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The Bitcoin (BTC) thread
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JayJuanGee Offline
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Post: #1876
RE: The Bitcoin thread
There seems to be so much lack of interest in BTC discussions in RVF that we are NOT even getting BTC naysayers.. or posters coming here to tell us that they told us so, about the direction of BTC...


Actually, I was reminded of the BTC naysayers with listening to Peter Schiff's latest position on BTC.

This video is Que-ed up to minute 65 - where Shff begins to talk about BTC.

https://www.youtube.com/watch?v=lMfoFlJhcck#t=65m49s

Peter Schiff's talks such NON-sense about BTC out of his ass, but he attempts to make it sound so reasonable and measured.

Remember some of people following Bitcoin and Schiff began to believe that Schiff may have becoming more bullish on bitcoin when his gold-selling website began to accept bitcoin as a measurement of payment (maybe a few months ago).

Even though Schiff attempts to frame that acceptance of BTC as merely practical, it does show a little of his support for the bitcoin infrastructure (even though he attempts to argue that his acceptance of BTC as totally undermining bitcoin because he supposedly converts all of his received bitcoin into dollars, right away).

In this video, Schiff does NOT exactly call any specific BTC price bottom, but he asserts that the odds are pretty good that he is correct and BTC is on a downward trajectory, and he would NOT really feel comfortable gloating before BTC prices reach below $100, which he believes is going to happen sometime soon (without exactly specifying when this supposed happening will occur).

Ultimately, a reasonable inference would be that Schiff is predicting NO more bubbles for BTC and NO more ATHs for BTC - though he does NOT assert any of that either.

Also, from his comments, a person would assume that Schiff would want to short BTC and/or to bet against it - though I have my doubts that Schiff is doing that - even though he continues to trash-talk BTC... Actually, sometimes when I listen to how knowledgeable that Schiff is about some of the market movements of BTC, I begin to think that maybe he has a secret stake in BTC or at least he should take a hedging stake into BTC just in case it does better than he had been publicly been asserting.
09-23-2014 02:07 AM
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JayJuanGee Offline
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Post: #1877
RE: The Bitcoin thread
Since I seem to be on a BTC roll, again.. hehehehe.. one more BTC point for today that also kind of relates to the above BTC discussions related to Peter Schiff's BTC price pessimism.

I came across this Reddit article: http://www.reddit.com/r/Bitcoin/comments...orting_it/

I found it very interesting that people are promoting some ideas about shorting BTC... in this market times... which in principle would NOT be a bad idea to know how and to have abilities to short BTC, but getting involved in shorting of BTC NOW and in these times seems really looney, in my humble bumble thinking.. .to suggest merely because BTC has gone down in price for nearly 10 months that NOW would be a good time to learn about shorting and potentially put into play such BTC shorting.. .. anyhow some people may find it interesting.. though currently I tend to be more interested in strategizing various long BTC positioning..
09-23-2014 02:14 AM
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el mechanico Offline
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Post: #1878
RE: The Bitcoin thread
Hell yeah about time some shit went our way here!!!
09-23-2014 01:27 PM
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JayJuanGee Offline
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Post: #1879
RE: The Bitcoin thread
(09-23-2014 01:27 PM)el mechanico Wrote:  Hell yeah about time some shit went our way here!!!

Yep... really cannot complain about this. In the last 90 minutes on BitStamp, we had more than 10,000 BTC traded, and the price moved from $394 to $450, and currently the high volume is ongoing and the price is bouncing between the $430s the $440s, as I type. I am NOT complaining.

There were a couple of big buys from Second Market and GABI... and even though in the last month, PayPal had done a minor additional of Bitcoin, I had read in this article about today's announcement of a much broader PayPal BTC adoption.

So potentially we are into some upward action.. ..
09-23-2014 02:14 PM
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JJ Roberts Offline
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Post: #1880
RE: The Bitcoin thread
Glad I bought some yesterday at $398.
09-23-2014 02:17 PM
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JayJuanGee Offline
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Post: #1881
RE: The Bitcoin thread
(09-23-2014 02:17 PM)JJ Roberts Wrote:  Glad I bought some yesterday at $398.

Haven't you been buying all along in the last 7 months or so with prices between $398 and $680 and all points in between?
09-23-2014 02:31 PM
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JayJuanGee Offline
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Post: #1882
RE: The Bitcoin thread
(09-23-2014 02:14 PM)JayJuanGee Wrote:  
(09-23-2014 01:27 PM)el mechanico Wrote:  Hell yeah about time some shit went our way here!!!

