True, one step at a time I guess

I've spent a good deal of my life developing trading systems for various markets. I used to do so on the actual trading floor, then moved to off-floor for other opportunities. I see your point about RSI, you recognize its characteristics and if you can weave that into a system you're familiar with, good for you.

My point revolves largely on indicators that are predictive, not reactive. Yes, they exist, and no - I'm not about to expose what works (it took a LOT of iterations to get where I am right now). Suffice to say, there are things in price action that can be used for predictive purposes that exceed random 'chance' correlations. I'm not claiming perfect performance, but enough of an 'edge' that can be used in an automated strategy.

That is why when I see an indicator lagging or merely displaying price-influenced characteristics quite transparently (Peaks when price peaks, turns down when price turns down) -- I'm immediately cued into the fact that I'm dealing with a simple formulaic projection of price that provides zero predictive power.

1. US Government owns printed money

2. You own US printed money

3. The US Government owns you

Puts bitcoin into perspective, doesn't it.

As others have no doubt posted - 13.10 was touched just a while ago.

Keep in mind that most technical indicators based on price tend to look like the price action they are applied to, except they are 'detrended' or normalized around a common 'zero' point. This is why you get 'oversold' or 'overbought' conditions - which really don't help at all.

A real indicator doesn't get pegged at the extremes, beware of the ones that do - they're pretty much useless.

Well, that's the point -- not being a 'typical' taxi. You wouldn't have to depend on a chokepoint in transit to offer your services. There is a risk of course - being found out, but then again - maybe you are just a generous stranger picking up people when they need a ride

Sorry to hear about your troubles, it is things like this that irritate me about regulation in governments.

The true valuation of bitcoin will be when it isn't exchanged to any other currency at all.

Exchanges are a phase, not an end. Same with Dollar/Euro/Pound/Yen/Yuan valuations and comparisons. We're only doing it this way now because we're "bootstrapping". Later, these currencies will seem quaint and outmoded.

I would be highly tempted to be an unlicensed taxi, but I understand the risk would be fines and such.

Are there other ways to offer rides to customers with non-traditional vehicles? Are the restrictions specific on type? (Four wheels, car versus 3-wheel 'trikes' used in asia)

If I had no way to provide for myself, I'd risk the fine and just have people pay me in bitcoins, sending me addresses via a website or mobile app.

A few points:

1.) Slashdot also panned the first iPod, being the forward-thinking geeks that they are.

2.) Economists are pseudo-science practitioners. No better than someone claiming to split atoms in their backyard with a circle scribed in the dirt. They wield mathematics, but their results are frequently incorrect. It is the only job in the world that I know of where being consistently wrong and having dismal performance doesn't cause you to lose your position.

3.) The conversion to bitcoin is continuing apace, and Wordpress is just the start. Don't be surprised to see other advancements, and when it finally comes to that magic moment where everyone starts to "get it", there will be a torrent of complaints by late-comers that we -- the early adopters and risk-takers -- are gaining significant ground just because we dared to be first.

4.) Competing blockchains have the decided disadvantage of not being the 'first mover' in the space. Ask Amazon, they were the first to do large-scale retail distribution, and they remain that way largely because of their enormous head start in that arena. As we have already seen, competing blockchains do exist, but the mining resources allocated to them are fractional at best.

Just cut to the heart of it -- the language he develops in has no doubt been used to construct malware and virus programs, why does he continue to use it? Hasn't it "failed"? Of course not, but perhaps he may see more clearly with such an example.

If not, he'll come around eventually when most of the tech jobs switch over to bitcoin

The speech they linked to - http://www.federalreserve.gov/newsevents/speech/bernanke20121120a.htm
Has ZERO mention of bitcoin, virtual currencies, currencies of any kind, or any meta-reference to bitcoin at all.

The article in general is supportive, but I don't understand why they'd claim parallel currencies were mentioned by Bernanke when they clearly haven't.

They also fail to mention that Ven is a one-way 'captured' currency system. You can't exchange 'out' once you buy any.

Elliott Wave theory eh?

That's a fun one. Problem is, you have to pick out all of your (a,b,c,i,ii,iii) subjectively and of course -- revisit the chart when they don't work out. That has always been my main problem with it, if you can't stick to a call, then what is the validity of the current one?

Drawing a simple trendline from the August 19th 7.58 low to the October 26th 9.74 low gives a long term line, which when extended, implies a trend level of 10.80 - 10.90

So, I'd only be concerned about a major trend change if that level was violated. Of course, you'd have to keep track where the long term trendline is from day to day, as that value increases linearly.
 

Out of all the ideas, I like the 'throw some bitcents/coins to the last block' one. Just icing on the commemorative cake.

I'd also like to say that even if you're just joking about the religion thing, it would be best to steer way clear of that - unless you want your next bitcoin conversation to begin with "Oh yeah, I heard about that cult".

Things are hard enough without that kind of perception being started.

Just tell them that it will do better than the Euro. At least bitcoin isn't dragging down the collective economies of multiple countries. Also emphasize that it sticks to rational monetary policy, but only if they really push it. Most people don't even know what Bernanke does, even though they should.

Hardly a competitor to bitcoin, looks like a 'token' capture currency:

http://www.hubculture.com/groups/dev/projects/1046/wiki/


And it has a relationship with Facebook, which of course means it is about as tenuous as Zynga, lol.

Ven/USD is around 9, versus 12.30 for bitcoin.

I say you make a pinata out of one of the big bank logos, and bash that bastard open - hidden within are a few printed bitbills that are redeemable for some bitcoins. Too bad there aren't any bitcoin candy coins to throw in there for fun

I find it is less about what their profession is, and more about how 'captured' they are by current society.

If the person is uncomfortable considering ideas that are "outside" conventional circles, they sure as hell won't be bothering with bitcoin. Bitcoin brings up all those grey areas about what money really is, how the economy is being run, and just how badly you're getting screwed by the current gate-keepers of the financial system.

Some people don't want to deal with that. They just want to get home, eat dinner and space out on the internet or watch a movie. Thinking is hard, and thinking about things that are outside the normal scope of things is harder still.

This doesn't mean that bitcoin will never get its day in the sun, just that those who realize the potential early on will be the greatest benefactors, and rightly so - we take the risks that the timid won't consider.

Thanks julz, appreciate your continued efforts in posting bitcoin-related articles.

Bitcoin isn't that complicated. It took me some concentration to work through the whitepaper and other sources to get the whole picture, but it wasn't a huge ordeal.

The problem is, most people are fucking muppets.

If the directions aren't there in big colorful iconographic form, or have some animated character pointing out how to use something, they'll just move on.

I know there's a lot of effort in trying to 'dumb down' the whole explanation, but you know what? I consider it a litmus test for who has the brainpower to 'get' an abstract idea. If you don't, fine, more for me - and they can go back to their ripoff bank accounts and paying 20% APR on credit card balances.

You guys still haven't grasped what a 'bubble' means in a traded market, eh?

Hint - if we were in one we'd be at zero or some small fraction. Not 12.40 BTC/USD