A viable proposal from another thread -
"I've wondered whether the Oct 15 deadline for US income tax might be playing a role. Someone who needed to sell bitcoin to pay 2013 income taxes may have taken the 6-month extension, thinking / hoping that the next bubble would have at least started by now. "
This would really make sense. The whale spent the last few days trying to get the best price possible, and now is left with setting up a wall that will get eaten hopefully in a day or two. Once eaten, it takes a few days to get the cash off of the exchange and off to the IRS.
Seems VERY bullish to me.
How is that bullish?
He means that perhaps this is all just a mistake by a megabullwhale with more bitcoins than sense and that it has nothing to do with the Bitcoin ecosphere.
Kinda - I more mean that someone needs a lot of cash quick - for taxes or whatever - but the market is strong and eating the wall without a huge backlash. Once the wall is gone we'll be back into the 400's with the demand we are seeing. Not sure about the loan idea - maybe that would be smarter? He's selling at a bunch of losses to cover his gains to make an even balance sheet. Report the losses. Rebuy coins. Profit.
This is called a wash sale and is not allowed under tax code. He has to wait 60 days.
I used to think that BTC will experience at least one more bubble before it's final demise, but it doesn't look like it anymore.
I think that the fall of bitcoin will be caused mainly by one of it's biggest flaws - inefficient new coin creation. The bitcoin network has become too expensive to run, and it needs more and more new money to enter, just to sustain it's value. If not enough new money will enter, then mining will start to eat the dollar value of bitcoin. Some miners are claiming that they will temporary cover the losses and wait for better times to sell. Some of them outright lie to support the positive sentiment and some of them actually can cover their losses for a limited time. This also means that their coins will be accumulating together with their losses. This is only building up to an avalanche where the miners can't cover their losses anymore and they have to sell their coins to whatever the price that they can get. When this happens, then the amount of coins that will be thrown at the market will be large enough to destroy any trust that bitcoin still had left.
Cryptocurrencies will live on, but new and better models will take over that have solved the important problems that bitcoin has.
replace bitcoin with government and miners with banks and you'll be spot on.
I don't care much about anti-government agendas and other expressions of teenage rebellion. I care about finding a practical financial tool, that can be used to develop both the finance and the economy. Bitcoin was the first to show that open-sourced monetary systems can be done, and I am thankful for that. But sadly, bitcoin the currency just isn't advanced enough to be used as a practical tool. The blockchain technology can be used as a practical tool to implement into new and better currencies, and the idea of bitcoin can be used as an source of inspiration for new cryptographic innovations.
Bitcoin the currency itself, is just a slot machine, that is shrouded with virtuous looking illusions. People with gambling problems can create a narrative to their spouses, that they are in fact "investors in an highly innovative technological project". That's the intriguing narrative that gets the permission to use the family's life savings on this "new and world changing project". The sad thing is, that if they can't see how it's really just a slot machine, then they can't also see that the machine is rigged to create profit for the house - the biggest holders of coin, and the people who run the unregulated exchanges. They have the power to raise or lower the price as they see fit, while having private information about their customers trading methods and habits.
A practical currency should be unattractive for speculative play, so gamblers who cause instability would stay away. A practical currency should be attractive to merchants, and without the need of middlemen like BitPay who take profit for offering stability. The technology can be used to make money efficient and cheap (the cost of maintaining the monetary system). Bitcoin the currency is far from realizing the potential, and as long as the core devs aren't considering changing PoW mining and fixed coin supply, then I just can't see a way for that to change.
i suppose you're calling the 400M of bitcoin VC "dumb money"? Get real. Please enlighten us on how to instantaneously create a digital currency with perfect distribution and no volatility in relation to already volatile fiats with automatic 100% merchant adoption and regulation in place. fiats are speculated upon all the time, get your head out of the us dollars ass.
Oh look. Already a new wall at 350. Because no matter what we just have to go down. That apparently is the only thing that counts for traders. We just must go down. No other option. Down down down. Only way to make money.
https://www.youtube.com/watch?v=dCe6e23yIT8 
Why do you care so much? We'll be up again, sooner or later.
Maybe because we've been going down for a year and i'm tired of it?
Every single rally gets almost instantly stopped with dumps and walls. Every single one of them.
The buying will stop one day. It really will. One day everyone will be like fuck this thing and move on.
Traders don't seem to understand this or simply don't care.
No this will not happen. I share your frustration, but its just something we longs have to endure, remember there is no easy path. Look at this rally for instance, this is actually unprecedented (over the last 6 months). It has been dumped on, but it's the shorts who have thrown in the towel mostly. A phenomenon not seen in many many months.
The Blockchain solution to decentralisation is a broken one, and BTC is not viable as a currency long term (for the reasons posted many times before and that I listed few days ago).
At the same time, it cannot e replaced by a shitcoin that, behind the gimmicky features (being anonymous, slightly faster transaction times, etc), shares the same fundamental issues.
It will be replaced by something that works in very different ways to avoid the BTC and Blockchain fuck ups.
For one, it will need to be a decentralised network that allows any existing currency or anything else of VALUE (that cannot be double spent) to be "put in the network" easily and in a frictionless way.
Similar protocols exist today (like Ripple), if they won't be the future specifically, something else that works in very similar ways, will.
And I know that you don't wanna hear stuff like this because you wanna get rich quick with the pyramid scheme aspect of Bitcoin... At least don't lie to yourself.
Ripple is not decentralized you nitwit.
The Blockchain solution to decentralisation is a broken one, and BTC is not viable as a currency long term (for the reasons posted many times before and that I listed few days ago).
At the same time, it cannot e replaced by a shitcoin that, behind the gimmicky features (being anonymous, slightly faster transaction times, etc), shares the same fundamental issues.
It will be replaced by something that works in very different ways to avoid the BTC and Blockchain fuck ups.
For one, it will need to be a decentralised network that allows any existing currency or anything else of VALUE (that cannot be double spent) to be "put in the network" easily and in a frictionless way.
Similar protocols exist today (like Ripple), if they won't be the future specifically, something else that works in very similar ways, will.
And I know that you don't wanna hear stuff like this because you wanna get rich quick with the pyramid scheme aspect of Bitcoin... At least don't lie to yourself.
Ripple is not decentralized you nitwit.
Transactions are carried out in a decentralised way (the main idea behind the original satoshi paper, that you don't need a trusted third party), only the distribution of XRP the currency is centralised.
Try again.
Can we please stop talking about ripple? If you think I'm saying with certainty that ripple is the future and BTC will die, you either didn't read my posts or you didn't understand what I said.
If by decentralized you mean by gateways that can and will exert control on your centrally distributed currency, then sure, its decentralized. Have fun with that. /s
https://www.bitfinex.com/pages/statsIt now shows the amount used, this is helpful.
Total sum of active swaps Total amount used in margin positions
USD 16,652,318.73 USD 16,583,217.30 USD
BTC 24,434.66 BTC 24,041.24 BTC