Topic: So.. what the hell happened today? (Read 4417 times)

Ok Im panic buying. OMG we are going to be so rich ! /sarcasm

And we have a solution to that long time ago. Most people here have a cold storage that is really hard to open (involving a trip to the bank or another obscure location to have time to think is what you are doing a right thing), and the "gambling" money which is something small but still substantial, I don't know, like 50 btc. If you win, you move the profits to the cold place, if you lose well tough luck, replenish only with fiat

market punishes sentiment as always

The same thing as has happened before and will happen again, the start over an overly optimistic rise (bubble).

Bitcoin has never fallen below a logarithmic rise trend, it does tend to get ahead of itself though which results in a "crash" return to the lower channel.

These bubbles will diminish in relative amplitude as the market grows.

take a position ... from somebody who has gone through 3 of these once it goes it goes like a freight train ... "THIS IS IT"

i dont know what more you need as a signal ...dancing girls ...lolz

Also i agree with the previous poster shorting btc is an insane risk ..especially in this market ..and now ..NO FUCKING WAY ...

2 mins and we are getting 10% rises that would take out most leveraged postions

...lolz only 1000%  you are rather bearish in your outlook

Plain and simple suck it bear boy !!

Exactly. It is about winning and excitement (i.e. fucking gambling). Perhaps it is greed in a certain respect, but when I 'win' I tend to be overly generous in redistribution of wealth amongst friends/family and of course much more extravagant with my own spending decisions. So it isn't a deep rooted obsession with accumulation that is really driving me in my trading as much as I would like to rationalise with myself that it was......

..... reality is that I have become a obsessive compulsive Bitcoin gambling addict and it has taken a heavy hit to get me away from it. Probably many around here are or were in the same position as I am, whether they openly admit to their monumental fuck-ups or not is another matter.

Every single time I have attempted short term trading, I have lost money luckily I have only lost some pocket money that way, big gains sit in long term holdings. I'd still say it's greed whether you admit it or not. If you're not greedy, take that beer money profit and you'd be always a winner. But who wants beer money? That's not exciting at all. So short term trading becomes gambling.

I am not a greedy person. Greed isn't my problem.

My problem probably lies somewhere in my overly emotional, impulsive and reactionary nature. Trading is a game for cool headed, precarious, and patient types....and that aint me and it never will be so I may as well just admit it to myself.

When/if I take another position in Bitcoin, it will be long, holding Bitcoins long term in an actual cold store wallet with no attempts to trade. My buy-in point will also be considerably lower than the $340 low of last week.......and the last I heard from the little elves in my head, it is going to happen at some point. A lot more system shocks are in the pipeline for Bitcoin I am afraid.

It is greed. Once you realize you can't have it all, and be content with just having 1000% per year, you will never lose again

Great Theory.

Now explain to me why each and every leg of the entire fkn pump was initiated on Huobi?




I was never a metals investor. I bought metals based on the never look down fairy stories of mofos like Mike Maloney, James Turk. So there we have Gold Bug, Silver Stacker, and here we have Bitcoin Nutter. The metal that I currently own is physical metal that I hold in person. Although I am down a bit on the gold I bought and down a lot on the Silver I purchased (large premiums on both with an additional tax on Silver), I am glad that I own some metal. I don't feel quite the same way about the few Bitcoins and Alt-coins that I have. Precious metals are 'something', crypto-currencies are 'nothing'.

What attracted me to Bitcoin was being able to buy drugs online with it. That was way back in 2011. What finally attracted me to it as a speculator was the massive profits that I was missing out on time and time again. I came to Bitcoin with gradually putting around $20K USD into my Bitstamp account and done quite well without having even the slightest clue of any TA whatsoever. Since the Dec crashes (I ignored the 'advice' that was at large on here and got right out of Bitcoin still in $1000-$1100 range), I have gained a much better uznderstanding of TA principles but never done as well in the bear market as I did in the bull trend, despite calling it correct 90% of the time. Conclusion. It is much easier to profit in a market whose market cap is increasing than in market that is in decline. I never learned about shorting on the likes of Bitfinex until late Jan. Since I had been correctly calling down trends left right and centre, how could I possibly lose taking leverage in order to short Bitcoin!? Turns out I could lose by suffering from terrible market entry and exit timing which can only be down to some psychological flaw that I suffer from but can't recognise or identify in myself.  But it is there, and it is fucking with my decision making and I can't do anything about it except not put myself in any position where I am likely to become a victim to it. If I simply followed the advice that I post on here and give other people (when I am away from the trading hot seat), then I would do very well. Problem is, I usually don't. I usually have 'smarter' ideas that come to me through impulse which amount to nothing more than my emotions being stretched in each and every direction by the market.

