BITCOIN CRASHING

[cp1]

Interesting, thanks.

[tvbcof]

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Speculate away, bagholders 
...

Bagholders, bagholders...where have I seen that before?  Oh right!

  https://bitcointalk.org/index.php?topic=48315.msg577820#msg577820

Happy Hodling, ya'all.  May the next few years be like the last few.

[traderCJ]

Let's say gox re-enables BTC withdrawals.  Will those coins get dumped for fiat on the other exchanges, or will it be seen as a sign that all is well at Gox?

[MatTheCat]

Let's say gox re-enables BTC withdrawals.  Will those coins get dumped for fiat on the other exchanges, or will it be seen as a sign that all is well at Gox?

I advised my younger brother to get his funds the fuck off Gox just over a week ago. After a bit of grumbling about the 20% hit he would take converting his Gox USD into BTC, and then cashing out on Bitstamp, he took the plunge. He sent me an Email today thanking me for having saved him from losing a lot of money.

If I had anything on Gox at all, I would be pulling everything I had out of the place the very minute it was possible to do so. If there is any arbitrage to be made, then in a declining market, the hypothetical coins would indeed be getting dumped, immediately. But that is just me. I am a bear.

[BitcoinAshley]

...
Speculate away, bagholders 
...

Bagholders, bagholders...where have I seen that before?  Oh right!

  https://bitcointalk.org/index.php?topic=48315.msg577820#msg577820

Happy Hodling, ya'all.  May the next few years be like the last few.

Despite several reports to the contrary (for instance, my own OP in this thread) I am

STILL HODLING

HODLING ALL THE WAY

HODL HODL HODL

It really is, THE BEST investment strategy. I mean, except for 100x leverage SHOTR. That's even better.

EDIT: I just saw Vlad Putin speaking at the Olympics... BEARISH
(He was speaking russian, foreign language source confirmed)

[Edward50]

...
Speculate away, bagholders  
...

Bagholders, bagholders...where have I seen that before?  Oh right!

  https://bitcointalk.org/index.php?topic=48315.msg577820#msg577820

Happy Hodling, ya'all.  May the next few years be like the last few.

Despite several reports to the contrary (for instance, my own OP in this thread) I am

STILL HODLING

HODLING ALL THE WAY

HODL HODL HODL

It really is, THE BEST investment strategy. I mean, except for 100x leverage SHOTR. That's even better.

EDIT: I just saw Vlad Putin speaking at the Olympics... BEARISH
(He was speaking russian, foreign language source confirmed)

I am not sure I agree with your holding strategy.

Your best bet is to cash out and sit with the money until an obvious up trend is happening. This way you prevent losing a lot of money with a price crash. You may miss a few dollars on an upswing but I doubt it will happen so quickly with the high prices bitcoins are at now.

But I guess I think bitcoins are ridiculously over priced right now and it doesn't make much sense to invest in them at this price point. You missed the boat getting in now. Better to put your money elsewhere. Bitcoins are too risky and you're betting on that people will keep hoarding.

[tvbcof]

I am not sure I agree with your holding strategy.

Your best bet is to cash out and sit with the money until an obvious up trend is happening. This way you prevent losing a lot of money with a price crash. You may miss a few dollars on an upswing but I doubt it will happen so quickly with the high prices bitcoins are at now.

But I guess I think bitcoins are ridiculously over priced right now and it doesn't make much sense to invest in them at this price point. You missed the boat getting in now. Better to put your money elsewhere. Bitcoins are too risky and you're betting on that people will keep hoarding.

Edward?  Edward50?!?  I haven't seen you since $3.00-ish when you were saying basically the same thing IIRC.

[thelema93]

Yeah that's right, all you retarded HODLers thought Proudhon was trolling, well he wasn't, and all that confirmed bad newses is coming back to bite y'all in the butt!! How does it feel? How does it feel? $350 coins in a week, sell now and double your BTC, only fools don't take advantage of such an easy trade!
Speculate away, bagholders 

EDIT $712 at stamp, we'll touch the $600s within 24hours, mark my words. =D

$600 won't happen.

As I predicted in my fractal analysis the price is now stabilizing around the $700 mark. It will stay around $700 until a massive rise in about 7 months time.

SEE: https://bitcointalk.org/index.php?topic=451264.0

[chessnut]

Yeah that's right, all you retarded HODLers thought Proudhon was trolling, well he wasn't, and all that confirmed bad newses is coming back to bite y'all in the butt!! How does it feel? How does it feel? $350 coins in a week, sell now and double your BTC, only fools don't take advantage of such an easy trade!
Speculate away, bagholders 

EDIT $712 at stamp, we'll touch the $600s within 24hours, mark my words. =D

$600 won't happen.

As I predicted in my fractal analysis the price is now stabilizing around the $700 mark. It will stay around $700 until a massive rise in about 7 months time.

SEE: https://bitcointalk.org/index.php?topic=451264.0

nah sorry. fractals dont work like that. elliot wave theory looks deep into this. there will be alternation. also, those two waves would have to be part of one larger wave that looks the same..... not gonna happen.

