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Author Topic: Is bitcoin soon to begin its death drop again? I feel it coming.  (Read 3913 times)
Edward50
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August 25, 2011, 04:59:56 AM
 #1

I have been watching bitcoin for a while to get a feel before it starts to drop hard. Now, I know this is all speculation for the people who say nobody can really predict, but I am getting that feeling again.

The usual signs before a big drop are a stagnation in price for a couple days, then a slow decline where it can't seem to ever go higher. This has been happening for the last couple of days. Volume has also been low, which has happened in the past right before a large drop.

What I think happens is that the person who is putting in all those bid orders, trying to keep the price high, decides to pull out after he is taking on huge losses. His bid orders keep getting sold into and he realizes that he is the only person buying. He can not risk buying these huge bitcoins knowing that he will not be able to sell them. He then starts pulling out bid orders, probably starting from the highest price first. Then of course you see those crazy 10,000 bid walls just disappear as the price gets closer.

Well you probably get the idea.

Anyway, I feel a big drop coming soon. All the signs that happened before the last drops are there.

It will be interesting at this point to see how long the price can hold above $10.


Empty your mind, be formless, shapeless — like water. Now you put water in a cup, it becomes the cup; You put water into a bottle it becomes the bottle; You put it in a teapot it becomes the teapot. Now water can flow or it can crash. Be water, my friend.
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August 25, 2011, 02:26:06 PM
 #2

Better sell them fast and cheap before it's too late then, send me a pm with prices Smiley

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August 25, 2011, 03:30:08 PM
 #3

There's a butt-load of activity right now at exactly 10.00000000.

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August 25, 2011, 03:33:56 PM
 #4

Absolutely NO REASON for it to be dropping right now other than pure simple greed.

Thats the truth...

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August 25, 2011, 03:35:12 PM
 #5

$100k buying wall at $10 disappeared in 2 hours.

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August 25, 2011, 03:37:30 PM
 #6

Looks like we might a decent sized drop in casual miners in the next few days. Cheesy
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August 25, 2011, 04:31:32 PM
 #7

Absolutely NO REASON for it to be dropping right now other than pure simple greed.

Thats the truth...


What do you mean? One reason is there's nothing to look forward to.

No media attention
No game changing ideas
No hope
Artificial Rigging
Bot Trading


I know everyone wants to play a part in the game, but when that's taken away from them, it's just no fun and nobody wants to invest in something like this.
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August 25, 2011, 05:32:22 PM
 #8

Absolutely NO REASON for it to be dropping right now other than pure simple greed.

Thats the truth...

It was around $8-$9 before people started holding onto Bitcoins in anticipation of the huge media blitz following the conference.

Blitz did not happen. People are starting to cash out their coins.

http://www.bitpools.com
Pool your bitcoins with others. Vote on solutions using the Bitcoin blockchain. Keep your bitcoins in your cold storage until you find a solution you like.
Links and Reviews of useful every day places to spend bitcoins: https://bitcointalk.org/index.php?topic=943143.0
nighteyes
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August 25, 2011, 05:36:12 PM
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Absolutely NO REASON for it to be dropping right now other than pure simple greed.

Thats the truth...


What do you mean? One reason is there's nothing to look forward to.

No media attention
No game changing ideas
No hope
Artificial Rigging
Bot Trading


I know everyone wants to play a part in the game, but when that's taken away from them, it's just no fun and nobody wants to invest in something like this.

Or more likely its that the bitcoin is being viewed as a place to put excess cash.....when the dollar goes up, bitcoin goes down. When the dollar goes down, bitcoin has a chance to go up(it hasnt been keeping pace though)....Ive watched the big swings and its been doing that 100% of the time so far...including today. It is dying however....down say 10% today, but when the market goes up it doesn't make up all its losses.

Must be those miners....or Satoshi. With the botnet coming up, it'll be interesting to see what happens....we don't know how big the botnet will be in terms of computing power...could be insignificant or.....as I hope significant.
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August 25, 2011, 05:41:01 PM
 #10

Hey, I can post here too, now!

