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Author Topic: Stupidity is the reason  (Read 2083 times)
wobber
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October 25, 2014, 01:57:35 PM
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Yes. Stupidity. And greed. Stupid 'traders' that once again (like always) crash the price. Of course, greed also took us to 1200 but, but, if it was controlled greed, we'd now be at 5000.

And now you think that after we saw last 10 months, we'll go back to even 500? No. Not this year, maybe not the next one either.

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Richard Branson
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October 25, 2014, 02:27:19 PM
 #2

Yes. Stupidity. And greed. Stupid 'traders' that once again (like always) crash the price. Of course, greed also took us to 1200 but, but, if it was controlled greed, we'd now be at 5000.

Not true. Can't work. The smart ones just sold before the masses decided that we reached climax.
5000$ is not sustainable. Not this year or the next.

It is only possible with very low volume. Only a fraction of bitcoins are really traded. If early adopters are going to dump, we will see single digits again.

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October 25, 2014, 02:35:36 PM
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It's not greed, it's fear. Greed worked during the mania phase of November - December 2013.
The "greater fool" works both ways, up and down. It helps with the price discovery, but induces large distortions.

Sometimes, if it looks too bullish, it's actually bearish
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October 25, 2014, 02:46:46 PM
 #4

Yes. Stupidity. And greed. Stupid 'traders' that once again (like always) crash the price. Of course, greed also took us to 1200 but, but, if it was controlled greed, we'd now be at 5000.

And now you think that after we saw last 10 months, we'll go back to even 500? No. Not this year, maybe not the next one either.


Not really if we would control greed we would be at 100 USD
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October 25, 2014, 03:02:34 PM
 #5

Yes. Stupidity. And greed. Stupid 'traders' that once again (like always) crash the price. Of course, greed also took us to 1200 but, but, if it was controlled greed, we'd now be at 5000.

And now you think that after we saw last 10 months, we'll go back to even 500? No. Not this year, maybe not the next one either.

Why are you calling a Trader "Stupid" His aim is to sell on the way down and buy on the way up!

If the recent decline is down to the traders then The exchanges will be Flush with FIAT just waiting to buy in when the recovery begins.

Let me remind you that it was only 2 weeks ago 33,000 was dumped onto the market early sunday morning and it was all bought within 5 hours which initiated the $380 (peak $417) rally.

So, unless you are desperate to cash out today then WELCOME the traders with open arms because it is all their activity, and their cash, which will initiate the FAST price increase when the market turns and they are desperate to jump on board as the price rises!
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October 25, 2014, 03:15:49 PM
 #6

Yes. Stupidity. And greed. Stupid 'traders' that once again (like always) crash the price. Of course, greed also took us to 1200 but, but, if it was controlled greed, we'd now be at 5000.

And now you think that after we saw last 10 months, we'll go back to even 500? No. Not this year, maybe not the next one either.

Why traders is so stupid? And then, you think really that price will rising up to 5000$ in this year? Are you crazy?

Traders make only their work, buy at minimum price, sell at maximum price, not else.
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October 25, 2014, 03:16:54 PM
 #7

Yes. Stupidity. And greed. Stupid 'traders' that once again (like always) crash the price. Of course, greed also took us to 1200 but, but, if it was controlled greed, we'd now be at 5000.

And now you think that after we saw last 10 months, we'll go back to even 500? No. Not this year, maybe not the next one either.

Why are you calling a Trader "Stupid" His aim is to sell on the way down and buy on the way up!

If the recent decline is down to the traders then The exchanges will be Flush with FIAT just waiting to buy in when the recovery begins.

Let me remind you that it was only 2 weeks ago 33,000 was dumped onto the market early sunday morning and it was all bought within 5 hours which initiated the $380 (peak $417) rally.

So, unless you are desperate to cash out today then WELCOME the traders with open arms because it is all their activity, and their cash, which will initiate the FAST price increase when the market turns and they are desperate to jump on board as the price rises!

