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

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psionl0 said:
Again? :rolleyes:
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Looks like Gox failed on another big sell order and China is also down. Not good for bitcoin. People are getting worried and the exchanges that remain open are falling. Last price on BTc-e is 885.
 
wrs said:
Looks like Gox failed on another big sell order and China is also down. Not good for bitcoin. People are getting worried and the exchanges that remain open are falling. Last price on BTc-e is 885.
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From my view, it's more significant that BTC has made several attempts at recovery and the high points of each push are getting smaller and smaller. The day-to-day swings are pretty big as people alternately cash out/prop up the market, and the volume splits are pretty flagrant too -- big-volume selloffs and price crashes followed by creeping back up on small volume.

The people who bought at $1000/BTC or above are definitely sweating. I'm mostly watching at this point for the supply of suckers to run out -- it's sure to happen before everyone who wants to is done cashing out, but we can't really see who's just swapping BTC back and forth and who's actually buying in new at this level.
 
Belz... said:
Then again, it may not.

I predict it may have kittens. Then again, if it doesn't happen, I didn't say it would.
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Just keeping track of it. Notice that the bitbugs are silent as it's now $170 off it's highs from yesterday. They were all sure it was headed to $2000 in short order, now, not so much...............

Each failure eats up more bitbug confidence in the bitcon bubble continuing to the moon.
 
wrs said:
Another potential triangle failure here. The 50sma is kissing off the 200sma for the hourly chart so that isn't good. This could set up the move below 500.

Of course MtGox broke down, how convenient, when the market is about to roll over, just stop trading, maybe that will work...LOLOLOL
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No no no, it was supposed to have hit 500 two days ago, "unless a miracle happens." May I presume the miracle was that you just happened to find something you needed to do more urgently than chart the rise back to 900?
 
babycondor said:
Sounds like an e-check, without the payor's name or bank acct number on it. And you know it will have a transaction fee on one end or the other. If not both.
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Also meaning, they'd like you to give them your money so they could fractionally reserve it. And since bitcoin is so successful they'd like to imitate it - but without the security, without the intrinisic lack of need for trusted intermediaries, without the public blockchain, and with full ID down the line so they can report on you.

Such FUN!

wrs said:
Just keeping track of it. Notice that the bitbugs are silent as it's now $170 off it's highs from yesterday. They were all sure it was headed to $2000 in short order, now, not so much...............

Each failure eats up more bitbug confidence in the bitcon bubble continuing to the moon.
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Now I don't know, wouldn't you say it was more bitbabble by bitbobbleheads, making up stories about bitwhales and bitbugs and bitcons?
 
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remirol said:
....
The people who bought at $1000/BTC or above are definitely sweating.....
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Yeah, a bunch of guys that bought in at $1 or $10 or $100...yeah...

They are definitely sweating.....

Down on the beach in Jamaica....
 
Beelzebuddy said:
No no no, it was supposed to have hit 500 two days ago, "unless a miracle happens." May I presume the miracle was that you just happened to find something you needed to do more urgently than chart the rise back to 900?
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I followed it all the way back up. I am following it back down. It's not going to get to $150 in a straight line but it is following recognizable pattern so far. It isn't showing signs of wanting to make a new high but instead, trace lower lows. The target for the last low is $576 and that will probably take a couple of days to get back down there.
 
wrs said:
Just keeping track of it. Notice that the bitbugs are silent as it's now $170 off it's highs from yesterday. They were all sure it was headed to $2000 in short order, now, not so much...............

Each failure eats up more bitbug confidence in the bitcon bubble continuing to the moon.
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I see failures on both sides. Maybe we should refrain from making predictions if we don't happen to be very confident about what's going to happen.
 
Belz... said:
I see failures on both sides. Maybe we should refrain from making predictions if we don't happen to be very confident about what's going to happen.
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I thought you were the one wanting predictions.
 
wrs said:
I thought you were the one wanting predictions.
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No, I want you and your opponents to put your feet down instead of remaining intentionally vague. Personally I have never claimed to know how or when something will happen to BTC.

But I'm not surprised you didn't understand the point of my request, even if I stated it plainly.
 
Belz... said:
No, I want you and your opponents to put your feet down instead of remaining intentionally vague. Personally I have never claimed to know how or when something will happen to BTC.

But I'm not surprised you didn't understand the point of my request, even if I stated it plainly.
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Okay, here's my prediction...all the bitnegs hanging on the trend line weight it down, but they are offset by the bitpositives full of hot air that buoy the chart line back up.

I'll give you a prediction, $5000 by 2015. Sorry I don't have the magic skills to forecast tomorrow. By the way I view the 5k as a very conservative prediction....
 
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jhunter1163 said:
If the Swiss came out with something like that, they'd put Bitcoin out of business in a week. Hell, they'd probably put JPMorgan out of business.
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Maybe if they went back to the rule of bank secrecy.

But they won't.

jhunter1163 said:
Thanks, Sam84: that's just the article I was thinking of. Per that article, 64 percent of all mined BTC are not circulating. I wonder why that might be...
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What,you mean a far higher percentage of the BTC are CIRCULATING than the percentage of the USD that are CIRCULATING? Why, I wonder why that might be....



http://www.marketskeptics.com/2009/03/where-is-all-us-currency-hiding.html

The total amount of U.S. currency held by the nonbank public equals about $375 billion [around 550 billion today], or nearly $1,400 for every man, woman, and child in the country. Clearly, few individuals ever hold this much cash at any point in time. On the surface, the sheer volume of currency outstanding seems inconsistent with common sense. Even if one considers currency balances held by businesses involved largely in cash transactions—like retailers—and by participants in the underground economy—like drug dealers—it is hard to reconcile the difference between households' holdings and total currency outstanding. So where is this currency hiding?

Recent evidence suggests that a growing proportion of U.S. currency is held outside the country by individuals who are uncertain about their own currency's future value ....
 
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