Topic: Yup, still feeling bearish. - page 5. (Read 8866 times)

I would love to see BTC $100 by the end of the year. I don't want to see it at $250 next Monday and $53 next Wednesday and $180 the week after.

Who is going to use it as a currency then?  It would basically a tool for traders to milk money from noobies.

I'm sure many here would love to see the volatility.  I personally would be happy if it stayed still for 7 months.

Did you forget the < $20 to $266 run up that caused the first part of the crash?...You know, when it was growing exponentially and at an insane rate? Do you really not see how following the same pattern would lead to disaster? Really?

I agree that we're "out of suckers" as it were but I disagree that the whole world knows about Bitcoin.

Outside of my fellow news/tech junkies, only a couple people I know have heard of it.  Then of course there's also the fact that the majority of the world doesn't have Internet access (source).

How about being the same value it was 3 days ago? What a silly comment.

It has. This is it. Ground Zero.
It's Max Kaisers and  Bruce Wagners forever.

Bitcoin just hasn't found it's niche yet.  It will eventually solve the funding issue for open source software, free music communities (free as in permission to reuse), and other crowd-sourced creation endeavors.  It will start off as a niche, but in a hundred years it will just be how the economy works.

I think the point here is:
The world now knows about bitcoin, pretty much all of it.
But it knows it for what it is: A trading game with scummy figures playing captain of the industry and an attached army of zealots with the attitude of MLM participants.

In short: We're out of suckers.

You know, being snarky (and pretending not to get my point) doesn't change the reality of the situation.  

That's one of the few thing they actually make sense to use them for.

Look at it this way, we were way oversold.

Almost doubling in value in less than 2 days isn't exactly inspiring confidence in me right now either.

Just paid for a new web hosting account with bitcoins yesterday.  I wasn't even looking for somewhere that accepted them, just happens that the host did.

Or does that fit into "drugs, porn, trinkets" somehow?

The bid sum peaked at $16 million before the crash. It is currently almost $19 million.

out of curiosity does anyone know how much bidwalls were before the crash? right now there is 17 million in bidwalls

That would take money off the table that would be better spent buying back into BTC when the price is low enough. The money I have on the exchanges is reserved for trading only, for now (though I have made BTC purchases in the past). I havent moved any USD into the system since my first buy in back in 2011, and I dont plan on moving anymore in now.  

Eventually (once I get bored with BTC), I plan on cashing out into precious metals so I have a momento of my BTC adventures, though.

Judging from the previous bubble, it is easy to make a bearish prediction, however the situation is quite different on an order of magnitude:

1. Security of exchanges is much higher
2. Larger number of speculators currently in the market
3. More and more merchants announcing everyday that they accept BTC (Sure, it starts with adult entertainment and dating sites today, but maybe a week from now we'll be finding stores like newegg/amazon accepting BTC, at that point it needs to be taken a lot more seriously. This is just a start and a world apart from where it was at in 2011).
4. From what I have last heard a couple days ago, the queue @ gox was 28k
5. A lot of 3rd party investors are dumping fiat into BTC trying to pump it up and raise confidence in the market

I was initially extreme bearish but extremely surprised that the 50 wall held up yesterday (as I expected it to go to the 40s), and I'm kicking myself for not having bought a couple of coins when all the signs were showing at the very least a short term rebound when looking at the money flow, wedge formation, and momentum/movement.

All of the above are at the very least signs of a sustained market in the short term and might even form another 'miniture' bubble before another collapse, much like the 2008 stock crash.

Short to mid-term I'm still bearish, and long term bull... I've got a 12 BTC (valued @ 120/USD at the time) bet hedged against someone, their fiat vs my BTC on where the market will be at the end of the month so I'm all for a huge crash to occur, but it looks like BTC might even be around the 150 range near the end of April before it starts its steady and much needed decline....

so i started making a list of thing you can buy with bitcoin, needless to say the list was extensive...
so i deleted that, and all i'm going to say is
if you throw enough bitcoins on the table, there's simply nothing you can't buy


@evolve, if your so conviced bitcoin is going to go down, why not order some food tonight Foodler.com

I don't think so. The price has artificially inflated due to the seizure or closure of bitfloors USD bank account. People that had dollars in bitcoins are seeing that the safest way to withdraw those dollars is to buy bitcoins, driving the price up for everyone.

The question is, what will these people who are forced to buy bitcoins do with them once they transfer them out of bitfloor?

Fire sell off?

Uh-huh.

No... you are right, its not possible...BTC price can only go up, uP, UP! Right?  $10,000 coins by tomorrow!!!!  We are all going to be millionaires!!!!


Don't delude yourself, it is entirely possible. If you don't realize that, you are going to be the one left holding the bag. You may think you are a bull, but you aren't.

I was not making a prediction or assumption. Just putting forward a theoretical possibility - no-one knows how this will play out since there's never been anything like this before.