BUT
A real crash will have the following characteristic:
- price will have risen really high, really quickly over several weeks
- 100,000s of bitcoins are brought to the market by large manipulators that are sure of their ability to tip it over
- Some bitcoins will be sold to induce the forced closure of leveraged positions, resulting in a flashcrash
- Price will quickly bounce back to almost where it was
- The following day/night lots of bitcoins will be sold to destroy the market sentiment and start a panic
- Exchanges, information services, this forum, etc. will be ddosed, mass media publicity will be enormous and negative
- Price will plummet so that about 3 weeks' gains will be erased (about 75% from the high), although it will remain above the previous ATH (in this case $266) by a clear margin.
I won't go into details why it happens this way, but a big reason is that exchanges utterly lack liquidity and btc/usd-rate is therefore at a mercy of manipulators.
The only thing he got right is that we had a correction and this forum was hacked (this has happened several times). Those who hacked the forum are rolling deep enough to drop BTC markets 25% or so. Regarding the forum, people tend to assume the worst when all the price discovery information you have is a ticker tape bleeding red. Community shores up the prices. Consensus. On Sunday, the community was muted. Weak hands were slaughtered. They will probably come sulking back after a few months. Smart traders have fiat on exchanges waiting to snatch up cheap coins. Each correction flushes out the weak and strengthens already strong hands. I think most people here can agree that the biggest mistake they made in BTC was selling. Will this hold true tomorrow? No one knows. Throw money you can part with at this grand experiment and buckle up.