Long-time-reader, first-time-poster... well, I was confined to the Newbie portal until I paid my pennance... or whatever.

Not that my (or anyone's) opinions weigh more heavily than anyone else's, but I've been sensing a drop as well. The "head-and-shoulders" reversal pattern failed to break the "neckline" so there seems to be no real guster behind the $10-$11 prices we've been seeing lately. The $5-6 range "feels right," IMO. (Very scientific, no?)

Besides, I think a lower price makes for a better entry market for non-investors looking to transact in Bitcoin. Other things that will help: using concepts like "milliBitcoin" so that 1) they are common-place and 2) retailers can charge 460 mBTC instead of 0.46372 Bitcoins. This will help Bitcoin begin to forge their own value outside that of an exchange. Sure retailers will still have to adjust their prices a bit here and there to remain profitable, but they can't forget that people are simple. The more whole numbers they can use, the better. 460 mBTC gives them a sense of security, that what they are paying is a fair price, and that tomorrow, 460 mBTC will be approximately the same as it is today.

-Jix
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August 25, 2011, 05:41:19 PM
 #11

Absolutely NO REASON for it to be dropping right now other than pure simple greed.

Thats the truth...


What do you mean? One reason is there's nothing to look forward to.

No media attention
No game changing ideas
No hope
Artificial Rigging
Bot Trading


I know everyone wants to play a part in the game, but when that's taken away from them, it's just no fun and nobody wants to invest in something like this.
Genius you seem to have alot of money since your in this speculation section alot, yet I see absolutely ZERO contribution from you in any of the projects in our project section. Not so much as even an idea from you has been posted, yet you're always in here trying to see "which way it will go". Well I have something to tell you pal, it goes both ways. You wan't the price to go up? Start coding/designing, and if you can't do either of those then you can invest some of the money you make speculating on some actual PROJECTS. There are so many people in this forum that NEED MONEY FOR PROJECTS, and projects are a much better investment at this point than just the pure speculation you're doing.

To put it frankly, if everyone thought like you, Bitcoin would already be a failure.

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August 25, 2011, 05:50:14 PM
 #12

$100k buying wall at $10 disappeared in 2 hours.

That thing is close to coming down, they almost had it and they keep coming back periodically.

I was playing around in the 10.1 to 10.3 range for a while figuring that I was safe with that huge $10 wall holding, but they attacked it hard.

I see it going down deep, at least over the weekend.

http://www.bitpools.com
Pool your bitcoins with others. Vote on solutions using the Bitcoin blockchain. Keep your bitcoins in your cold storage until you find a solution you like.
Links and Reviews of useful every day places to spend bitcoins: https://bitcointalk.org/index.php?topic=943143.0
proudhon
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August 25, 2011, 06:05:33 PM
 #13

New daily low of $9.99.
GeniuSxBoY
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August 25, 2011, 06:09:38 PM
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Genius you seem to have alot of money since your in this speculation section alot, yet I see absolutely ZERO contribution from you in any of the projects in our project section. Not so much as even an idea from you has been posted, yet you're always in here trying to see "which way it will go". Well I have something to tell you pal, it goes both ways. You wan't the price to go up? Start coding/designing, and if you can't do either of those then you can invest some of the money you make speculating on some actual PROJECTS. There are so many people in this forum that NEED MONEY FOR PROJECTS, and projects are a much better investment at this point than just the pure speculation you're doing.

To put it frankly, if everyone thought like you, Bitcoin would already be a failure.


Why am I going to send money to projects that will benefit everyone except for me? I'm smart with my money. I'm not going to put money into the hands of someone I barely even know, I don't trust, I don't get a return, I don't get to see progress... it's like pumping money into a bum on the street hoping the $5 you give him is going to somehow make him rich and then in 20 years he'll find you without knowing your name and thank you profusely and make it rain money...

