Guys, please dont feed the troll.
In other news, getting past 80 will be a good indicator that we are back on track for the stratosphere.
+1, I think we could see a pass through $80 this week, with a lot of volatility up and down afterward, and then in the coming weeks some stability (as much as you can get in bitcoin anyway) around $100. Ok. |
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The bitcoin protocol has proven itself pretty well over the years. The infrastructure built around it has not. The events of the past few days appear to have attracted the attention of professionals in trading infrastructure. It'll take some time for it to get built out and prove itself, but the prospects are looking hopeful that it will get built, and with the support of robust infrastructure the fundamentals of bitcoin will be able to fully express themselves. That's what I think.
So very recent developments in London and with various potential new exchanges (Coinsetter, etc.) has changed your tune? Interesting. So you see Mt Gox et al (current infrastructure) holding back Bitcoin whereas I see the recent highs a product of media hype and hyper-speculation. I don't believe we crashed because of the lack of trust in Mt Gox. And I don't believe we will return to new highs because of these new exchanges. I'm glad to see the new infrastructure, though, because it is necessary to move forward. |
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I think it's gonna make it, after all. New and professionally run exchanges are in the works as we speak. MtGox is doing a lot of work, and will be better than ever in a few weeks. In a few months we could be approaching highs again.
Who are you? This is not Proudhon. Yes, new exchanges are coming.....but I would not make the assumption that we will approach highs again in a few months. If I've overlooked something, let me know. |
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1) BTC is shortable and has a legitimate futures market. It's nuts if you can't hedge your positions.
2) A marketcap of at least 10 Billion
If this ever happens.......yes. |
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Looks like $50 will be the bottom.
I see a bounce but no bottom. |
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Interesting double bottom looking situation with unprecedented volume. $50 is probably the bottom.
Well I actually believe you are absolutely right. To be honest, I never expected the price to bottom again this week, but now that we have a second bottom slightly below the previous one, there are very few people left who believe the price is still too high (as compared to those who hope the price will go down more so they can buy more). The thing is, all those sheep who are waiting at the sideline with their recently approved MtGox accounts can use this opportunity to ride the next big wave, which will hopefully bring us to $1000 in a few months. It's all a matter of confidence, the fundamental factors have been in place for a long time. +1 For once, I am more bearish than Proudhon (I have a feeling he's joking). I see the double-bottom....but I think you underestimate the number of people who think this can go lower and overestimate those who think it will go higher. The Mt Gox account queue wave indicator works only during periods of building hysteria. And even then it is obviously way overblown. What fundamentals factors have been in place?? |
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Please put our minds at ease and confirm the price next year?
Would it make you feel better if I told you that I purchased a hoverboard (official mode of transport in 2014) for 5mBTC? I'm afraid to divulge more....space-time continuum, paradox and all. |
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It isn't out of the question that bitcoin recovers from what is clearly the worst market event in its history, but if it does crawl out of this pic, it won't be for many, many years. It's going to take a very long time to build trust again. Developers will have lots of time to build more robust infrastructure on top of bitcoin, while it hobbles along at values much lower than they are now and with far fewer participants. If the infrastructure is built out properly with scalability planned for in advance, bitcoin has a chance of making it out of this. If the market decides to get enthusiastic before the infrastructure is ready, or developers decide developing infrastructure just isn't worth the risk, then that's it for bitcoin.
Yes. |
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The 2013 bubble introduced the world to Bitcoin. It would take something an order of magnitude greater than the recent media hype cycle to keep this from sliding down over the next few weeks. We are destined for single digits....where we will likely stay for quite awhile. And that is where we should be.
Any future bubble will need to be driven by fundamentals. A game-changing idea could spring forth from Bitcoin (or something similar) over the course of the year, but even that doesn't mean that Bitcoin would or should see highs anywhere near what we've recently seen. IMO Bitcoin can successfully herald a great financial innovation and still not be a good direct investment, certainly at these levels.
