Colleagues. If you want to be successful with bitcoin - at any level, I suggest you stop trying to think like a short term trader and start thinking like a VC investor. Real traders are making tons of cash on the bitcoin markets. They don't care if it is being "manipulated" (like the whiners in this thread complain) - every market is manipulated. Successful trading is a high-level skill that takes years to master, and a good trader can make money in any market with enough volatility and transparency (bitcoin has plenty of both). However, unless you are studying trading, have a proven system and have been very successful consistently in other markets, you will not be successful trading bitcoin.
People like MattheCat (he's just one of the loudest and most confused examples) who think they understand what is going on short-term and believe themselves smarter than the market, almost always lose - in any market. Do not follow this intelligent insanity. The market does not suffer fools and hubris gladly. From what I can tell from Mat's posts, he is losing consistently (despite his recent claims) and is very bitter. The market is teaching him lessons daily that he does not want to hear. This is the fate of all who do not trade a system that is proven over time and who do not respect the market.
The VC approach is much easier, and for most of us the better path. It is based on a simple ratio. Potential loss of 100% of your investment or potential gain of 120X your investment. Easy, even for those with no investing experience. Pick your risk capital amount, and let it ride. Or even pull some profits off the table and let the rest ride. Enjoy the journey, be part of a grand experiment and maybe end up richer. VCs don't try to figure out the daily fluctuations in moods and opinions of the masses - they certainly don't worry about evil "manipulators" stealing from them. They enjoy the adventure and the volatility is just entertaining noise to them. They only care about the long-term value potential. And they of course have other eggs in the basket.
None of us know what will happen with bitcoin tomorrow or next year or the year after, but something big is happening and it could be amazing. Has been so far. You would not be on this forum if you did not see this simple fact. Most of us 3 years ago thought we had maybe a 20% chance to get where we are now. What do you think our chances are going forward? Don't let your arrogance and intelligence make this more complicated than it is.
Good hunting.
People like MattheCat (he's just one of the loudest and most confused examples) who think they understand what is going on short-term and believe themselves smarter than the market, almost always lose - in any market. Do not follow this intelligent insanity. The market does not suffer fools and hubris gladly. From what I can tell from Mat's posts, he is losing consistently (despite his recent claims) and is very bitter. The market is teaching him lessons daily that he does not want to hear. This is the fate of all who do not trade a system that is proven over time and who do not respect the market.
The VC approach is much easier, and for most of us the better path. It is based on a simple ratio. Potential loss of 100% of your investment or potential gain of 120X your investment. Easy, even for those with no investing experience. Pick your risk capital amount, and let it ride. Or even pull some profits off the table and let the rest ride. Enjoy the journey, be part of a grand experiment and maybe end up richer. VCs don't try to figure out the daily fluctuations in moods and opinions of the masses - they certainly don't worry about evil "manipulators" stealing from them. They enjoy the adventure and the volatility is just entertaining noise to them. They only care about the long-term value potential. And they of course have other eggs in the basket.
None of us know what will happen with bitcoin tomorrow or next year or the year after, but something big is happening and it could be amazing. Has been so far. You would not be on this forum if you did not see this simple fact. Most of us 3 years ago thought we had maybe a 20% chance to get where we are now. What do you think our chances are going forward? Don't let your arrogance and intelligence make this more complicated than it is.
Good hunting.
+1 Well said bitrider. Well said.
"Oh yes..very well said indeed bitrider...put that MatTheCat noob right in his place. Well done, another caviar souffle?"
Last time I remember this much euphoria around here, it was early March and Bitcoin was hitting $710.
I am a fucking shite trader although having said that, over all I have still made money but I admit most money I made was in the later part of bull run. A market phase that any fkn halfwit can trade and win. Since Bitcoin has went into reversal, despite pretty accurately forecasting general trends, my absolutely shite trading skills has seen profits minimised with lots of stupid losses in between, and then this monumental loss today has certainly put me into net loss territory for the Jan 2014 - April 2014 period. I broke the adage I keep trying to imbue into myself but never seem to be able to stick to. NEVER TAKE A TRADE IN THE MIDDLE OF NO-MANS LAND! Right now, we are not in no-mans land. We are right on the verge of the long term downtrend with buying power surely exhausted (real Bitstamp USD buying power, not the fake Chinese volume that drove this price surge). A better medium term shorting opportunity as selling Bitcoin at $500 will not present itself in Bitcoin for some time, but I aint touching it. I have come to realise that as well as I can forecast general trends in Bitcoin from my armchair, there is something in my psychological make up that makes me a very poor trader. Even If I took the trade and won, I would end up with 25% of the profits on offer and then would be encouraged to make lots of other shitty little capital draining trades on the back of it. Too many times recently I am holding back when I should be going ahead with a trade, regretting it, and then diving in when I should really be sitting back. Indeed, the fact that my nerve broke right at $512 which is where I covered my shorts at is a sure sign for me that this was the top.
Anyhow, enjoy your brief moment in the sun you couple of fucking bampots. I will be back to taunt y'all when Bitcoin is in $200 range. If Bitcoin doesn't get here, then this will be the first time ever that I have been wrong with a downside target. Always a first time for everything though, eh?
Not actually debating the arguments or answering the questions, but instead desperately trying to insult the opponent 