[Kaiji]

Can someone tell me what triggered this sell off? I know people were speculating that there was some manipulation to keep prices constant.

I witnessed a series of very large sell offs getting slammed into Bid wall on Stamp. Individual sell orders so large, that the whale executing them must have either been panicking, or deliberately trying to smash the market.

Included amongst them, was a single sell order in the region of 1700 BTC, that took Bitstamp down from $705 - $666.6666.

Seems like you need larger and larger amount of bitcoins and money to swing the prices.

[Kaiji]

Can someone tell me what triggered this sell off? I know people were speculating that there was some manipulation to keep prices constant.

If gox fails does it really matter anymore? Most exchanges don't even follow gox's prices anymore.

The news was that Gox is imploding and Russia banned bitcoins.

(Unlike China, Russia actually did BAN them.)

But keep in mind. The idea of trading is to make money. So when whale daytraders, or any one trying to make money on swings, hears bad news... they tend to sell. Hopefully they sell before everyone else does. Smashing 1700BTC sell orders into the buy walls is a great way to make others panic and sell too. Then, at the bottom, trickle buys bring things back up and the people who bought and sold at the right spots make mad profits. Those who didn't time their orders right get fucked.

So, in a sense, the news did not cause the price crash. Obviously Gox is not particularly relevant since it's been a long time since it had 80% market share, lol. And the people who sold, were not necessarily selling because they all of a sudden decided "This news will have a HUGE effect on BTC, it is the end of BTC as we know it!" It was more like "Other people are probably going to sell on this news, so if I sell, I'll profit!" Others sold because they panicked. Still others sold because they wanted to cash out anyways and figured that price might go lower in the mid-term future so now was their best bet. There is no such thing as single cause->effect when it comes to market psychology. The same event might cause different people to sell for different reasons.

So a combination of bad news plus people selling to make a profit plus a whale dumping. The price has been stagnant for so long now that there are 2 types of people left in trading. One type assumes it will go up and are holding tightly. The other type is waiting for a crash to buy cheap coins. A whale dumping can change the balance easily with holders panicking.

[MatTheCat]

Seems like you need larger and larger amount of bitcoins and money to swing the prices.

That depends on what other whales are trying to do.

[thelema93]

Considering that the current minor price drop is still not as low as the drop just a few weeks ago in mid-december - how is this in any way a 'crash'.
I mean seriously the hyped up talk on this forum is enough to scare anyone off holding their coins.
Is that the whole point of this forum - to scare the crap out of everyone? Cause that's what it looks like!
I'm not worried at all - I've got a load of coins on Gox and i'm sure that their little technical probem with BTC withdrawals will get fixed in a few days.
BTC is NOT crashing at all and Gox is just fine. You lot need to drink less coffee or something.

[efarah2549]

Considering that the current minor price drop is still not as low as the drop just a few weeks ago in mid-december - how is this in any way a 'crash'.
I mean seriously the hyped up talk on this forum is enough to scare anyone off holding their coins.
Is that the whole point of this forum - to scare the crap out of everyone? Cause that's what it looks like!
I'm not worried at all - I've got a load of coins on Gox and i'm sure that their little technical probem with BTC withdrawals will get fixed in a few days.
BTC is NOT crashing at all and Gox is just fine. You lot need to drink less coffee or something.

This is the lowest bitcoin has been all year

[thelema93]

Yeah that's right, all you retarded HODLers thought Proudhon was trolling, well he wasn't, and all that confirmed bad newses is coming back to bite y'all in the butt!! How does it feel? How does it feel? $350 coins in a week, sell now and double your BTC, only fools don't take advantage of such an easy trade!
Speculate away, bagholders 

EDIT $712 at stamp, we'll touch the $600s within 24hours, mark my words. =D

$600 won't happen.

As I predicted in my fractal analysis the price is now stabilizing around the $700 mark. It will stay around $700 until a massive rise in about 7 months time.

SEE: https://bitcointalk.org/index.php?topic=451264.0

nah sorry. fractals dont work like that. elliot wave theory looks deep into this. there will be alternation. also, those two waves would have to be part of one larger wave that looks the same..... not gonna happen.

OK, well i'd be very interested to hear your own prediction for the next 8 months?

[thelema93]

This is the lowest bitcoin has been all year

Well yes, but it was lower on Dec 19th. That wasn't much before this year. I'm still very confident the price will not drop to $600.
It's going to steady out with minor fluctuations from now until September/Oct when it start to rise to $5000 - $8000.

[BitcoinAshley]

I'd like to see the TA witchdoctory folks battle it out.

One guy threw up some elliot waves and gave a target of $300. I doubt we'll see $300 but I've learned not to have expectations and hedge accordingly...

[redwraith]

Edward50 commented in this thread!!!   To the MOOOOOONNNNN!!!!!!

[Kiki112]

okay, so what is the reason of this crash?

I'm not getting it

[cp1]

Ugh, hit 401 and I had my buy order at 400.