Why are psychics bearish on bitcoin?

[TERA]

Everywhere I hear a psychic give a prediction on bitcoin, it seems to be unanimously bearish and apocalyptic.

"52 Bitcoin OK just think the crash of 1929, and the South Sea Bubble. Multiply those two events by ten then you'll be close to what is going to happen to this ponzi scheme."
-Christian Dion "the seer"

"Prediction #14: The alternative digital currency, Bitcoin, will crash due to a well placed virus that affects the algorithm. . …"
-LaMont Hamilton

I had a personal reading myself with a renowned psychic in march/april and was told:
-someone would steal all my money
-exchanges would start stealing customer money (I described what happened with gox and was told other exchanges were going to start doing the same thing)
-whatever happened in December was going to happen again, and cause a crash
-There would be a recovery into the 500s.
-There would be a little bit of action this year, but nothing extravagant. No huge rallies. Probably just 500s.
-Afterwards, prices would steadily decline again into an even further crash
-Something would happen in Japan
-The costs of using Bitcoin would rise (due to regulation)
-I was not going to continue to exponentially increase my money into millions and I was more likely to lose it all instead.

So what's up with these psychics. Why are they so bearish?

Disclaimer: I am currently long since my stop was blown out at $460 and I moved all of my coins into cold storage. I don't plan on changing this at the moment.

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[raskul]

all of these predictions could be similarly said about Oil - as it will eventually run out.
bitcoin, will - eventually run out - this is where 'sidekicks' base there ideas. I shouldn't take too much of it as serious.

Stocks go up, stocks go down; in the end stocks are still active and ups and downs are all part of the journey.

[Ultros]

I guess it's safer for "psychics" to be pessimistic. If it goes bad you can't blame them since they warned you and if it goes well you're just too happy to remember. Anyway they always can argue they were right on some extent, joy of the statistics.

And welcome-back TERA. 

[spiderbrain]

Maybe psychics want to buy in lower like everyone else? I dare say there will be some misery after the next bubbles forms and pops, but if you're in now that probably won't be a problem for you. But hey, it's bitcoin, so who the hell knows?

[Miz4r]

Bitcoin has gone up almost 100 fold in only a year, and it's still worth about 50 times as much as it was at the beginning of last year. This would make anyone intuitively scared for a huge crash I think, especially if they don't really understand Bitcoin and look at it from a distance. I doubt these psychics understand anything about the technology, and as they rely mostly on their heightened intuitive sense they are likely to 'feel' it's going to crash due to some hack/virus/whatever. By the way I actually believe in psychic abilities, but there are more scammers in that field than there are in the Bitcoin world. Also I have rarely heard a psychic make a public prediction that came true, unless it was a generic prediction that was likely to come true anyway. An honest and real psychic would probably not make public predictions or would be more humble about his own abilities. They can feel or pick up on certain things, but there is always noise and information being lost during the interpretation and translation into words of those things they pick up.

[MatTheCat]

My dreams and intuitions take a front seat to any TA that I do. Some examples:

14th Feb: Bitcoin around $680: (observe the 'hilarious' jpeg that Holliday posted and it's resemblance to the 'hilariouser' jpeg posted by Ultros in this thread)
https://bitcointalk.org/index.php?topic=465422.msg5144467#msg5144467

Result: Bitcoin down to $400 (I had 60 BTC of buy-ins placed entirely at $391.43).



23rd April Bitcoin around $490:
https://bitcointalk.org/index.php?topic=581956.msg6361758#msg6361758

Result: Bitcoin crashes $60 a couple of days later and remains in sub $450 zone for ages.



May 10th Bitcoin around $450:
https://bitcointalk.org/index.php?topic=581956.msg6642826#msg6642826

Result: Bitcoin dips down to $420, but is now in upper $500s.


And there is much more littered around the forum in various posts that I can't be arsed digging out. But it was a dream that brought me charging into Bitcoin with the lionshare of my capital to begin with. When Bitcoin was at $300, I dreamt that it hit $600 on MtGox (where I checked the Bitcoin price in those days), it was spooked out dreams/intuitions that got me to close my positions right near the very top of the market, and I have had many spooked out Bitcoin dreams in the past, even stating that Bitcoin was due to experience a pending death event, a good few weeks before Gox admitted that they were trading Gox-Coins and a fuller extent of the scandal there broke into the public domain.

Recently, my dreams have been pointing to upside in Bitcoin, as the May 10th post demonstrates. Most recently though, I dreamt I seen Bitcoin back down at $500 (I went to bed that night in a pickle as whether to buy back in or not as a Bitcoin was crawling up to its $595 high) and have thus based my own TA around the principle of a substantial correction to come. That doesn't mean Bitcoin will go to exactly $500. I just take that and the emotional response it ellicits as indicative of the market intention that my subconscious mind is able to read, whilst my conscious mind struggles with charts, indicators, and emotionally charged 'opinion' on places such as this one.

I had a personal reading myself with a renowned psychic in march/april and was told:
-someone would steal all my money
-exchanges would start stealing customer money (I described what happened with gox and was told other exchanges were going to start doing the same thing)

You trade on Bitfinex right?

I had several bad dreams about that place, so I pulled my funds from it. Shortly afterwards there was the Bitcoin to $10K hack on Bitfinex and then then Bitcoin to $100 on BTC-e and Bitfinex hacker sell-off. I have course went back to Bitfinex where I made my worst Bitcoin trade ever and stubbornly held out to almost the point of max pain (yeah, I could have broken even on it if my nerve had held out...or almost have broken even), but I doubt I will trade there again as I am convinced the place is crooked as fuck and they are running a fractional reserve Bitcoin exchange. Just like BTC-e, and just like Gox.

