I think there's a lot of unhappy investors who bought at $7k-20k. However I can't see any of these Gen populations selling. 3k is such a strong support zone because 3k was a stabls price even right before the Bitcoin cash fork. I believe 3k is the low and it will just go up steadily over the years.

lol @ steadily talking about bitcoin.

yeah, steadily with only 5% daily volatility

A bad time for knife catching, amirite? Everything is cheap and the bounce could be epic!

The trend of lower lows and lower highs has been in place for some time now. It doesn't bode well for a bounce of epic proportions, without some major change in fundamentals.

Very informative video that fits this thread well.

https://youtu.be/1lWJXDG2i0A

The whole "buy a coffee with Bitcoin" argument demonstrates that you don't understand the value proposition of Bitcoin.

ATH open shorts on Finex, when Spoofy?

Well, I hope for your sake they ban bitcoin <--> fiat conversions worldwide. Then all the HODLers might get to appreciate "the value proposition of Bitcoin" in a more pure way than they are right now.

Congrats on calling Bitcoin a bubble since $300

I explicitly said it wasn't bubble at $250, but a "strong buy" as black/gray market fundamentals supported that price as a floor. I certainly thought it was a bubble at $1500 though so that's an accurate characterization.

Congrats on feeling so ****ty at NOT calling a bubble at $20K and holding all the way down to $3200 that you have to lie about my positions on bitcoin

In the long run bitcoin classic is bull**** and will be replaced by a digital currency that actually works reliably for the very thing you think is irrelevant - buying coffee. The question is how much pain the hodlers will take before they tap out.

As usual, you don't know what you're talking about and are spouting nonsense.

Classic butthurt nocoiner

So you sold despite your long term view? You haven't owned bitcoins since 12/10? If you called a top then congrats.

Given your "nocoiner" insult I'm pretty sure you're not a nocoiner...which means I'm dead on that you're butthurt you lost most of the value and were too stupid to sell.

Vague posts about what might happen in the next cycle aren't buy or sell recommendations or anything except "yeah it's scary but I'm hodling".

What % of bitcoin transaction volume is internally on these exchanges? Don't you get to the point eventually where it becomes a negative sum game like poker where the only winner is the house, due to the fees? Or is there actually a substantial amount of bitcoin activity of people actually sending it from wallet to wallet?

Bitcoin got whacked?



(Can't seem to inline youtube videos "at current time" on 2p2, so: https://www.youtube.com/watch?v=mRkLE3rAwGE&t=55)

Juk

0.

I think there is a general paralysis against selling by most who bought in. The path:

-buy in expecting it to go up a lot
-it goes up, 'confirming' the trade
-price crashes, opposing greed/worry forces stop them from trading
-vague belief that it has to up sometime so holding 'prevents' a mistake lets people avoid responsibility
-price falls so far any additional losses mean much less

If you felt BTC has a great long term potential, then this huge crash is the best possible thing for you. You get to 3-100x your coins without any risk, true believers measure their wealth in % of the coins.

Claiming a long term belief in BTC going up as an excuse to hold is therefore just an admission that you lack the ability to see basic, exceptionally obvious, repeating patterns. All this at the same time not perceiving this blindness as in any way effecting the accuracy of your model for predicting the far more complex outcome of a years long future.

That's a hell of a lot of words to say "if you're smart and a believer you should have sold high and now buy low"

Thanks for the expert tip!

There's a poker term, called the threshold of pain, where players after they lose so much money, they stop thinking rationally about it and usually go on tilt. This has happened for many crypto people who are down 80% or whatever. But in this case their response is just to bag HODL since "I lost so much so who cares if I lose the rest."

There are smart people in this thread with millions$ (at one point) stack of coins. They were early adopters and deeply involved and have huge confidence in their understanding of bitcoin. They didn't sell, why is this?

I think the answer defines a lot of the market. It can be crashed with less than 1% of the supply, yet these huge wallets just lie there.

You could watch buy walls on BFX at 10k, 6k, whatever. I don't get how whales could pass these up, dumping doesn't even hurt the rest of their stack since the value is ultimately only measured in liquidity on offer.

Honestly this sums me up pretty well. I was treating btc like a Vanguard index fund. I know I don't have an edge trading so I just decided to sit there because I was afraid to make a mistake. I researched the tech, believed in the future use case and held all through this. My average buy was under $2k and I didnt dump anything in after the big run up, but I feel like a jackass for not locking up a few years 'salary'. I dont see a point in selling now. If it is being manipulated it has to swing the other way eventually. I may even prepare some buy orders for sub $2500

Who and what and why and how is someone manipulating bitcoin lower?? Higher is easy to do and makes sense, but lower?

itt: the ability to see basic, exceptionally obvious, repeating patterns after they happen

The only people who say most of poker's early adopters HODL'd from moon to gloom are early nevercoiners like Toothsayer who can't handle the fact that they missed out while "dumb people who buy bitcoin" sold their bags at +5-10x his top call.

edit: Also, many of the early posters of whom you speak lost their coins on Gox.