adoption.  I guess I just never saw Bitcoin as the answer for point of sale.  History may prove me wrong.  I see Bitcoin as a replacement for the global banking system.  I also see it as a sort of electronic precious metal.  That's just me.  You may see it as a currency for purchasing goods.  Cool.  I still prefer credit cards with a chargeback.

Remember - gold is pretty useless as a point of sale currency as well.  Just because you don't see people accepting gold, titanium, or megawatt-hours at Walmart doesn't mean it isn't valuable.

One thing I've learned is that betting against Bitcoin is generally unwise.  You think you have a pulse on the market and - bam, you wake up and it's taken a 180.  The truth is nobody really knows.

[Talbot49]

Although you correctly predicted the fall from $30 in 2011, you made a worse error in put $1 bids and miss the train forever compared with those holding their $20 bitcoins.

For bitcoin, just predicting the fall is not enough. If you cannot find a good position to buy them all back, you are much worse than just holding them. Ask those who sold most holding at $30 in 2011 and $266 at April. Are they happy now because they sold exactly at the top that time?

This lol you are talking like people who didn't listen to you and didnt sold at 20$ or whatever lost a big opportunity... lol, they are millionnaire now if they had a for 20 000$+. Maybe you predict the bubbles well, but you forget that long term it's still increasing like crazy, more than anything. You only make sense if you tell those people to sell in order to buy lower and increase their stash. Which I don't do, too much stress and like I said it's been growing since day 1 some I just hold.  But that's not what you seem to suggest. You seem to suggest straight get fiat for you bitcoins ASAP it will fall. Just like you did at 20$, which doesnt make sense.
And lol at you setting insanely low targets, if you wanna make money buy some for a few more dollars more than your target. It may go a bit lower but who cares. When I hear you missed the train at 2$ because you wanted them to be 1$ lower.. damn, you must hate yourself.

[MatTheCat]

One thing I've learned is that betting against Bitcoin is generally unwise.  You think you have a pulse on the market and - bam, you wake up and it's taken a 180.  The truth is nobody really knows.

Right now, the bull is cowering behind a brick wall.

It is still intact, but shitting a brick.


Having bought a lot of coins recently at around 1000 - 1040 mark, I am now taking loss selling in order to minimise financial damages....have more ordered lined up for the possibly imminent slide down the greasy pole and as ever, am likely to change my outlook in a flash should more positive signs arise.

[traderCJ]

One thing I've learned is that betting against Bitcoin is generally unwise.  You think you have a pulse on the market and - bam, you wake up and it's taken a 180.  The truth is nobody really knows.

Right now, the bull is cowering behind a brick wall.

It is still intact, but shitting a brick.


Having bought a lot of coins recently at around 1000 - 1040 mark, I am now taking loss selling in order to minimise financial damages....have more ordered lined up for the possibly imminent slide down the greasy pole and as ever, am likely to change my outlook in a flash should more positive signs arise.

Bitcoin has been struggling around the $1k for various reasons.  Sunday was brutal .. blatant market manipulation combined with a hack on these forums.  Yesterday was brutal because people panicked over the Chinese intentions to regulate.  Today, people are just waiting for the next round of good news.  It did not come.  Just another day at the office.  I agree that the next few days will probably be "bleak", meaning well off of the ATH (but still incredible, almost unbelievable in the grand scheme of things).

[Davyd05]

One thing I've learned is that betting against Bitcoin is generally unwise.  You think you have a pulse on the market and - bam, you wake up and it's taken a 180.  The truth is nobody really knows.

Right now, the bull is cowering behind a brick wall.

It is still intact, but shitting a brick.


Having bought a lot of coins recently at around 1000 - 1040 mark, I am now taking loss selling in order to minimise financial damages....have more ordered lined up for the possibly imminent slide down the greasy pole and as ever, am likely to change my outlook in a flash should more positive signs arise.

Bitcoin has been struggling around the $1k for various reasons.  Sunday was brutal .. blatant market manipulation combined with a hack on these forums.  Yesterday was brutal because people panicked over the Chinese intentions to regulate.  Today, people are just waiting for the next round of good news.  It did not come.  Just another day at the office.  I agree that the next few days will probably be "bleak", meaning well off of the ATH (but still incredible, almost unbelievable in the grand scheme of things).

'
 

You act like the world is crime free. I don't even wanna bring up how much fraud of credit and debit cards goes on.. your just spewing pure bs. You don't think multi billionaires horde oil, food, pm etc ? l

I'd rather take my mothers call of a re-tracement from 900 to 650 then whatever the hell your spewing for cheap coins, cause it was probably her first call out of the blue and followed the logic of we ran up really quick on smaller volume and were due for a selloff.

 And clearly if you thought it was going to 1 dollar and didn't buy at 10, 5,  2.50 .. then its just plain shameful and probably a lie. Go play in the btc-e troll box kthx.

[humanitee]

Looking weak? It just had a record day on almost every exchange and is still greater than $1000. Plus it could be argued that it's in the process of putting in a solid double bottom.

[glendall]

I just don't think we are in a sustained bubble.

I think we'll see a 'crash' but I don't see prices going lower than $600 anymore.  And if it falls to $600 I personally don't think that's much of a crash, considering less than 60 days earlier we were at what, around $175.

It isn't a one-trick (gox) pony show anymore. I don't think we'll see a nose-dive this time around, even though I think BTC is over-valued right now.

[piramida]

I have now entered at top of market and done quite well, although am losing now and selling at lower prices than I paid to limit damage.

Oh man I considered you to be smarter than that. You just never sell bitcoin cheaper than you bought it, because every dip is a temporary retrace. Your panic mode for bitcoin should mean "stop buying" and then when you think it stopped falling you start buying again. Any other way - and you are just robbing yourself. Can't stop you, of course, but sad to see.