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How To Use Bitcoin – The Most Important Creation In The History Of Man

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jhunter1163 said:
It's like 1929 all over again. You know it's bad but you don't know just how bad because the ticker is way behind.
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Not so bad for the skeptics, just for the bitbugs.

Just for the sake of the technical analysis, the low on Mt. Gox is showing 798 and the current is 901. So the triangle hasn't played all the way out I don't think.

Looks from the 5m chart that 700 is the target.
 

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Belz... said:
Anyone who equates inflation with theft has so little understanding of economy that it's worthless to have a discussion with them.

Bye.
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Thinking that deflation is good for investors instead of just savers and lenders. If there is deflation I don't want to invest in say buying shares of a company because it's increase in value will be offset by the loss from deflation. So deflation might be good for lenders but it is bad for any other form of investment.
 
Decline pattern still in force

Staying below the steeper decline line. Weekends haven't been bullish of late so this could hit 700 tomorrow. Lot's of damage today to the technical and the psychological situation.
 

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ponderingturtle said:
Thinking that deflation is good for investors instead of just savers and lenders. If there is deflation I don't want to invest in say buying shares of a company because it's increase in value will be offset by the loss from deflation. So deflation might be good for lenders but it is bad for any other form of investment.
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Did you agree with me, or not, or did you just post this as an addendum to my post ?
 
DUmped a load just now, Gox at 789 and dropping fast.

ETA 777 is a winner on the slots, probably not for bitbugs. Thought I would save this for them when they wake up and have a dog's breakfast.
 

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The triangle has broken out fully

Now it's just a matter of time. The extent has been reached in points but not time. The time is at the end of the purple line. The bounces have a lot of down trends to break back up through so may be feeble. However, given past history, there should be a good one, just hard to say if this is going to be it from 650.
 

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Maybe a reversal here

Well there was high volume (exhaustion?) on that doji with a bottom at 647. That makes the triangle happy and it could exhaust the sellers. Bitbugs have to hope this is it but who knows. I am done for today, this was interesting to say the least.
 

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Just to keep all this "wow, what a train wreck!" stuff in perspective, over a 3 week period starting towards the end of March, the price of bitcoin soared from $70 to a peak of over $260 by 11 April.

During the course of the following week, heavy sell offs saw the price plumet back to $70. It then did a "dead cat bounce" back up to about $160 before settling back down to $120 for a while. http://bitcoincharts.com/charts/mtgoxUSD#rg360zczsg2013-03-01zeg2013-06-01ztgSzm1g10zm2g25zv

If history is repeating itself then we are in the early stages of a large fall which could see prices bottom at below $500 before eventually settling in the $700+ region. Of course, in a couple of months time, a different set of factors will probably be in play and this series of spikes will be relegated to the pages of history.

With so many people now studying the individual asks/bids, the comments this time round are sounding a lot more sophisticated but the sentiment is no different to what they were during April/May this year.

No matter how much data you have at your fingertips and no matter how vivid your imagination, predicting bitcoin prices is still no easier than predicting next week's lotto numbers.
 
psionl0 said:
Just to keep all this "wow, what a train wreck!" stuff in perspective, over a 3 week period starting towards the end of March, the price of bitcoin soared from $70 to a peak of over $260 by 11 April.

During the course of the following week, heavy sell offs saw the price plumet back to $70. It then did a "dead cat bounce" back up to about $160 before settling back down to $120 for a while.....

No matter how much data you have at your fingertips and no matter how vivid your imagination, predicting bitcoin prices is still no easier than predicting next week's lotto numbers.
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Yep, we are seeing now and this last week nothing other than normal bitcoin behavior. No clue why people would think it was so fascinating...
 
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mhaze said:
Yep, we are seeing now and this last week nothing other than normal bitcoin behavior. No clue why people would think it was so fascinating...
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Because this "normal behavior" is anything but what most rational people would find acceptable for any kind of currency they might consider using regularly to purchase goods and services, which Bitcoin is supposed to be.
 
psionl0 said:
Must be the first time bitcoin prices have gone up then down. ;)
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Both of you are arguing that volatility is inherent in Bitcoin.

That may be the case, but it will only mean that it is probably only attractive to speculators and gamblers (ETA: and to those looking to purchase illegal items, who are willing to put with all the uncertainty for the supposed anonymity).
 
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AdMan said:
Both of you are arguing that volatility is inherent in Bitcoin.

That may be the case, but it will only mean that it is probably only attractive to speculators and gamblers.
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There is nothing "inherent" in bitcoin whatsoever. It's all about how the market treats it.

It's not just speculators and gamblers involved with bitcoin now. Fear is driving a lot of people to regard the volatility of bitcoin a lesser evil than than keeping all their eggs in "real" currencies:
  • We are seeing huge sums of money thrown into financial derivatives in what is just sheer gambling.
  • Major currency producers are having printing competitions in an attempt to prevent their currencies from being overvalued.
  • Governments around the world are borrowing money with increasingly reckless abandon as if there will never be a consequence for racking up so much debt.
  • As the events in Cyprus have shown, the bank accounts of ordinary people are increasingly likely to be raided to bail out the top 1%.
I could go on but it is clear that as long as the management of world finances are in such "fine hands", more people are going to seek to shield themselves from the coming events.
 
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