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Edward50 (OP)
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April 02, 2014, 01:03:04 AM |
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One thing I can not figure out is where is the money going to come from to rally bitcoin?
What I see is most of the bitcoin community are people who own a lot of bitcoins for really cheap. They simply are not going to be buying them at these high prices, or at least not enough to make a difference.
China, which some people say is the reason why bitcoin rallied so high, looks to be out of the game in a big way.
With all the negative news, most new people are not going to invest any serious cash in what looks to be a big Ponzi scheme.
So I ask where is the money going to come from now? Everybody on here just magically wants to become rich but it is going to take money, and a lot of money to push the prices higher. I just can't figure out where this money will come from.
I still think the prices are way too high and unsustainable. I do not think the community is that much larger since bitcoin was at $12 dollars a year ago. Now you don't have the largest country in the world adapting it to pump up those prices.
I've said it before and I will say it again, Bitcoin at these high prices is a very bad investment. You are taking on so much risk right now for a limited reward. The times of buying at $10 with the possibility of it going to $100 or higher are over.
It will take substantial amount of money to get the reward you deserve for investing in such a risky asset.
You are far better off placing your money in the stock market and betting on a single stock. At least you know your money is safe.
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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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According to NIST and ECRYPT II, the cryptographic algorithms used in
Bitcoin are expected to be strong until at least 2030. (After that, it
will not be too difficult to transition to different algorithms.)
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CoinRocka
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April 02, 2014, 01:03:41 AM |
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my pocket
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Dalmar
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April 02, 2014, 01:18:15 AM |
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Those giant spikes up are caused by delusional dumb money (i.e. general public) during a media driven hype. Smart money buys low.
It wouldn't surprise me if bitcoin will be hyped up again after some kind of 2008-like financial crash, which is likely coming in the next year or two.
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Edward50 (OP)
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April 02, 2014, 01:33:02 AM |
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Those giant spikes up are caused by delusional dumb money (i.e. general public) during a media driven hype. Smart money buys low.
It wouldn't surprise me if bitcoin will be hyped up again after some kind of 2008-like financial crash, which is likely coming in the next year or two.
Yeah I guess that's the best way to put it. Smart money is not going to be buying right now. They buy in before any media attention, there has been plenty of media attention actually much more than I could have ever imagined. Smart money puts their money in smart investments, and bitcoin just is not that. It is a highly risky investment and will require a lot of pumping, something which smart money will not gamble with. I just do not see it as an investment. Where I went wrong was I planned on buying bitcoin when it had a long term stable price after the first bubble. That would have been when it was stable and rising from around $8-$12 dollars for over a year. That was the best time to put your money in and I did not because I was not even watching bitcoin at that time. Right now at $500 bucks, that is just crazy. Maybe it can go to $1000, but it simply is not worth the risk as it probably will not go that high. Reading these forums will fool you because most people here bought in at really cheap prices and are just pumping what they own. These same people will not be spending their money on $500 bitcoin, they are not that stupid. Then you have a few new people who are trying to "get rich quick", you will always get those idiot gamblers. |
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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chessnut
Legendary
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Activity: 924
Merit: 1001
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April 02, 2014, 01:35:05 AM |
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Do you think Warren Buffet is going to tweet his status as he bank wires all his cash into BTCe to buy one billion dollars worth of bitcoin?
No, first he will have you believe that he doesn't want it, then he will buy all the bitcoins he can get his hands on at the very peak of disaster (NOW!) because people will just give them to him! no market moving necessary!
PS. I am using the example of Warren Buffet metaphorically.
where will the fiat come from? have you forgotten?
wall street, ebay, pay pal, hedge funds, US junk credit, Banks, and billions of dollars worth of speculators with their fingers on the trigger ready to front run all of them!
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podyx
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April 02, 2014, 01:35:13 AM |
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u just sold at the bottom again??
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cbeast
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Let's talk governance, lipstick, and pigs.
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April 02, 2014, 01:40:14 AM |
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There is a little more than 5 Billion dollars in the world.
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Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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chessnut
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Merit: 1001
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April 02, 2014, 01:43:45 AM |
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Yeah I guess that's the best way to put it. Smart money is not going to be buying right now. They buy in before any media attention, there has been plenty of media attention actually much more than I could have ever imagined.
Think about what you are saying here, The media attention has been negative. that means they sold before the media attention. now they are buying before the next round of good media attention. |
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adamstgBit
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Activity: 1904
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Trusted Bitcoiner
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April 02, 2014, 01:57:05 AM |
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OP, sounds like you recently unload a large sum of bitcoin, do you understand that you were able to do that because you are dead wrong?
congarufuckinglation.
