Bitcoin will be destroyed by early adopters

[psyclon]

Yes, those who get scared they will lose their millions and dump 10000+ or more at the market, starting an avalanche. I'm convinced that pump and dump has been going on for a long time, the question is, when will they overdo it to kill it all.

[SuperHakka]

according to mt gox it only takes one market dump of 87,000 btc to take price back down to $50 yip yip

[An amorous cow-herder]

Actually i think that is fairly inevitable since bitcoin is far too overvalued currently.
A drop to more sane levels and trending steadily upwards afterwards via organic growth instead of speculation would be a lot healthier imho.

[hilariousandco]

according to mt gox it only takes one market dump of 87,000 btc to take price back down to $50 yip yip

Is this amount based on real life evidence or just speculation?

Actually i think that is fairly inevitable since bitcoin is far too overvalued currently.
A drop to more sane levels and trending steadily upwards afterwards via organic growth instead of speculation would be a lot healthier imho.

Overvalued in what way? It's only value is in what people are prepared to pay, Sounds like you just want to catch a cheap ride on the bitcoin train back up.

[Feri22]

according to mt gox it only takes one market dump of 87,000 btc to take price back down to $50 yip yip

Is this amount based on real life evidence or just speculation?

Actually i think that is fairly inevitable since bitcoin is far too overvalued currently.
A drop to more sane levels and trending steadily upwards afterwards via organic growth instead of speculation would be a lot healthier imho.

Overvalued in what way? It's only value is in what people are prepared to pay, Sounds like you just want to catch a cheap ride on the bitcoin train back up.

+1

[An amorous cow-herder]

Overvalued in what way? It's only value is in what people are prepared to pay, Sounds like you just want to catch a cheap ride on the bitcoin train back up.

On the contrary, i´m selling as fast as my asic will mine. I dont trust this bubble. No idea when it will crash or far it will still rise before then.

[hilariousandco]

Overvalued in what way? It's only value is in what people are prepared to pay, Sounds like you just want to catch a cheap ride on the bitcoin train back up.

On the contrary, i´m selling as fast as my asic will mine. I dont trust this bubble. No idea when it will crash or far it will still rise before then.

What makes you think it's a bubble? It's gone from over 1000-ish to 9000-ish a few times the past couple of weeks and always bounced back. Seems silly to sell now imo, unless you're doing day trades.

[zimmah]

according to mt gox it only takes one market dump of 87,000 btc to take price back down to $50 yip yip

like anyone who has even 10,000 BTC would kill his own wealth by dumping.

[An amorous cow-herder]

What makes you think it's a bubble? It's gone from over 1000-ish to 9000-ish a few times the past couple of weeks and always bounced back. Seems silly to sell now imo, unless you're doing day trades.

Compare the current price to the price a year ago. And now tell me what has changed since. What?
The number of transactions has only gone up by about 70% since. It isnt even used twice as much as last year, but the price has climbed nearly hundred fold.
So, what has happened? Is bitcoin more usefull than last year? The only thing that has changed since is awareness, it has been been in the press a lot, sure.
The value as a transaction medium hasnt increased significantly, but the price has skyrocketed.
So, i think it should rather ask you what makes you think this isnt a bubble?

[psyclon]

according to mt gox it only takes one market dump of 87,000 btc to take price back down to $50 yip yip

and to think about that one single entity holds well over a million coins, or more than 10% of all the coins in circulation? can you even imagine that in fiat money terms? who would trust that kind of money, especially since you dont even know who the boss is.

This isn't a well-known fact, but once it gets out, this thing is gone. no sane investor would take the risk knowing the above. And I'm thinking of the Chinese.

[psyclon]

according to mt gox it only takes one market dump of 87,000 btc to take price back down to $50 yip yip

like anyone who has even 10,000 BTC would kill his own wealth by dumping.

if they panic in the face of losing a couple million, why wouldnt they? would you care if others are hurt if you can cash your 10 million dollars out today without the risk of losing all of it due to some Chinese regulation? Or would you hold on to it in the hope that one day it will be even more? I would dump. and then cash out in CNY.

this volatility is clearly not due to the regular investor, rather those with thousands of coins playing the market every day and making more and more.

[Shneebly]

according to mt gox it only takes one market dump of 87,000 btc to take price back down to $50 yip yip

like anyone who has even 10,000 BTC would kill his own wealth by dumping.

if they panic in the face of losing a couple million, why wouldnt they? would you care if others are hurt if you can cash your 10 million dollars out today without the risk of losing all of it due to some Chinese regulation? Or would you hold on to it in the hope that one day it will be even more? I would dump. and then cash out in CNY.

this volatility is clearly not due to the regular investor, rather those with thousands of coins playing the market every day and making more and more.

He's talking about a market order, not converting into fiat in an attempt to preserve wealth (a limit order).

This would require literally throwing away millions with the intent of driving the price down.

[laowai80]

If someone is stupid enough to dump a big stash all at once and not get a good price for their coins by selling in smaller chunks, let them do so. The coins will be more evenly distributed among bitcoin population, good for all in the long run.

[psyclon]

If someone is stupid enough to dump a big stash all at once and not get a good price for their coins by selling in smaller chunks, let them do so. The coins will be more evenly distributed among bitcoin population, good for all in the long run.

they could just dump in order to drive the price down and then buy some back. and then repeat. pretty sure that's been going on since the beginning. look at all the other funny coins, same thing.

[laowai80]

If someone is stupid enough to dump a big stash all at once and not get a good price for their coins by selling in smaller chunks, let them do so. The coins will be more evenly distributed among bitcoin population, good for all in the long run.

they could just dump in order to drive the price down and then buy some back. and then repeat. pretty sure that's been going on since the beginning. look at all the other funny coins, same thing.

Well, to this I'd reply, if someone is stupid enough to dump when they see the dumping is already happening, then they either don't believe in the fundamentals, or too chicken to play this game. They better be out of it anyway. So it's all for the good in the long run. In the long run, if you believe in the fundamentals, you hold, no matter what games are going on around you, and only offload when the price goes up, never when the price goes down.

[tsoPANos]

according to mt gox it only takes one market dump of 87,000 btc to take price back down to $50 yip yip

What's the exact source?
I can't trust this. there are many wallets with over 10k bitcoins out there...

[An amorous cow-herder]

according to mt gox it only takes one market dump of 87,000 btc to take price back down to $50 yip yip

What's the exact source?
I can't trust this. there are many wallets with over 10k bitcoins out there...

Simply go here. Type in 87001 in the box and copy ´n paste the dollar value into a calculator. Next Type 87000 into the sell box and subtract the dolar value from the first value.
Currently the difference is $30, not $50. So selling 87k BTC would drop the price at Gox to $30 even.

[pand70]

I don't think that you can find people that are more hardcore hoarders than early adopters. Most of them just hoard and wait for the price to hit 100k or 1m $. 

[psyclon]

I don't think that you can find people that are more hardcore hoarders than early adopters. Most of them just hoard and wait for the price to hit 100k or 1m $.  

they have been pumping and dumping and making millions from that alone. when they feel the market can't bear more, why not dump and abandon all? what does it matter to those who have made a hundred million already?

[pand70]

I don't think that you can find people that are more hardcore hoarders than early adopters. Most of them just hoard and wait for the price to hit 100k or 1m $.  

they have been pumping and dumping and making millions from that alone. when they feel the market can't bear more, why not dump and abandon all? what does it matter to those who have made a hundred million already?

You are talking about speculators. I can hardly find any speculators among the early adopters.