Yeah, how is a trader stupid when he is consistently making money. When the down trend is no longer profitable for them to play with, they'll try to rise it up again, even tho real success is only achieved through real demand, manipulation are only mirages.
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October 25, 2014, 03:18:54 PM
 #8

"Stupid" traders crash the price just like "stupid" traders drive the price up. You can't cast a finger of blame at them for one thing without giving them credit for the other.
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October 25, 2014, 03:28:53 PM
 #9

The "greater fool" works both ways, up and down. It helps with the price discovery, but induces large distortions.

Maybe we have just run out of greater fools?


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exocytosis
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October 25, 2014, 03:34:24 PM
 #10

We all know that Markus, Willy and other Gox bots created every previous rally. Without them, Bitcoin will slowly and painfully find its true price, somewhere in the single digit range. That's what the cultists and the bulltards will have to come to terms with eventually.
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October 25, 2014, 03:43:36 PM
 #11

Don't forget Fred, Wilma, Barney, and Betty that also helped "manipulate" the price. Or maybe it was real people. It was Mt Gox's insolvency and fractional reserve trading that allowed an otherwise normal series of rallies and profit takings  to get out of control.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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October 25, 2014, 03:44:06 PM
 #12

The "greater fool" works both ways, up and down. It helps with the price discovery, but induces large distortions.

Maybe we have just run out of greater fools?

+1

Fool me once, shame on you. Fool me twice, shame on me. People who got burned are taking this as an expensive lesson and moving on. They have no incentive to remain, and be the laughing stock of most of the people here and the general population that still thinks bitcoin is a ponzi scam.
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October 25, 2014, 03:44:24 PM
 #13

The "greater fool" works both ways, up and down. It helps with the price discovery, but induces large distortions.

Maybe we have just run out of greater fools?

No, in an efficient market the price would have slowly risen to about 100$ by now. Bitcoin price is bubble after bubble, no chance to change that.

Sometimes, if it looks too bullish, it's actually bearish
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October 25, 2014, 04:43:32 PM
 #14

The "greater fool" works both ways, up and down. It helps with the price discovery, but induces large distortions.

Maybe we have just run out of greater fools?

No, in an efficient market the price would have slowly risen to about 100$ by now. Bitcoin price is bubble after bubble, no chance to change that.

Speculating on the direction seems quite difficult now. Trade volatility instead.
damnek
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October 25, 2014, 05:15:41 PM
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The "greater fool" works both ways, up and down. It helps with the price discovery, but induces large distortions.

Maybe we have just run out of greater fools?

No, in an efficient market the price would have slowly risen to about 100$ by now. Bitcoin price is bubble after bubble, no chance to change that.

Speculating on the direction seems quite difficult now. Trade volatility instead.

Afaik there is no liquid exchange to trade bitcoin volatility on.
wangxinxi
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October 25, 2014, 05:24:53 PM
 #16

At least, there is an options exchange now https://coinut.com
damnek
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October 25, 2014, 05:28:24 PM
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At least, there is an options exchange now https://coinut.com

Nice that you started an options exchange, I hope it becomes liquid enough for me to trade there eventually. I played a bit with Atlas ATS but it doesn't support margin, will your exchange?
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October 25, 2014, 05:33:10 PM
 #18

I think panic is the reason.  Most new users can't hold onto their coin when they sees a dump for -11.1% in a day but holding is the only way to go.
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October 25, 2014, 05:35:02 PM
 #19

I think panic is the reason.  Most new users can't hold onto their coin when they sees a dump for -11.1% in a day but holding is the only way to go.

Hasn't been in 2014 Undecided
wangxinxi
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October 25, 2014, 05:36:39 PM
 #20

At least, there is an options exchange now https://coinut.com

Nice that you started an options exchange, I hope it becomes liquid enough for me to trade there eventually. I played a bit with Atlas ATS but it doesn't support margin, will your exchange?


Yeah, it supports margin trading. Right now it has only cash-or-nothing binary options. Vanilla options are very risky because the volatility could change extremely rapidly and thus the seller's lose could be huge. That's also why MPOE failed, so we don't support vanilla options at this moment.
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