Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
Almost <$300 on BTC-E now! Gosh, were the "trolls" right yet again? Should have listened to fallllling and his associates... yet again!
I've always enjoyed the "fallllling" character.
He was illiterate and expressed himself in general like a 6 year old, all while preaching the message how bitcoin's price will fall. All the "clever and experienced" bitcoin traders thought "hey! if someone like this (kind of retarded) thinks that bitcoin will fall, then the result must go the opposite way!".
What can I say, well played, sir, well played..
Well said
Here's the thing about the bitcoin bulls. Basically the extension of their hope relies on the follow principles:
1) bitcoin fundamentals have not changed.
OK, but if people are not interested in these fundamentals, it doesn't matter if the protocol "works" or not. The betamax fundamentals still work, OR HD-DVD, but people chose other protocols for various reasons.
2) bitcoin is a new technology
doesn't mean anything. the virtual boy was a new technology, but nobody wanted it, despite a small niche of fanatic gamers.
3) There are many "bitcoin pregnancies" waiting for maturity.
Look at above two points. And now, bitcoin has lost 70% of value in ONE YEAR. Nobody wants it! And unlike 2011, we now have merchant adoption, so basically, bitcoin's potential is already "maxed out" or very close.
Some of the bulls take these points and add mathematical terminology, long term trend lines, and avatars of themselves in suit and ties to make it look all polished, but anyone with functionable brain can see it is wrong! Looks like fallllling and his wise associates right from the start!