Topic: The Bubble Popped (Read 7872 times)
Looking back I feel that defining a bubble should be measured in weeks not months
Reviving this thread because it suits well today.
OK, it's official, the "bubble" is DEFINITELY "popping" ... ... it's just doing it really, really, really, slowly. 
Nice call, OP
Nice call, OP
Let me guess... this is just a "dead cat bounce," right, OP?
Still waiting for the "bubble" to pop, Op 
The only thing that really happened was that some folks who think bitcoin is just another market that you use Wall Street strategies for got their clocks cleaned.
The only people selling at $160 and $155 were wonks and day-traders that had stuck in stop-loss orders. Now when they wake up in the morning, they can look at their balances, and then climb back into bed and cry into their pillows because they got their pockets picked.
Bitcoin trading is not Wall Street, and if you try that crap eventually you will get eaten.
The only people selling at $160 and $155 were wonks and day-traders that had stuck in stop-loss orders. Now when they wake up in the morning, they can look at their balances, and then climb back into bed and cry into their pillows because they got their pockets picked.
Bitcoin trading is not Wall Street, and if you try that crap eventually you will get eaten.
It's no different than trading anything else - there is no formula, and most traders, including professionals, end up failing to beat the market.
Bitcoin is much more volatile and have much wider swings up and down, so while the principles might be the same or at least similar, the actual values are quite different. This means that if you take some constants from your wall street trading, and you "just use them" in Bitcoin, they will perform quite poorly. That's why he wrote that example about stop-loss orders: in wall street market, likely such an order would have made sense. Here it was just a normal swing.
Sheesh, with all the people openly having a target of $1000 it's going to take years to get there and crash magnificently the moment it does.
It depends. If Bitcoin hits $1000 for the same reasons it hit $266 in April - pure speculation - then, yes, it will crash dramatically. In fact, it will most likely crash before it gets to $1000, if its based mostly on speculation.
However, if the underlining fundamental values of BTC increase such as:
A. Legitimacy as a true store of wealth - (ETF funds, financial markets treating it as if it is a viable option)
B. Increased adoption and implementation in developing or struggling countries (i.e. relationship with M-pesa/Cyprus)
C. Legitimacy as a currency grows - adoption by large internet companies/off-line retailer brands, etc.
then $1000 could come and go without much ado at all.
It really just depends on how Bitcoin evolves over then next 24 months.
Sheesh, with all the people openly having a target of $1000 it's going to take years to get there and crash magnificently the moment it does.
so you think it wiil take years for this
https://bitcointalksearch.org/topic/m.3055867
to take place ? and then it would crash ? that would make it a strange party...
Well, I'd expect a large correction somewhere around that level at any rate.
Sheesh, with all the people openly having a target of $1000 it's going to take years to get there and crash magnificently the moment it does.
so you think it wiil take years for this
https://bitcointalksearch.org/topic/m.3055867
to take place ? and then it would crash ? that would make it a strange party...
Well it was quite a drop, and I wasn't happy to see it. But it's fairly typical for Bitcoin lately.
Oh I was happy indeed, I had dollars ready for days, just waiting for this correction
Sheesh, with all the people openly having a target of $1000 it's going to take years to get there and crash magnificently the moment it does.
The bubble can't pop as long as you can't withdraw real money in significant numbers
Thank MtGox
Thank MtGox
new rally starts in 5 4 3 2 1...
I thought the previous high in btc history was 266 on mtgox, but it seems like it was only 240.... anyway... this new jump and correction is happening exponentially faster...
new trends will definitely be happening exponentially faster.
new trends will definitely be happening exponentially faster.
Well it was quite a drop, and I wasn't happy to see it. But it's fairly typical for Bitcoin lately.
Hey it's just like coming down from an acid trip. No ones happy about it. 
www.currentbitcoinvalue.org is showing a slow and steady decline in Bitcoin value for all the major exchanges. How far will it go? Anyone willing to speculate on what a good price would be to start buying back in?
Well it was quite a drop, and I wasn't happy to see it. But it's fairly typical for Bitcoin lately.
I'm representing! Every service based or mom/pop business I go into I am preaching it!
We may have had a correction, but the rally isn't over yet!
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