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chessnut
Legendary
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April 02, 2014, 01:59:24 AM |
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OP, sounds like you recently unload a large sum of bitcoin, do you understand that you were able to do that because you are dead wrong?
congarufuckinglation.
 nicely said |
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Edward50 (OP)
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April 02, 2014, 02:25:48 AM |
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Yeah I guess that's the best way to put it. Smart money is not going to be buying right now. They buy in before any media attention, there has been plenty of media attention actually much more than I could have ever imagined.
Think about what you are saying here, The media attention has been negative. that means they sold before the media attention. now they are buying before the next round of good media attention. What are you talking about? Smart money buys in before the media attention, then they sell at the peak of the media attention or the top of the bubble, way before all the negative media attention that you see now. That is why there is negative media attention and the price has been falling because the smart money cashed out a long time ago and are not buying anymore. It is highly doubtful that any smart investor is going to buy bitcoins for $500 dollars, that is the whole point of what I wrote. It is a bad investment at these prices. I have said this all the way down and for a long time now, even when it was at $1000 or $800. I do not understand how you completely turned around what I wrote. |
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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chessnut
Legendary
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Activity: 924
Merit: 1001
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April 02, 2014, 02:29:27 AM |
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Yeah I guess that's the best way to put it. Smart money is not going to be buying right now. They buy in before any media attention, there has been plenty of media attention actually much more than I could have ever imagined.
Think about what you are saying here, The media attention has been negative. that means they sold before the media attention. now they are buying before the next round of good media attention. What are you talking about? Smart money buys in before the media attention, then they sell at the peak of the media attention or the top of the bubble, way before all the negative media attention that you see now. That is why there is negative media attention and the price has been falling because the smart money cashed out a long time ago and are not buying anymore. I do not understand how you completely turned around what I wrote. , no insiders bought before the China ban news came out! but they did buy at the bottom! The news has NOT been positive! Large investors buy when there is blood in the streets, they are buying now. |
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Edward50 (OP)
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April 02, 2014, 02:30:02 AM |
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OP, sounds like you recently unload a large sum of bitcoin, do you understand that you were able to do that because you are dead wrong?
congarufuckinglation.
I would never invest in bitcoin at these ridiculously high prices. I bought some bitcoins around $700-$900 at that time to gamble with alt-coins which I made money on. I then sold everything I owned when bitcoins were $800 because it was obvious that this was all going to fall apart. I have my past posts to document all this, and I told everybody I was going to do that and how bad of an investment bitcoin was at that time and still is even at $500. |
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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Patel
Legendary
Offline
Activity: 1321
Merit: 1007
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April 02, 2014, 02:35:42 AM |
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OP, sounds like you recently unload a large sum of bitcoin, do you understand that you were able to do that because you are dead wrong?
congarufuckinglation.
I would never invest in bitcoin at these ridiculously high prices. I bought some bitcoins around $700-$900 at that time to gamble with alt-coins which I made money on. I then sold everything I owned when bitcoins were $800 because it was obvious that this was all going to fall apart. I have my past posts to document all this, and I told everybody I was going to do that and how bad of an investment bitcoin was at that time and still is even at $500. lol then I guess your never going to buy bitcoin again because $437 was the bottom |
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Edward50 (OP)
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April 02, 2014, 02:35:52 AM |
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Yeah I guess that's the best way to put it. Smart money is not going to be buying right now. They buy in before any media attention, there has been plenty of media attention actually much more than I could have ever imagined.
Think about what you are saying here, The media attention has been negative. that means they sold before the media attention. now they are buying before the next round of good media attention. What are you talking about? Smart money buys in before the media attention, then they sell at the peak of the media attention or the top of the bubble, way before all the negative media attention that you see now. That is why there is negative media attention and the price has been falling because the smart money cashed out a long time ago and are not buying anymore. I do not understand how you completely turned around what I wrote. , no insiders bought before the China ban news came out! but they did buy at the bottom! The news has NOT been positive! Large investors buy when there is blood in the streets, they are buying now. That is all speculation on your part that they are buying. There is no proof to that. Volume is very very low, and only seems to go up when people are panic selling. After the panic selling is over the volume is ridiculously low. I watch it a lot on btc-e. Nobody is buying anything substantial. The price tends to creep up higher on low volume only. But when it does this, it is a matter of time before it falls right back down for a new low. Bitcoin got too ahead of itself and priced in major world expansion. This is all falling apart now and yet the price still remains high. It is unsustainable at the present time. You still have a lot of people holding, there is still a lot of optimism and delusion. I don't know how long that will continue. The selling pressure should increase with time as it is obvious that a rally is not going to happen. |
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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Edward50 (OP)
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April 02, 2014, 02:38:49 AM |
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OP, sounds like you recently unload a large sum of bitcoin, do you understand that you were able to do that because you are dead wrong?
congarufuckinglation.
