humanitee, do you know how to code? I do not, and regardless whether you do, we should create a proper crytocurrency that fixes all the problems with bitcoin.
I am actually a "1337 coder", as the kids say. First thing we need to recode is the name. Too many "coins," we need something catchier. proudhoniteecoin? humanidhoncoin?
I like where this is going. Proudmanbling? Mmmmm, yes, yes, "coin" carries all the baggage of both failed government money and the failed bitcoin experiment. "bling" is a good proposal as it captures the hipness and innovative nature of our project. |
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proudhoniteecoin? humanidhoncoin?
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I don't understand why people believe that the bear market will only last 'a few weeks'.
In April 2013 wave B took 8-9 days, now it took 19-20 days, at least 2x longer.
And wave C went from the 24th April to the 6th July, about 2.5 months.
In 2011 wave C took about 4-5 months, and so far the market resembles the 2011 patterns.
So IMO this bear market, which may have some nice rebounds, should take about 4-5 months.
But have you checked the most recent non-English bad news sources? The downtrend will likely be indefinite and ultimately culminate in the complete failure of the market. Especially since bitcoin usefulness and saturation has been maxed out. There's really just no more upside potential here. Additionally, bitcoin is not a sustainable technology. Following basic logic we can see that since it is not a sustainable technology, the price can not be sustained. "Where do we go from here" you ask? Grasscoin. Grasscoin is the future of home-grown cryptos. Grasscoin, where the surface meets the sky. ™ Grasscoin poised to have a breakout year! humanitee, do you know how to code? I do not, and regardless whether you do, we should create a proper crytocurrency that fixes all the problems with bitcoin. |
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I don't understand why people believe that the bear market will only last 'a few weeks'.
In April 2013 wave B took 8-9 days, now it took 19-20 days, at least 2x longer.
And wave C went from the 24th April to the 6th July, about 2.5 months.
In 2011 wave C took about 4-5 months, and so far the market resembles the 2011 patterns.
So IMO this bear market, which may have some nice rebounds, should take about 4-5 months.
But have you checked the most recent non-English bad news sources? The downtrend will likely be indefinite and ultimately culminate in the complete failure of the market. Especially since bitcoin usefulness and saturation has been maxed out. There's really just no more upside potential here. |
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You guys are crazy. As sources have clearly demonstrated over the past few days, bitcoin is done. It's reached its maximum usefulness and user base last year. 2014 is the year of the slide to complete obscurity and failure. The confirmed bad news of the past few days has made this clear. Get out while you can. Bitcoin will never see new highs again, this is confirmed by sources close to some government officials in a few countries. Just google it. Sources are in Chinese, of course, for anyone to read and verify.
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This non-story has had zero impact in the market.
The market has corrected because it overran to the upside. Happens every week in Bitcoinland.
DHS said at the Senate hearing they would auction the seized coins *if* they decided to sell. Senate testimony is much more reliable than internet articles.
Not when the article mentions sources. You can do anything you want to the price of bitcoin with sources, BTW. |
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...So that they can get less for the assets than they would have otherwise? In any event, this isn't even the worst news of the day, since sources have disclosed that the Chinese and US governments have entered an agreement whereby they work to filter out and block all cryptocurrency network traffic. Look it up. It's been confirmed via sources. |
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They're smart to liquidate those Ulbricht bitcoins for USD instead. They should do it on MtGox, cuz that's where the liquidity is.
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This is it people. We're entering the long slow slide, which will probably be a short fast fall, given all the bad news and the fact that bitcoin has reached its saturation point and there's really nothing interesting or useful left to do development wise. Long term outlook is pretty dismal, I'm sorry to say.
