Why the hell is everyone panicking?!
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Yup. People saw things on the news and thought Quick Riches! The gold rush floated all boats. But its not easy, and it requires a certain amount of dedication so cryptocurrencies drop as those people flush back out. I myself have though about it for a long time, but it seemed too involved for me to be able to try a cryptocurrency. (I rarely do anything like that casually) So I had to wait until I had a lull, which happened to be now.
The people who wanted to strike it rich are panicking because there are no good get rich quick schemes.
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[quote name=“Nixxle” post=“40800” timestamp=“1386372202”]
Yup. People saw things on the news and thought Quick Riches! The gold rush floated all boats. But its not easy, and it requires a certain amount of dedication so cryptocurrencies drop as those people flush back out. I myself have though about it for a long time, but it seemed too involved for me to be able to try a cryptocurrency. (I rarely do anything like that casually) So I had to wait until I had a lull, which happened to be now.The people who wanted to strike it rich are panicking because there are no good get rich quick schemes.
[/quote]Unless you’re willing to risk jail time and start a ponzi scheme
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It’s the “post-litecoin-madness-comedown” syndrome. It’s everywhere. Check every forum. They’re just missing the excitement of last week. Someone somewhere made a million last week… AND IT WASN’T THEM!!!
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[quote name=“TheTribesman” post=“40813” timestamp=“1386375798”]
It’s the “post-litecoin-madness-comedown” syndrome. It’s everywhere. Check every forum. They’re just missing the excitement of last week. Someone somewhere made a million last week… AND IT WASN’T THEM!!!
[/quote]I vote we start a [i]new[/i] topic where we all lose our shit much more flamboyantly than all those other people.
[url=http://www.youtube.com/watch?v=EXu6lQqhieA#ws]Toy Story 1 - This is a perfect time to panic![/url]
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[quote name=“HopeStillFlies” post=“40844” timestamp=“1386381414”]
[quote author=TheTribesman link=topic=5542.msg40813#msg40813 date=1386375798]
It’s the “post-litecoin-madness-comedown” syndrome. It’s everywhere. Check every forum. They’re just missing the excitement of last week. Someone somewhere made a million last week… AND IT WASN’T THEM!!!
[/quote]I vote we start a [i]new[/i] topic where we all lose our shit much more flamboyantly than all those other people.
[url=http://www.youtube.com/watch?v=EXu6lQqhieA#ws]Toy Story 1 - This is a perfect time to panic![/url]
[/quote]I’ve been told I make an excellend drama queen when the need arises. I could lead the horde.
OH MY GODDDDDDDD!!! WE’RE ALL GONNA LOSE OUT MONEY IN THIS PYRAMID SCHEME.
Wait…should have started a new thread. Darnit. This is why I’m not in charge of the panicked hordes.
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Don’t panic Mr Mannering!!! and don’t tell him your name Pike.
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[quote name=“unkunku” post=“41006” timestamp=“1386405418”]
Panicking? This is a zero-sum game, when someone cashes out with profit they’re in effect running with other people’s money.I would call is pure natural. If you were shorting on bitfinex you would have a lot of fun right now though :P
[/quote]How exactly do you short Bitcoins? That never made sense to me.
You purchase a securities contract. Say it’s a future, a put option, whatever. To do so, you had to pay with BTC. I know for a fact none of these exchanges accept USD. Which means you had to purchase BTC with another currency… the one your shorting against usually.
So you buy your contract, and the price goes down, and you get out more BTC than you put in. But now that BTC is worth less, so you convert it back to USD at a lower exchange rate… and my head explodes.
Isn’t the best way to short BTC just to sell it, and buy it back later?
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The only people panicking are the little people in the game. This is definitely a situation of controlled manipulation by major Crypto holders to increase their profits long term. Pretty simple philosophy buy low and sell high. If you have a ridiculous amount of Crypto currency and the market is stable what do you do? Destabilize it and play your cards right ;)
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[quote name=“xodexx” post=“41010” timestamp=“1386406222”]
The only people panicking are the little people in the game. This is definitely a situation of controlled manipulation by major Crypto holders to increase their profits long term. Pretty simple philosophy buy low and sell high. If you have a ridiculous amount of Crypto currency and the market is stable what do you do? Destabilize it and play your cards right ;)
[/quote]I wonder if that [url=http://www.coindesk.com/194993-btc-transaction-147m-mystery-and-speculation/]200K[/url] transfer from a few days ago had something to do with it…
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[quote name=“Max.Wyght” post=“41033” timestamp=“1386408484”]
[quote author=xodexx link=topic=5542.msg41010#msg41010 date=1386406222]
The only people panicking are the little people in the game. This is definitely a situation of controlled manipulation by major Crypto holders to increase their profits long term. Pretty simple philosophy buy low and sell high. If you have a ridiculous amount of Crypto currency and the market is stable what do you do? Destabilize it and play your cards right ;)
[/quote]I wonder if that [url=http://www.coindesk.com/194993-btc-transaction-147m-mystery-and-speculation/]200K[/url] transfer from a few days ago had something to do with it…
[/quote]I wouldn’t be surprised honestly and whoever is behind that transaction if they buy back in now will turn a hefty profit as the market is sure to recover.
