Topic: So.. what the hell happened today? - page 4. (Read 4454 times)

You can't admit to cashing out your chips and admitting defeat and then expect anyone to follow your predictions. Maybe buy some coins, take a 6 month break from posting and trading, and find yourself a happier person.

Bears get to gloat, Bulls get to gloat, but in the long run, only those who are loading the dice actually get to win.

China is fucking with Bitcoin big style. This rally was all instigated on fake China volume on Chinese exchanges, and the crash will come with real Chinese volume on the USD exchanges.

The Chinese whales are gradually dumping the coins, while China is gradually banning BTC.

No connection there whatsoever!

Buyer confidence has been restored as April 15 is upon us and Chinese exchanges are still operating, hence the small rally.

To da moon!

very good point, i agree to that .

Actually, it's overbought.

Its oversold, thats what happen...

As I said before, one bad trade will counter balance 100 great trades. Better hodl, cash out when on the positive and never look back.

Oops, sorry. My sarcasm detector doesn't work very well until my second cup of coffee, especially if I'm a little hung over.

Normally I would have twigged on the apostrophized "ol'".

I was being sarcastic. I agree that the most unattractive market to play with, is the market that is in a slow downfall.
We can only wish that this rapid upwards movement will go down just as rapid and won't suffer the same faith of an slow downwards movement again. But I'm kind of leaning on the continuation of the slow movement. There are too much foolish hopes and denial, so more people will stick to their coins if the fall isn't rapid. Meaning more profit to those who play this game with a cool head.

I agree that bitcoin is not an investment but is more of an gamble. It's not just that because of the high volatility, but it's that because the money actually goes into mining, that isn't helping bitcoin in any way. It's more of an gamble where you have to put your money in before others and the last one to get in will be the loser

But that's no reason to be bitter about. Just don't put in more money then you would take along with you to the casino.
What bitters me more, are the countless religious zealots, who are very agressive with their belief that bitcoin is a currency and is about bringing liberty and freedom to the people. Seeing those people too often makes me kind of loose faith in humanity

"Good ol' downward trend"? LOL

The recent downward trend was neither good nor old.

It was an annoying little 3-4 month aberration in the otherwise good old parabolic upward rise.

The only thing good about it was the opportunity for bulls to buy more coins.

You are too polite!!! What happened is that someone in China had a brainfart and lots of people so called "bears" took it to heart!!! 

Every single leg up was triggered by action on the Chinese exchanges. The Chinese exchanges where it has been said that the vast majority of the volume is fake. The Chinese exchanges who one way or the other, are on death row. Yet it is on the Chinese exchanges where this break out has been triggered, every single leg up since $400. The nonsensical break out on BTC-e kind of proves that this market is based on 90% bullshit, where bot traders (trading real volume or fake?) bid the price up to over $550 upon the point where the long term down trend was breached by a couple of cents, perhaps because the exchanges such as Bitstamp where a greater amount of real USD is at play didn't follow suit, this price spike was over and done with in a minute, but it shows Bitcoin up for what it is. Gambling pure and simple. Like playing poker, great when you are winning, but for every 6-7 people at the table, generally just one player walks away with the pot and there is always plenty scope for cheating, especially when the players in the best position to cheat, have no oversight whatsoever. Nice odds eh, enjoy your game.

As can be told from the tone of my post, I don't mind admitting that I have been badly burned today. Been shorting big time on way up, have probably been squeezed right at the very top of the market, and have probably made my last Bitcoin trade, except for transferring BTC out to cash out exchange (Bitstamp) where I will cash out for good. Providing Bitstamp actually let me get my money back without subjecting me to an anal probe.

Bitcoin is not an investment. Even if the price quadruples in the next 3 months, it is not an investment. The only thing I would use Bitcoin for other than trying to turn a quick buck would be for darknet drug trades. The only advantage that Bitcoin has over fiat is for off-radar transactions, tax evasion, capital flight etc. But all these avenues are being rapidly closed down. I couldn't even credit $5K to my Bitstamp account without them wanting proof of where it came from. I refuse to hand over this information to Bitstamp so the fiat is going back to my bank account. This anti-customer policy that can only harm their business is a sure sign that there is some hand at play pressing them into doing it. As far as Western consumers go, Bitcoin will be nailed to such an extent that it offers little to no advantages over the conventional fiat system.

With Bitcoin one cannot send money around the world to other developed nations neither cheaper or faster than by using conventional means.

Perhaps it can be done more anonymously but every Bitcoin transaction is stored in public ledger and exchanges are being clamped down upon to 'know thy customer'.

That is not to say that Bitcoin doesn't have a future and won't make further new investors very rich cos it most likely will. However, if Bitcoin is to have a future it will not be as a replacement for the global petrodollar system. No fkn chance. It was put out by the NSA not to undermine the dollar, but to undermine 3rd world and rival nations currencies'. Bitcoin's future will be as a black market form of capital flight. Those who enrich themselves on Bitcoin will be enriching themselves on the blood of the poor. Nothing changes, although I suspect it will make far more investors poorer other than richer, especially anyone who first came along from November 2013 onwards.

For the record, despite the little peek over the long term down trendline, I don't believe the bottom is in. Infact, I know that it isn't. I just have no further interest in trying to catch any bottoms, or sell any tops in this highly manipulated market.

Whole fucking break-out, triggered by China, where Bitcoin is finished and all the volume is fake. PHACT!

Yeah, this is pretty huge and it isn't being cordinated by an single group or entity, so it isn't some whale manipulated conspiracy scheme. It's just the logical outcome of the migration process, that stimulated movement. I bet the western exchanges have a big smile on their faces to see some volatility at last
One could earn a good buck with this volatility but then one has to count on blind luck to win this, because there is no way of predicting these waves.

Something about China causing volatility as usual.

I doubt that the real dump will begin today, more likely tomorrow or the day after. Today will probably be full of combinations of bull and bear traps, that are ran by bots and math

Anyway, I'm still no playing this. Too much of an blind gamble.
Remember, that nothing has really happened that would attract new fiat to enter the market. This is the movement of fiat that already existed on the exchanges. When this movement exhausts itself, then we're back to the good ol' downwards trend.
Only thing that would cause an trend reversal is news that would actually attract new fiat. It's not very safe to get yourself caught in the euphory of the train picture posters.

Wouldn't this be a pretty huge pump and dump?

Some pumping, before a dumping.
Did you think only altcoins get pumped and dumped?