Quote from: MatTheCat on December 18, 2013, 03:36:18 PM

Quote from: Lloydie on December 18, 2013, 03:07:27 PM

No need to be rude about it. With all your negativity, people would surely feel even more negative. Seriously, I really think the hoarders are flushed out.

All the way down from $1000, it has appeared patently obvious to me that this sucker was going down. And this was before the China issue emerged as serious as it has turned out to be.

Yet all the way down, I have had to tolerate fools telling me and everyone else sh1t like:

$900 OMG CHEAP COINS BUY BUY BUY....

DONT COME CRYING TO ME WHEN U ARE BUYING BACK IN AT $1500!

$850 is time to buy, not to sell! This is nothing to do with China, this is to do with Fed taperin fears.

$800. Bitcoin has flushed out da weak hands, and will stabilise around here etc etc

$750. Hope ya all picked up em cheap coins and are ready for the ride up

Indeed, I am wondering whether the level of 'optimism' in the face of common sense has influenced my buy-in decisions. Until yesterday, I was buying in between $400 - $500, but I thought better of it thinking it may not sink that low all at once, and changed this to $500 - $560. I sold at $490. I have to take responsibility for any decisions that I take, but I also understand the human mind, no matter what mind it is, is subconsciously open to the power of persuasion. This is why things kitsch fast food advertisements or tacky car adverts work.

Now, we have a situation where China has made clear Bitcoin trading will be completely wound up within their borders by the end of Jan 2014. BTC China accounted for 44% of total Bitcoin trading. I would say the writing is on the fkn wall, and in light of the sheer remaining volume of yet more unfathomable 'optimism in the face of common sense', I see myself as carrying out a public duty, outright abusing people who are still trying to tell people, that Bitcoin going 2 da moon!

and it might do.....one day....but right now, Bitcoin divin in2 da cesspit!

Mat the Cat is, without a doubt, one of the most eloquent expounders on this forum, despite some of the vulgarities.

What we are witnessing right now is panic buying in response to panic selling.

Despite all indications of severe instability, hundreds of thousands of coins are being bought on the grounds that they are "cheap coins" and that when the price goes "to da moon," bitcoin holders will be rich.

It all sounds very well...but I fear this is the beginning of our woes and if China unloads all of its bitcoins, the price will drop below $100.00.

This, of course, assumes no new bad news out of the EU, which may place bank restrictions to exchanges and bitcoins. Then the price will be in double digits.