We might see $3. After each big drop, there's been some recovery. But each top was lower than the last, and each recovery lasted no more than three days.
no one's listening to you. |
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you clearly know nothing of how Bitcoin works nor anything about economics. your posts are getting more and more frenetic and insane.
To be honest, I barely even read your second statement because all it is is another poor rationalization for how fucked up the bitcoin economy is and how early adopters deserve to profit off of doing absolutely nothing productive, and profit in the millions of percent ROI. http://en.wikipedia.org/wiki/Greater_fool_theoryhonestly, whats with you and the early adopters? geez. i'm not one and i respect them for what they've done. they spent all those hard earned USD's and time in the form of hardware, electricity, labor, and innovation in verifying and securing all those early tx's that went on before the ramp in the Spring. they took risks when Bitcoin was worthless. how many billions of USD's do we pay the banksters to verify and secure our corrupt banking system? so why shouldn't they be paid off via a ramping Bitcoin price? |
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LOL!. Zhoutong is going to liquidate all of your short selling accounts w/o notice. he can't afford to consult you about it as the price rises. its either you or him  |
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LOL!. Zhoutong is going to liquidate all of your short selling accounts w/o notice. he can't afford to consult you about it as the price rises. its either you or him |
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the USD is weakening as we speak in after hours trading. that means USD leverage is looking for a place to go.
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i just want short sellers to realize that a short squeeze is a predatory manipulation meant to kill the short seller. if there's money to be made doing it, it will happen. and right now, there are alot of people offsides.
There's not enough benefit in this. Most short sellers were shorting since long ago. One of my customers has already made 230% profit. The recent crash only induced more long positions. Short sellers are far from being liquidated because they have a lot of profits to back their positions. these people with supposed large short selling profits are the first one's to cover out of fear. mostly b/c they're the smartest and aren't willing to give back the money. they in turn will drag all the weak handed shorts into covering as well creating a slaughter of enormous proportions. Bitcoinica needs to be careful. |
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thats entirely possible. people buying at current levels have a -10% to -15% tight stop loss at 2$ and higher return opportunities towards 3.5-5 $.
It just needs a trigger.
BOOM! the gun just went off! |
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those bids at $2 remain. all of the current buying is new and unrelated. the bulls and short covering are back.
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how do you know this? its quite possible every single early adopter has already sold out all their coins to people who brought in real cash to pay for those coins and have become the new hoarders. how would you begrudge them?
It is written PLAIN AS DAY in how the bitcoin economy has progressed. Even if the scenario you propose were true, it is still Satoshi's fault for designing the currency this way. I mean fuck, can none of you add the pieces together? Inability to trace who controls what coins, completely buttfucking anonymous creator, creator has disappeared without a word of what his intentions are... and you just buy this shit up and assume he's doing it for the good of the world? How naive do you have to be? do you begrudge all the hedge funds and investment banks that rented out all those oil tankers at sea to store oil in anticipation of higher prices?
Because companies in the real world hurt the real world economy in pursuit of their own greed, that makes it ok for bitcoin to do it and should be a system you recommend to everybody? I'm not sure I see your logic, broseph. you clearly know nothing of how Bitcoin works nor anything about economics. your posts are getting more and more frenetic and insane. |
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Honestly, the Bitcoin community is still very much an insular geek village. That'll change but not now, not yet. The current "rally" is clearly the manipulator.
you clearly don't understand WHO is here along with how much money they have. all it takes is one or two millionaires to jam this market much higher. |
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Bitcoinica is not a bucket shop. Our volume at Mt. Gox is over 300,000 BTC for the past 30 days. More than 60% of Bitcoinica trades have been hedged.
"As defined by the U.S. Supreme Court a Bucket shop is "[a]n establishment, nominally for the transaction of a stock exchange business, or business of similar character, but really for the registration of bets, or wagers, usually for small amounts, on the rise or fall of the prices of stocks, grain, oil, etc., there being no transfer or delivery of the stock or commodities nominally dealt in."(from wikipedia) If 60% of trades are hedged - ie, the underlying security is transferred - then it's only 40% bucket shop? I'm no expert, but I think anything over 0%, and you would be considered a bucket shop for regulatory purposes. The rest is transferred between users internally. Bitcoinica is 0% bucket shop. i would advise you to keep a VERY tight leash on all those kids shorting Bitcoin. if you don't they could take your exchange down. |
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This rally is BS...
i truly hope you're short. hold onto those shorts please; the pain will stop soon (maybe). |
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let me make you aware of other developments going on in the general economy that most of you here who don't study economics like i do aren't aware of that will promote more USD movement into Bitcoin:
1. the USD has resumed its fall which will lead to a resumption of speculation into stocks, commodities and Bitcoin.
