why no harder crash ? - page 2. | Bitcointalksearch.org

raid_n

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Quote from: traderCJ on December 18, 2013, 02:53:13 AM

Quote from: raid_n on December 18, 2013, 02:46:03 AM

Option a) Bitcoin fails as a whole. By definition it is now a Pyramid scheme for those that started early and cashed out

I must have missed Larry King Live. How does Bitcoin fit the definition of a Ponzi scheme? Because it is heavily speculated?

It does not, which is why I wrote Pyramid scheme and then ONLY if it actually fails!

RationalVoice

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50% drop in value in a matter of weeks is a HUGE crash for any financial instrument. If Dow Jones fell 50% in a period of one month, you would be looking at Great Depression X100 and completely chaos.

This volatility is the reason that will keep Bitcoin from becoming the legitimate currency. No sane person would trade or do business in the currency that has +/- 20% swings on any given day.

If you want to stabilize the bitcoin and turn it into mainstream unit of exchange, you have to stabilize the exchange rate. How? Peg it to a stable fiat currency or back it by something of REAL value. Right now, bitcoin price is driven 100% by speculation, greed, and blind "belief" that it is worth something.

traderCJ

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Quote from: raid_n on December 18, 2013, 02:46:03 AM

Option a) Bitcoin fails as a whole. By definition it is now a Pyramid scheme for those that started early and cashed out

I must have missed Larry King Live. How does Bitcoin fit the definition of a Ponzi scheme? Because it is heavily speculated?

raid_n

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Activity: 269

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Quote from: accord01 on December 17, 2013, 10:03:26 PM

Quote from: Cluster2k on December 17, 2013, 10:00:29 PM

I think it's safe to say most of bitcoin's value is based on two fundamentals:

1) This is the commodity/currency of the future, and I'm buying in now as more people will use it in the future

2) Someone will pay more for my bitcoins tomorrow than I'm paying today, therefore it's an easy buy

When people talk about fundamentals it really boils down to the two above. Current uses for bitcoin do not justify exponential growth in price to over US$1k.

Why no harder crash? We still have a ready supply of speculators willing to buy back in because they think bitcoins are now cheap. Buy at US$700, sell at US$800 a day or two later. Rinse, repeat. Massive profit over a very short time period. We in the bitcoin world are so disconnected from reality sometimes that we fail to notice that such swings are extremely rare in the real world of investing.

In the end, A LOT of people are just going to get hurt by a select few. This is obvious. Its happening already, and this is STILL the bitcoin wealth distribution:

Option a) Bitcoin fails as a whole. By definition it is now a Pyramid scheme for those that started early and cashed out

Option b) Bitcoin succeeds. Unless no one ever sells any of their BTC the distribution will change. For b) to happen Bitcoins need to be sold

Bitbuy

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Quote from: jamesc760 on December 17, 2013, 08:24:10 PM

It's forcing out short-term traders and weak-hands. It will make BTC stronger. Just hold on to your bitcoins until Jan'2014!

Couldn't agree more...If you're anxious and inclined to panic sell, just walk away from this for now and enjoy the holidays.

cAPSLOCK

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Note the unconventional cAPITALIZATION!

Quote from: accord01 on December 17, 2013, 10:03:26 PM

Quote from: Cluster2k on December 17, 2013, 10:00:29 PM

I think it's safe to say most of bitcoin's value is based on two fundamentals:

1) This is the commodity/currency of the future, and I'm buying in now as more people will use it in the future

2) Someone will pay more for my bitcoins tomorrow than I'm paying today, therefore it's an easy buy

When people talk about fundamentals it really boils down to the two above. Current uses for bitcoin do not justify exponential growth in price to over US$1k.

Why no harder crash? We still have a ready supply of speculators willing to buy back in because they think bitcoins are now cheap. Buy at US$700, sell at US$800 a day or two later. Rinse, repeat. Massive profit over a very short time period. We in the bitcoin world are so disconnected from reality sometimes that we fail to notice that such swings are extremely rare in the real world of investing.

In the end, A LOT of people are just going to get hurt by a select few. This is obvious. Its happening already, and this is STILL the bitcoin wealth distribution:

Fake chart is fake.

pera

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バカ

Quote from: pera on December 17, 2013, 07:13:10 PM

I think the main problem right now is that most people don't know what to believe about the news from China, something similar happened when we went from 1200 to 860 and then back to 1150 because "it's good news morons!"... I'm not saying that the price is being controlled by redditors, just giving it as an example of how difficult is for the market to interpret some news.
At this point there are already enough sources (CCTV, Sina, even Coindesk) "confirming" what could be really bad news from the long-term pov, but I think it could take 48hs more to see some real action in the market. Meanwhile the price is oscillating and some daytraders are still making money

did I say 48hs? sorry I meant like 48 minutes more Cheesy

TiagoTiago

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Firstbits.com/1fg4i :)

Quote from: NorbyTheGeek on December 17, 2013, 10:44:01 PM

It's just that the word "crash" gets thrown around the forum so much. Anytime prices go down it's a "crash". When prices go up, it's a "bubble".

