Topic: Dumpers are gone , bottom has been reached (366) (Read 5330 times)

People call the bottom because that's what the cool kids do... 

Why I don't believe in if anymore

Price has everything to do with bitcoin development . You couldnt be more wrong ! If bitcoin goes down mining becomes unprofitable. Network goes down also .  If bitcoin goes down interest from the merchants goes down .  If bitcoin goes down markets will blow their nose in bitcoin and toss it on the sidewalk like a used napkin . The idealisitic suckers who believed in a better world , in a bitcoin world , well...  if they havent been ruined in trades , because they have no idea what they are doing , they will be left with some digital bits in their pc.
Its all about the money , the fiat . That gives value to bitcoin. If fiat faith in bitcoin disapears from the people with the full pockets then bitcoin will disapear also. Bitcoin is highly volatile and highly risky and   still feels like a wild ride . If there is no money to be made in bitcoin there is no bitcoin. Untill there is some stability there is no chance for bitcoin to rise trully and be recognised as having value into itself . Right now bitcoin is directly dependant on other curencies giving it value . This is why i state that bitcoin is like a child , it cannot survive on its own .
Because im feeling generous this morning im going to tell you how bitcoin can get stability. Check this out : A country , anywhere in the world , needs to dump its national fiat curency and go full crypto. When that will happen crypto , any crypto , will have the much desired stability and evolution.
Personaly i dont see bitcoin as the coin adopted . We will have to wait and see because the natural reaction of goverments is to ban first ask questions later. As it has already happened.

Bottom is 1 BTC.





















Because we wont convert.

Yet another bottom has reached thread. 500 was the bottom, then 420, 400, 380 Are we digging underground now?

Give me control of a nations wealth and I care not who writes it's laws.

Wait.....Do governments run the show or do the central banks 

Central Banks are not independent from the government in all countries. 

What have governments got to do with it?

Central banks buying bitcoins would lend a sense of legality to bitcoins. Governments wouldn't let central banks do that, at least not until they are sure that it is in their best interests.

A thrilling pastime. You really are a wild one!

Central banks perform market operations in the stock markets, gold markets and of course forex. Bitcoin is tiny but definitely on their radar.

I believe we still would have seen plenty of infrastructure growth if Bitcoin had stayed in the $100-$200 range. Hell, I was going to start a business until the price skyrocketed to $1000. Now I'm pointed towards accumulation, as I'm sure many are. If anything it has created more speculators.

I think Central Banks are full of smart people but stuck in their political bubble where things happen very slowly. Bitcoin is probably on their radars, but ask one of the old farts on the board what open source software is and watch the confusion. It's the same phenomenon that causes corruption in governments and bureaucracies around the world. The corruption becomes institutionalized, normalized and the people on top tend to block ideas that would threaten the status quo, which they depend on for their quality of life. The boys on the bottom see it as the only route to a political "career" and happily comply. Though Central Banks loan money to the US government, they are technically not part of the government. Since they can't close down Bitcoin, they are generally powerless against it besides trying to influence the slow process of legislation. And they must comply with the regulations that their predecessors put into place to help their banker friends and family get rich from, so it's not like they can just wave away Bitcoin.

Or maybe, just maybe, there's a nagging feeling in the back of central bankers' heads that Bitcoin could help them in the future, as they aren't stupid they know the financial system in both Europe and the US is on the brink.

Price has nothing to do with Bitcoin development. Bitcoin development is leaving jurisdictions where progress is oppressed.

Trading cycles have more to do with price. Sure, there were shenanigans teasing the market, but the market isn't that stupid. If government bureaucrats had not been manipulating sentiment, there wouldn't have been such a panic sell-off in the first place. Hostile governments will be bypassed. Volume has been nothing compared to last winter. New markets are emerging that are friendlier. Winter is coming.

To lower the price to get in cheap. Or to increase the price and sell out high.

It could be a hacker offloading coins, who doesn't give a shit about the community. It could be a large player accumulating coins off exchange and exaggerating the post bubble bear market. It could be (a) central bank(s) trying to delay widespread growing adoption by smashing the price repeatedly. If bitcoin had not risen last november how much of the infrastructure and development would have happened. I am extremely dubious of the apparent friendly CB stance offered publicly by B.Bernanke last year and by the BOE this year. They arent fools.

I have taken my position in btc now. If we collapse to 266 or lower I will probably chuck another twenty grand at it but I consider the money a speculative and ideological punt.

What if one released their group of countries had a 10 MILLION bitcoin holding..

Imagine.

It really makes one wonder if there are forces at work to lower the price of BTC so that someone can consolidate it. Much like the gold market is being manipulated so that the Chinese can load up at a very reasonable price so as to back the yuan...

But for what reason to manipulate BTC?

This is true. The market is still delusional after at least four years of Gox manipulation.

Why is that confusing? If someone sells, you would expect the price to drop. The fact that such small sells take the price down so much is testament to how overvalued BTC is right now.

Yeah I dont get it, seems like the price holds steady and then boom, someone dumps a ton knocking down a wall drive the price down, where it will sit back and forth in a range only to get knocked down more some time later.

Regardless of the rest of the day aside, I guess BTC will be at 350ish before this week end. We'll see what happens at 350, it could go lower. If a huge rebound were in the cards, it would have already happened by now. Still crossing my fingers though.

The bottom is zero. We have a long way to go.

