Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 26417. (Read 26732035 times)

Explanation

I actually don't necessarily believe the metaphor of the drug dealer and the addict is the best fitting one. I guess it's just how human psychology and reasoning works. Why would they be afraid to go to the police, buying mining rigs isn't illegal, is it? It's more of the "I don't want to admit that I've been scammed" sentiment, combined with "I'll just go and keep telling myself they'll deliver eventually" - which is called wishful thinking. It's just trying to get out of the whole situation and trying to grasp every straw available!

Well, it's a valid tactic, if you ask me! You can make a lot of people very happy with that strategy!

blarg. <$400 would paint quite a tragic technical picture. It would likely mean <$300, too, maybe even worse.

I'm all for staying above $400.

That unfortunately is true, I feel that I have become more cynical with time.  Not because of this thread, I think, but of other threads I have been reading.   Some of them are beyond crazy, totally surreal.   

For example, reading the threads about Butterfly Labs, AMT, and other mining rig scams, I could not understand why the victims kept asking and pleading and discussing with the companies for almost a year, still accepting their phony explanations, promises, deals, upgrades -- even sending them more money.  Those clients must know that the CEO of one of those companies was convicted, not long ago, of running an international lottery scam that stole 25 million from old pensioners and such.  Being told so, a sane client should have stopped wasting time and gone straight to the police to file charges for fraud.  Why did their clients instead keep asking, whining, pleading, insulting, sometimes even praising the scammers?

Then I had an epiphany (what a swell word, must use it more often!  ): that is the way drug addicts interact with drug dealers who failed them.  They know that the merchant is a criminal and what he did to them was fraud.  But they of course won't go to the police, and know that he is the boss so their only hope is to convince him to deliver.  When they finally get some product from him, even if it is late, junk, and much less than they paid for, they will be thankful and forget the damage and come back the next day for more, nice and smiling.

Could it be that buying illegal drugs was the only non-trivial "business experience" that those clients had in their life?

What worries me now is that we're still seeing low volume on these bounces, and LTC STILL continues to fall. I think this is a strong indication of further sell offs for bitcoin. Sub $400 is looking more and more likely.

oh nose more walls.  and dumps into walls

panicked trader fat fingered a big order?

who knows...

Day Tradarzz, getting nervous already?  Margin looking kinda... slim?  Bag starting to get a little, um, weighty there?  Tsk, tsk.

Better sell soonz...

Hopefully we break 480 on the upside here...

I see that we closed green even down to the 15 min. candle on the flashcrash, seems bullish to me

That guy, sellin 100BTC on BTC-e 23 $ below Stamp, what´s wrong with him? Shorter that came too late?

Obviously to drive the price down to buy them back later, cheaper.

If the Fed wants to bring Bitcoin investors to their knees, they could just announce a FBI auctioning of the remaining coins. 

That could easily bring BTC to the 200's and lower.

MtGox + SilkRoad coins getting liquitated again? Nice to see! 

Thanks. This smiley is very valuable for me. 

Always ready to take responsibility for my positions and CUT MY LOOSE when I'm wrong. That's the reason I don't become a jaded individual who keeps complaining about the market as he helplessly and senselessly watches.

Maybe. I know nothing of margin trading beyond the basic idea.  Those calls that expired at the end of May, when were they made, and for how much?  Was their volume compatible with the amounts involved in the rise?

@Mimitech suggested the Dell adoption as the causing event, and @walsoraJ pointed out Jed McCaleb's threat to sell his huge holding of XRP.  Maybe too.  However, I would first look for a cause in China.  Could that be the opening of the international branches of Huobi and OKCoin? Or some leak from the government? 

The flash crash made the shorts cover earlier than expected, no steam left.  There will be no significant rise for you to profit.  Get ready to cut and run!  

my my...