I think this is finally the last push before we see a strong reversal and, probably, head into the teens and maybe even single digits again. In the past as the price has gone up the total on order bid volume has increased, but this time it looks like money from bid orders was used to buy. That suggest to me that the behind the scenes buyers are out, and now people who have put lower bids up are buying, thinking it will go higher. Now's the time for the bears to attack. I think the crash is going to be massive.
Do not doubt how gullible people can be. The market can stay irrationally bullish for longer then we can imagine.
While I might not agree with the exact details of your post the downturn that will eventually come will be painful for many btc holders.
I get the feeling that many here have very few "other" investments and this is all new to them. It is fun. An exciting time for them. Putting
hundreds or thousands of dollars into this neat new idea where everyone can make awesome returns just by holding btc. Everyone is a
winner! Lets pat each other on the back. Always grateful for the next fool in line to buy up btc at the next price level.
Eventually it will stop. Perhaps those who bought at 30 will not lose anything. The price could stabilize for years to come at 30. But the
fresh meat coming in at some point will take a heavy hit. It is the nature of the beast. Nothing goes up forever.
I am happily selling my btc, that I mine, at each new higher price level. Thankful that the skyrocketing diff is being offset by a higher price.
I did not buy asics because of the real risk that was out there of not getting anything from a flop of an asic company. I also realize that
those who took the risk of buying from avalon are reaping big rewards! But eh, in approx a year or whatever, those asic boxes will be
making what my gpus make today in btc. A rush to the bottom there.
Anyway. Proudhon makes sense to me. Come up with a plan. An exit strategy. Determine what profit you wanted out of this adventure
and follow through. No one can call the top. Happy with 500% profit? Sell now and dont worry about that other percentage you missed
out on as hindsight is 20/20.
Now back to bulls.
