I wonder how many people have bought into bitcoin and been killed short term with drops. So they become bitter and start shorting it and then get killed on its way up. Then preach to everyone that the market is manipulated and they predict doom for all on their way out.
Indeed, my theory for the gradual decline in the price since Feb/06 is basically that: Chinese traders who experience a few losses in a row are selling their coins (
since they are not very useful in China) and taking their money out; and not enough new clients are joining, so that there is not enough new money coming in.
Additionally, some Chinese miners who need Yuan may be selling at the exchanges, adding coins and taking yuan out.
Das Racist
I know for certain the price is either going up or down or staying the same.
I educated some friends/family on bitcoin and kept them on call for a breakout. They were originally very interested and bullish about the fundamentals and were going to buy at $800 but I advised against it and to wait for the bull market to start. So I kept them in the loop all the way through the gox crash and through the (second) china crash. They were still interested most of the time. However, as we got to April/May, they started losing interest. I advised multiple times to buy at $450 but now things were looking too grim, "it is volatile - we thought it would be less volatile", "this thing is all over the map", "its been going down too long", "i dont feel the same way about bitcoin anymore", etc. I alerted them again as the breakout at $460 occured and as it was passing $490 but they completely lost interest by that point. I guess they will probably buy now at this point at $625. It is ridiculous the mentality of the average person to buy high and sell low.
hear hear
That train can't make it to the moon, no way it can hit escape velocity. Also it travels laterally and not vertically. Something seems suspicious.
You don't have to go home but you can't stay here.