People also have to remember the $400,000 in new money have to come into Bitcoin every day to maintain the current price.
I think this steady inflation is one the reasons why a slow decline in price after a price peak seems to be typical for Bitcoin.
Topic: The Bear Market is officially...OFF?!? - page 20. (Read 29279 times)
hero member
Activity: 756
Merit: 500
It's all fun and games until somebody loses an eye
If someone bought some BTC at $140-150 they are not 'weak' for selling when it's obviously crashing out from underneath them even if they sell at a loss.
Only a stubborn fool would hold onto a bad investment when it's obviously crashing / collpasing in value and you can buy more back cheaper if you sell and potentially make much greater profits in the long run. Knowing when to sell at a loss is very important thing to know. The key is to decide whether it's just a large fluctuation or a much rarer collapse.
For example : If you purchased 100 BTC at $150 and sell them at $115 you initially spent $15,000 and end up with $11,500, a loss on that trade of $3,500.
If the price goes down to $80 you will end up with 143.75 Bitcoin (instead of only 100) assuming you buy back in at $80.
Then you only have to sell at $104 to break even and you have more Bitcoin so as the price rises in the future you will make much more profit than had you been 'strong' and held onto your initial Bitcoin like some kind of idiot while the value crashed through the floor. By the time the price rises back to your initial purchase price you will have much more profit by doing this.
Only a stubborn fool would hold onto a bad investment when it's obviously crashing / collpasing in value and you can buy more back cheaper if you sell and potentially make much greater profits in the long run. Knowing when to sell at a loss is very important thing to know. The key is to decide whether it's just a large fluctuation or a much rarer collapse.
For example : If you purchased 100 BTC at $150 and sell them at $115 you initially spent $15,000 and end up with $11,500, a loss on that trade of $3,500.
If the price goes down to $80 you will end up with 143.75 Bitcoin (instead of only 100) assuming you buy back in at $80.
Then you only have to sell at $104 to break even and you have more Bitcoin so as the price rises in the future you will make much more profit than had you been 'strong' and held onto your initial Bitcoin like some kind of idiot while the value crashed through the floor. By the time the price rises back to your initial purchase price you will have much more profit by doing this.
Except, you never know when the price will change direction, and how far it will go. What if, in your example, you purchased 100 BTC at $150 and sell them at $115, and then the price rises back to $200? Now you have no btc and $3500 less than you started with.
There's a large wall at $80 and a huge wall at $70 - these are my targets over the coming weekend.
I find all this talk of 'weak hands' very misleading.
If someone bought some BTC at $140-150 they are not 'weak' for selling when it's obviously crashing out from underneath them even if they sell at a loss.
Only a stubborn fool would hold onto a bad investment when it's obviously crashing / collpasing in value and you can buy more back cheaper if you sell and potentially make much greater profits in the long run.
Knowing when to sell at a loss is very important thing to know. The key is to decide whether it's just a large fluctuation or a much rarer collapse.
We are witnessing a collapse in the value of Bitcoin right now.
All is not necessarily lost by selling lower than you bought for.
For example : If you purchased 100 BTC at $150 and sell them at $115 you initially spent $15,000 and end up with $11,500, a loss on that trade of $3,500.
If the price goes down to $80 you will end up with 143.75 Bitcoin (instead of only 100) assuming you buy back in at $80.
Then you only have to sell at $104 to break even and you have more Bitcoin so as the price rises in the future you will make much more profit than had you been 'strong' and held onto your initial Bitcoin like some kind of idiot while the value crashed through the floor. By the time the price rises back to your initial purchase price you will have much more profit by doing this.
So my message is : If it's tanking - dump it all and buy back cheaper. There is an element of risk but in m experience I've found it to be worthwhile.
During the last crash I held onto my Bitcoin for a bit too long and I finally sold all of them (approximately 580 of them) at about $105-110
I then bought back 1000 Bitcoin when the price was around $60 so my decision to sell and buy back cheaper proved to be a good one. I had never had more than 600 BTC prior to this so that was a massive increase in my holding.
All these guys who have thousands of Bitcoin who sell during a large movement like this aren't stupid - they're selling for a reason and they know what they are doing.
The reason is they know they will be able to buy it back cheaper.
I find all this talk of 'weak hands' very misleading.
If someone bought some BTC at $140-150 they are not 'weak' for selling when it's obviously crashing out from underneath them even if they sell at a loss.
Only a stubborn fool would hold onto a bad investment when it's obviously crashing / collpasing in value and you can buy more back cheaper if you sell and potentially make much greater profits in the long run.