Yep... really cannot complain about this. In the last 90 minutes on BitStamp, we had more than 10,000 BTC traded, and the price moved from $394 to $450, and currently the high volume is ongoing and the price is bouncing between the $430s the $440s, as I type. I am NOT complaining.

There were a couple of big buys from Second Market and GABI... and even though in the last month, PayPal had done a minor additional of Bitcoin, I had read in this article about today's announcement of a much broader PayPal BTC adoption.

So potentially we are into some upward action.. ..

On other interesting aspect of the price movement that I described in my above post, is that BTC market cap moved more than $700 million in those 90 minutes of upward price movement, which is more than the total combined market cap of all of the other nearly 500 cryptos.

After nearly 10 months of studying various BTC charts and news and price fluctuations, I still have hardly NO fucking clue at the moment and in the short-term regarding the price direction of BTC. Since my last posting, the price dipped down to $430; however, as I type there appears to be considerable price pressure with prices hovering in the lower $450s (up to $453) and the upper $440s.

No matter what the ultimate conclusion at the end of the day or the end of this week, the last several hours have been very bullish and bullish in what appears to be a strong and supportive way with over 16,000 BTC traded on Bitstamp alone in a little over 3 hours.
(This post was last modified: 09-23-2014 04:05 PM by JayJuanGee.)
09-23-2014 04:01 PM
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el mechanico Offline
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Post: #1883
RE: The Bitcoin thread
You never know. I told you guys it was driven by drama a long time ago. I needs to start going up again for real like 600+ So i can start fucking with my junk alt coins more. This has been real boring for me.
09-23-2014 04:10 PM
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JayJuanGee Offline
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Post: #1884
RE: The Bitcoin thread
(09-23-2014 04:10 PM)el mechanico Wrote:  You never know. I told you guys it was driven by drama a long time ago. I needs to start going up again for real like 600+ So i can start fucking with my junk alt coins more. This has been real boring for me.

I am praying for "us" HODLERS... even though I intend NOT to be selling as we pass through the $600s.
09-23-2014 04:14 PM
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jamaicabound Offline
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Post: #1885
RE: The Bitcoin thread
Just curious if anyone else has used cryptorush? I had some altcoins in there when the site was hacked or attacked or whatever. For a long time they kept saying rolled out new site. THen new site rolled out but wasn't really active couldn't get your old coins, etc. I believe they sent out an email saying they were working on making sure everyone got their coins back. I see after checking today you are able to setup new accounts, if you had coins when they crashed they said use the same email address t get your coins back. Just curious if anyone else has been dealing with this? I notice in my portfolio I have some cryptorush bonds but none of hte alt coins I held before the crash. Anyone else know whats going on?

Okay edited, I just was able to see I have a cryptorush 1.0 basket as well. Really confused by all this. Just curious if anyone else is mixed up in all this stuff with cryptorush?
(This post was last modified: 09-23-2014 04:28 PM by jamaicabound.)
09-23-2014 04:26 PM
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el mechanico Offline
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Post: #1886
RE: The Bitcoin thread
(09-23-2014 04:14 PM)JayJuanGee Wrote:  
(09-23-2014 04:10 PM)el mechanico Wrote:  You never know. I told you guys it was driven by drama a long time ago. I needs to start going up again for real like 600+ So i can start fucking with my junk alt coins more. This has been real boring for me.

I am praying for "us" HODLERS... even though I intend NOT to be selling as we pass through the $600s.
Ya know Jay, the only reason I'm hodling is because the second I sell the united states of africa-china will declare it the main world currency in 5 minutes and it'll shoot up to 13,895 per coin in one hour.
09-23-2014 04:29 PM
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JayJuanGee Offline
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Post: #1887
RE: The Bitcoin thread
(09-23-2014 04:29 PM)el mechanico Wrote:  
(09-23-2014 04:14 PM)JayJuanGee Wrote:  
(09-23-2014 04:10 PM)el mechanico Wrote:  You never know. I told you guys it was driven by drama a long time ago. I needs to start going up again for real like 600+ So i can start fucking with my junk alt coins more. This has been real boring for me.

I am praying for "us" HODLERS... even though I intend NOT to be selling as we pass through the $600s.
Ya know Jay, the only reason I'm hodling is because the second I sell the united states of africa-china will declare it the main world currency in 5 minutes and it'll shoot up to 13,895 per coin in one hour.


I figured I was going to get in trouble using the phrase "'us' HODLERS". That is why I put "us" in quotes. Laugh

I also figured that you were HODLER only because you preferred to minimize locking in your losses - to the extent that they could be referred to as losses - based on your "buy-in" price.

