I don't think permabulls are rare here. Just not a lot for us to say during Panic/Capitulation/Despondancy trade cycles. I could post reassuring messages and long term outlooks here all day, that might persuade some people to hold, but really, I'd rather get to the bottom as quick as possible. It's going to happen either way. I expect maximum pain to come before market turns around, and I really haven't felt that yet. I can't really put a $ price on what that would be, but there's no shortage of effort being applied to find out. Perhaps busting below that 400 wall on stamp would do it.
I suspect that moment is approaching, as the "news" is being recycled constantly, and FUDsters are preying on these fears, in tandem with large market dumps that no longer make sense. If you held until now, there's probably more risk in dumping than holding unless dumping for market manipulation purposes. Let the dumps commence, and let the panic spread. It's the best cure for a BTC hangover.
You'll never get my bitcoins.
I'm with you on this.
This crash will lead to the creation of big, big BTC whales.
I know a lot here are betting on selling now and buying low... which leads me to believe that once the dust settles, we will see a major bull run with the price controlled by big players.
Welcome to the forum! (Unless you're an alt). You seem to be off on the right foot
Thanx.
I have been checking this forum for months now. But never really felt the need to post anything until I saw your post, among all the other troll/manipulative posts around here.
Thought I should say something to show you are not alone, just like you correctly assumed.
I woud not be suprised if the trend change directory afer news to uptrend . China people for this period of time have last chance to buy in mainland, up to now they bought for reasons, one of the them was that it gives profit in long term. Why they have to change they mind now.
I was actually thinking the same right after the first rumors regarding the possibility of shutting down the bank accounts of BTC exchanges.
The shutting down of capital flow to BTC is understandable for the Chinese government.
Because...
China is maintaining a quasi-fixed exchange rate with the USD. But with people being able to freely exchange YUAN to BTC and than BTC to USD, basically makes the Chinese yuan a convertible currency. Which is exactly what the Chinese government doesn't want.
BTC was a gateway for capital flow from China, especially for rich Chinese who wanted to get their money out of the country.
This did push the price of BTC higher than usual, but the effect is not that great, because BTC was just a medium of transfer, not an end result.
Eventually that BTC got sold, in US, EU, Australia for fiat.
So, for most of these Chinese who want to get their money out of the country, these days may be the last in which they may be able to easily do this.
I have full confidence that eventually the Chinese will find some other way to buy BTC, after all, unlike fiat which can be controlled at boarders, BTC cannot.
So it will still remain the best and easiest way to get capital out of China.
In a recent speach by a deputy-direct of PBC, he stated very clearly that the PBC views bitcoin as a currency, not a commodity. It is very likely that the PBC will try to regulate it, but definitely not ban it.
Chill guys.
Much of the China BTC account closing has already been factored in the price.
It won't go much further down. I don't see it go below $350.
Probably it will go close to $350, will stay there for a while, maybe 1-2 weeks, and then it will bounce back to probably $450-$500 or so.
And that's where it will stay maybe for a 1-2 months.
This was expected news and many of the day traders will now sell, thinking they will make a quick buck.
Probably some of them will come to this forum and start yelling how we will reach $100 by the week's end.
Speculation, speculation, speculation.
Fortunately, I read more than just this forum. The volume in itself during this month-long crash has been remarkably low, hardly any whales. I've seen a few, but on the buying side, not on the selling side. Which means that most BTC players are holding, but not just holding and waiting.
I've seen that some have moved to investments in the alt-coin market. There are a few alt-coins which has started a serious pump in the past few days.
There is more than just BTC, and BTC can be used to more than just holding.
As for the China money not coming in? The money from China will continue to come in, be sure of that.
Given how proficient the Chinese are in avoiding their government, I am positive in a few months they will find a work-around.
Plus, the Chinese government it only closing yuan accounts, BTC exchanges can continue to operate using USD accounts or other currencies as far as I understand.
Well, good luck out there.
Chill guys.
Much of the China BTC account closing has already been factored in the price.
Bullshit. Every time there is news from China we go down more. Every time it's like the sheep just heard about it for the first time.
That's why it really sucks only 1 bank has come out now. Next week another one and another one and the reaction will be the same every time: omg paaaanic seeeelll omg China banned Bitcooooin!
Bitcoin traders are some dumbest people i can think of.
This does surprise me as well. But I guess it's because the market is still immature in many regards.
Sometimes it feels like a great portion of BTC investors are 15 year old kids.
Litecoin is going off charts... also the diff. factor is at ATH...
The ASICs are in...
I love it!
)
I wonder how low it will go.