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Probably a variety of factors. The major news announcement of bitcoin exceeding $1000 last week might have jogged a few peoples memories that they have some bitcoins floating around. Its near to Christmas and some extra cash will come in handy, and it can take up to a week to get the accounts linked in coinbase etc to cash out.
We could be looking at a variety of interesting trends, if you break them down separately and include all the possibilities written within this thread then you will be in a good position to buy or sell if you spot these trends in the future. We might see this behavior every Christmas for instance, so it could be a good time to buy and let it come back up next year. Who knows until we can better examine the behavior later. Here is where the financial experts are going to really cash in…
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I’m just repeating part of a response from the other thread here but…
Who’s to say that the (Bank of China) announcement was done in such a way so the price would crash so the guys running the show could jump in cheap. After realising that the coin has a true potential maybe they instigated this crash to take advantage of it?
Wouldn’t surprise me in the least.
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[quote name=“Calem” post=“41047” timestamp=“1386410189”]
I’m just repeating part of a response from the other thread here but…Who’s to say that the (Bank of China) announcement was done in such a way so the price would crash so the guys running the show could jump in cheap. After realising that the coin has a true potential maybe they instigated this crash to take advantage of it?
Wouldn’t surprise me in the least.
[/quote]You get a rep for that. +1
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[quote name=“Glads” post=“41046” timestamp=“1386409881”]
Probably a variety of factors. The major news announcement of bitcoin exceeding $1000 last week might have jogged a few peoples memories that they have some bitcoins floating around. Its near to Christmas and some extra cash will come in handy, and it can take up to a week to get the accounts linked in coinbase etc to cash out.We could be looking at a variety of interesting trends, if you break them down separately and include all the possibilities written within this thread then you will be in a good position to buy or sell if you spot these trends in the future. We might see this behavior every Christmas for instance, so it could be a good time to buy and let it come back up next year. Who knows until we can better examine the behavior later. Here is where the financial experts are going to really cash in…
[/quote]Yeah, I was thinking the same thing.
Lots of stocks drop during the holidays, and then recover right after.
[quote author=Calem link=topic=5542.msg41047#msg41047 date=1386410189]
I’m just repeating part of a response from the other thread here but…Who’s to say that the (Bank of China) announcement was done in such a way so the price would crash so the guys running the show could jump in cheap. After realising that the coin has a true potential maybe they instigated this crash to take advantage of it?
Wouldn’t surprise me in the least.
[/quote]From what I understand, Joe Wang can still trade BTC for goods and services between them.
The Chinese ban simply prohibits large institutions to buy BTC up.I think the chinese government did it to crash the market, and buy in cheap, because they missed the train earlier this year.
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[quote name=“Kevlar” post=“41052” timestamp=“1386410385”]
You get a rep for that. +1
[/quote]Cheers Kevlar.
I’m just thinking about this from the perspective of an influential individual who’s job it is too see the bigger picture. And also has a lot of pulling power.
My thoughts have nothing to do with tinfoil hats, all though from the dictionary meaning, it could be described as a classic conspiracy. I’m simply just theorising.
Like all my random opinions, I very well could be wrong. But it really makes no difference. The market has crashed and it will recover in time.
It seemed clear from the start that China was inflating the price beyond it’s current natural value, so in essence a form of bubble has “popped”. But that bubble was just the Chinese opinion.
I might extend this theory further… The price drop in China has simply come from the Banks themselves selling off what they bought in early before the major climb. Hence the thought that (private) individuals within the banking sector there, are the ones buying all those cheap coins been bailed on.
Start the crash high, wait for public reaction. Buy cheap and then it’s stabilised.
Nothing to do with tinfoil hats.
Just smart people with power who know how to make money.
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It’s going to be funny if the Chinese government comes out and claims they made a boo boo followed by a retraction of their BTC restrictions.
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The Bank of America / Merrill Lynch has made a statement claiming that bitcoins current value should be about $1300 usd.
[url=https://www.documentcloud.org/documents/885843-banks-research-report-on-bitcoin.html]https://www.documentcloud.org/documents/885843-banks-research-report-on-bitcoin.html[/url]
[quote]Is Bitcoin a bubble? Assuming Bitcoin becomes (1) a major player in both ecommerce and money transfer and (2) a significant store of value with a reputation close to silver, our fair value analysis implies a maximum market capitalization of Bitcoin of $15bn (1BTC = 1300 USD). This suggests that the 100 fold increase in Bitcoin prices this year is at risk of running ahead of its fundamentals.[/quote]
To translate, btc is worth $1300 usd but not more at this current point in time.
So yeah…
We have “their” attention now it seems…
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[quote name=“xodexx” post=“41067” timestamp=“1386414127”]
boo boo
[/quote]LOL, High Five!
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[quote name=“Calem” post=“41069” timestamp=“1386414194”]
[quote author=xodexx link=topic=5542.msg41067#msg41067 date=1386414127]
boo boo
[/quote]LOL, High Five!
[/quote]:D
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Rep +++
Some very interesting insights, cheers.
