Biggest sell signal if we go under 5.70-5.80 level

[fastandfurious]

It looks like Bitcoin is building up one of the biggest sell signals ever. We have been at this levels before and it has always rebounded. This time it looks like it will break through and because it has been a strong support level, when we are through it, it will be a massive sell signal. I think some few desperate people still trying to fight it back and have some solid buy orders (not as before when most of the buy orders disappear as soon as someone is selling in to it) at this levels, but they are fighting all the greedy miners that are selling their coins at the exchanges, right now that maximum amount is 7200 x 6 = 43000 dollars / day . The problem as I have told before is that Bitcoin is in high inflation environment, the boom came to fast and we are stuck in this environment for at least one more year. My prediction of 3-4 dollars seems to get right within a month or two.

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[1714171310]

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[The_Duke]

SELL SELL SELL!!!!

[fastandfurious]

And this should be at Bitcoin Discussion. It is to important of an event. I am guessing not many people know about the support level.

[The_Duke]

And this should be at Bitcoin Discussion. It is to important of an event. I am guessing not many people now about the support level.

Uh, it's not exactly rocket science to look at that big wall at 5.95 and the historical 5.8.

[Vod]

but they are fighting all the greedy miners that are selling their coins at the exchanges

Where would you get your coins to buy and sell without us greedy miners?   

[fastandfurious]

but they are fighting all the greedy miners that are selling their coins at the exchanges

Where would you get your coins to buy and sell without us greedy miners?  

Let me see, we have already 7 + million coins in the Bitcoin Economy. We need miners that believe in the Bitcoin Economy long term, not greedy miners that hit the exchanges with sell orders asap.

[The_Duke]

but they are fighting all the greedy miners that are selling their coins at the exchanges

Where would you get your coins to buy and sell without us greedy miners?  

Let me see, we have already 7 + million coins in the Bitcoin Economy. We need miners that believe in the Bitcoin Economy long term, not greedy miners that hit the exchanges with sell orders asap.

Keep dreaming. 90% of all miners don't give a shit about bitcoin and just want quick profit.

[Serith]

Bitcoin mining viruses utilize OpenCL now days, so legitimate miners have to compete with someone who gets it almost for free. EDIT: there is still cost involved for updating and spreading virus.

[The_Duke]

Bitcoin mining viruses utilize OpenCL now days, so legitimate miners have to compete with someone who gets it almost for free.

It is quite perfect really. A coin that gets mostly used by scammers and illegal activities will also be mined illegally.

[Vod]

but they are fighting all the greedy miners that are selling their coins at the exchanges

Where would you get your coins to buy and sell without us greedy miners?  

Let me see, we have already 7 + million coins in the Bitcoin Economy. We need miners that believe in the Bitcoin Economy long term, not greedy miners that hit the exchanges with sell orders asap.

As compared to the greedy buyers and sellers, or the greedy hoarders?

I wouldn't have spent so much of my time developing my system if I wasn't in it for the long term. 

[fastandfurious]

but they are fighting all the greedy miners that are selling their coins at the exchanges

Where would you get your coins to buy and sell without us greedy miners?  

Let me see, we have already 7 + million coins in the Bitcoin Economy. We need miners that believe in the Bitcoin Economy long term, not greedy miners that hit the exchanges with sell orders asap.

Keep dreaming. 90% of all miners don't give a shit about bitcoin and just want quick profit.

Duke, that is exactly the hole point, they WILL GIVE A SHIT when they don't mine with a profit. The hole problem is that Bitcoin is inflating at a very high rate, the miners have to much power over the price of Bitcoin, the only way to stop that is to do what they are doing to the Bitcoin Economy. Stop them from making easy money. I have said this from the very beginning, look at my old posts, maybe someone understands this...

How do you make them not make easy money? You sell bitcoins you are holding so that they have to sell with a smaller profit, it you don't sell the miners will sell instead of you, why? Because we are in a high inflation environment.

[The_Duke]

Duke, that is exactly the hole point, they WILL GIVE A SHIT when they don't mine with a profit.

No they won't. They will shut down their rigs and turn away. The few that remain will get more bitcoins per person, giving each of them even more influence on the market.
Why it is bad that a lot of coins are concentrated on a small number of people I don't think I need to explain to you, right?

[fastandfurious]

Duke, that is exactly the hole point, they WILL GIVE A SHIT when they don't mine with a profit.

No they won't. They will shut down their rigs and turn away. The few that remain will get more bitcoins per person, giving each of them even more influence on the market.
Why it is bad that a lot of coins are concentrated on a small number of people I don't think I need to explain to you, right?

I don't believe that, when the profits are gone we will have mostly miners that want Bitcoin to get big long term, and there are a lot of them. And also, this high inflation environment is a one time thing, it will be over in Dec of 2012.

[Nagios]

I don't believe that, when the profits are gone we will have mostly miners that want Bitcoin to get big long term, and there are a lot of them. And also, this high inflation environment is a one time thing, it will be over in Dec of 2012.

Wait why...ohhh, LOLOL

[The_Duke]

.

[fastandfurious]

I don't believe that, when the profits are gone we will have mostly miners that want Bitcoin to get big long term, and there are a lot of them. And also, this high inflation environment is a one time thing, it will be over in Dec of 2012.

Wait why...ohhh, LOLOL

Are you a greedy miner ?

How does that 6 dollar exchange rate feel? I think you will feel really good with a 3-4 dollar exchange rate.

[smoothie]

I don't believe that, when the profits are gone we will have mostly miners that want Bitcoin to get big long term, and there are a lot of them. And also, this high inflation environment is a one time thing, it will be over in Dec of 2012.

Wait why...ohhh, LOLOL

Are you a greedy miner ?

How does that 6 dollar exchange rate feel? I think you will feel really good with a 3-4 dollar exchange rate.

lol go mine at a loss for a while haha

[bonker]

I don't believe that, when the profits are gone we will have mostly miners that want Bitcoin to get big long term, and there are a lot of them. And also, this high inflation environment is a one time thing, it will be over in Dec of 2012.

Wait why...ohhh, LOLOL

Are you a greedy miner ?

How does that 6 dollar exchange rate feel? I think you will feel really good with a 3-4 dollar exchange rate.

lol go mine at a loss for a while haha

I comfort the loss of virtual cash by the acquisition of knowledge. I mean, I'm mining BTC mainly to learn how to code up my videocard with OpenCl.
Them knowledge be a true value up in here.

[Nagios]

Are you a greedy miner ?

How does that 6 dollar exchange rate feel? I think you will feel really good with a 3-4 dollar exchange rate.

I was referring to the 2012 snippet.

[S3052]

a break below 5.74$ will very likely open the floodgates for a crash-type selloff