When prices continue to decline for a couple of weeks, is it still a "crash"? When does it cease to be a crash and become a decline? Or do we just like to throw around words with the most shock value?

People usually call a crash when the price goes more down than up; it's more about the trend than individual values.

NorbyTheGeek

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It's just that the word "crash" gets thrown around the forum so much. Anytime prices go down it's a "crash". When prices go up, it's a "bubble".

When prices continue to decline for a couple of weeks, is it still a "crash"? When does it cease to be a crash and become a decline? Or do we just like to throw around words with the most shock value?

GeniuSxBoY

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Lol, what do you consider a crash? Roll Eyes

NorbyTheGeek

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Crash?

You keep using that word. I do not think it means what you think it means.

A 2+ week downtrend != "crash". Huh

accord01

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Quote from: Cluster2k on December 17, 2013, 10:00:29 PM

I think it's safe to say most of bitcoin's value is based on two fundamentals:

1) This is the commodity/currency of the future, and I'm buying in now as more people will use it in the future

2) Someone will pay more for my bitcoins tomorrow than I'm paying today, therefore it's an easy buy

When people talk about fundamentals it really boils down to the two above. Current uses for bitcoin do not justify exponential growth in price to over US$1k.

Why no harder crash? We still have a ready supply of speculators willing to buy back in because they think bitcoins are now cheap. Buy at US$700, sell at US$800 a day or two later. Rinse, repeat. Massive profit over a very short time period. We in the bitcoin world are so disconnected from reality sometimes that we fail to notice that such swings are extremely rare in the real world of investing.

In the end, A LOT of people are just going to get hurt by a select few. This is obvious. Its happening already, and this is STILL the bitcoin wealth distribution:

Cluster2k

legendary

Activity: 1692

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I think it's safe to say most of bitcoin's value is based on two fundamentals:

1) This is the commodity/currency of the future, and I'm buying in now as more people will use it in the future

2) Someone will pay more for my bitcoins tomorrow than I'm paying today, therefore it's an easy buy

When people talk about fundamentals it really boils down to the two above. Current uses for bitcoin do not justify exponential growth in price to over US$1k.

Why no harder crash? We still have a ready supply of speculators willing to buy back in because they think bitcoins are now cheap. Buy at US$700, sell at US$800 a day or two later. Rinse, repeat. Massive profit over a very short time period. We in the bitcoin world are so disconnected from reality sometimes that we fail to notice that such swings are extremely rare in the real world of investing.

JimboToronto

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You're never too old to think young.

Quote from: melacs on December 17, 2013, 09:46:53 PM

I would say that (as everyone knows) the current use value of bitcoin is much lower than the price. Anything above 378 is pure speculation.
People sell when it is going down in order to rebuy when it will go up.
Some speculators are selling even though they believe in bitcoin, just so they can improve their position.
When will it bottom out? No one knows.

Why 378?

melacs

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I would say that (as everyone knows) the current use value of bitcoin is much lower than the price. Anything above 378 is pure speculation.
People sell when it is going down in order to rebuy when it will go up.
Some speculators are selling even though they believe in bitcoin, just so they can improve their position.
When will it bottom out? No one knows.

TERA

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Just trust the current charts and the emas/MA CDs nothing else. Analyzing the previous charts will get you nowhere.

BittBurger

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"Strong Support" is the only correct answer to this poll.

Weird that its not the number 1 item.

Its the only correct one.

traderCJ

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Quote from: aminorex on December 17, 2013, 09:07:26 PM

There's nothing particularly unclear at this point.

At this point. What's next from the regulators is what I want to know.

aminorex

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Sine secretum non libertas

There's nothing particularly unclear at this point. Alipay, tencent and the like can't be used in btcchina deposit/withdrawal transactions (which are the only btc transactions in china which have any impact outside of china). Only major chinese state-owned banks have the remit to transfer funds to/from btcchina. BTC is treated like gold and silver, which are approved investment vehicles, and not like a currency, which is illegal to trade. Lots of forum users report on their btcchina funding and trading experiences, and all of the information is clear and consistent.

hoewer4what

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Quote from: pera on December 17, 2013, 07:16:16 PM

a short stabilization means nothing at this point, the downtrend is pretty clear.

OK, cheap coins then. But situation is unclear, it helps only FUD, but announcement may clear the situation

Topic: why no harder crash ? - page 2. (Read 4021 times)