Quote from: OleOle on October 03, 2014, 05:27:26 PM

Quote from: cyberpinoy on October 03, 2014, 05:08:02 PM

Quote from: coindetective on October 03, 2014, 04:52:06 PM

I really do not understand who are these morons who dump such amounts every few hours. By now, all weak hands should be out of the game so the ones who sell are only large, probably Chinese, farmers dumping every day to recover their costs. I would go and dismantle their farms with a fork if I could. One really needs to be DUMB to sell at these prices. But I mean really dumb.

One of the smaller of the chinese farms (as you call them) averages 280,000 dollars worth of bitcoins a month with a 60,000 dollar electric bill. most of these farms you seek to destroy are not farms at all they are the people manufacturing or re-selling the mining equipment. they are manufacturing the equipment and then they test it allright, they put that shit right to work mining for them until someone buys the machine. They keep it all in the chinese hands too they mine in a chinese pool and sell thier coins daily, why? Because they can!! pure and simple, they have no costs in the equipment they are mining with. all the machines they are mining with have been paid for by miners who purchased equipment on its release, thus no equipment costs, they dont care about bitcoin or me or you, they just want the cash. so they dump dump and more dump. to them it doesnt matter if the coin is worth 600 dollarts or 50 dollars they are bringing in over 700 coins a month even at 50 dollars a coin they are making bank. Especially when you base that on the CHY and not the USD value.

Exactly, it's not a question of "dumb". The idea that someone is dumb just because someone on a forum somewhere says so is indeed the height of egocentric, ethnocentric ignorance. The bitcoin market is young, maybe the commentator of the 'dumb remarks' is also young, the point being that whilst all other markets do tend to move in cyclical patterns over the medium to long term, there is the open-ended assumption that the bitcoin market will continue and recover. It probably will, but bitcoin isn't like copper, cotton, gold or gasoline, it's a new commodity/currency and despite what the protagonists declare, there just isn't any 'need' for bitcoin, it's not a raw material that converts to or produces anything else, arguably it's an alternative vehicle of investment or exchange.

Although it's supposedly completely different, to many people unfamiliar with crypto, there's no reason to suggest that the lifetime of bitcoin might not look like these DVC values which tend towards zero when graphed:

http://www.cryptocoincharts.info/pair/dvc/btc/crypto-trade/alltime

Maybe it will, maybe it won't, but attempting to label someone as dumb without knowing a damn thing about their circumstances or motivations to trade is simply ignorance.

Angry

First, do not underestimate people you discuss here, especially after posting this kind of shallow post. Second, to suggest that "there just isn't any 'need' for bitcoin" is probably the statement of the century. Being sarcastic again. I am not even try to argue with you about BTC demand, after this sentence,you have said it all. Unless you consider only tangible goods as being the one with identifiable demand. There is no real purpose for bunch of financial derivatives or securities being bough and sold every day on global financial markets besides the one sole use - to make money. Yet, there is HUGE demand for these everywhere. Stating there s no need for BTC and being in this forum is......arghhhhh.
Also, I have already explained how Chinese ASIC producers and dumpers sabotage their own business by this mindless dumping cause they kill directly kill their own demand. Who is going to buy ASIC from them after seeing BTC crash from 600 to 360 in two months. Maybe someone with balls of steel but not me.

Thx for your a very educational post, I have learned a lot.