The Great Pump of December 10th & 11th - a few concerns

[promojo]

With the immediate news of Microsoft accepting Bitcoin for digital goods on the Windows Phone and Windows Store marketplace it was amazing to see that China lead the pump.  This was something I have not seen in a while and was fun to be a part of.   

There is only one problem....

It went up about $17 dollars...  If this was 2011/2012 we would of seen the price skyrocket Mt. Gox style.   So - with that indicator.  I knew China was going to dump before their work shift ended (4PM China time) and here we are back to the $350 level.  Why is that?   I think the reason has to do with people that entered the pump were shorting the whole time (sub 350) and re-entered the market.  That action is all we got.  At the end of the day - there is no new money coming into Bitcoin otherwise the price would be steadily climing this morning with the news.   Its 10AM EST as of this post and price is moving sideways.


TLDR;  There is no new money.  Expect this to go down before or on the weekend.

[truetalkci]

With the immediate news of Microsoft accepting Bitcoin for digital goods on the Windows Phone and Windows Store marketplace it was amazing to see that China lead the pump.  This was something I have not seen in a while and was fun to be a part of.   

There is only one problem....

It went up about $17 dollars...  If this was 2011/2012 we would of seen the price skyrocket Mt. Gox style.   So - with that indicator.  I knew China was going to dump before their work shift ended (4PM China time) and here we are back to the $350 level.  Why is that?   I think the reason has to do with people that entered the pump were shorting the whole time (sub 350) and re-entered the market.  That action is all we got.  At the end of the day - there is no new money coming into Bitcoin otherwise the price would be steadily climing this morning with the news.   Its 10AM EST as of this post and price is moving sideways.


TLDR;  There is no new money.  Expect this to go down before or on the weekend.

Microsoft recently add one more way to accept USD from bitpay company, however many fake news about "it is accepting bitcoin" came out and some of us buy this troll,

The bitcoin price is going to crash even harder after this "delay" caused by fake news same as PayPal made their announcement, you know what happened about the price crash

Microsoft does not accept bitcoin
Microsoft does not hold any bitcoins you pay to bitpay company
Crash incoming!

[raskul]

-snip-
TLDR;  There is no new money.  Expect this to go down before or on the weekend.

that's the first time i've ever seen someone too-long-didn't-read on their own OP.
 

[promojo]

Microsoft recently add one more way to accept USD from bitpay company, however many fake news about "it is accepting bitcoin" came out and some of us buy this troll,

The bitcoin price is going to crash even harder after this "delay" caused by fake news same as PayPal made their announcement, you know what happened about the price crash

Microsoft does not accept bitcoin
Microsoft does not hold any bitcoins you pay to bitpay company
Crash incoming!

Right... the business itself is not accepting payment.   Just using a mechanism (such as Bitpay) to get more money from alternate means.

PayPal was not incredible news... and it corrected itself a day or two after.   So many people bought into that crap hype too...

[Brewins]

You are right.

Pumps are becoming more ridiculous day after day, and I think most people bought based in false news and impressions, and will dump as soon they realize it(wont take long)

[promojo]

You are right.

Pumps are becoming more ridiculous day after day, and I think most people bought based in false news and impressions, and will dump as soon they realize it(wont take long)

Exactly.  The only one who is going to lose money here are any new hands that invested within the last 6-8 months.  It will leave a bitter taste in their mouth that is for sure.

[inca]

Jesus this thread is trolls responding to trolls.

[Ibian]

the what

[raskul]

the what

he said Jesus.

[NotLambchop]

Jesus this thread is trolls responding to trolls.

You seem a little upset?
Do your totally reasonable, yet repeatedly shattered price expectations have anything to do with your irritability?

[RodeoX]

Jesus this thread is trolls responding to trolls.

It takes a lot of trolls to convince people that when the second largest company in the world starts accepting bitcoins its bad news.

[raskul]

Jesus this thread is trolls responding to trolls.

It takes a lot of trolls to convince people that when the second largest company in the world starts accepting bitcoins its bad news.

sun'll come up and turn 'em to stone, no fear.

[jook]

Microsoft does not accept bitcoin
Microsoft does not hold any bitcoins you pay to bitpay company
Crash incoming!

This line of argument has been repeated over and over but it doesn't hold.

When a new company adopts Bitpay and customers pay in Bitcoins (that are converted to fiat instantly) then these coins need to have been bought at an earlier time. You cannot spend Bitcoin that you have not bought before. There is no credit with Bitcoin.

Then, why would it affect the price negatively, when people first buy a certain amount of Bitcoin and then sell it back into circulation, using a Bitpay transaction instead of a market order? It doesn't make sense. Actually the price will be increased, as Bitcoins are withdrawn from circulation for the amount of time they are held, i.e. the period between the buy and the payment.

There is one exception to the above model, however. You may consider it a self-evident part of your argumentation (I'm trying to be polite here), but it is not, so let's discuss it explicitly:

There are long-term holders of Bitcoin that may feel encouraged to sell Bitcoins by Bitpay transaction when new goods or services can be paid this way. As these coins are not taken out of circulation right before they are sold back into the market, they will have a negative effect on price.

So, what's the ratio between these two types of buyers? What are the effects on price? We do not know because there is no data available to make any worthwhile conclusions. If Bitcointalk hadn't gone to 100%-troll-mode yet, I'd ask you to refrain from presenting your wild assumptions as facts. But it's a lost cause anyways. Why am I even reading this?

[exocytosis]

The rats are leaving the sinking ship. Whales, early adopters, cultists, developers, merchants and other bagholders are dumping en masse -- while simultaneously doing their best to lure innocent newbies into this doomed pyramid scheme.

[exocytosis]

Microsoft does not accept bitcoin
Microsoft does not hold any bitcoins you pay to bitpay company
Crash incoming!

This line of argument has been repeated over and over but it doesn't hold.

Has there been a lot of bad news (regarding merchant adoption of BTC) for the last eight months? Or a lot of good news?

And what has happened to BTC price during this time period?

 

[raskul]

Microsoft does not accept bitcoin
Microsoft does not hold any bitcoins you pay to bitpay company
Crash incoming!

This line of argument has been repeated over and over but it doesn't hold.

Has there been a lot of bad news (regarding merchant adoption of BTC) for the last six months? Or a lot of good news?

And what has happened to BTC price during this time period?

 

the era of the 25BTC block is what has happened and will continue to happen. your fear is evident of your weak mind.
i agree, you should get out now while you still have that nickel in your top pocket.

[piramida]

The rats are leaving the sinking ship.

No, actually for some unknown reason rats keep multiplying around the "sinking ship", and squeaking non-stop their doomsday prophecies. Go, swim away, silly.

[jook]

Has there been a lot of bad news (regarding merchant adoption of BTC) for the last eight months? Or a lot of good news?

And what has happened to BTC price during this time period?

Correlation does not mean causation. Here, have an entertaining read: http://www.tylervigen.com

[BlindMayorBitcorn]

You are right.

Pumps are becoming more ridiculous day after day, and I think most people bought based in false news and impressions, and will dump as soon they realize it(wont take long)

Exactly.  The only one who is going to lose money here are any new hands that invested within the last 6-8 months.  It will leave a bitter taste in their mouth that is for sure.

That's ME! Want to ask me how bitter I have become?

[XCASH]

Has there been a lot of bad news (regarding merchant adoption of BTC) for the last eight months? Or a lot of good news?

And what has happened to BTC price during this time period?

Correlation does not mean causation. Here, have an entertaining read: http://www.tylervigen.com

There have been both rallies and crashes during the last eight months. BTC price did not go down in a straight line.