Anyhow, don't worry about us, once you sell. We will be fine. Smile


Further, I anticipate that the BTC price is going to fluctuate between $400 and $850 for some time before BTC prices rocket past $850 into the $3 to $5k territory... So likely you will have some time to buy back into BTC before $850... though I am think that once BTC prices go past $850, then you are gonna need to hold onto your space suits and your oxygen tank because we will only be going up well past the previous ATH from there... that is $3 to 5K territory and beyond.. could be on the higher end, especially since this rocket seems to have been delayed for a considerable amount of time ($13 to 14k would NOT be out of the question - but seems a bit much within the next year or so..... but what the fuck do I know?).
09-23-2014 05:09 PM
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el mechanico Offline
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Post: #1888
RE: The Bitcoin thread
^ Wow. You know this thing can crash and burn in one minute right? It's digital.

Just like the good looking loser video. The haters who sold early or never got in like the losers at pua hate and the midland Texas guys with computer skills are working nonstop to kill this deal.
09-23-2014 05:14 PM
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JayJuanGee Offline
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Post: #1889
RE: The Bitcoin thread
(09-23-2014 05:14 PM)el mechanico Wrote:  ^ Wow. You know this thing can crash and burn in one minute right? It's digital.

Just like the good looking loser video. The haters who sold early or never got in like the losers at pua hate and the midland Texas guys with computer skills are working nonstop to kill this deal.

Any investment with a considerable amount of upside potential is going to have risk, otherwise everyone would already be invested into it, no?

You seem to view the probability of going to zero greater than I do, and especially what appears to be on a different time-line than I do.

We each make our assessment(s) regarding how or if we want to invest into anything (bitcoin or anything else) based on at minimum: our risk tolerances, vision of probabilities, financial assets and diversification, personal goals and our investment time-line.

Some people will be more correct than others regarding how the future plays out, and I see NO reason suggesting that some people are better or worse than others because they made different calculations and made different investments based on their calculations.

Surely, there are some courses of action in investing or in game or in other areas of life that are more certain than others - so how or if a guy plays his cards will differ depending how he perceives the relevant variables and outcome(s) he wants to achieve.

These points are NOTHING that we have NOT discussed in this thread before regarding individual variability, no?
09-23-2014 05:43 PM
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JJ Roberts Offline
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Post: #1890
RE: The Bitcoin thread
(09-23-2014 02:31 PM)JayJuanGee Wrote:  
(09-23-2014 02:17 PM)JJ Roberts Wrote:  Glad I bought some yesterday at $398.

Haven't you been buying all along in the last 7 months or so with prices between $398 and $680 and all points in between?

My buy spread is quite wide.

Tend to buy on no-good-reason price slides.

My buy range in the last 6 or 7 months is as low as $350 (my largest purchase) on the low side to mostly 400 or 500 something buys.

I bought one bitcoin at around 640 when I first entered the market which has been my most expensive buy.
09-24-2014 03:31 PM
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JayJuanGee Offline
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Post: #1891
RE: The Bitcoin thread
My personal assessment is that overall bitcoin volume is higher over the past 7 weeks (but NOT by a whole hell-of-a-lot), and really, the small increase in BTC volume has NOT been causing any upward and/or material movement in BTC prices - but instead what appears to be somewhat of a struggle by the BTC market to attempt to determine whether upper $300s and/or low $400s is a bottom or NOT.

I have a hard time concluding that BTC prices will get pushed below $350 in the coming weeks, but really who knows in BTC-landia?

I continue to remain too scared to sell any BTC right NOW, given the current status of my overall BTC portfolio being in the red... and just my sense that the probabilities remain more likely for BTC prices to go up from here, rather than down.

Further, BTC prices could be floating between $350 and $500 for the next several months? Anyone know better?

Currently, I am anticipating that I will keep attempting to accumulate BTC and buying as my fiat comes in, at least while BTC prices remain below $600 - though monitoring of BTC prices does seem to be an ongoing curiosity of mine - that curiosity hopefully will go away some day (maybe the best cure for such curiosity would be an upward price bubble - wishful thinking?)
09-26-2014 10:25 PM
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strengthstudent Offline
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Post: #1892
RE: The Bitcoin thread
I am holding with no sweat.
09-27-2014 05:22 AM
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jamaicabound Offline
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Post: #1893
RE: The Bitcoin thread
I'm definately holding btc for the longterm but also trying ot make some money along the way. I think like others have said were in for some up and down between $380 and $500 for a while. My attitude and strategy is kinda to buy on the dips below $400, flip some when it hits 5 take some profits and hold some and just kinda keep doing that until we see some kind of breakout.
09-27-2014 08:47 AM
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JayJuanGee Offline
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Post: #1894
RE: The Bitcoin thread
Even though I remain among bitcoin investors who remain puzzled and curious regarding the ongoing downward trend in BTC prices, I continue to buy at regular intervals and keep expecting that possibly some day the BTC price trend is going to reverse towards the upward.

