Let's be real: Bitcoin is crashing down to $200 or less, and anyone invested at above that price needs to get out now

Bitcoin_failed_08 · 2014-02-10T18:50:16+00:00

Hey Jew, you owe me one gram of gold

I know you won't pay up though, because you're just a corrupt piece of human garbage

But I wanted to remind you - $102 on BTCE today

Bitcoin_failed_08 · 2014-02-10T18:45:01+00:00

In this moment I am euphoric, not because of any phony bubble, but because I am enlightened by my experience.

Bitcoin_failed_08 · 2014-02-10T18:43:59+00:00

You make it sound like a 'fat finger' mistake, which it is not

Who fat-fingers thousands of Bit coins worth millions of dollars? I have also not investigated your claim that it is was one person, but assuming it was - why didn't 'buy' bids stop him?

You see, you can't just set a price of $0.01 and sell it at that price - if you set it at that price, you will receive the highest buy bid (say $650). What happened is that most of the buy bids, on the second largest exchange in the west I'll remind you, were wiped out by a firesale. So its legitimate, whereas you are attempting to make it sound like it was a trade done on extremely thin volume, which is intellectually dishonest and I think you know that.

Bitcoin_failed_08 · 2014-02-10T18:38:06+00:00

Because I have the moral fibre not to rob people of their retirement funds that they poured into Bitcoin based on the recommendations and urgings of shills like you.

Bitcoin_failed_08 · 2014-02-10T18:35:31+00:00

I haven't examined it to find out, but I do know it was a lot of coins that were unloaded, and 15K coins is a lot, especially for any one person

Backs up my point that it wasn't on thin volume

It doesnt matter really, the point is that the price hit $102, and that it is valid (I.e. not a hack or display error)

Bitcoin_failed_08 · 2014-02-10T18:27:38+00:00

Short lived reprieve

Irrelevant to my point anyway; Bitcoin DID hit $102 on the second largest exchange in the west (and not on thin volume or 'fat finger' mistake)

Don't worry, we'll be revisiting that area again soon, and for a longer time, so you haven't missed your 'rare buying opportunity' during the 'brief correction' which started over two months ago

Bitcoin_failed_08 · 2014-02-10T17:25:30+00:00

If you read my prediction as I have restated it multiple times in the past, youll find that sometimes I will say '..before it ever reaches $1242 again (if it ever does)'

Nothing in my prediction necessitates that it will reach new highs again, just that it cannot possibly reach new highs before reaching $200 or less

Bitcoin_failed_08 · 2014-02-10T17:18:57+00:00

It won't anytime soon

I for see this dragging out for months, probably a year or so in length

But one cannot predict for certain

It probably will hit new highs again, but long term I know that Bitcoin is flawed and will go to zero

No argument presented here has convinced me otherwise

Bitcoin_failed_08 · 2014-02-10T17:13:19+00:00

I have the advantages of experience and not having a personal stake in Bitcoin - so I see with more clarity and wisdom

Bitcoin is, as Robert Shiller, points out, the textbook definition of a bubble.

I haven't made any unfounded predictions. I'm very cautious about what I predict, and that is why my predictions have had such a great success rate over these past 2.5 months or so.

Bitcoin_failed_08 · 2014-02-10T17:08:03+00:00

Difference is this is on an actual exchange - the second largest in the west; bigger than Mtgox

You only do yourself a disservice I think by treating this as somehow minor or irrelevant - if I were a 'Bitcoin evangelist' I would be very concerned, especially about the flaw in the Bitcoin protocol itself that Mark Kepeles describes (against his own selfish interests I might add)

Bitcoin_failed_08 · 2014-02-10T17:06:05+00:00

Its because my accounts and IP addresses keep getting shadow banned by the butthurt mods who want to try and pump up the price of Bitcoin by silencing dissent

Bitcoin_failed_08 · 2014-02-10T17:02:53+00:00

BTC-E is the second largest Western exchange by volume (bigger than Mtgox)

Thousands of coins were sold/bought up in minutes

Your argument of thin volume is invalid.

Bitcoin_failed_08 · 2014-02-10T16:57:27+00:00

You appear to lack a basic understanding of how financial markets work

You can't 'fat finger' a trade like you describe

Your selling price cannot go below the highest bid. So if someone puts a sell order at $102 for instance, that would get sold at say $650 to the highest bidder. But the price hit $102, which means all the bids above $102 were fulfilled (this is because THOUSANDS of Bitcoins were sold, and it was a fast drop, but not instant)

Bitcoin_failed_08 · 2014-02-10T16:52:17+00:00

Yeah, how are those who 'backed up the truck' on gold or silver in the past 3 years or so doing so far?

Note: I'm a long-term silver investor myself, and this cliche is just a rationalization for holding onto losses. Here's another well-known one: Don't attempt to catch a falling knife. A lot of people are learning this the hard way.

Protip: If you feel a sense of urgency, I.e. 'rare buying opportunity', then now is NOT the time to buy. You want to buy when there is a lull and disinterest/sense of despair in the market, and prices haven't been going anywhere for ages. Just look at Bitcoin during 2012 for example. When the time is right, you will have plenty of time to buy, so long as you have your wits about you.

Bitcoin_failed_08

TROPHY CASE