Topic: Are people getting greedy again so soon?? - page 3. (Read 5308 times)

That sounds like you lost money.

Fastest way to become a bear is to lose money.

If Bitcoin is to grow, then it must stagnate and find a stable base at any given price. I would suggest that it would be very unlikely that this stable base remains around the $100 mark, as their as still plenty holders of Bitcoins seeking short term profits and once these hands see that Bitcoin isnt going anywhere anytime soon, they will pull out, thus lowering the price further. Such people may be those who rushed in to capitalise on the dead cat bounce, those who have already seen the opportunity to make glittering profits and seen their equity savagely reduced, or indeed those who have infact lost money on bitcoin (often the most stubborn sellers). As it becomes obvious that the price is only going to slip lower over time, practically everyone holding Bitcoin as a store of value will seek to take some gains and or cut losses.

Whatever the price turns out to be, a stable baseline price is needed in order that real Bitcoin economic transactions have time to recover (yes, many business people have been totally fucked over by the April crash, as was totally predictable, just nobody knew for sure when this would happen), and time to further develop itself which will result in a steady flow of price insensitive Bitcoin users, i.e. people like myself who buy them and then spend them right away, rendering anything other than wild flucatations as inconsequential to our financial health. Either this happens, or Bitcoin continues to be hijacked by the spirit of parasitic speculation, which will destroy the fundamentals upon which Bitcoin relies, and the whole thing goes up in smoke and goes down n history alongside Dutch Tulips and French Colonial Bondsi as another classic lesson in self imploding speculative mania.

And one hundred 

A circle on a graph saying a rally is short term memory and greed, and you insisting that we are in a bear market, does not create the reality that we are in a bear market. The price went down into the 50s and met an incredibly strong support, and that support has followed the price all the way up into the 90s. People saw that bitcoin has the potential to be $200+, they saw that is has crashed in the past and recovered. The mindset now is get in cheap because whether it goes up tomorrow or a month from now, its going up. Sorry you missed the cheap buy-in point, but its not too late to get in for you

I'm seeing this all the time, both in these forums and surrounding me. People saying "nice it popped, now I can get on board and wait for the next bubble"

Kinda sad and pathetic if you ask me

Then wonderful. What I meant was get rich quick types who are going to panic quickly and do stupid things with their money. Weakhands.

What if I truly believe in the concept and believe I will get rich from it at the same time(we're still early adopters, a few years into the future, if it achieves widespread adoption, having 1 bit coin will be like having a gold bar)?

I'd say people aren't anymore or less greedy than they were before. Many people believe we simply had a much needed correction, and a bottom arrived in the 50s. There is plenty of media still taking bitcoin seriously rather than just dismissing it as a failed bubble. They discuss volatility and 'last weeks high' rather than laughing it off. That causes other people to take is seriously too including the 20,000+ a day of new people signing up to MtGox. Many of these people are get quick rich newbs, but plenty of others will genuinely love the concept and will join as new 'true believers.'

I actually think that the crash made more people believers than doubters.

'Biggest crash' huh? maybe by value lost, but in terms of % this is small.

The only reason bitcoin crashed in the first place is to "short-term memory and greed" by that logic.

The situation is very different now, lots of new people buying bitcoins and strong support building up at $70-$80-$90. I don't think it's another greed and delusion phase, we're slowly moving up with strong support following behind it. We didn't have that before. Still there is great resistance and selling pressure at $100 though, so it might be a bumpy ride before we confidently get through this barrier. I doubt we are going below $80 again barring some really bad news which could always happen. The buying pressure is truly scary when we dive below 90, the person who tried to trigger a panic sell last night with his 5k coins found that out the hard way.

Media coverage, new stores accepting BTC everyday, news about infrastructure being upgraded, plans on opening proffesional exchange in London etc.

Exactly. Bitcoins did not change. THE MARKET changed.

The technology underlying the asset does not affect the emotions of traders. We are now in a bear market, which means the trend is DOWN. If someone disagrees with this, I would like to hear what exactly changed between April 15 and today that is getting people so pumped again. I can't see any reasons other than short-term memory and greed.

The market changed how?

Bitcoins are not any less useful this week.

What changed was that people freaked and sold.

The people who are getting greedy now aren't even the same people.

They are new investors that just learned about bitcoin and want a part of it.

No. i.e. the market changed fundamentally following the events of Apr 10. We are not in a bull market any more. And just like when we were in a bull market, any dips were temporary and quickly rebounded (e.g. Valentine's Day), in the same way when we are in a bear market any rallies are temporary and bound to collapse. You can still make money ("bulls make money, bears make money ...") but you need to be able to read the situation and adapt to changes as they occur, and failure to do so due to stubbornness will fuck you up ("... and pigs get slaughtered").

In other words, there is nothing wrong with being a bull or being a bear. But it's not some tribal affiliation that you need to keep for life. Truly successful investors know when to change their mind and switch between the two.

LOL

+1

i.e:

It made sense to buy when cost $200, but now that its <$100, its obviously overpriced.

It's a free market. How should we lower the price when people want to have bitcoins? You can't forbid them to buy and they also can't buy it cheaper than anyone is willing to sell.

Exploit the greed. Sell high buy low. Repeat over and over.  Double, triple your profit.