I glanced at the charts today and saw the anemic buy side, stacked up sell side, and figured we were in for a slaughter by the end of the day. Didn't sell though, and it's just kept going up! What looked pretty hopeless from a speculative point of view really didn't matter to someone interested in using the currency. People are still buying at market price. At this point it's clearly not speculative buying. Actual use of BTC is growing  In this market, putting up a bid is basically saying you DON'T want to buy!  You just want your USD to sit around as bid depth. I haven't seen a seller dump in a couple of days (of course I haven't been watching the whole time). Actual buyers of real volume have to bite into sell walls. |
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I guess knight capital discover bitcoin  |
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why is no one taking about the crashing going on?
denial?
adam at this point this is still intraday volatility -- a healthy pullback in a huge up day. The buyers are probably mostly out of fiat on the exchanges and so the sellers have to come down to existing bids. And they'll do it because we're still up relative to just 24 hrs ago... yup, that's what i thought, denial.... Or maybe your opinion that I am in denial is just a continuation of your denial of this bull market Back up to 13.10!!! Better jump back in soon... hey don't sweat it you called a top today your true calling might be as day trader |
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why is no one taking about the crashing going on?
denial?
adam at this point this is still intraday volatility -- a healthy pullback in a huge up day. The buyers are probably mostly out of fiat on the exchanges and so the sellers have to come down to existing bids. And they'll do it because we're still up relative to just 24 hrs ago... |
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What is surprising to me is just how large a target this guy is for a real hacker/social engineer/thief, in real life.
easy to claim a hacker raided the BST coins regardless of the identity of pirate or bitcoin max or the other Yeah, Zhoutong 2.0 coming up... -p Not if its a ponzi. Because everyone will demand to see the txn that stole the coins on the blockchain. And that txn wont have enough coins. |
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Anyone notice that there are 60k BTC in asks? Not much anymore. This is actually a record low... we haven't seen these levels for over a year, I believe.
Also happening in a major way on campbx, there's about 130BTC available right now. For perspective, campbx exchanged around 2k btc yesterday and more than that day before... |
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I don't think the block reward halving is priced in yet. My theory is if you are a miner you are probably a bitcoin bull and so mostly would keep your savings in BTC (even without the block reward halving). You'd be selling when needed (as opposed to selling to fiat and saving that). So how long can someone defer paying living expenses, etc? Maybe a month or two but not much more than that.
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"it is different this time" is often heard during speculative opportunities. stereotypical statement for sure.
That's not what I meant. My point is that the June 2011 event was indeed a bubble and that the current rally is a different event altogether. I'm not saying that is it not a bubble. It could well be major bubble #2. Let's see a year from now. Or... the June 2011 bubble wasn't a bubble at all, but simply the kind of drop you would expect when the exchange through which 90% of all BTC transactions are made is compromised. Everything else about Bitcoin requires a re-think of previous paradigms. Maybe we should start applying the logic to the bubble paradigm as well. uhhh... no. For example, Akamai is an internet bubble company that actually had a great idea (spawned an entire industry in fact), and so has slowly grown successful post-bubble. http://www.google.com/finance?q=NASDAQ%3AAKAM |
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if we break 12.20
I'm going to quit smoking and start buying bitcoins daily instead
enjoy your last puffs penguins smoke? not for long! true words, based on previous statement =) I was going to post that pennybot bought at 12.20393 but then I just thought hell I'll just wait... 12.23990!!!! |
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I agree, the market-cap is starting to look bubbly steep: http://blockchain.info/charts/market-capBut show me a security (or whatever) that has had 2 bubbles in a row in such a short period. We haven't forgotten. This may be why this rally is not exuberant. Several times now when the asks grew thin the buyers simply slowed buying instead of panicing. This behavior looks like an "accumulation strategy" by well capitalized professional individuals or institutions to me. People who want to be sure the bid volume fills in before proceeding... And the interest is rationally justified by the current economic conditions surrounding fiat currencies. And by bitcoin's ability to move value rapidly worldwide. So why aren't other escape hatches (PMs) rallying? IDK but possibly because they already have. Having lived thru the internet, housing and BTC bubbles, I think that if we are in a bubble from 5-12 then somebody's put the world on slo-mo (and mute). |
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In a bull market you're predicting that the price will go up? That's Bold man. You're really hanging it all out there! |
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1) The fact that coins are occasionally lost is not a problem to anyone except the person who lost the coins. Increasing the rate at which coins are mined, or mining them forever at a constant rate, doesn't help the person who loses his coins. It's a non-solution to a non-issue.