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If more than 5 transactions in a minute > display captcha = software DDOS solved
Physical ddos protecting router = hardware DDOS solved There too much money to be made by manipulating the Bitcoin price with DDoS that a single ddos protecting router is able to handle the issue completely. Maybe the people that run the DDoS even want ransom to avoid DDoSing MtGox. I do like that you've at least come up with something creative.....ransom. Doubtful, but at least this makes more sense than the DDoS/panic nonsense that everyone seems to believe. |
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If more than 5 transactions in a minute > display captcha = software DDOS solved
Physical ddos protecting router = hardware DDOS solved There too much money to be made by manipulating the Bitcoin price with DDoS that a single ddos protecting router is able to handle the issue completely. Maybe the people that run the DDoS even want ransom to avoid DDoSing MtGox. But there really isn't. How would a nefarious DDoS attack squad profit from completely destroying Bitcoin? Everyone acts as if Bitcoin's success is a foregone conclusion, so a shadowy group would aim to DDoS attack (assuming that creates a panic....doubtful) so they could pick up cheap coins because they will definitely be worth much more in the future. No, that is not a business model. There is no guarantee that they will ever be worth more in the future. And at this point how would a DDoS even be successful in dropping the price now that everyone has been fooled into believing this DDoS nonsense? It's an excuse that, if believed, would boost the price because everyone would stop selling whenever we have a lag. If anything, the lag prevents a sell-off. Is Bitcoin really so fragile that a temporary lag annihilates the currency? If so, that is even scarier than the supposed DDoS attacks. The only entity that stands to benefit from lags are Mt Gox, IMO. The lag stems the sell-off, as I've posted ad nauseum. Having you believe this nonsense supports the price of bitcoins. The sell-off always starts prior to the lag. The system becomes unresponsive at key support levels and almost never breaks these levels (only during the crash). Tiny bot buys support the price fiercely and the price turns around. Statements from Mt Gox would lead you to believe that the only time the price ever goes down is during is DDoS because Bitcoin simply doesn't go down. |
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How would a nefarious DDoS attack squad profit from completely destroying Bitcoin? Seriously? And at this point how would a DDoS even be successful in dropping the price now that everyone has been fooled into believing this DDoS nonsense? It's an excuse that, if believed, would boost the price because everyone would stop selling whenever we have a lag.
If anything, the lag prevents a sell-off. Is Bitcoin really so fragile that a temporary lag annihilates the currency? If so, that is even scarier than the supposed DDoS attacks.
Everyone acts as if Bitcoin's success is a foregone conclusion, so a shadowy group would aim to DDoS attack (assuming that creates a panic....doubtful) so they could pick up cheap coins because they will definitely be worth much more in the future.
No, that is not a business model. There is no guarantee that they will ever be worth more in the future.
The only entity that stands to benefit from lags are Mt Gox, IMO. The lag stems the sell-off, as I've posted ad nauseum. Having you believe this nonsense supports the price of bitcoins. The sell-off always starts prior to the lag. The system becomes unresponsive at key support levels and almost never breaks these levels (only during the crash). Tiny bot buys support the price fiercely and the price turns around.
Statements from Mt Gox would lead you to believe that the only time the price ever goes down is during is DDoS because Bitcoin simply doesn't go down.
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And they blame the sell-off on the lag. It's a convenient excuse.
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Still high trading volume, but no lag. The big difference between now and a week ago is the price is going down. I guess the DDOS attackers don't care if that happens.
The DDoS lag excuse is mythology. Gox only lags out when the price goes down. |
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* Viceroy asks while bowing at BitcoinTate How far can we go, sir? When will it crash, sir? Well my young apprentice, the farthest point we can observe is currently about 42 billion light years (the distance that light has been able to travel since the big bang began). So if we take that and put it on an exponential graph and then double our answer we might be close! As to a crash? What's a crash? I am sorry, I am not familiar with this term   No worries. Perhaps you are now familiar with this term. |
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Can you imagine a brokerage in the US being able to say that the underlying is 'designed to increase in value' or that it's value 'decreases occasionally'? They couldn't because it would be illegal.
Bitcoin does not represent the assets of any enterprise. Currencies have their value pegged (at some point) by a soverign which Bitcoin doesn't have. Bitcoin is designed to float (which means rise to the top) amongst other currencies. That is axiomatic of the design of cryptocurrency, not merely a prediction. What you are saying is completely irrelevant. If bitcoin was traded on a futures/forex firm's platform, it would be illegal for them to make this statement. Forex firms cannot make these types of statements. An exchange or brokerage house cannot make statements regarding future performance other than there are no guarantees and that past performance is not indicative of future results. A systematic managed forex fund is 'designed to go up in value', but if I stated this, I would be summarily shut down. If this isn't obvious to you, it tells me that you have little professional financial experience because this is a basic, cardinal rule. Gox is unregulated. These statements, in addition to the bizarre pricing action on their exchange, make me question everything about Mt Gox. Were there ever DDoS issues? |
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This is complete and utter nonsense. Why would they use this method to communicate?
More likely this was created by Mt Gox (or somebody) as an excuse on which to blame the sell-off.....something they clearly hoped everyone would find.
Are all major financial scandals pre-posted on pastebin? I need to be checking this more often.....
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Forex.com gives their clients a constant stream of news and technical analysis. Soooo.... Whats the big problem?
"but we are confident that this Panic Sell will be temporarily and that Bitcoin will rise again." Anyone in the financial industry would immediately be struck with how bizarre it is for Mt Gox to make these types of statements. FINRA and/or CFTC would severely censure/shut down any investment scheme, brokerage, fund, etc, that made this statement. And they would be liable for severe civil penalties. These statements might actually be more unprofessional than their, IMO, manipulation of pricing action. This is brash and shows that they are very out of touch with the investment world. |
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