Topic: Does anyone think the price is unsustainable? Only bears please and seriousness. - page 3. (Read 6940 times)

Just like stocks markets, the simplest of all is build a wall of bid and offer on either side of your desired price range

How? People keep saying this but never explain how.

Same with Bitcoin, e.g. most people suggest this big boom is linked to China (politics) and when there's a security breach, or a big arrest (like mt gox fueled crashes in the past, or SR arrest) the price goes down.


Same with Bitcoin, you're betting there's going to be a market for oyu to sell your coins to, you're betting your competitors don't do a huge dump before you do. The fraud an insider trading is even more of a risk with Bitcoin (look at how many exchange have disappeared, look at Fontas on BTC-e)


Same with Bitcoin, you have to find a safe exchange, preferably in a stable region with good political ties to whatever country your in. Then you have to get your bank to be okay with you transferring in a massive chunk of fiat from Bitcoin (I know some banks in hte UK wouldn't be comfy with that)


Betting in a regulated controlled market is far safer than Bitcoin. As someone pointed out, there's nothing stopping allt he various middlemen here running with your money. In a lot of cases, you've not got a leg to stand on with regards to legal recourse in the Bitcoin world. Don't kid yourself, Bitcoin is just as, if not more risky than other proven tried and tested investment options.

I agree with what you say here 100%. I must say that I had the same thoughts in 2011/2012 when I could have bought in the $2.00 range. I was actually waiting for it to go to $1.00 to buy big. I actually think the same now. The currency is difficult to use, secure, easy for theft, etc. There is no way the general public could safely use this as currency.

With these same thoughts the price rose from the low I saw of $2.00 to almost $1000.00 in about 2 years. I would never dream of bitcoin rising to the levels it has today.

One thing I that seemed fairly consistent back then was bitcoin price always seemed to fall. Maybe not back to the levels at that time, but to more reasonable levels that the supply/demand support now. Bitcoin is obviously larger than it was 2 years ago, however, I doubt it is exponentially larger.

Some other things I noted recently, since I have practically been away for two years, is that it is so difficult to actually buy bitcoins now. In the past it was much easier, just open a dwolla account, fund mt. gox. Buy your bitcoins and you were set. Now it has been a nightmare to find a exchange that is easy to fund and is trustworthy.  I simply do not see new money flowing into bitcoins very easily and especially at the levels to support a $1000 coin.

It really seems to me that the price is manipulated. The price is always pumped up and then let to fall again. It seems that the manipulated high price is only held so high for so long.

Second that!

Enjoy the profits!

If you sold near $1000 its not a bad sell, in so far as you are almost guaranteed that price point will be tested again after the breakout.

However, you will very likely miss out on $200-$600 points in the breakout before it comes back down.

However again, once we break out to 1050 or 1100 we might have a quick retest of $1000 and if that happens, we could see $1600+ before the next correction.

AND again, if all we get is a correction (like we got a week ago) and NOT a full crash, then who knows, we might not see $1000 again. However, I am pretty sure we see it at least once, if just on that initial pullback.

I sold the remainder of my holdings earlier today, incredibly right when it was at the ATH on Gox. No regrets, I think I actually made the right call this time. See you all on the other side of the bubble  

Man made from thin air thats what i meant , and i didn't say it has no value but certainly not 900 , stocks are different you make earnings from it , its business anyway i didn't say go ahead buy stocks it is safe , BTC is risky as an investment especially at these prices and risky as an asset , your wallet may be hacked at anytime , thieves may steal your password under gun threat ... etc it is not safe at all , the general public certainly wouldn't know how to properly secure their coins , and it is not the easiest to use lets face it you have to know how to use the client and dowanload it and then sync it for few days - growing size of GBs - , and then learn how to buy your BTC and verify your exchange account and fund it and then transfer BTC to your wallet and secure it by encrypting your wallet and have a backup and then know how to send and use your coins and how to transfer it to another person and know about fees , confirmations , waiting time ... etc , believe me it is not the easiest to use not for the public anyway , and btw it is not the fastest as they say , CC wins here - speed wise -, most of bitcoiners are hoarders it is currently a speculative asset and should be treated that way .

Not me. I'd slit my hands with my wrists.

Or something like that. 

I disagree. I'm not quite a BTC millionaire yet, but I'm getting there. I am however at the point where I'd be upset if it permanately crashed.

However I don't see it as being "money" until you've sold it and have $ in your hand. Or Bitcoin becomes a currency (despite what some people will try to claim, it's nothing but an investment now).

It's just paper losses. My life will not be affected if Bitcoin crashes. I'll just be back to the same boring guy I was before I ever bought Bitcoin.

So stock, property are not man-made? Why do you think something has no value because it's man-made? Cash is also man-made.

Holding BTC has only one risk, that is suddenly everyone throw it away and think it is valueless, which I've said only will happen when something much better replaces it. Otherwise, it is much safer than any other investment.