Another thing about using leverage and shorting in general, is that it is a negative trade, which is harder for the intuition to comprehend. For example, whenever I am long Bitcoin and the trade is going to go against me, there is a 70% chance that I will have a dream or some kind of recurring intuition that will warn me out of the trade. Indeed, my strong point in Bitcoin so far has been getting out of long positions that i have taken at much higher price levels and avoiding taking an absolute kicking. With a short position however, the intuition works in the opposite way. When the trade is going or is about to go against a short position, I will sleep soundly. When the trade is going to in my favour (i.e. negatively), I will get spooked out about Bitcoin and have on more than one occasion left a short trade right on the eve of what would have been a momentous cashing in on my part due to getting too spooked out by Bitcoin.

The last couple of nights, I was dreaming positively about Bitcoin so felt no pressing need to jump up and take action with my trades. It is not until I wake up properly that my conscious mind can deduce that because my subconscious mind is feeling positive about Bitcoin at that point in time, that my short trade is getting fucking slaughtered.

I don't think that I will ever short Bitcoin or anything else ever again. I don't like the fact that in a short trade, you don't actually own a damn thing and I recognise that short trading perplexes the subconscious process. It is unnatural to feel positively about a degenerative process and I am a person who relies heavily on subconscious instincts/intutions having proven in spectacular fashion to myself, that I simply not rational enough, or calculating enough, and especially not disciplined enough to trade on raw data.

This means that I am out of Bitcoin for now as last vivid intuition that I had tells me that Bitcoin is in for a good bit of collapsing action yet. So whilst I am not going to short it any further, I certainly amn't going long cos I know what is around the corner, regardless of any roller-coaster action between now and then.

Wasn't today the deadline for the Chinese to suspend trading in bitcoin?  If so, well then the Chinese selling pressure stopped so the price rose.  Maybe we've seen the worst for awhile, at least until Eric Holder shows up....

I don't want to get into a big argument about practicality of Bitcoin mining. I have said my bit. I will point out that it is wrong to assume other people "don't know" something just because they have a different point of view. The more probable thing is that different people have different goals. If you have different goals then you will have different views.

You're at work and you are unable to copy some of the important news here, but you have enough time to repeatedly insult me. Having some problems with time managment, are we?

And now, I see that you are already saying that no news is needed. Having some problems with consistency are we?

I really don't care what triggered the rise out of 2$, but considering the time, it could have very well been a successful trade for couple of pounds of coke on Silk Road.

The rise in China was more interesting though. It was actually triggered by rumors about couple of rather important but half-witted Chinese officials, who ate up the hype and who really thought that BTC could actually threaten the dollar, and therefor serve the goals of CPC. That was the reason on why there was actually a thorough piece about bitcoin on a news program that has a reputation of spreading the word of CPC, and that actually created the bigger surge upwards.
It was all over when smarter officials got involved and explained that by pumping BTC, they are actually helping the dollar by buying something with only virtual value, and buying it mainly from westerners. Meaning that money was actually flowing out of China and into the hands of Americans  
Wasn't exactly a proud moment for China

Leverage always gets you in the end. As someone iirc who has owned and traded pm's previously I would have thought you would have learned that lesson Mat. Shorting a market like bitcoin which has experienced exponential price increases and incredible volatility is insane, especially as a market outsider.

It will be interesting to see where things are in six months. Perhaps you will be right and bitcoin will be bouncing along in the 200 dollar range, I am more hopeful we will get another bubble into the 3-10,000 range in the next 24 months. What presumably attracted you to bitcoin, the idea, the protocol etc still holds true. In spite of your poor trading decisions isn't it worth leaving some skin in the game?

Bitcoin has always had diminishing returns, see: block reward halving.  Bitcoin isn't just currency and mining.  It's a distributed public ledger, anything that can be recorded via a ledger can be recorded with bitcoin.  This includes other such things as property ownership. 

The point you're missing is that the blockchain is developed through, in part, a one-way hash function where each succesive block is linked to the previous and in a manner that allows the network to self regulate.  Please propose a method in which "generalized computation" can maintain the validity of the blockchain while remaining a self-regulated entity.

Bitcoin has multiple dimensions. One is that it is a currency and the other is mining. I am well aware of what it means to mine them and the fact that ASIC technology is very application specific hence the name "ASIC". My point is that all this effort is pointless. Bitcoin mining has reached the point of diminishing returns. If people want to spent 3-5 K on a 1-2 KW ASIC that is fine with me but it won't even pay for itself. On the other hand the pool infrastructure has the ability to be used for "pay for work". No it won't be using ASICs. It may use GPU or CPU that are capable of generalized work.

It would appreciate it if people actually read the idea before dismissing it.

Not exactly.  I'm actually at work right now and don't have time to hold your hand and guide you to the relevent news you're looking for.  You want to talk history, what piece of "news" brought Bitcoin out of the 2$ slump?  What piece of "news" brought the chinese bitcoin rush of 2013?  Good news is irrelevant at this point, this is a subjective bear market, not the objective one you're suggesting.

+1000

Most banks will close accounts on April 18th. Let's wait until then. If nothing happens, I'll become bullish