Topic: How I feel with people desperately buying above the $55 resistance... - page 2. (Read 2886 times)

Well, you guys are crashing so fast my bearishness just can't keep up.  I think that push to $50 was the low and we'll be heading back up from here.

I believe Gox tried that, and got skewered for it. Just sayin'.

Well if it's supposed to be a currency there wouldn't be much point in speculating with it.

In reality, I think we're all just gamblers!

If anything the price is like a pyramid scheme... Early people get paid, late adopters get shafted

@ proudhon

you seem to be the celebrity on bearish predictions ...

So what's your prediction for this week ... I am NOT asking day ..by day or minute by minute ...but for this week

high - ??

Low - ??



TIA

How is that?  Even at its worst most people in Cyprus will not have lost as much purchasing power or stored value as people who bought above $100.  Fiat, in most countries, is a much, much safer place to store money than bitcoin.

its not meant to be a get rich quick scheme.  its still better than holding fiat IMO.

The dimensions are bigger for sure. Back then, all people knew was up-up-up.

This time it's different:

- They already know the market can easily crash, so maybe patience is wearing thinner.
- There is more money involved - meaning if the backers of a certain price-level step aside, it is practically impossible to stop the momentum.
- We are still in No Man's Land. $50+ is not cheap for something that is not backed by much other than the hopes of future wealth.

The remaining factors are still the same though. Illiquid markets, weak infrastructure, no stabilizing forces in place to prevent over-speculation/mass-panic; and what good does a store of value do you, if it doesn't pay you back the stored value when you need it the most?

I expect to see single digits again. You simply can't do shit with your Bitcoins yet other than hold and/or sell back to fiat - and sooner or later a lot of people will come to terms with that, at which point we will see a price-normalization.

Interestingly enough, even if mass-adaption was to take place - I believe the forces of cashing-out will outweight the forces of buying in. You would need a massive amount of automatic buyers that are willing to take all those coins streaming back into the markets from $-priced goods/services. Those merchants won't wanna hold, that is not their business.

So how much $ really is in the BTC system per available coin. I'm not talking about recently traded coin, but available coin. Since people are certainly also withdrawing fiat, I doubt the answer is more than $10.

Find someone/something willing to buy up ALL remaining coins for a certain price (without actually doing so), and you have your fair price. The rest is just circle-jerking.

2011 was nowhere that intense though. 1 week after the top the price was still > $15. This is a slaughter.

Gib' auf, du hast keine Chance! Lass' es uns beenden! Es ist einfacher für dich, viel einfacher. Du wirst sehen, es ist gleich vorbei.


Reminds me of the old $13 resistance back in 2011. Those of us around long enough to still remember know how that went...