Buying property, you are betting on the politics, economy, security, and many other things on the location of your property. You have to worry about the earthquake, fire, flood, storm, hurricane, or typhoon.

Buying stock, you are betting on the market, competitors, the leadership of the CEO, and many others. Moreover, you have to worry about insider-trading and fraud in accounting.

Buying gold or silver, you have to find a safe place to store them and then you need to find a safe place to sell if you want cash.

I believe now you will agree with me why I said investing on BTC is the safest and the easiest.

That said, I'm not saying it is risk-free. It is highly risky, but investing on anything is risky, and holding fiat without investing is even more risky.

Its not the safest nor the easiest , its risky and may go to zero at some point unlike property and other assets , we're in a bubble but we r in the delusion greed phase right now , so it is understandable to not see that its not easy to see that , nobody knows where is the top , it could be higher but we will visit lower prices at some point that's for sure , taking some profit here is wise take some and keep some , BTC is a man made digital currency , so it is another form of fiat i don't see the difference , the 22 M limit is meaningless ... if i can find binary options on BTC to be lower i would take , i need a binary 0-100 type of options like IGmarkets was used to offer on BTC but unfortunately not anymore ...

Then it is still not the time to sell yet. Nobody here really believes BTC will rise 100% (to $2000) soon, and majority of them are just expecting $1000, which is very close already.

Sell a little whenever large numbers of posters in this forum are screaming "to the moon" and other ridiculous slogans after BTC rises 500% in a few weeks.

Buy a lot when it crashes and everyone is declaring BTC a terrible investment.

It's only possible for BTC to cross $11.89 once, that is if it goes to 0.  Otherwise, you will never see $11.89 any more.  

When paper money is keep printed in a faster and faster rate, people have to invest something to fight with inflation,, no matter it is gold, silver, property, or stock. Now bitcoin is the easiest and safest, besides it is possible be used as currency directly. Therefore, it will only goes to 0 if there's something much better than it is invented. We haven't seen anything close yet. Keep this in you mind, and you can know better the value of BTC.

Those compare BTC with West Union and Paypal miss one big point. West Union and Paypal are dealing with fiat, and they can never help you to survive the inflation. BTC = Paypal + Gold.

Well, I think the problem is not in the price, the problem is the massive speculation: if people panic buy bitcoins just because duh magic money, yes you, me and everyone here have a big problem, but iif the value of bitcoin grows with the price (ie new killer apps, amazing UX in clients, more services, and more commerce) then you will never want fiat again.

This is why I am against to the current price, we are not Western Union nor Paypal, yet. Yes, I know we are better: Bitcoin is an amazing technology, and maybe in three years we will be able to use it almost everywhere, but now we don't even have something like eBay because for some reason Bitmit closed.
I want to see a big correction and go back to the old "slow" exponential growing we had one month ago so we can all focus in more important stuff, like keep bitcoin decentralized, expand the current services and online markets, improve the clients and the protocol, etc.

This is one of the most difficult issues that I am finding. Whilst I am not nearly there yet, I can't help wondering what to do should that time arise. I was burned back in the day by bitcoinica for several hundred dollars, which was pretty painful. Time moves on though and coins I had left mitigate those losses - after all it was always the wild wild west of bitcoin so I had to expect collateral damage here and there. Fortunately I saw pirate a mile off

That memory makes me worry though, what if I want to cash out just 1 bitcoin right now? I have to put faith in another (as yet still unregulated) exchange to handle equiv. of a thousand dollars? What happens if/when we go up to the next order of magnitude? I really hope, by then, that the words we heard over in the US recently have had some impact on the state of play with legitimacy, accountability and regulation of exchanges. To date I have had no issues with bitstamp, but neither had I any issues with bitcoinica - until I did and then *poof* it all disappears! The pseudonymous nature was an interesting facet to launch with, but it looks to me that it is becoming clear that block chain accountability and auditability significantly undermines any pipe dream of 'anonymity' and really in my opinion those potential benefits are nothing compared to the core property of bitcoin being transparent insomuch as it prevents mismanagement by those in charge of the current monetary system(s) around the world. (Incompetence or intention aside!)

What If I hold a bitcoin until it goes to a million (sounds stupid crazy I know!) how do I get that out, how many questions are gonna be asked by my bank about a $1m international transfer! Sure I'll (reluctantly) pay tax and all that, provided the govt has got its act together figuring out what that should be. I still think its gonna be hairy... not to mention having to transfer $1m through some random eastern european entity!!! Now is regulation and accountability a good thing? I think so.

Real considerations, not quite crystal as of yet (for me at least), but given time who knows?

My logical mind says 'Yes' and I agree with the OP. But you know what? Every time, every single time, I have doubted Bitcoin's market strength I've been wrong.

I now even bite my tongue when hearing people toss around numbers like $5,000 etc.  Logically I don't think it is sustainable, but ya, I've learnt enough that I'm not going to say it isn't going to happen.

I sincerely hope not. It would be dramatic.