A few minutes ago I bought at $336, and probably my next buy point will be around $320-ish.

Certainly, I would NOT have predicted BTC prices to go the previous post-ATH low of $339. How low can we go, who the fuck knows? But, there will be an even more curious dynamic if BTC prices pass below $266, which is the previous ATH from April 2013 - never say never in bitcoinlandia...

This morning, I came across the below-linked interesting article that I thought that I would share on this thread.

http://www.reddit.com/r/Bitcoin/comments..._on_my_16/

The article makes a few interesting contemporary overview points about the current state of affairs in bitcoinlandia.

Maybe also it is starting to feel a little bit as if blood is on the streets, or at least we are getting closer to that point?
10-04-2014 11:30 AM
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jamaicabound Offline
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Post: #1895
RE: The Bitcoin thread
(10-04-2014 11:30 AM)JayJuanGee Wrote:  Even though I remain among bitcoin investors who remain puzzled and curious regarding the ongoing downward trend in BTC prices, I continue to buy at regular intervals and keep expecting that possibly some day the BTC price trend is going to reverse towards the upward.

A few minutes ago I bought at $336, and probably my next buy point will be around $320-ish.

Certainly, I would NOT have predicted BTC prices to go the previous post-ATH low of $339. How low can we go, who the fuck knows? But, there will be an even more curious dynamic if BTC prices pass below $266, which is the previous ATH from April 2013 - never say never in bitcoinlandia...

This morning, I came across the below-linked interesting article that I thought that I would share on this thread.

http://www.reddit.com/r/Bitcoin/comments..._on_my_16/

The article makes a few interesting contemporary overview points about the current state of affairs in bitcoinlandia.

Maybe also it is starting to feel a little bit as if blood is on the streets, or at least we are getting closer to that point?

wow thanks for posting, I'm gonna grab some myself. I bought a few weeks ago a little under 380 I think I was almost gonna flip at 440 and wait for another drop but figured for a 60 profit per coin who cares ill just sit on them. im probably gonna load up and drop them again once we hit around 450 as i see this up and down continuing and may as well make some money on the dips
10-04-2014 12:02 PM
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Paul B Offline
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Post: #1896
RE: The Bitcoin thread
Anyone else has been following the Bearwhale saga? I'm guessing not considering you guys are still bullish. With little resistance at $325 and minimal support until $300, the next few days are going to be very interesting.
10-04-2014 04:07 PM
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Rawmeo Offline
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Post: #1897
RE: The Bitcoin thread
I've been making decent money on it a few months ago, however it's been on a steady decline for a while; I wouldn't be surprised to see it hit 320 tonight. I'm wondering how low this is gonna get...
10-04-2014 08:55 PM
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JayJuanGee Offline
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Post: #1898
RE: The Bitcoin thread
(10-04-2014 12:02 PM)jamaicabound Wrote:  
(10-04-2014 11:30 AM)JayJuanGee Wrote:  Even though I remain among bitcoin investors who remain puzzled and curious regarding the ongoing downward trend in BTC prices, I continue to buy at regular intervals and keep expecting that possibly some day the BTC price trend is going to reverse towards the upward.

A few minutes ago I bought at $336, and probably my next buy point will be around $320-ish.

Certainly, I would NOT have predicted BTC prices to go the previous post-ATH low of $339. How low can we go, who the fuck knows? But, there will be an even more curious dynamic if BTC prices pass below $266, which is the previous ATH from April 2013 - never say never in bitcoinlandia...

This morning, I came across the below-linked interesting article that I thought that I would share on this thread.

http://www.reddit.com/r/Bitcoin/comments..._on_my_16/

The article makes a few interesting contemporary overview points about the current state of affairs in bitcoinlandia.

