Topic: prices are falling on declining volumes.... (Read 3229 times)

http://localtimes.info/asia/Japan/Tokyo/widget/

LOL, bitcoin armageddon  

Countdown is begun,

Tokio/Japan GMT, 10 Feb 2014 1:00
Peking/China  GMT, 10 feb 2014 00:00

More details plz...

Can I see a live graphic of the countdown timer with a ball and explosions?

So, you just posted 10 exactly the same posts at different topics...

Countdown is begun,

Tokio/Japan GMT, 23:45
Peking/China  GMT, 22:45

I understand this but say that hypothetically, new lows were being reached and it was not on higher volumes. Say that day 1, bitcoin fell to $700 on 50K volume, then on day 2 it fell to $600 on 20K volume, and then on day 3 it fell to $500 on 10K of volume. This would be extremely bearish and indicate that the market has completely lost support.

watch all the dips .They are accompanied with increasing volume.If not they stop.
All highs are accompanied with high volume when it should be a sound upwards move.

I'm not sure where you get that viewpoint. If the prices are falling on high volume, it means there is a high level of support by buyers. In the case of bitcoin, this is bullish because Bitcoin has a limited supply and eventually all of the limited supply will be bought out by buyers, leaving prices nowhere to go but up. However, if prices are falling on low volume, then this is not the case. There is no support, and prices will continue to decline further and further into deeper levels until finally a high volume is found and there are buyers for the coins.

no need for apologizing.When I read your OP I was a bit puzzled by your opinion,when the prices goe down with dercreasing volume is bad. I always thought (and still do) it is only bad when the volume is increasing. So your correctioin is ok.

No problem Tera, but you might be wrong to follow Stamp. Coinbase held the line and led the bounce and they're getting dozens or even hundreds of new accounts every day.

Agreed. I believe that next week will be very interesting. A mt gox bank run will be most likely happening, and chinese may/may not resume trading. Exciting days ahead, one way or the other.

This next week is going to be very interesting, as the Chinese go back to work and the money starts moving again.
MTGox needs to die, which it possibly will do by the end of the week, and a lot of bitcoins will start moving into the other exchanges. A clever US company could use this time to ramp up their exchange services! ;-)

The most interesting element of the current issues is how the value of the alt coins have barely moved.

Litecoin has hardly moved and neither has Nxtcoin, which makes me think that we are definitely entering a more mature market in 2014.

Bitcoin is not a market for anyone with money they can't afford to lose! ;-)

Update:

It is not actually looking that bad. 4 hour MACD just went up. I may have gotten carried away by watching mtgox prices and btce trends and my vision may have been clouded by the markets movements surrounding mtgox. It would be great if either mtgox could get its problems completely resolved or if it could be completely removed from the market - one or the another.

The low volume would be explained in that prices are not actually declining but consolidating. I originally made this post when I was drunk was following btce price when I should have been following bitstamp price and now I realize how stupid that was. If I follow Bitstamp then new lows have not been reached and price has been consolidating well above the low of $619.

Anyway, right now it looks like we may in fact be in the midst of a two week consolidating upwave, which will trend until it finds resistance in the mid or upper 700s, before proceeding to the next high volume downwave. The downwave will end somewhere between 400 and 550 where it will find support against the long term logarithmic growth trend and then proceed upward as planned.

The long term logarithmic growth trend is driven by commercial adoption in the United States and has been there to support the price when foreign-driven and hype-driven trends have finally failed. As such, the United States will have an instrumental part in determining whether this trend continues. If the United States government bans bitcoin then the trend WILL fail. If the United States government officially recognizes Bitcoin as a legitimate enterprise, and if reputable exchanges based in the United States are built, then the trend will continue, and the price will break into new highs starting in June or July.

I would like to delete this thread, as I was acting irrationally and emotionally at the time, but I do not have that ability. The issue of where to safely store fiat during bear markets is still a valid concern. However, I should focus that discussion in another area, away from price speculation, such as Service Discussion.

My apologies.

Yes, this is a period of uncertainty, but the problem is not with the currency but people. If it was the other way around, we'd all be running from it. No matter what happens to gox the price will recover. It may take few months, even a year but we will see it break last year's high one day.

@Tera
I think all of your reflections are quite reasonable, especially those about the trustworthiness of the exchanges.
You will for sure not miss any train in the near future but there is a high risk involved that one of your exchanges goes down with your money.
You should put out at least 50-60% and start shorting on the stock market
If the situation should get any better this year with a possible regulated US exchange you can still transfer your funds there.
Don´t let them tell you about cold wallet 10000$ blabla, you know best that we could probably see 200$ or lower and never go near 1000$ again.

Edit: I did exactly this 2-3 weeks ago, for the same reasons.

The reason I have any wealth at all is because at times like this, I held. You're right. Freedom and wealth go hand in hand, but what good is your money if somebody else tells you how to spend it, where you can spend it, and what the supply is going to be? Poverty is often the result of not looking far enough ahead.

