Topic: Fake top (Read 1271 times)

Hi Proudhon, your reputation has preceded you, I'm already well aware of your bearish stance, thanks for the comment

You can always see this both ways. The VC announcing they are do so to create trust. Trust to be able to sell higher maybe?

holding a bet with a couple friends and so far seems going well.  Total opinion of course
-  I think the "real players" (VC, Banker, Investors etc) are "buying in" atm.  Price needs to be low AND you need to pull coins out to buy (say 10-100 million)
-  Once they have acquired enough market share; they will RAISE or "allow" to raise.

interesting that the day AFTER the crash;
-the 2 brothers announce they are in 1% total
-MSM released article citing bitcoin will be everywhere in 90 days (RT)
- 3 Venture Capital companies announce they ALSO have bought in (87,000 BTC for one)
- 1 Investment Brokerage firm from wall street bought in

Have to see how it goes though.  If I'm right I get a cookie!

All True, But you missing one main point. People lost confidence, the whole system is not stable yet as  Gox is still prone to lags and DDOS.

In God We Trust  - USD
In Gox We Laugh - BTC

The fundamentals haven't changed, the only thing that's happening is weak hands are speculating on Gox's lack of performance. No one's even speculating on use cases, adoption, real [non-exchange] infrastructure - all those things are going really well. No one's speculating on the math or the code or the fundamentals. We're seeing a bunch of lunatics completely forget about all that and 'speculate' i.e. base BTC's perceived value on one thing - MtGox's performance. I.E. all it takes is a big sell for people to cram onto Gox, and with no lag, the market could easily recover from from most of the big sells we've seen - but with the lag, we're seeing massive amounts of "weak speculators" basically betting on Gox's performance and panic dumping everything they have. Note that at $5 a pop, BTC wouldn't have anywhere NEAR the liquidity required to be used as a currency. Yet merchant adoption is at record highs, and user adoption is too - obviously people are using it as currency, so this expectation from bears that we will reach a value (single digits) that would not even support its current level of adoption - is rather bizarre.

However, the value of bitcoin is not really based on Gox's performance, or at least shouldn't be, so we're going to see either an improvement in Gox's performance, or a natural shift towards other exchanges (since, let's face it, MtGox is basically a completely unusable website.)

For that reason, proudhon is yet again wrong. The fundamentals haven't changed one bit. Let's see how long this whole "matching BTC's value to Gox's performance" lasts. It ain't gonna be long ;-)

I'd like to invest in your bearishness. It's the only thing that keeps getting higher and higher, no matter what happens 

Those who sell are those who were here just to make fast money.
Nothing in its fundamentals is wrong with bitcoin, nothing has changed since just a month ago.

Two years ago, it was "either 1000+, or goes to zero".

I don't buy it anymore.

The amount of bullshit you dream up is incredible. And you say it with a straight face.

Be realistic and put in a bid around the $0.01 to $0.05 price range.

I am willing to buy at zero.

I expect we'll either break $266 in the next two years or so or goto essentially 0.

So $266 was the all time high, a goal we'll be chasing for the next 5-10 years.

Nope.  This really was a top.  And assuming bitcoin can recover from this catastrophe, I don't think the price will come close to challenging the new high for around a half decade or more.  We dun goofed.

World controller types who hold power by control of central banking and fiat money would almost certainly want bitcoin to decline or disappear entirely. What if someone, I don’t know, like George Soros, or perhaps someone acting on behalf of central banks, decided to pump up bitcoins deliberately by overbuying it, only to massively sell into the first opportune sign of weakness. It wouldn’t be that hard to do. They might be able to successfully paint a fake top into the market. Result, killed enthusiasm, and a promising bull run, nipped in the bud.

Could this be a fake top in bitcoins?

I very much doubt they can yet manipulate the bitcoin market with the same precision that they can do the gold and silver markets, because they don’t have futures contracts, ETFs and naked shorting to fine tune the downside. However  those world controllers still have manipulation of perception via the media, and limitless fiat. In a small market like bitcoin, you’d hardly need that much fiat to move it up like that. Easy in fact if one had the sort of funds of someone like George Sorros or someone acting on behalf of a central bank.

http://afbitcoins.wordpress.com/2013/04/12/fake-top/