Knowing when to sell at a loss is very important thing to know. The key is to decide whether it's just a large fluctuation or a much rarer collapse.
We are witnessing a collapse in the value of Bitcoin right now.
All is not necessarily lost by selling lower than you bought for.
For example : If you purchased 100 BTC at $150 and sell them at $115 you initially spent $15,000 and end up with $11,500, a loss on that trade of $3,500.
If the price goes down to $80 you will end up with 143.75 Bitcoin (instead of only 100) assuming you buy back in at $80.
Then you only have to sell at $104 to break even and you have more Bitcoin so as the price rises in the future you will make much more profit than had you been 'strong' and held onto your initial Bitcoin like some kind of idiot while the value crashed through the floor. By the time the price rises back to your initial purchase price you will have much more profit by doing this.
So my message is : If it's tanking - dump it all and buy back cheaper. There is an element of risk but in m experience I've found it to be worthwhile.
During the last crash I held onto my Bitcoin for a bit too long and I finally sold all of them (approximately 580 of them) at about $105-110
I then bought back 1000 Bitcoin when the price was around $60 so my decision to sell and buy back cheaper proved to be a good one. I had never had more than 600 BTC prior to this so that was a massive increase in my holding.
All these guys who have thousands of Bitcoin who sell during a large movement like this aren't stupid - they're selling for a reason and they know what they are doing.
The reason is they know they will be able to buy it back cheaper.
I don't know, the bubbles look fairly similar to me on the charts (I do see the pattern you are talking about, though) ...maybe it will go differently this time, but I personally don't think so.
2011
2013
2011
2013
If it does play out the same way, then a period of slow decline to about $80 is likely, followed by minimal movement for a while.
I think it will take some time for the Bitcoin economy to catch up to the price. Something around 1000-2000 daily transactions per 1$ in price seems to be the long-term average.
Yes, a good deal of the price is driven by speculation. Then again, gold is probably similarly massively overvalued if you only consider its industrial and ornamental uses and don't view it as money...
I honestly think it is.
I just hope it won't take another 2 years to recover.
I would appreciate a new record before the end of the year.
I think it will take some time for the Bitcoin economy to catch up to the price. Something around 1000-2000 daily transactions per 1$ in price seems to be the long-term average.
back to 60$ 70$ 
I think there will be a good bounce at least once or twice off $70 on the way down
Fifty was the absolute bottom: proudhon said so.
(Though he seems to have become cautiously bullish since that trough was hit upon, a bullish proudhon makes me very uneasy - j/k.)Rationally, I think the market would be oversold dropping below $40 but rational doesn't mean anything in markets, for they remain irrational...
The long-term bull's still on if bitcoin doesn't fail though, methinks. Medium term I'm also still bullish. Short term depends on how many "weak hands" are still floating around, I guess. If the recent volatilities have "shaken the tree" enough, only a serious lack of new buying interest should tip things down much. But what if "weak hands" are still lurking and suddenly decide to panic/jump ship (again)?
As for the last day or two's drop, since it seems all markets have headed this general direction, I'd just (for now) write it off as a bank-holiday selloff. Or rather, a dollar bull trap.
You can get upset if you like, but it doesn't change the fact that the only justification for a price rise from $20 to $260 in less than 4 months is speculation driven by media hype (not fundamentals). This has nothing to do with negativity and everything to do with trading realistically and without emotion.
That's my way of thinking too and waiting to buy. But I'm worried by alternative crytopcurrencies. They are zapping money from the BTC price.
isn't that point though it unwinds the early adopter BTC in more hands, makes it more like a currency....also competition is good...may the best coin win, and it force you to hold some of each
back to 60$ 70$
I think there will be a good bounce at least once or twice off $70 on the way down
back to 60$ 70$
You can get upset if you like, but it doesn't change the fact that the only justification for a price rise from $20 to $260 in less than 4 months is speculation driven by media hype (not fundamentals). This has nothing to do with negativity and everything to do with trading realistically and without emotion.
That's my way of thinking too and waiting to buy. But I'm worried by alternative crytopcurrencies. They are zapping money from the BTC price.
Hold on to your pants guys...its gonna get crazy.
Secretly, I hoped the pigs were right and we would bubble up again, but every day it looks more and more like this bubble is going to pop all the way...take profits while you can guys, it may be your last chance.
Secretly, I hoped the pigs were right and we would bubble up again, but every day it looks more and more like this bubble is going to pop all the way...take profits while you can guys, it may be your last chance.
