Topic: $713, stamp is batshit insane. Bull trap or bear trap? (Read 5689 times)

Cos there is a decreasing appetite for Bitcoin at these prices as the thrills of the Bitcoin bull-run becomes an increasingly distant memory.

Because an increasing number of Bitcoiners are getting tired of being pulled into these sucker rallies only to be forced to realise irrecoverable losses 5 minutes later.

Because an increasing number of people are seeing Bitcoin steadily but surely slip down the price range and are asking 'What really is Bitcoin?' (vapour)


Bitcoin is going down and it needs to go down and then stagnate for the sake of its own health. Bitcoin's is intended to be used as a currency, not as a speculative roller coaster. We need to see some price action more suited to it being actually spent into the economy of real things. That for me is a relatively stable/stagnant price, which slowly declines in order to discourage hoarding. What should happen and what will happen are two different things however.

We have general problem with bitcoin price,
Bitstamp is resolve problems with withdraw, but the price continues to fall !

https://www.bitstamp.net/article/Bitcoin-withdrawals-are-once-again-fully-automated/

Why ?

Buy and hold, then even getting in over $700 will pay off.  Depending on your time scale, every trap is a bear trap.

Oops, misread that as "define bull trap".  *shrugs*

Define definite.

A false signal indicating that a declining trend in a stock or index has reversed and is heading upwards when, in fact, the security will continue to decline.

http://www.investopedia.com/terms/b/bulltrap.asp

I think next week is going to be us, stuck at just-sub $700, unless Mt. Gox opens up BTC withdraws and does so with flying colours.

It's going to get stuck at $696.969 for a few weeks.

I also agree, that the black/grey market part won't flourish in the western countries. But it could do wonders in south- or central-America. This is the goal on what bitcoin investors should be focusing on. Let others pretend that bitcoin is what it isn't, but have a strong grip on reality yourself as an investor.
Cryptos have a future, and whoever will control this sector will be called "The Man" no matter what. In my vision, power shifts from banking families to more newly created software companies. Updates in the works of society won't make anything better per se, but it will shift power from one hands to another.

Definite bull trap, buyers past $700 got suckered into thinking it was taking off. At some point avg Joe is going to get tired of this shit and the only ones left playing will be the pros and the whales.
This stagnant $660 on Bitstamp reeks of another dive soon.

This is the real problem; september.

This is good,  bitstamp artificially raises prices and we sell bitcoin at good price.

bat trap

Very interesting take on Bitcoin in both posts.

For me, Bitcoin lost its 'Fight The Man' halo just as I began to learn precisely how cornered, manipulated, and generally crooked and open to shark attacks the Bitcoin market is. The only real world economic businesses (i.e. not speculators) that would ever be likely to tolerate transacting in a currency so volatile and so uncertain would be Black/Grey markets where more conventional methods of payment are not such a viable alternative. Unfortunately since the capture of the legend Ross Ulbricht (he was/is a legend imo), I am beginning to doubt whether a large scale black market face will ever operate again without the operators being overcome with the temptation to simply rob everyone blind and fuck off with a big sack of coin.

I also believe that Bitcoin will one day give way to a better designed more functional solution (probably controlled by The Man), but that there is plenty possibility for future growth yet.

Hmmm

Most posts in the Speculation forum are bearish by now.

Hmmm

I've seen that before

Hmmm

I keep my interest in bitcoin and the crypto market pretty much a secret, since I know that people see me as an victim of an pyramid scheme or just cultist. To only a few open minded ones, I can explain that I know that the bitcoin market system is basicly a pyramid scheme but the entire idea does have potential. That bitcoin is basicly a get-rich-quick pyramid scheme but there is a future in decentralized privatized monetary systems that are built on the development of information technology.
My prediction goes that bitcoin life-cycle has 1-2 bubbles left in it. Thats about 1-2 years before it just slowly dies. Currently bitcoin has still this halo around it that it actually is the answer against global banking. That halo is the main thing that attracted new investors. When people realize that bitcoin is not the answer, but only was a small step in finding an answer, then everyone will lose interest.
As I have said before, I hope that there will be a crypto that tackles all bitcoins faults that make it impossible for it to become a serious financial tool. The best ending would be that the end of bitcoin isn't the end of crypto, but that value just flows from one crypto to an more advanced one.

I'm sure general enthusiasm will fall into a slumber for a while. In the meantime there'll be ever more exciting developments ready to put the next wave on a more solid footing.

At best Bitcoin has been a fleeting news item that the majority probably half listened to before going back to chewing their dinner. There's still just a teensy bit more potential in first world places.

My bold prediction is that within five years at least 0.1% more people will be interested in Bitcoin than they are now.

Yes they are saturated. You could see that after the 2013 April crash, when the price started to gain momentum only after bitcoin was covered on a popular Chinese news program.
People decide their attitude towards bitcoin really quick and that attitude tends to be radical, either they see future of liberty or they see a malignant pyramid scheme. You will rarely meet people who thought one at first and changed their mind later.
So the main factor is where bitcoin is known. In EU/USA bitcoin has been cover by the media so much, that there are very little people who actually haven't heard about bitcoin. There is not much potential left because you won't convert those people pro-bitcoin who don't want to have anything to do with bitcoin. Only way forward is to take on markets where bitcoin is less known.
What most of the bitcoin cult followers fail to understand that bitcoin will never be a serious financial tool. It will never be a widely used currency because it lacks the main thing that makes a quality currency: PRICE STABILITY. And increased market cap. won't bring this stability either, because it will only attract players with deeper pockets and better knowledge on how to manipulate an unregulated market. And because of this, bitcoin price will never be stable.
It's better to take bitcoin as it is, an innovative gambling platform. Only way for it to grow is by finding new people who are willing to gamble.

lol

It hasn't even really begun here.

CoinBase buy interest is huge... The price spread is so high considering historical figures...