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Please see my post here for confirmation and verified sources (all Chinese language, of course). This problem likely has something to do with the Chinese firewall situation, which is confirmed. Just read the sources I linked to. It's all there. |
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I knew this would happen, and it's much worse than OP could have imagined. Not only is the PBOC banning all bitcoin mining, but they will be filtering bitcoin network traffic from China using the Great Firewall ----> See here for the official source confirming this horrific new information. But, it gets worse. Chinese officials at the PBOC have also confirmed via sources that US officials have entered into an agreement with China to lease their firewall technology so that the US government can filter out all bitcoin and all cryptocurrency traffic. As I forsaw in 2011, this is literally the end of bitcoin and all cryptocurrencies through out the world. The only thing left to do at this point is get all those coins out of cold storage, send them to the exchanges, and get out while you still can, before the price drops to fractions of a penny. So, i guess you sold your coins and still waiting for the predicted crash who will not come?.. Absolutely! With the now confirmed bad news I posted verified via the sources I linked to which you can easily just read yourself, cryptocurrencies are officially over and we will be entering a long slow slide to $0, except it will be fast. No new highs will ever come from this point on. Just check out the sources I linked to. All confirmed. |
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I'm buying (small amounts) now, everyone is expecting a drop... generaly means an increase  But have you read the latest confirmed bad news, verified in the links I provide. Read them yourself. It's over. |
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I knew this would happen, and it's much worse than OP could have imagined. Not only is the PBOC banning all bitcoin mining, but they will be filtering bitcoin network traffic from China using the Great Firewall ----> See here for the official source confirming this horrific new information. But, it gets worse. Chinese officials at the PBOC have also confirmed via sources that US officials have entered into an agreement with China to lease their firewall technology so that the US government can filter out all bitcoin and all cryptocurrency traffic. As I forsaw in 2011, this is literally the end of bitcoin and all cryptocurrencies through out the world. The only thing left to do at this point is get all those coins out of cold storage, send them to the exchanges, and get out while you still can, before the price drops to fractions of a penny. |
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with Bitcoin only having 3 more weeks to live in China
This simply is not true. It's true, but it's not the complete story. With only 3 more weeks of life in China, bitcoin will be free to enter the downward trend I described earlier, which is also backed up by good solid technical analysis and sources, again most of the best sources are in Chinese but also in other non-English and hard to read languages for English readers. Be prepared for anything, including a retest of $2 and possibly $1 as the strength of the downtrend develops. And don't rule out complete failure of bitcoin at the end of the coming long slow slide. 2014 will certainly be one of the worst years in bitcoin history. If it survives, we might see $100 again, but it's just probably certainly unlikely, I'd say with certainty. |
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In logarithms, $1000-$3200 takes half the time of a move from $1000 to $10000. $1000-$2000 takes 30% of the time. So expect to be in the $1000s for a while and then to more quickly move once we get past $5000.
My totally unprofessional market psychology bullshit assessment is that we're going to fight around $1000 for a while because there were a lot of people getting in around and above that nice round USD number and a lot of those people got their first real lesson in markets/panic/capitulation recently and a lot of them probably want to get the fuck out because bitcoin is still too risky for them. And because the powers that be stubbornly refuse to switch to the more psychology-friendly mBTC. Yep, that's totally it. Switch to mBTC and we'll hit $5 tomorrow. If only the man weren't keeping us down.  If we could just switch to Satoshis we'd be at like $1trillion/satoshi by next week, at least. Amiright? |
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If we compare the china-bubble to the april bubble, we see some similarities:
After the bubble, we trended down for several weeks from 150 USD towards 65 USD! I do not think we will trand down that much this time, but a downtrend will happen I guess.
After the downtrend, we saw slow growth and a lot of merchant interest. That phase will be bullish for bitcoin, triggering a new bubble.
Just judging by the technical analysis I see, and based on the data coming in from sources from China and such, we're definitely in a downtrend that will probably certainly last between 3 months and 18 months and will go at least as low as the last double channel triple shoulder top a few months ago, just following the trend lines from the 2-3 day moving average oscillator. That means the price will likely go at least to $78, before rebounding to new ATHs in 2018. There is black swan chance the price will follow the more dramatic downtrend indicated by the exponential channel and we could see prices retest $2. |
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In logarithms, $1000-$3200 takes half the time of a move from $1000 to $10000. $1000-$2000 takes 30% of the time. So expect to be in the $1000s for a while and then to more quickly move once we get past $5000.
My totally unprofessional market psychology bullshit assessment is that we're going to fight around $1000 for a while because there were a lot of people getting in around and above that nice round USD number and a lot of those people got their first real lesson in markets/panic/capitulation recently and a lot of them probably want to get the fuck out because bitcoin is still too risky for them. |
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Dammit OP, please advise! What should we do? Do you have a newsletter we can subscribe to? OP!?!?
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OP, where are you? When should we buy back in, if ever? Waiting for your excellent advice, thanks.
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