why no harder crash ?

[BittBurger]

"Strong Support" is the only correct answer to this poll.

Weird that its not the number 1 item.

Its the only correct one.

[TERA]

Just trust the current charts and the emas/MA CDs nothing else. Analyzing the previous charts will get you nowhere.

[melacs]

I would say that (as everyone knows) the current use value of bitcoin is much lower than the price. Anything above 378 is pure speculation.
People sell when it is going down in order to rebuy when it will go up.
Some speculators are selling even though they believe in bitcoin, just so they can improve their position.
When will it bottom out? No one knows.

[JimboToronto]

I would say that (as everyone knows) the current use value of bitcoin is much lower than the price. Anything above 378 is pure speculation.
People sell when it is going down in order to rebuy when it will go up.
Some speculators are selling even though they believe in bitcoin, just so they can improve their position.
When will it bottom out? No one knows.

Why 378?

[Cluster2k]

I think it's safe to say most of bitcoin's value is based on two fundamentals:

1)  This is the commodity/currency of the future, and I'm buying in now as more people will use it in the future

2)  Someone will pay more for my bitcoins tomorrow than I'm paying today, therefore it's an easy buy

When people talk about fundamentals it really boils down to the two above.  Current uses for bitcoin do not justify exponential growth in price to over US$1k.

Why no harder crash?  We still have a ready supply of speculators willing to buy back in because they think bitcoins are now cheap.  Buy at US$700, sell at US$800 a day or two later.  Rinse, repeat.  Massive profit over a very short time period.  We in the bitcoin world are so disconnected from reality sometimes that we fail to notice that such swings are extremely rare in the real world of investing.

[accord01]

I think it's safe to say most of bitcoin's value is based on two fundamentals:

1)  This is the commodity/currency of the future, and I'm buying in now as more people will use it in the future

2)  Someone will pay more for my bitcoins tomorrow than I'm paying today, therefore it's an easy buy

When people talk about fundamentals it really boils down to the two above.  Current uses for bitcoin do not justify exponential growth in price to over US$1k.

Why no harder crash?  We still have a ready supply of speculators willing to buy back in because they think bitcoins are now cheap.  Buy at US$700, sell at US$800 a day or two later.  Rinse, repeat.  Massive profit over a very short time period.  We in the bitcoin world are so disconnected from reality sometimes that we fail to notice that such swings are extremely rare in the real world of investing.

In the end, A LOT of people are just going to get hurt by a select few.  This is obvious.  Its happening already, and this is STILL the bitcoin wealth distribution:

[NorbyTheGeek]

Crash?

You keep using that word.  I do not think it means what you think it means.

A 2+ week downtrend != "crash". 

[GeniuSxBoY]

Lol, what do you consider a crash? 

[NorbyTheGeek]

It's just that the word "crash" gets thrown around the forum so much.  Anytime prices go down it's a "crash".  When prices go up, it's a "bubble".

When prices continue to decline for a couple of weeks, is it still a "crash"?  When does it cease to be a crash and become a decline?  Or do we just like to throw around words with the most shock value?

[TiagoTiago]

It's just that the word "crash" gets thrown around the forum so much.  Anytime prices go down it's a "crash".  When prices go up, it's a "bubble".

When prices continue to decline for a couple of weeks, is it still a "crash"?  When does it cease to be a crash and become a decline?  Or do we just like to throw around words with the most shock value?

People usually call a crash when the price goes more down than up; it's more about the trend than individual values.

[pera]

I think the main problem right now is that most people don't know what to believe about the news from China, something similar happened when we went from 1200 to 860 and then back to 1150 because "it's good news morons!"... I'm not saying that the price is being controlled by redditors, just giving it as an example of how difficult is for the market to interpret some news.
At this point there are already enough sources (CCTV, Sina, even Coindesk) "confirming" what could be really bad news from the long-term pov, but I think it could take 48hs more to see some real action in the market. Meanwhile the price is oscillating and some daytraders are still making money

did I say 48hs? sorry I meant like 48 minutes more

[cAPSLOCK]

I think it's safe to say most of bitcoin's value is based on two fundamentals:

1)  This is the commodity/currency of the future, and I'm buying in now as more people will use it in the future

2)  Someone will pay more for my bitcoins tomorrow than I'm paying today, therefore it's an easy buy

When people talk about fundamentals it really boils down to the two above.  Current uses for bitcoin do not justify exponential growth in price to over US$1k.