Maybe also it is starting to feel a little bit as if blood is on the streets, or at least we are getting closer to that point?

wow thanks for posting, I'm gonna grab some myself. I bought a few weeks ago a little under 380 I think I was almost gonna flip at 440 and wait for another drop but figured for a 60 profit per coin who cares ill just sit on them. im probably gonna load up and drop them again once we hit around 450 as i see this up and down continuing and may as well make some money on the dips

I remain too scared to attempt to flip BTC back and forth on the price falls and the rises (though surely there is probably some kind of skill in such). I have been more reserved to attempt to engage in any such flips, especially since my BTC portfolio has remained, largely in the red - for most of the time that I have been in this BTC investment business (since November 2013).

I suppose the BTC portfolios of a lot of BTC investors who got started after November/December 2013 remains in the red with these current prices and the downtrend...

Makes my stomach turn to see BTC prices going so low, and currently, as I type, the prices are floating in the $301-$304 arena. Surely, it would have been nice to plan for these kinds of prices, but it just seemed to have been so unlikely given the dynamics that we were seeing unfolding in the May to July 2014 time frame.

BTC prices like the current ones can cause anyone to reconsider his BTC investment strategy.
10-05-2014 06:08 AM
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JayJuanGee Offline
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Post: #1899
RE: The Bitcoin thread
(10-04-2014 04:07 PM)Paul B Wrote:  Anyone else has been following the Bearwhale saga? I'm guessing not considering you guys are still bullish. With little resistance at $325 and minimal support until $300, the next few days are going to be very interesting.


Yep. I have been pretty much following the bearwhale saga all weekend- and surely it has been disturbing for me to witness this bloodbath. The trade volume has been considerable, and this week's trade volume is going to surpass the volume of the past two weeks, which was also a pretty decent trade volume for each of those two weeks. For memorial purposes, the trade volume of this week on Bitstamp is approaching 120,000 BTC, and as I type there are nearly 13 hours left before the weekly candle closes.

A few days ago, I would have placed the possibility of BTC prices going to $266 or lower to be at a very low possibility, probably like less than 1%. These days (or at least in the past 24 hours), I have been reconsidering the state of the BTC bear market and the downward price trajectory to cause the possibly to be 50/50 or even greater (especially given the BTC price movement in the past couple of hours)...

Nonetheless, I remain too chicken-shit to sell or to short my BTC holdings (or any portion thereof) or whatever is done in order to bet against the BTC market.

Sometimes, I suspect that there is a kind of trick that the whale manipulator's play that as soon as most baby fish investors (or sheep) begin to believe the BTC market prices are going in one direction the whale manipulators are going to push the BTC market prices in the opposite direction in order to take advantage of all the other non-whales (which I would fall into that non-whale group).

And, yes there seems to be considerably more ability to downwardly manipulate BTC prices on the weekends - NOT only is it more easy and cheaper to move bitcoins to exchanges at all times, weekdays or weekends, but it is difficult to move fiat to exchanges during the weekends.

Additionally, we have another problem with fiat (even during the weekdays), it is probably fairly likely that people don't really want to send fiat to the various exchanges outside of the USA, especially after the MTGOX fiasco, which has still NOT been resolved and still hanging over and within the consciousness of a large number of BTC investors.
10-05-2014 06:15 AM
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JayJuanGee Offline
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RE: The Bitcoin thread
(10-04-2014 08:55 PM)alex3948 Wrote:  I've been making decent money on it a few months ago, however it's been on a steady decline for a while; I wouldn't be surprised to see it hit 320 tonight. I'm wondering how low this is gonna get...

Yep. Easier for regular folks to make money on a rising BTC price market - and we have NOT been in that rising prices state of affairs since about November/December 2013 - even though there were some short bouts of rising BTC prices in the past 10 months.

Nonetheless, the sum and substance of the BTC market has been an overall bear market since November/December 2013. Difficult to maneuver such.. and as I type there are continuous dumps and prices going down to $301.

Maybe your guess is as good as mine regarding how low these BTC prices can go (or will go this time around) and how long they will remain low? Lots of people are certainly getting squeezed at the current prices (or at least pushed into panic mode).

Since there is NOT really anything wrong with the BTC fundamentals (Not that I have heard), except for maybe some recent FUD being spread about fractional reserve banking practices on exchanges. However, this fractional reserve claim is NOT exactly a new problem, and I doubt that such news is negatively affecting BTC prices. I continue to suspect, personally, that the BTC prices are more easily manipulated downward rather than upward because BTC are bought off of the exchanges and then they are systematically and strategically dumped on the exchanges and accomplished at a loss by some of the players who want to undermine bitcoin. NONETHESS, I am still holding out for the hope that at some point the profit motive is going to allow for at least one more upward BTC price manipulation within the next 6-12 months.
10-05-2014 06:31 AM
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