Of course, it could happen. This is bitcoin, after all. I think it's unlikely.
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Bump. Lets see how this "Price is `stable` in the 80-90 range" period plays out. It think in the short term is't going pop out of that range both ways. Still though, I've been very surprised by the response post crash. I was expecting much, much worse; but to the contrary, the crash seems to have shaken the existing market infrastructure enough that its managers are beginning to significantly improve it. But what's even better is that it seems to have attracted the attention of people who might be able to bring a new level of expertise to the bitcoin market, and the hope is that that will make it, at least, more resistant to attack and more capable of handling higher demand. I don't expect the volatility problem to be anywhere near solved for years, probably decades, but it can be managed better, and I think it will be in the near future.
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I think the price probably will pop back over $100 in the next week or so, even if it's only temporary in the short term. Longer term, yes, I think we're headed more solidly back over $100.
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Like I said yesterday, this are looking pretty hopeful, actually. Again, the price is going to wiggle and wobble (pretty significantly compared to most other markets) on its way back up, but I do think the bottom was put in place.
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Proudhon, may I ask what changed in two days to make you so bullish compared to two days ago?
Oh, I just began reading a lot about how much attention the infrastructure is getting, and it looks like people concerned with those things realize better now how robust and scalable their designs need to be, and it looks like developers are interested in building the right sort of systems. MtGox, in particular, seems to be doing much better now, even as we're seeing record trade volumes. As far as trading goes, the activity down to and around $50 looked bottom-ish enough that I think it probably is. It will be a struggle moving beyond last week, but it looks like the development community is serious about it. So basically, you bought back in and now you're bullish?
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My suggestion is to start out with a weekly show, and as your efficiency and man-power increase, increase the frequency.
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Proudhon, may I ask what changed in two days to make you so bullish compared to two days ago?
Oh, I just began reading a lot about how much attention the infrastructure is getting, and it looks like people concerned with those things realize better now how robust and scalable their designs need to be, and it looks like developers are interested in building the right sort of systems. MtGox, in particular, seems to be doing much better now, even as we're seeing record trade volumes. As far as trading goes, the activity down to and around $50 looked bottom-ish enough that I think it probably is. It will be a struggle moving beyond last week, but it looks like the development community is serious about it.
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Again, it'll be bumpy, but $50 is very likely the bottom. This bubble attracted the attention of people who can help build more resilient and professional markets and apps on top of the protocol. It'll be a few months before we useful products out of this, but it's coming.
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clearly you guys are incorrect [size=16]so the answer to the formula is [/size] ][/font](5%5-5%)%[color]/] it is self evident in this ch[size=18]a[/szie][size= 22pt]rt[/size] BTCBTCBTCOne of the more sensible TAs on bitcoin I've seen in the past few years.
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Hi guys.
Hi proudhon, are you a bull now? Based on your bottom calling at 50? Did you get in at 50ish? $50 was probably the bottom. I don't reveal my positions anymore. Translation: Proudhon bought at 50. Proudhon, welcome to the bottom snipers club! I sniped the low on Bitfloor (must have been just above 50) in my sleep last night. I'm not going to disclose what I may or may not have done recently. In any event, I've been a member of the snipers club since 2011. I'm not sure what's more odd, the fact that people actually care when or if you bought, or the fact that you won't "disclose" it.
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Hi guys.
Hi proudhon, are you a bull now? Based on your bottom calling at 50? Did you get in at 50ish? $50 was probably the bottom. I don't reveal my positions anymore. Translation: Proudhon bought at 50. Proudhon, welcome to the bottom snipers club! I sniped the low on Bitfloor (must have been just above 50) in my sleep last night. I'm not going to disclose what I may or may not have done recently. In any event, I've been a member of the snipers club since 2011.
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Hi guys.
Hi proudhon, are you a bull now? Based on your bottom calling at 50? Did you get in at 50ish? $50 was probably the bottom. I don't reveal my positions anymore.
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Welcome to the right side of bitcoin for the next few years. Glad to have you on board. Have you bought USD yet? Its value is skyrocketing vs bitcoin. Jump on the train!
I think I was wrong about this.
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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 what happened to your single digits talking? I think I overlooked something and made a mistake.
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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?? 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.
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I only bought 2 BTC so not worried either way but interested to see what peoples opinions will be.
Assuming you don't need the money, hold, it will keep you in the game and Bitcoin will either return or go to zero and never return, many people sold at -$10 after buying at $30+ in the last peak, if they held they would still be up even right now. I'm not going to make a new thread for the same exact topic, so I hope you don't mind if I ask a question as well.
I bought at $70, how low do you expect this crash to go? If I sell now, and it goes to $50, I can make more than I had before. If I sell now and it goes to $40, I can make a lot more than I had before.
Either way, I only bought $200 worth, so it doesn't matter much, but it's interesting to know what you guys think.
It might go lower, be-careful day trading, it might go down and down, and then you sell to buy more Bitcoin when it goes further down. Except that ends up being the real low and it starts to gradually rise again. $70 will be met again, might take a year max. (unless Bitcoin goes to zero never to return) It's beginning to look like $50 is the bottom, folks.
Are you being sarcastic? I think $50 is quite high for your bottom proudhon. Not expecting single digits? Looking at the broader view, there's really a tremendous amount of support building up around $10 that can protect against single digits. That's probably a lot of the institutional money placing itself visibly on the sideline in order to watch this play out a little while longer. As MtGox builds confidence around improving their backend, that money will feel more confident about getting back in the pool. It'll probably take some time, but I think there's a good chance this gets repaired.
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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.
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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
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