2) If ever the Bitcoin community generally agreed to remove the 21m bitcoin cap and extend mining at a constant rate indefinitely, the whole experiment would collapse and fail.
2: I disagree in a way that ultimately agrees. The great thing about FOSS is that somebod(ies) would NOT change their client protocol, and so the blockchain would fork into BTC and BTClinear. Hacks would quickly be put in place the diverged clients don't find each other, instead of having to reject other-fork blocks. Everybody who owned coins before the split would now own both BTC and BTClinear. Prices between BTC and BTClinear would diverge, since BTClinear's supply increases it is likely its price goes down vs. BTC. So everyone would go back to BTC as BTClinear becomes worthless, or both are used and BTClinear becomes an altcoin like litecoin. What's fascinating about this process is that it might actually be used for a protocol change that has some possibility of success (IDK maybe more secure in some way), where BTC forks BTCultra and the original protocol slowly loses value against the new one. 3) There is absolutely no net benefit to removing the cap. Do no equate money with wealth... the fact that more money is printed doesn't mean the world is better off. Market's adjust to the supply of money - if you tinker with the supply of money, you screw up the market.
4) The growth rate of world population is entirely irrelevant when determining what the proper amount of money is. Few people understand this, but it's true.
3 & 4: so long as your currency is infinitely divisible! And luckily for us bitcoin is highly divisible now and if needed we can add as many more zeros as needed after the decimal point via a protocol change. |
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James Gray... hmm, there's also a James Dorian in this world: http://www.linkedin.com/pub/james-dorian/13/561/a50 Its the bridge to: Dorian Grey! You must have super powers!!! But James, having a completely different name that sounds like a real name is a little bit sketchy -- even worse then a "handle" IMHO. Time to drop that name here. I'd recommend you do what other companies do & post your real name, address, and bio (aka resume) on your new company web site. PS: Good luck with your new venture!!! |
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OP thanks! i didnt learn a thing abt btc but I did learn why the rest of the world thinks we're idiots and assholes...
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Its funny, I was just about to post that we were trending down -- asks above 5 have declined by about 200k, bids below 15 increasing. But I just wrote one other comment and bam! the 11.06 weakness evoked a real 5k+ askwall that already pushed the price to 11.50!
EDIT: That wall got eaten down to 2k pretty quickly but 5 minutes later was built back with another 5k bid -- somebody is seriously accumulating at or below 11.50.
EDIT2: Whoops! Another 7k just added to the wall!
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And it does not have an advertising budget... so it may not do so well in POS or mobile applications (and other massive deployment idiot-proof install type apps) unless a major player adopts it (and why would you when you can profit by charging 2% to make your own). But its future is bright for small to mid-sized international payments -- i.e. wire transfer and paypal replacement!
Its a good thing... if "people" really thought the Euro and USD would be gone in 5 years with BTC reigning over all it would be squashed before it became useful enough to resist.
The best thing for BTC is to grow "under the radar" to dominate a legal niche market so it gains legitimacy and a following of powerful individuals who would fight for its continuation...
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its about to crash .... this restarted Rich Newbie Buyer is the signal us bears have been waiting for. i sold more  hehe, except there are a LOT of rich newbie buyers depositing on multiple exchanges in multiple currencies as we speak. =) yes... this is sad but true. No one can be a winner without the losers Is this your general life philosophy or just your economic philosophy? bitcoin economics philosophy my guess is its like this in all other markets (no winner without losers). but i wouldn't know In fact that is untrue. Capitalist economic philosophy is based on the premise that both parties win. This is one reason why a contract that does not provide some compensation to both sides is not valid -- which is why some CEOs take $1 salary instead of $0. You make shoes, I grow wheat, we trade wheat for shoes, we both win. Because of economies of scale, if I had to grow wheat AND make my shoes, I'd end up growing less wheat then I have after trading some for your shoes. Day traders take advantage of the mechanism of mutually beneficial contracts to turn them into a gambling house :-). I may NEED USD for something much more valuable to me now then a high BTC price will be later (let's pretend its a medical operation)... there is no loser to that exchange. |
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No formal announcement of QE3 but backdoor method that the Fed has started to monetize the debt  Gold has not catched up to this stealth QE3... can you post an article... thx! |
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