I would never invest in bitcoin at these ridiculously high prices. I bought some bitcoins around $700-$900 at that time to gamble with alt-coins which I made money on. I then sold everything I owned when bitcoins were $800 because it was obvious that this was all going to fall apart. I have my past posts to document all this, and I told everybody I was going to do that and how bad of an investment bitcoin was at that time and still is even at $500. lol then I guess your never going to buy bitcoin again because $437 was the bottom You may be correct but highly unlikely, but I deem the risk/reward not worth investing in at $437. I can place my money elsewhere that I deem a better risk/reward than bitcoin. |
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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pungopete468
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April 02, 2014, 02:40:58 AM |
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OP, sounds like you recently unload a large sum of bitcoin, do you understand that you were able to do that because you are dead wrong?
congarufuckinglation.
I would never invest in bitcoin at these ridiculously high prices. I bought some bitcoins around $700-$900 at that time to gamble with alt-coins which I made money on. I then sold everything I owned when bitcoins were $800 because it was obvious that this was all going to fall apart. I have my past posts to document all this, and I told everybody I was going to do that and how bad of an investment bitcoin was at that time and still is even at $500. lol then I guess your never going to buy bitcoin again because $437 was the bottom You may be correct but highly unlikely, but I deem the risk/reward not worth investing in at $437. I can place my money elsewhere that I deem a better risk/reward than bitcoin. Then you should; I happen to disagree with you because I feel differently. |
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chessnut
Legendary
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April 02, 2014, 02:42:55 AM |
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That is all speculation on your part that they are buying. There is no proof to that. Volume is very very low, and only seems to go up when people are panic selling. After the panic selling is over the volume is ridiculously low. I watch it a lot on btc-e. Nobody is buying anything substantial.
The price tends to creep up higher on low volume only. But when it does this, it is a matter of time before it falls right back down for a new low.
Bitcoin got too ahead of itself and priced in major world expansion. This is all falling apart now and yet the price still remains high. It is unsustainable at the present time. You still have a lot of people holding, there is still a lot of optimism and delusion. I don't know how long that will continue. The selling pressure should increase with time as it is obvious that a rally is not going to happen.
!!! it goes up when people panic sell? !!! get your theories straight!! I have evidence that large investors are buying; -Risto is buying -while the ban is genuine, coins are leaving the chinese exchanges causing a huge arbitrage in prices - yet the markets have all rallied since the confirmation. the buying pressure is fighting the full force of the ban. that is immense pressure. The volume is low because there are no panic sellers left to sell in this price range. the coins are under-valued. They all know there are offshore investors injecting fiat into bitcoin right now, and they are moving their coins to other exchanges - but the price tolerates the selling pressure an is rallying. There is blood in the streets, and the big invesors are buying. |
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Carra23
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Need a campaign manager? PM me
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April 02, 2014, 03:51:11 AM |
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Those giant spikes up are caused by delusional dumb money (i.e. general public) during a media driven hype. Smart money buys low.
It wouldn't surprise me if bitcoin will be hyped up again after some kind of 2008-like financial crash, which is likely coming in the next year or two.
Thats why I do not think Bitcoin is going to go crazy this year. Sometimes next year it will take off again. |
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hellscabane
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April 02, 2014, 04:11:08 AM |
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Answering the question about where the money is going to come from, I think the money is going to come from the transacting potentials that will continue to come from bitcoin. The fact that Square Market is partnering with Coinbase will act as a somewhat of a catalyst for the price of bitcoin in a similar fashion that Overstock did. I wouldn't be surprised if Square takes a similar approach and keeps a certain cut of the revenue they make and leaves it in the form of bitcoin. That, it seems, would help to provide some of the backing for the next rally.
[As a quick note, the prices were still "dropping" when Overstock came into the scene. But that's because the conversion rate was just way too artificially high. I think we're approaching that point where the overall floor has caught up and the next rally won't be as high, but it won't be as unsustainable at the same time.]
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