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...

LOL. I was shocked to learn this as well.

The US and EU is saturated? Gosh.

This would only work if bitcoin demand would be steady at least. But demand is dropping, so there is no time to mess around. It's simple for small investors, just sell and you are out. Not so easy to move out when you are a big investor.
There are two types of whales, those who dream big things for bitcoin and those who have invested money just to get some kicks out of taking risks. These other types don't know much about bitcoin and they don't care, they just saw the growing demand in China and made their decision based on that.
Now, it's certain that the chinese market is dead and there are no new markets with decent volume to show any signs of rising demand. That is why those want out who don't care much about bitcoin in general.

News like overstock accepting bitcoin are just news based on hot air, when you consider the future value of bitcoin. Only thing that gives certain value to bitcoin is rising demand. The EU/US markets have been saturated and not much more potential can be made. Most already know about bitcoin and have decided if they want in or not.
Only place left to market bitcoin where to expect demand is south- and central America. And I agree that this region is very potential for bitcoin since lawlessness and corruption actually suits bitcoin very well. The thing that is worrying tho is that you can't see any steps that are taken to enter this market. I think the same thing is worrying those passive investors who now want out. Without taking S/C-America, bitcoin will just slowly die because there is very little potential left in EU or US.

Oh, I was thinking bailout, lol.

HODL
SODL
SHOTR
TARP
etc

=trap. we're all getting slightly dyslexic.

Sorry if Im being dense but whats a tarp

+1. I'm not a whale, but a good-sized fish and that's the only way you'll get my coins.

http://i57.tinypic.com/2nvfax3.jpg

Might be tonight, $700 was very brief. Seven day chart sure looks like a continuing bear trend - I'm probably wrong though, as usual.

I think we will go back to $500 range in the next 4-6 weeks. Even if for just a day or two...it is coming.

Bought @ 630 (didn't have access to Gox prices, as usual).   

I see this as probably having been the best buying opportunity in recent months. 

dream on. The most prophitable way out for whales would be just selling slower than the new entrants rate. And just that would need no PR and it would keep price rising. Now any insider has a reason to not rock the boat -unless he's an insider of something much bigger.

over 1000 by end of month

The current trend will probably continue this cycle... slow downfall - fast drop - sudden spike up - another slow downfall..
I think that's because the biggest investors are moving out. If you were holding 10 000+ BTC, then this method would be the most profitable way to get out with relatively good profit.
I predict that this will continue until 200-300$ when it will settle with couple of months of stability. There won't be another stable boom without opening new markets with decent volumes. I think that bitcoin has 1-2 bubbles still left in it before it dies. Another step is probably south-America, but it takes some time to market bitcoin to the people there. News articles have to be bought, officials have to be bribed, amazing success stories have to be told...

What are you talking about? Nobody can "make" tarp, it's already a meme, it's been a meme on the internets since, well, since memes were invented. It's the classic "admiral ackbar":

Keep saying it's a trap, cheap coins are no more!
To da moon!

This post was looking pretty legit until I saw who wrote it 

I will agree that it'll probably drop again before it rises any remarkable amount.

He's going to go full "Bulltard" on us! This I can't wait to see.  

99% of BTC memes are wholly idiotic.

I get HODL... That was a funny post of a drunk dude who was venting on the forum. I get how that has some legacy value. But tarp? Just seems like people are trying to make another version of HODL. Doesn't make me angry or anything, and not to be all high and mighty, but tarp just seems immature

Confirmed.

Also, looks like they're testing $700 again so we'll see if I've spoken too soon...

This is just a trap.

MtGox is controlled by MtGox only. They are buying up coins on MtGox and dumping elsewhere.
This will continue to go on until Mark decides it's enough and make up an excuse to close MtGox & get away with it.
All bitcoin exchanges are shady, there is no trust left.

If you buy now, you may as well just send me your coins. It's the same thing; guaranteed that you will lose your coins to someone else.

Of which you're the mascot.

I amn't voting cos I honestly don't know.

Still lots of danger out there. Exchanges which probably don't have the Bitcoins they think or say they do (I suspect we can add Bitfinex and BTC-E to that list), and there are apparently over ten thousand coins that have been stolen (inside job or not) from Silk Road which may be hitting an exchange near you, soon. However, this recovery has happened on as high volume as since the $380 bounce on Dec 18th. If this isn't a bullish indicator, I don't know what is.

If Stamp can hold above $700 by the time a few indicators (MACD, RSI, KDJ which are presently maxed out, tell me it is a good time to buy again, I shall be entering the market and tentatively changing my stance from bear, to 'investor', if not out and out 'bull'. In the time it has taken for me to type this, Bitstamp is now back down at $680, but I amn't interested in these 'cheap' coins. I will let the big players decide which way this is going to go and then hop on for the ride if the going looks good.

Immature spelling of 'trap'.
One of the reasons why Bitcoin will never succeed. It's community is made-up of adults who behave like 12 year olds.

I thought a bear trap was when there's a sell off and bears are induced into selling since they believe it will go lower, but it reverses, and a bull trap is when there's a brief rally, and bulls think it'll go higher so they buy but it reverses down. If that's correct, can't this only qualify as a bull trap?

I hope there's another dip in the sub $650s during this weekend when people move their coins out of GOX and dump it in other exchanges, or take profits from the recent dips.

I was about to buy some at $635 this morning... just as I was about to press the submit button I decided to wait a few hours instead.... STUPID!!


Honestly I think we'll be around $750-800+ after this weekend


this is only a tiny dip... it was less than $630 this morning... watch the price go up more when GOX confirms their good news... but hopefully we'll see some dips this weekend

Tarp?

It looks like the results are already in... back to $683. Sorry bulls! Better luck next time.

Classic bull trap.

A LOT OF NEGATIVE NEWS past few weeks. It took WEEKS to go down to this price, and it suddenly, within a few minutes, goes back up? What's the reason? Gox isn't fixed, stolen Bitcoins from Silk Road 2.0 are not returned, USA has not regulated Bitcoins, it's still banned in Russia & China. So why this rise? There is no logic reason for it. Everyone just decided to buy, at the same time?

Classic bull trap.

Remember people, we're heading towards the capitulation stage. This ''rise'' will follow by an epic dump, greater than the $102 sell-off at BTC-e recently.

Don't jump on this train, this train isn't going anywhere.

Even the Titanic went up before it went down... forever.

Or buy. Or sell. I don't really care if you lose money or not. I know I don't want to lose money. So I sold .

Yeah, Stamp is going crazy, after hitting $538 yesterday we're already back above $700. Which kind of tarp do you think this is? Gogogo