Topic: It's crunch time Bulls. - page 3. (Read 3807 times)

Most of ASICs were paid with BTC by people who want to mine more BTC than they paid for hardware.

Miners are not one who are or will bring the price down, it's ASIC manufacturers who are doing that.

ASICs are main reason price is plummeting... all those coins used to buy asics or asic mining shares have to be sold somewhere. and there are too many of them for support to handle.

I agree, it will stabilize when ASIC mania settles down.

ASIC miners are losing money (putting more money into hardware and taking it out of the economy).  Most of them just haven't realized how much they will lose yet at which point we'll have a real bear market.

Also - Google search trends have BTC valued around $25-$30 now (eg. search volume is twice as high as what is was in the beginning of 2013, and down a ton from the peak of the bubble).

I feel the slump with BTC as of late is a few factors. One, this is the first summer that a booming BTC value and all the interest therein has seen. People are selling off for various reasons to raise good ol cash, for vacations etc. Secondly, many GPU miners are either turning off their miners due to the drastic influx of Asics, (and the summer heat) and or selling off a lot of their BTC to raise money for the purchase of A$ics..... in hopes of staying ahead of the curve. I still believe that the BTC price will turn around BIG when this dust settles. And more and more things seem" to becoming more legitimized for BTC, its spotty but its there. All this coming from just a lowly ol miner, just my opinion

Not catastrophe , only cheap coins :-) (I can afford to buy hundreds)

Looks like the hype is dying down considerably.

Forever bullish though.. Long term eh

What was that statistic, only 60000BTC, .5% of total Bitcoin supply, is in the orderbooks? Probably a bit off but you get the point.

Me too. Probably will for a few more years.

At this point it's lots of fun just panic observing.

I'm panic holding.  We are Definitely in a Bear Market.

nicely written ...

I don't want to win that Bitcoin, that would be a catastrophe.

If I'll have opportunity to buy at $17 then I'll give you 1 BTC for free. (time frame 1 year)

1.9944/31.90990=0.0625*266=16.63

It goes like this:

1) Sell at the bottom of a dip, place buy orders $5-$10 lower
2) Curse yourself while BTCUSD goes up $5-$10 in the following week.
3) Say to yourself "BTC will never go as low as my buy orders again... darn. I should move my buy orders up and take the loss."
4) MOST IMPORTANT STEP: Do NOT move your buy orders up.
5) Wait another week or two, and watch your buy orders get filled.

Repeat this process. Only works if you are willing to accept that we are in a short/mid-term bear market. Which we are.

Of course, you still need to pick a realistic bottom. Look at the '11 bubble. We started sub $0.50, went up to $32, then slowwwwwwly crashed down to $2. That's several hundreds of % above the starting point, depending on what price you pick for the starting point. (0.25? 0.50? 0.75? $1.00? All good guesses.) This bubble, well, it started at $13, went to $266, quickly crashed to just above $50, dead cat bounced to $160ish, and since then it's been on a slow descent. There's no reason to believe the bottom will be $5 or $13, it's more likely to be $32, $50. If we are just making blind extrapolations and assuming that this bear market will follow the EXACT same course as the '11 bubble, in the EXACT same length of time, then the bottom will be in the $24-$50 range and we will reach it in, who knows, 6-8 months.

And remember, the bottom that everyone picks, is the bottom that we haven't a chance in hell of reaching.  And when EVERYONE decides we're in a bear market, the bull market will rear its beautiful head once more.

Better option: Long LTC. 

Sharp downtrends bring out the worst in all of us

That role belongs to me!

Sharp downtrends consistently seem to bring out the worst in you. You're like an inverse rpietila.

It was not prediction ... (worst case scenario, I'm not daytrader but long time investor)

no cho-cho ??

Haha, lets see how that's gonna work out for you.

The latter one looks like fallout.