Bitcoin Forum

seriously people? this is what you come up with?

LOL!

you are at the denial stage, just as in june '11:
http://i47.tinypic.com/2lnx1tl.png

Oh great, more cheap coins to be had at the bull trap stage then  ::)

I don't think you can purely use Technical Analysis to look at a bitcoin chart. (I do use it, but don't rely on it like a regular stock/currency) Bitcoin is very much a sentiment indicator and you have to consider that things like the Cypress banks failing into the equation. If more banks fail and money is taken from more holders (and that probably will happen) you will see something in the form of an exodus from centrally controlled fiat currencies into decentrally controlled (Stateless) Bitcoins. Yes, it is also a fiat currency, but based on trust.

Also, the naked shorting of gold (which has kept the gold price lower than it should be), stock market manipulation, housing crisis, bond bubble, etc. will probably start surfacing in the form of a further exodus from fiat currencies. I'm not saying bitcoin will be the answer, but it will be a sign of what is happening around us. Also, regardless of who is doing them, the DDOS attacks are playing a role. And, the continued media coverage will probable play a role as well - This is the part I do not understand very well, as any press is good press, especially if those DDOS attacks stop affecting the price.

Gold used to show us that, but the naked shorting and leasing of the gold reserves has detached the public from that connection.

Further, the volatility of Bitcoin, in a sense, is rather a reflection of the volatility in currencies. If currencies were stable (not being hyperinflated) and all was good, you just wouldn't see money flowing into Bitcoin like it has been. It is not a stock, it is not a currency, it is not a commodity - we are learning what it is (perhaps a combination of course, but also something more that we are finding out).

Things are just starting. When you have a current float of 11 or so million bitcoins, and those individual coins are each divisible into 100,000,000 bits, you CAN'T look at this like a regular currency or commodity.

Things are going to get very very interesting...  :o

I think you are right, but it will probably stabilize around $35-$50, not the $15-$20 suggested by the chart.

If you are going to use that chart then use it right. Can you see the letters in the background? Now, please explain, when did institutional investors and the public start to invest in bitcoins?

Very nicely put!  :)

BTW, did anyone notice that the volume of bitcoins being used in transaction has increased dramatically in the past 2 days?
http://www.bitcoinwatch.com/
Look at the "bitcoins sent last 24h" field on the left of the screen. This number used to range around 1.5 mil and went to 2.5 after the Cyprus events.

From what I see as market behavior now this analysis does not fit.

What is the "mean" of an exponential growth ?

"Media attention" phase for the general public interest in Bitcoin could very well be be the point where the media is bragging about how they covered Bitcoin already and they "told us" it was going to be a huge deal just because of the fact they mentioned it possibly could have been a big deal a year prior. It'll be the Wall Street Journal, FT, etc. saying it, too, not just online blogs.

If you want to know when you should sell, it'll be when your grandmother or grandfather asks you if you are "into that Bitcoin thing" and you can explain it to them. Or when an old high school classmate asks you for help "getting this silly electrum wallet" online.

that graph is already completed and it now climbs again. will it repeat, sherlock?

Huge boom could be a number of things.

One option is manipulating. If you are seriously worried maybe you shouldn't invest your money.

I don't think that's the case here but there are a lot of tinfoil hats around.

It's probably due to many of the newcomers getting verified on Mt. Gox, finally. It'll probably drop when some of this media hype cools off.

Yeah, cos only a tinfoil hat wearing freak would ever possibly imagine that individuals or entities may intentionally manipulate the price of an asset to satisfy thier own nefarious and/or selfish desires......u clown!

Read this: www.andrew.cmu.edu/user/nicolasc/publications/TR-CMU-CyLab-12-018.pdf
Pay attention a the suggestion: Attacking The Financial Infrastructure on page 22.