Yawn, this will all be forgotten in 2 years....just operate at different time scales that's all
looks like all markets are down today, not just bitcoin.
I don't know.
I'm pretty happy with LTC doubling in price.
what planet are you on? LTC was 4.07 yesterday, now its 3.75/USD.
Rubbish. It's only Silk Road's extended downtime leading to panic sells.
I don't know, the bubbles look fairly similar to me on the charts (I do see the pattern you are talking about, though) ...maybe it will go differently this time, but I personally don't think so.
2011
http://bitcoincharts.com/charts/chart.png?width=940&m=mtgoxUSD&SubmitButton=Draw&r=60&i=2-hour&c=1&s=2011-06-01&e=2011-06-19&Prev=&Next=&t=C&b=&a1=&m1=10&a2=&m2=25&x=0&i1=&i2=&i3=&i4=&v=1&cv=0&ps=0&l=0&p=0&
2013
http://bitcoincharts.com/charts/chart.png?width=940&m=mtgoxUSD&SubmitButton=Draw&r=60&i=2-hour&c=1&s=2013-04-01&e=2013-05-02&Prev=&Next=&t=C&b=&a1=&m1=10&a2=&m2=25&x=0&i1=&i2=&i3=&i4=&v=1&cv=0&ps=0&l=0&p=0&
2011
http://bitcoincharts.com/charts/chart.png?width=940&m=mtgoxUSD&SubmitButton=Draw&r=60&i=2-hour&c=1&s=2011-06-01&e=2011-06-19&Prev=&Next=&t=C&b=&a1=&m1=10&a2=&m2=25&x=0&i1=&i2=&i3=&i4=&v=1&cv=0&ps=0&l=0&p=0&
2013
http://bitcoincharts.com/charts/chart.png?width=940&m=mtgoxUSD&SubmitButton=Draw&r=60&i=2-hour&c=1&s=2013-04-01&e=2013-05-02&Prev=&Next=&t=C&b=&a1=&m1=10&a2=&m2=25&x=0&i1=&i2=&i3=&i4=&v=1&cv=0&ps=0&l=0&p=0&
Those mega red candles on the recent graph are massive and I am cautiously optimistic that if the market can absorb such huge volumes without causing a massive slide then we won't see a repeat of bubble 1.0. The big money came in from 50-100. So maybe lower we must go, as orderbook weight is shifting to the sell side.
It doesn't look so bad if you zoom out a bit:
Frankly, the fundamentals look like shit.
There there...
Fundamentals look great... it's just the price that's disconnected.
I don't know, the bubbles look fairly similar to me on the charts (I do see the pattern you are talking about, though) ...maybe it will go differently this time, but I personally don't think so.
2011
2013
2011
2013
Those mega red candles on the recent graph are massive and I am cautiously optimistic that if the market can absorb such huge volumes without causing a massive slide then we won't see a repeat of bubble 1.0. The big money came in from 50-100. So maybe lower we must go, as orderbook weight is shifting to the sell side.
You can get upset if you like, but it doesn't change the fact that the only justification for a price rise from $20 to $260 in less than 4 months is speculation driven by media hype (not fundamentals). This has nothing to do with negativity and everything to do with trading realistically and without emotion.
See, people keeps saying that, but no one really qualifies what they mean.
Here's what I see:
BTC payment services getting hacked (bitinstant), BTC wallet services being hacked, Lag on the exchanges grinding trading to a halt and killing liquidity, an overinflated price driven by media hype and people looking to get rich quick, an overinflated blockchain that may or may not contain child porn (or links to child porn), an economy driven primarily by drugs and grey market goods, etc, etc
....and thats just the tip of the iceburg.
Frankly, the fundamentals look like shit.
Here's what I see:
BTC payment services getting hacked (bitinstant), BTC wallet services being hacked, Lag on the exchanges grinding trading to a halt and killing liquidity, an overinflated price driven by media hype and people looking to get rich quick, an overinflated blockchain that may or may not contain child porn (or links to child porn), an economy driven primarily by drugs and grey market goods, etc, etc
....and thats just the tip of the iceburg.
Frankly, the fundamentals look like shit.
yep. this is why your proudhon packed up and left. only ever saw the negative and never the positive. email accts. get hacked too, guess we should abandon email everywhere and go back to snail-mail.
sr. member
Activity: 294
Merit: 250
This bull will try to shake you off. Hold tight!
Everybody should have made profit in both bitcoins and dollars. If you do things right, you end up with more dollars than you started with and also more bitcoins.
Wauw, that means wonders do exist, please elaborate.
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