With the inflation of the coins being produced, it's going to be awhile to shake out, but in 2 to 3 years, you're gonna be glad you've got all that BTC in that paper wallet!
It's just that most people don't think past this week in their planning

I absolutely agree. The market will now have a 30-40 day build-up/lag, and what may have been a slow decline will quickly be a deluge. I am sure BTC will recover, the only question is in how long.

More likely get ugly downward faster.

Don't forget many traders are using leverage to buy and hold onto the price. As soon as the dam breaks, hell will break lose.

Anything is possible but the chances is low, someone ate a hat because losing in a bet that bitcoin will not go below $500..

sub 400 wasn't impossible, 1200 was a peak, if yuo really believe that 1200 was a normal value...i don't know what to say, and who are all those that were thinking that sub 400 is impossible?

Pretty sure all these new "bears" are just fallllling with 37000 accounts. The grammar is exactly the same.

I'm going to bet an OZ of silver you never get the chance.

Curious, is the price dump causing you to stop buying BTC? Or, trading BTC for something else? If so, what?

They were. And that was sign that sent me buying gold bars during that silly rally. The amount it was rising was unsustainable and unjustified. Math likes rational people and one could see that desire was driving the price rather than broad adoption based on utility.

Nothing is impossible. People have been thinking for the last year that sub 400 is impossible...

I'll quote you when it drops below 100$.

100 is impossible also, some of those numbers maybe trigger an enormous panic buy, and saying "14 and 2" is very trollish, at that point bitcoin is considered dead

Why stop mining?  Why not just hodl and demand a higher price for mined bitcoins?  

Someone help me in my recollection regarding an earlier "death of bitcoin" story in a prior crash that nearly devastated the system.  Those miners mined at a loss and kept the network going through it all. And those earlier crashes were far more dramatic than what we're experiencing.

Bitcoin to the moon !

isnt that what they were saying when they were riding the 1200 peak ?

I think you are right.. I believe many will sell to cover presents.. :S

While it is a drop in the bucket, there is a ton of venture capital money involved with BTC and adoption seems to be growing.  The question is whether the inflation of the coin is growing faster than adoption / utility thereby decreasing its value for the long-term...

dead cat bounce. sell now before bitcoin takes your kids and your wife

because three is the magic number

Nothing but wishful thinking. We could easily hit 266. A redistribution of Bitcoin will happen, new players will hop in, current players will panic. Watch and see, this XMAS will be shakky as hell.

I think he means when his paycheck is spent down to 14 or 2, depending on if he got lucky.    j/k

Because going to $14 and $2 is impossible or you wont buy it if it go to that level..

Why not buy at $14 or $2?

Time to buy now before its too late..

Something like this IMO..  I believe this rocket already has a captian and they are currently kicking out weak hands waiting until they feel the position is perfect to ingite start off.

I am half expectig to see double digits at one point :S.

No need to wait. There are 1000 new shitcoins rising each day...

Fear and manipulation..

If you are a billionare.. this is the best chance to double.. triple.. 10 fold your money in the past.. at least 100 years.

With how small the total networth cap of BTC is and it's proprties...  oooh the manipulating you could do..

None knows for sure. But the 'selling' isn't done in a way to get best price so this whole thing seems manipulated to me. I don't think the little guy is driving this decline, just heavy speculators who think more can be made going down then up rather than vice versa.

Price suppression schemes can work in fooling the market but not indefinitely. The payoff is a rising price in the underlying once big players have built a position (banks etc).

As on ramps emerge and bitcoin bounces along things should be ok. Growing user numbers and scarcity of coins in time will mean a rising tide of bitcoin buyers will eventually lift the boat.

My other post about inflation got deleted, but what do you think is driving the price down? Are people scared of the inflation or lack of utility of BTC or something else?

Whatever you are smoking I would like!

Recently I've started to read many of the poster's histories.
It is always interesting to try and understand what drives them.

One reason why I believe the bottom of this cycle can't be far off is looking at all these new "bears" that have sprung up.
Crushed hopes and dreams of making a fortune with a risky investment, not those that have been trading and playing the markets for some time.

Many of you will be the new Edward50's. Waiting for that buy in price that will never come, simply because you took no compromises, wanted it all.
It is all open for speculation where the price is truly heading.


Just don't be the pig that gets slaughtered in the end.

I'm sorry to say but you will die waiting.

the market is bleeding out cash slowly but surely .

everyone is hoping for a new late november pump but im afraid this year bitcoin is going to get dumped and dumped again.

btc will be dumped to 200 $ or even less by the end of the year.

waiting for the final capitulation of BTC and rise of a new coin.

350-370 has been tested a lot, but so was 440 earlier.

I won't say it's impossible but if we get there, it will probably take much longer.

I call back to $2BTC by Christmas 2014

I'm going to go ahead and call the bottom ~17 dollars.

Legitimate question - how much overall volume did Gox account for when that happened?

Ooh, a secret entity is pushing the price down with real coins?

Its almost like that bot that bought up TENS OF MILLIONS OF $$$ WORTH COINS, with money that didnt even exist! This cant be the result of a market being pumped and dumped, no no no.. Impossible.

0

+ or - 400%

There is one entity that is putting huge sell pressure on exchanges and is sistematically dumping every few days, so bottom will be reached once this secret entity decides to stop this pattern, not once we reach some "magic" number.

Pff, no. This time its different. All the guys saying $466, $566, $666, $766, $866, $966, $1066, and $1166 were the bottoms were just nutjobs.

$366 is really the bottom!

What makes you think that? Couldn't the bottom be $266?

This is gonna get ugly upwards.