Psychics probably have bad 'visions' about Bitcoin because it is such a fucking sharkpool and the authorities could pull the plug on it all so easily, overtly or covertly.

2013 Bull-run apparently being largely down to traders 'Willy' and 'Markus' on Gox
Satoshi's 1.5 MBTC probably NSA's Bitcoins.

oo-er!

Bitcoin is an unsecure and frankly scary corrupt, crooked, and totally stitched up marketplace. This is going to give very negative messages to the subconscious mind resulting in some rather horrific visions playing out in the 'minds eye'. Doesn't mean that they will all literally play out, but the potential is certainly there for 'shit to happen'.

[wachtwoord]

"Reading auras is like reading minds, or tea leaves, or star signs, or meridian lines - these people aren't plying a skill. They're either lying or mentally ill."
—Tim Minchin

[Ibian]

It's obvious. Any rational analysis says the price will go up over time. The only recourse left for fudsters is to dive into the occult.

Also, actual professional con artists rely on confusion and panic. It's the only way for them to make a living.

[TERA]

It's obvious. Any rational analysis says the price will go up over time. The only recourse left for fudsters is to dive into the occult.

My psychic is not a trader and knew nothing at all about bitcoin before the reading.  ( I don't know about those other psychics I posted about though)

[Ibian]

It's obvious. Any rational analysis says the price will go up over time. The only recourse left for fudsters is to dive into the occult.

My psychic is not a trader and knew nothing at all about bitcoin before the reading.

Then why are you listening to him?

[wachtwoord]

It's obvious. Any rational analysis says the price will go up over time. The only recourse left for fudsters is to dive into the occult.

My psychic is not a trader and knew nothing at all about bitcoin before the reading.

Then why are you listening to him?

A good laugh? 

[jl2012]

"52 Bitcoin OK just think the crash of 1929, and the South Sea Bubble. Multiply those two events by ten then you'll be close to what is going to happen to this ponzi scheme."
-Christian Dion "the seer"

"Prediction #14: The alternative digital currency, Bitcoin, will crash due to a well placed virus that affects the algorithm. . …"
-LaMont Hamilton

These statements, without a time frame specified, are NEVER falsifiable ( http://en.wikipedia.org/wiki/Falsifiability )

So these are simply pseudo-science

[TERA]

It's obvious. Any rational analysis says the price will go up over time. The only recourse left for fudsters is to dive into the occult.

My psychic is not a trader and knew nothing at all about bitcoin before the reading.

Then why are you listening to him?

To obtain as many different perspectives from as many different angles as possible.

"52 Bitcoin OK just think the crash of 1929, and the South Sea Bubble. Multiply those two events by ten then you'll be close to what is going to happen to this ponzi scheme."
-Christian Dion "the seer"

"Prediction #14: The alternative digital currency, Bitcoin, will crash due to a well placed virus that affects the algorithm. . …"
-LaMont Hamilton

These statements, without a time frame specified, are NEVER falsifiable ( http://en.wikipedia.org/wiki/Falsifiability )

So these are simply pseudo-science

The second statement was supposed to happen in 2014.

[wachtwoord]

It's obvious. Any rational analysis says the price will go up over time. The only recourse left for fudsters is to dive into the occult.

My psychic is not a trader and knew nothing at all about bitcoin before the reading.

Then why are you listening to him?

To obtain as many different perspectives from as many different angles as possible.

It's prudent to use a quality filter.

[MatTheCat]

A good laugh? 

If you find it so funny, go look at the links I posted of dreams, see where Bitcoin was at the time I posted, and then see what happened next.

If you think I am cherry picking, then feel free to trawl through my other posts for other examples (there are plenty).

[jl2012]

It's obvious. Any rational analysis says the price will go up over time. The only recourse left for fudsters is to dive into the occult.

My psychic is not a trader and knew nothing at all about bitcoin before the reading.

Then why are you listening to him?

To obtain as many different perspectives from as many different angles as possible.

"52 Bitcoin OK just think the crash of 1929, and the South Sea Bubble. Multiply those two events by ten then you'll be close to what is going to happen to this ponzi scheme."
-Christian Dion "the seer"

"Prediction #14: The alternative digital currency, Bitcoin, will crash due to a well placed virus that affects the algorithm. . …"
-LaMont Hamilton

These statements, without a time frame specified, are NEVER falsifiable ( http://en.wikipedia.org/wiki/Falsifiability )

So these are simply pseudo-science

The second statement was supposed to happen in 2014.

Good. See you here again in 6 months

[wachtwoord]

"A virus that affects the algorithm?" Right 

[HeliKopterBen]

I guess its time to sell everything now.

[FeedbackLoop]

"A virus that affects the algorithm?" Right  

Psychics are not known for their basic logic skills (they only need to be slightly smarter than the people they sell their "services" to anyway which is not too hard).

But I know I'm still looking for that virus in the rules of chess that will allow me to win every game. One of tera's friends said the creator put it there and that I would find it.
 

[TERA]

I've been trying to figure out myself how a virus could be hidden in open source code. It would have to be some very well crafted logic error that would occur only under certain conditions and that every coder would be unable to detect when simply reviewing the code.  It could also perhaps be something hidden in the blockchain and currently encrypted, but once the key is revealed, it will be decrypted and the virus will be readable.