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Author Topic: This might be the end of the correction  (Read 7185 times)
Blitz­
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March 07, 2012, 03:51:06 PM
 #21

you're learning  Cheesy
I just finished reading Reminiscences of a Stock Operator. Smiley The last few chapters were about stock "manipulation", and it was enlightening in many respects.

It is really incredible how little has changed since then, the only new thing is probably bots.

"Bitcoin had been transformed from an anarachistic challenge to the financial status quo, to the crypto spawn of Satan, fuelled by cut-throat greed and delusions of avarice." - MatTheCat
"these people don't seem to want to stop till Bitcoin is completely destroyed and left like an old cum rag in the corner of the room." - ShroomsKit
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March 07, 2012, 03:59:49 PM
 #22

Meh, I went long.  Not revealing as much this time.  Not a huge position, but I thought, "what the hell" and decided to pick a side.  I'll probably get out of this as soon as it's the least bit profitable.  I think before we go down again we're going to see a spike up.  Fingers crossed!

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March 07, 2012, 04:06:10 PM
 #23

Lol, oops.
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March 07, 2012, 04:06:53 PM
 #24

the ghost wall on ask was 17k it did pop up and after that the little wall on bid side got away first 4k the another 3k, that was a e-peen battle

Those coins are back.
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March 07, 2012, 04:07:19 PM
 #25

Lol, oops.
The Manipulator is reading these forums, beware.

"Bitcoin had been transformed from an anarachistic challenge to the financial status quo, to the crypto spawn of Satan, fuelled by cut-throat greed and delusions of avarice." - MatTheCat
"these people don't seem to want to stop till Bitcoin is completely destroyed and left like an old cum rag in the corner of the room." - ShroomsKit
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March 07, 2012, 04:07:51 PM
 #26

He really went short.
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March 07, 2012, 04:10:36 PM
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He really went short.

Nope.  I really went long.

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March 07, 2012, 04:12:24 PM
 #28

He really went short.

Nope.  I really went long.


You should have known better. Sad

5 is a terrible psychological resistance. I bought here before and had to regret it. Grin

"Bitcoin had been transformed from an anarachistic challenge to the financial status quo, to the crypto spawn of Satan, fuelled by cut-throat greed and delusions of avarice." - MatTheCat
"these people don't seem to want to stop till Bitcoin is completely destroyed and left like an old cum rag in the corner of the room." - ShroomsKit
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March 07, 2012, 04:14:19 PM
 #29

He really went short.

Nope.  I really went long.

Me too...I feel better now. gave me the opportunity to buy more under $5 for the last time ever ^^
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March 07, 2012, 04:17:18 PM
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He really went short.

Nope.  I really went long.

Oh dear, me too...want a cower buddy?

We did it wrong.  I will probably get out of this position soon.
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March 07, 2012, 04:21:12 PM
 #31

We did it wrong.  I will probably get out of this position soon.

Ye of little faith.

Although I should have known better than to put anything on anything tonight.
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March 07, 2012, 04:21:22 PM
 #32

Me too...I feel better now. gave me the opportunity to buy more under $5 for the last time ever ^^
Keep up the dream, bro.

"Bitcoin had been transformed from an anarachistic challenge to the financial status quo, to the crypto spawn of Satan, fuelled by cut-throat greed and delusions of avarice." - MatTheCat
"these people don't seem to want to stop till Bitcoin is completely destroyed and left like an old cum rag in the corner of the room." - ShroomsKit
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March 07, 2012, 04:22:51 PM
 #33

Lol... I knew it. Every fucking time there's a post like this, it goes decidedly in the other direction.  Cheesy

GPG ID: 7294199D - OTC ID: muyuu (470F97EB7294199D)
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March 07, 2012, 04:24:02 PM
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Me too...I feel better now. gave me the opportunity to buy more under $5 for the last time ever ^^
Keep up the dream, bro.

yeah nightmare
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March 07, 2012, 04:24:36 PM
 #35

Haven't I taught you guys anything   Cry

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March 07, 2012, 04:26:13 PM
 #36

"This might be the end of the correction".

Although I like to agree with this statement, as I have come to the same conclusion following the trend over the past months, and I have a lot of confidence in Bitcoin's stability at the current point, your statement sounds amazingly like taken from the "Famous last words" section...

Bitcoin needs to beef up the underlying economy, i.e. the volume for trades of goods and services using Bitcoin as means of exchange to become a stable currency. Hoarding coins and speculating on them leads to dynamics of a commodity market (and I am comparing Bitcoin itself to the commodity being traded); hence we see "corrections" that would be called a crash when applying metrics and known fluctuations of a currency.
As the value of a currency is also driven by supply and demand, where the supply is the money supply itself, demand is both created by speculators on exchanges and also the volume of the economy supported by the currency (goods and services to be paid using it as means of exchange).

We are moving in the right direction, but we are not there yet, so I would be more cautious calling the "end of the correction".

Again, if you like to see a stable currency, you need to encourage a market for it, which means using it as a means of exchange for goods and services and keep the bitcoins in circulation. Only if bitcoins eventually close the loop and return at the same rate to the person spending them, there will be a stable currency. On the other hand people that just seek speculation and those hoarding them (ref. "my precious") disrupt that circle, making it harder to pay with bitcoins for the ones actually spending them (because they don't return at the same rate).

Note: I am aware I am posting this on the speculation board (but the title of the thread was just too tempting), so as a sheep among wolves I don't expect much applause.

Someone earlier made the suggestion that bitcoin may be dead if the price stabilizes as speculators won't make any money. First, I'd reduce this to short-term speculation, second, as I said that demand for a currency is given not just by speculators but the supporting underlying economy, a price stabilization and reduction in short-term speculation might signal a shift from "commodity status" to currency (means of exchange, as lower fluctuations make it more trustworthy in business transactions), which could be a good thing for those of us supporting it as a new alternative currency.

W.

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March 07, 2012, 04:26:43 PM
 #37

alright, looks like we're going the other way.  keyword was "might" Tongue

(BFL)^2 < 0
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March 07, 2012, 04:27:07 PM
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Blitz­
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March 07, 2012, 04:28:01 PM
 #39

people that just seek speculation and those hoarding them (ref. "my precious") disrupt that circle, making it harder to pay with bitcoins for the ones actually spending them (because they don't return at the same rate).
BEGONE KEYNESIAN!

I WANT TO BE RICH QUICK! Grin Grin Grin

Proudhon, sorry for your (unrealized) loss, but as I said you out of all people should have known better.

"Bitcoin had been transformed from an anarachistic challenge to the financial status quo, to the crypto spawn of Satan, fuelled by cut-throat greed and delusions of avarice." - MatTheCat
"these people don't seem to want to stop till Bitcoin is completely destroyed and left like an old cum rag in the corner of the room." - ShroomsKit
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March 07, 2012, 04:33:23 PM
 #40

Combined with the 4k wall that wants to push up the price, I’m inclined to believe we will either see a large ask wall or a huge dump like the 5.3 one soon.

Basically, a manipulator can only achieve so much as the general trend allows.
OK, I was a little off. Not a huge wall, but multiple big walls.

"Bitcoin had been transformed from an anarachistic challenge to the financial status quo, to the crypto spawn of Satan, fuelled by cut-throat greed and delusions of avarice." - MatTheCat
"these people don't seem to want to stop till Bitcoin is completely destroyed and left like an old cum rag in the corner of the room." - ShroomsKit
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