It's all a complete mess now, the manipulation that drives the market has become so painfully obvious that even the most perma of perma-bulls can't deny it. The "noveau riche" as you call them are just lining their pockets further at the expense of practically everyone else. This only ends when it becomes nearly impossible (or not worth their effort) to manipulate because all the suckers have been scared off and they have no one left to shake down, but that could take a long, long time as noobs continue to pile in. People who think multi-billion investment is just around the corner are utterly deluded, who in their right mind is going to enter this market with vast sums of money?
I genuinely believed we were entering final capitulation, blood on the streets, blah blah blah, christ I'm even writing those posts myself now. What a great time to buy!!! Yeah right... bitcoin is completely fubar at this moment in time.
I would suggest that Joe Public is not chomping at the bit for Bitcoin right now. To the untrained eye, a quick glance at the Bitcoin chart makes for scary viewing indeed, perhaps because it actually is a very scary chart. The popular image of Bitcoin right now is a world of shoddy exchanges that have a habit of disappearing with everyone's money. Meanwhile, there is a large amount of potential selling pressure going around due to all the stolen coins which seem to be getting ground down into smaller and smaller amounts in order no doubt that a large proportion of them be turned into cash over the course of time.
I suspect that their are still a lot of dreams of avarice in the market anticipating $5K Bitcoin by Dec 2014, but the reality is that failing another X-Factor (collapsing Ukraine economy without a bail-out could have done it), Bitcoin needs to lose a lot of the hot air that has inflated it up and find some kind of genuine equilibrium price range, where long term investors are happy to absorb any selling pressure in the market until:
A) A real Bitcoin economy establishes itself and starts to take Bitcoin forward
B) Another crazed pile into Bitcoin occurs, possibly due to some fucked up situation in the world.
The avaricious dreamers may be happy to pile into Bitcoin as the 4Hr MACD crosses down in the 500-600 range, but who is gonna pile in and take Bitcoin higher? Doesn't seem to be very much interest to me.
I don't understand what you guys are complaining about. I was holding some btc and some usd on bitfinex, I sold my btc when it rose this morning and am waiting to buy back in. Apparently you were just holding usd and that's why you guys think this spike was evil manipulation? just because the market doesn't go your way does not mean it's manipulation by a few evil people on the masses. What it means is you were at the wrong end of the swing, end of story.
Btw, I'm all usd right now and if it rises I won't think conspiracy, I will just think I should have hedged my bet by leaving some btc. My mistake, not the market's. Trying to understand the mindset you guys seem to have just gives me a headache.
Who said anything about manipulation? Not me. Just looked like moned TA101A noobs trying to beat momentum as important 4hr indicators signaled switch to positive trend. Speculator driven, but not driven by enough speculators and certainly not any fresh capital which is what Bitcoin needs.
We will see how things pan out. But someone contributing to this thread has a good track record with these types of things whilst others here have a woeful history of calling Bitcoin.