Quote from: MatTheCat on December 17, 2013, 03:45:40 PM

Quote from: voyagr on December 17, 2013, 03:01:26 PM

BTC is still too much considered as having a completely independent ecosystem, as if it is being traded on an isolated island. For this reason, whenever there is a rise or a plunge, most people look within the ecosystem trying to find some explanation. Let's be honest what news we've got the last days : coindesk article or a silly reason as Chinese not gambling any more ??

With a market cap in the billions, BTC is already integrated into the financial markets. ATM the only reason why BTC is dropping is because of the outstanding news about QE. This decision will affect all markets from Africa to Americas to Asia, .... So, why would BTC be left out?

See the plunge of SP 500 in the last days:

https://www.tradingview.com/e/?symbol=CME%3ASP1!

Or take ftse index (London):

https://www.tradingview.com/e/?symbol=INDEX%3AFTSE

When you zoom out, you will see the enormous rally on both charts.

Ok, fair enough.

But when you told us all it was time to buy, Bitcoin was still in the $800s. 24 hours later, Bitcoin is in the high $600s.

Do you not agree, that anyone buying upon your suggestion, would have made a lousy decision?

EDIT:

....and also, if your theory stands up to reality (which it might), then saving for some kind of inside information either way, is Bitcoin really the investment vehicle to be gambling on what the decision of the Fed might be? If your theory holds true, and the Fed announces tapering, then Bitcoin will fkn tank? Perhaps the opposite extremities of QE being continued and Bitcoin 'going back 2 da moon' would also be true. but i am sure that most of us are aware that money is far easier to lose than it is to make, and for this reason, the #1 duty of any investor is to protect his wealth?

When I wrote it was around 750 on Bitstamp. What I meant by not selling is to hold the ones you have and buy more at lower prices. By this you'll lower your average costs. Besides that I warned weeks ago to be careful when buying at extreme heights like 900+. Imagine that you buy at 900 and panic sell at 750, you lose money..and panic selling did happen. So, it was not the time to sell but buy (if you can of course).

Meanwhile BTC is rising again as predicted. The plunge was due to the nervous situation present in the markets. I repeat my OP: a new rally is in the make.

I believe this plunge has also proven that the reason needed to be looked outside the ecosystem (Fed's decision) rather than inside. In short, Chinese were not responsible.