Why no harder crash?  We still have a ready supply of speculators willing to buy back in because they think bitcoins are now cheap.  Buy at US$700, sell at US$800 a day or two later.  Rinse, repeat.  Massive profit over a very short time period.  We in the bitcoin world are so disconnected from reality sometimes that we fail to notice that such swings are extremely rare in the real world of investing.

In the end, A LOT of people are just going to get hurt by a select few.  This is obvious.  Its happening already, and this is STILL the bitcoin wealth distribution:

Fake chart is fake.

[Bitbuy]

It's forcing out short-term traders and weak-hands. It will make BTC stronger. Just hold on to your bitcoins until Jan'2014!

Couldn't agree more...If you're anxious and inclined to panic sell, just walk away from this for now and enjoy the holidays.

[raid_n]

I think it's safe to say most of bitcoin's value is based on two fundamentals:

1)  This is the commodity/currency of the future, and I'm buying in now as more people will use it in the future

2)  Someone will pay more for my bitcoins tomorrow than I'm paying today, therefore it's an easy buy

When people talk about fundamentals it really boils down to the two above.  Current uses for bitcoin do not justify exponential growth in price to over US$1k.

Why no harder crash?  We still have a ready supply of speculators willing to buy back in because they think bitcoins are now cheap.  Buy at US$700, sell at US$800 a day or two later.  Rinse, repeat.  Massive profit over a very short time period.  We in the bitcoin world are so disconnected from reality sometimes that we fail to notice that such swings are extremely rare in the real world of investing.

In the end, A LOT of people are just going to get hurt by a select few.  This is obvious.  Its happening already, and this is STILL the bitcoin wealth distribution:

Option a) Bitcoin fails as a whole. By definition it is now a Pyramid scheme for those that started early and cashed out

Option b) Bitcoin succeeds. Unless no one ever sells any of their BTC the distribution will change. For b) to happen Bitcoins need to be sold

[traderCJ]

Option a) Bitcoin fails as a whole. By definition it is now a Pyramid scheme for those that started early and cashed out

I must have missed Larry King Live.  How does Bitcoin fit the definition of a Ponzi scheme?  Because it is heavily speculated?

[RationalVoice]

50% drop in value in a matter of weeks is a HUGE crash for any financial instrument. If Dow Jones fell 50% in a period of one month, you would be looking at Great Depression X100 and completely chaos.

This volatility is the reason that will keep Bitcoin from becoming the legitimate currency. No sane person would trade or do business in the currency that has +/- 20% swings on any given day.

If you want to stabilize the bitcoin and turn it into mainstream unit of exchange, you have to stabilize the exchange rate. How? Peg it to a stable fiat currency or back it by something of REAL value. Right now, bitcoin price is driven 100% by speculation, greed, and blind "belief" that it is worth something.

[raid_n]

Option a) Bitcoin fails as a whole. By definition it is now a Pyramid scheme for those that started early and cashed out

I must have missed Larry King Live.  How does Bitcoin fit the definition of a Ponzi scheme?  Because it is heavily speculated?

It does not, which is why I wrote Pyramid scheme and then ONLY if it actually fails!

[seleme]

The Honey Badger is force of the nature 

[GeniuSxBoY]

[smithytzu]

Right now, bitcoin price is driven 100% by speculation, greed, and blind "belief" that it is worth something.

How is that different from any other currency!? i.e. US Dollar.

You forgot Bitcoin is also being heavily driven by entrepreneurs offering new business and consumer services, that If become faster, more efficient and convenient than current methods whether it be paypal, or western union or whatever then Bitcoins value will be cemmented into the minds of people for the long term.

People just need to see the value of Bitcoin and it's uses, it's a superior method of payment than anything else out there, it's only a matter of time...