I'm betting 2 satoshies that 15 years ago people said the same thing about the Internet and look at us now...
Right now it is a pain in the ass to buy stuff outside your native country, in 5-10 years you could buy goods all around the world with minimum fees thanks to the innovation of cryptos.

Do you not understand the technology adoption curve? You don't understand the technological advantages? The only things that could stop the trend are better technologies or market saturation.

Freedom and wealth go hand in hand, if bitcoin can only provide liberty but not wealth then its useless.

Poverty is the result of the lack of liberty in society.

bitcoin is like the books, "censure it and you will make the people to use it"

You guys talk about a 4 year trend like its ancient history, the ancient greeks were trading this trend, and we know exactly what will happen and then it's going to continue indefinitely.

You prolly can't get your account set up at Coinbase before the market turns anyway. It's Ok. The big boys will take it from here. Get some popcorn and enjoy the show.

“If ye love wealth better than liberty, the tranquility of servitude better than the animating contest of freedom, go home from us in peace. We ask not your counsels or arms. Crouch down and lick the hands which feed you. May your chains set lightly upon you, and may posterity forget that ye were our countrymen.”
― Samuel Adams

A few years back people didn't trust exchanges as much as they do now, but the ones who made a leap of faith made a really really really nice return. In the end you can't get rich or 10x return without some risk. TERA, gamble only what you afford to lose, keep everything else in cold storage, far enough so that it will be inconvenient to panic sell.

 

The difference now is I do not trust the exchanges. I guess the same was the case in 2011. I was not here then.

I will still buy back in if and when an uptrend is reestablished but do not trust a foreign exchange with my funds in the meantime.

Proportionally speaking, how is this different than any of the other crashes? Do you not remember them or were you not around yet? This is Bitcoin. We ain't trading tiddlywinks.
 

I already did that a month ago.

Just sell out please.

I get it. Cryptocurrency is valued at potentially infinity. So it's value is [0,infinity].  I have allocated enough bitcoins in cold storage (and altcoin exchanges) for the infinity case already. This was originally a 20% position, but since has become 15% of my position (I have made no trades). Oh well, eventually it will be infinity anyway. But in the meantime, I need to figure out what to do with the other 85%. [0,infinity] is not an acceptable store of value for it, so I need to find a different way out. Maybe I will sell to SecondMarket?

oh you mean like paper USD and all the money in your bank account?

Prices falling on declining volumes only shows a divergence in the current trend. It's time to bounce in a counter trend rally (suckers rally, correction...etc) When the indicators get back to reasonable levels, it's time to go for another dip.

Money has value only because it allows for efficient economic calculation. Cryptocurrency has the potential to do this more efficiently than anything else, hence it is poised to become the most valuable asset in existence.

I also asked, how do I become a "client" with one of the "whales", but never got a response.

I understand what u mean by this, funny I was thinking exactly the same thing earlier.

It seems to me governments around the world are really trying to crush bitcoin. No Russia, no China , no India all that means a lot less money is coming in thus lower volumes.

Before you say "omg but teh still can buy bitcoinzzzz!!" U guys don't realize how the majority of people think, when their government announces something is bad and that they shouldn't be buying it and that its not allowed to be used, the vast majority of people comply and won't be buying bitcoin. The majority of people are NOT anarcho libertarians who want to defy gov, they'd rather suffer poverty by inflation unknowingly.

Having said that, I still think bitcoin will rise to $10,000. It will happen I don't have a doubt, but right now we have some huge set backs and every god damn exchange the comes up has a problem, there is always this fear that ull never be able to cash out or withdraw ur bitcoins, that fear needs to end.

Gox needs to die, the foundation needs to stop supporting it. Exchanges like bitstamp, kraken and coinbase need to up their game and improve among their support, trading engine, and deposit / withdrawal issues.

Otherwise just like OP, people are starting to think, why am I even here? Why am I buying bitcoin anymore?

BitSimple ( https://bitsimple.com) offers same day purchases by bank wire.  You wire the funds and receive the coins at an address you designate.  Your funds are never held on site, it isn't a wallet service.  Obviously it isn't a trust-less system but the trust is limited to a duration of a single exchange.

what if, somehow, bitcoin, fundamentally, wasn't actually WORTH anything

Many penny stocks are even crazier than altcoin swings.

Shorting marijuana stocks last week would have netted you nice gains.

Supposedly with Coinbase, I could buy up to $50K worth of bitcoins per day with a checking out, instantly and based on bistamp price. Is that correct?

I don't buy into a falling market. I also don't trust the exchanges. This seems to leave me no other choice than to wire fiat out of exchanges and then find a way back in once my confidence in the market has been restored.

Why don't you just put your funds in your wallet? Day trading?

After trading Bitcoin the stock market will put you to sleep.

The low volume is creeping me out now. This is something new that we have not experienced before... prices falling on declining volume? Combine this with: the exchanges that I trade btc on are all facing some type of issue and and are not trustworthy, and.. Can someone give me a convincing reason to even remain in this market anymore? I'm starting to think the wisest thing to do is just to pull my funds from bitcoin exchanges and play the stock market or something.