You're living in a fantasy world.
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August 25, 2011, 06:11:25 PM
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Genius you seem to have alot of money since your in this speculation section alot, yet I see absolutely ZERO contribution from you in any of the projects in our project section. Not so much as even an idea from you has been posted, yet you're always in here trying to see "which way it will go". Well I have something to tell you pal, it goes both ways. You wan't the price to go up? Start coding/designing, and if you can't do either of those then you can invest some of the money you make speculating on some actual PROJECTS. There are so many people in this forum that NEED MONEY FOR PROJECTS, and projects are a much better investment at this point than just the pure speculation you're doing.

To put it frankly, if everyone thought like you, Bitcoin would already be a failure.


Why am I going to send money to projects that will benefit everyone except for me? I'm smart with my money. I'm not going to put money into the hands of someone I barely even know, I don't trust, I don't get a return, I don't get to see progress... it's like pumping money into a bum on the street hoping the $5 you give him is going to somehow make him rich and then in 20 years he'll find you without knowing your name and thank you profusely and make it rain money...

You're living in a fantasy world.
So you are admitting that you lack any capacity to manage your own projects? Who said you have to give your money to anyone?

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GeniuSxBoY
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August 25, 2011, 06:15:47 PM
 #16

"Who said you have to give your money to anyone? "

You did:

"and if you can't do either of those then you can invest some of the money you make speculating on some actual PROJECTS."



I already own a business, I work 128 hours  a week. I said I'd contribute to bitcoin if someone built a bitcoin bank so that I can verify funds and customers. I would accept bitcoin as a form of payment.

That hasn't happened.
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August 25, 2011, 06:22:16 PM
 #17

"Who said you have to give your money to anyone? "

You did:

"and if you can't do either of those then you can invest some of the money you make speculating on some actual PROJECTS."



I already own a business, I work 128 hours  a week. I said I'd contribute to bitcoin if someone built a bitcoin bank so that I can verify funds and customers. I would accept bitcoin as a form of payment.

That hasn't happened.
Why can't you verify the payments yourself?

And there is already countless solutions to pick from when it comes to payment verification/storage, and here are just a few:

http://walletbit.com
https://bit-pay.com/
http://www.flexcoin.com/

but regardless I would just accept the payments myself? It's not that hard to take Bitcoin payments, and the beauty of it is you don't need a bank. You can store crazy amounts of money right under your pillow case within a USB file, that's encrypted and offline. Not even the devil himself will be able to get to get in, and the best part about it is that nobody knows!

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nighteyes
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August 25, 2011, 06:28:49 PM
 #18

Why am I going to send money to projects that will benefit everyone except for me? I'm smart with my money. I'm not going to put money into the hands of someone I barely even know, I don't trust, I don't get a return, I don't get to see progress... it's like pumping money into a bum on the street hoping the $5 you give him is going to somehow make him rich and then in 20 years he'll find you without knowing your name and thank you profusely and make it rain money...

You're living in a fantasy world.

The selling point right now is insurance. You may think you are smart with your money, but assuming your money is the US dollar, its declining in purchasing power ever year. A lot of people think there is a risk (that is enough to be concerned about) that the US dollar will decline even further due to X(the federal reserve,deficits,Satoshi,whatever).  If that does happen, and there is no alternate, you will be the bum on the street and no one will give a d**n. There is just a lot of people looking at their US dollars and questioning their faith in the US dollar....and ultimately acting as a check against the government...or as I prefer to think of it as a backup/redundancy....its either that or a dictator, your choice.
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August 25, 2011, 06:45:58 PM
 #19

^That's like saying "why protect yourself against a house fire if there's a possibility a hurricane will knock your house down."


bitcoin collapse is to USD collapse AS house fire is to hurricane that'll knock your house down.


If the USD loses, everyone loses.
...but what about bitcoin?!? Can't have bitcoin if power companies and cell towers and internet services and satellites don't work.
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August 25, 2011, 06:56:14 PM
 #20

Nice call.  No technical charts, just a gut feeling.  I had the same. 
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