Hi mjcmurfy, I want to point some things out. These quotes shall explain everything.
A few months ago, mjcmurfy was decrying the evils of speculation:
Your "speculation" is destroying the long term feasibility of bitcoin. We are just coming out of a massive speculative bubble and you all just keep going without batting an eyelid. How many times do you have to get burned before you learn that speculation is not going to get you anywhere? It contributes ABSOLUTELY NOTHING to the bitcoin economy, it is a simple matter of spinning numbers around all day, and getting lucky when you serendipitously manage to spin your numbers that little bit better than others. And for what? A measly 0.5% or thereabouts? It's a joke.
I have the right to come in here and point out how stupid your behavior is, because you are ruining this project for the rest of us with your greed and short term profit motives. You have no idea what you are talking about, yet still manage to spew an endless supply of bullshit and misinformation.
Forget MtGox, forget tradehill. Get your bitcoins by mining them or providing goods/services in return for them. That is the only productive way to grow the bitcoin economy. Speculation is a zero sum game, and taking money from unsuspecting, gullible people is not morally justifiable. Therefore, I have ZERO time for speculators, except of course to lambast them.
The sad thing is, I see very little evidence of anybody here making decent returns from it. Why are you all so willing to hand your money over to people who are much smarter than you? These people couldn't even be bothered to post here and thank all you all for being such good lemmings.
You people contribute absolutely nothing. All you want is short term gains, and you don't give a shit how you get there.
If it means you take the whole bitcoin project down with you, so be it.
I need to get a life? Take a long hard look in the mirror.
Shortly thereafter, mjcmurfy began to speculate, but did not admit to acting on his hunches yet.
Look at the MACD. It's signaling a huge drop. The RSI is just about to touch 30, and momentum is -1. I'm not normally the biggest fan of technicals, but I honestly can't see how the price could manage a successful rally back to $3 under these circumstances.
Maybe in the medium to long term, but there is no reason whatsoever for the price to rise again in the short term.
Real demand is non existent. The only people buying right now are speculators who don't know what they are doing.
The only way the price will rise is if someone takes a huge gamble and buys a LOT of coins to start a momentum move.
It won't be real, and will quickly deflate again.
That's why it is not going to happen.
mjcmurfy begins speculating!
I'm glad I got back in at $2.20!
mjcmurfy earns 95% off the backs of those whom he used to call "good lemmings"
I bought at $2.20, and sold again at $4.30. I was more than happy for someone else to take it from there.
95% profit. Wishing for >100% would just be greedy. Whoever bought those coins off me for $4.30, I apologize.
What changed, mjcmurfy?