2. we are seeing a rise in the stock market despite all of the bad news b/c the risk on trades are resuming
3. there is a US Treasury selloff occurring which is generational. this is going to free up trillions of USD's that have to move into other investments.
4. gold and silver are faltering as well and will be a source of new USD's looking to move into the next big trade: Bitcoin.
the SHORT SQUEEZE is here.
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LOL! well it took all of 2d to get the short squeeze going. CHARGE!!!!
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50% is kind of high. Typically, currency is only about 10% of the money supply.
You are confusing the amount of actual paper with the total amount in circulation, FYI. And the vast majority of currency not in the "supply" per se in an inflationary economy is in investments. Bitcoins are in hoarding in hopes of future scarcity. Responsibility? As in a moral obligation? Why is that?
As in, keeping the price from going to $2 to $35 to $2? Or do you think that this is a good thing? do you begrudge all the hedge funds and investment banks that rented out all those oil tankers at sea to store oil in anticipation of higher prices? |
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I'm explaining to you where that "unearned value" comes from. And you are explaining it via a "completely incorrect" concept. If you truly believe that is what is going on here, you need to educate yourself. Since I know you won't believe me, here you go: http://austrianeconomics.wikia.com/wiki/DeflationDid you dedicate time and money to Bitcoin before it was worth anything? Would you have done so if you had known about it? No. I don't know. Regardless, the risk is at most a few dollars per month multiplied by a few months or years. There is no real time investment except for whoever coded the software. If there could be some guarantee that the early adopters would relinquish their hold over the economy, I wouldn't have such an issue with bitcoin. But they haven't, and haven't given any indication that they will. So while they possess those coins, they control the economy. And until this is no longer the case, I will never buy in to bitcoin. Instead of allowing the economy to grow naturally, they hoarded with the intent to drive up the price and popularity, in what I can only assume was hope for an even bigger payout. What other motivation would they have for not getting the coins out there? It certainly is not Mises's principles. how do you know this? its quite possible every single early adopter has already sold out all their coins to people who brought in real cash to pay for those coins and have become the new hoarders. how would you begrudge them? |
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BTC would have never gotten anywhere near $35 if the early adopters had just opened the floodgates. If their intention was to create a truly deflationary system, they would have taken their one time profit and have been done with the massive hoarding. But that's not what they did.
You still don't understand what you're talking about when you use the word "deflation". Here's a hint, there's nothing the early adopters (or we) can do to change the rate that Bitcoin are created. He has a point though. Some people don't seem to realize that they have a responsibility to spent a fraction of massive bitcoin holdings if the economy should get booming so there is a overall 50% coins in circulation. how would you know? if Bitcoin goes to $1000 or whatever the true equlibrium price is assuming its higher than current, then hoarders would be happy to spend their Bitcoin and redistribute them. |
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most of us here who believe in Bitcoin also believe in the Austrian definition of inflation/deflation which is related to the money supply (currency plus credit), not the price. price is a secondary phenomenon which responds to the supply. no wonder we disagree so vehemently on the outlook for Bitcoin.
It's great that a bunch of people who have never heard of the austrian school of economics before bitcoin believe Mises's definition of inflation, but if you want to talk with people who actually have common sense, the word should mean what it means in a dictionary. When someone is obviously using the "mainstream" definition, correcting them to the Mises's definition is pedantic. all you have to do is go back in history the last 4 decades and ask yourself how did Greenspan/Bernanke deal with every lapse in the economy? they lowered interest rates which by definition is increasing the money supply via purchasing UST's. no, they didn't raise the CPI first. |
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Inflation refers to an increase in prices over time; deflation refers to a decrease in prices over time.
most of us here who believe in Bitcoin also believe in the Austrian definition of inflation/deflation which is related to the money supply (currency plus credit), not the price. price is a secondary phenomenon which responds to the supply. no wonder we disagree so vehemently on the outlook for Bitcoin. |
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this is an excellent idea.
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