Okay, now seriously, I have just the plan for you big guy: 1. Hire Chinese or Eastern European programmers for your coins (they're cheap labor). 2. Implement your ideas. 3. Since you're not a programmer, you're just going to have to trust your Chinese / Eastern European programmer buddies not to implement any malicious code.  4. Release it in Alternative Cryptocurrencies, it will be a huge stepping stone to what will be next... 5. Your awesome idea will overtake all the cryptocurrencies. 6. Bitcoin forum capitulates to your coin. 7. ?? 8. Profit. You are the next Satoshi Nakamoto!  |
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I think BTC is just a huge stepping stone to what will be next. So this guy is asking programmers to be a huge stepping stone to what will be next for him... Any volunteers? |
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If you want to live comfortably in retirement, bitcoins are the wrong place to look. Check the history. They've been going down in value all year!
Invest in FacebookCoin or whatever it's going to be called, or maybe just invest in a low cost index fund (since you're talking 20 years down the road).
FacebookCoin? What are you smoking? |
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The IRS ruled bitcoin as a taxable asset. Many think this is bad news, but this is actually good news regarding legitimate US companies dealing with bitcoin. New York to break downtrend this year. March 2014Superintendent of the New York State Department of Financial Services Ben Lawsky is now accepting applications from Bitcoin entrepreneurs: http://upstart.bizjournals.com/entrepreneurs/hot-shots/2014/03/11/ben-lawsky-to-accept-bitcoin-application.htmlThe department also announced today that it intends to propose the regulatory framework under which these applications will be processed no later than the end of the second quarter of 2014. |
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Democratic revolution in China not happening in my lifetime. The Chinese culture is far too Confucian (read: obedient) for a grassroot campaign against their totalitarian regime. How are you going to make wolves out of a bunch of kids that have been raised as sheeples? "Eat Bitter" is taught to kids in China. http://community.travelchinaguide.com/forum2.asp?i=47529Compare it with the West (USA), where rugged individualism reigns supreme, and the disagreement stance is something like, "Fuck you Mr. Big Government, try taking away our guns and see what happens." |
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Another article from Zhang: http://bitcoinblog.de/2014/04/28/chinese-banks-dont-know-how-to-act-appropriate-cause-bitcoin-is-too-tiny/A report says PBOC is angry that after the April 15th deadline Bitcoin’s price rose, and blamed it on the ban not being effectively carried out. In fact, although Bitcoin’s price did rise, this is because it is an international currency and China’s power is already seriously weakened. To interpret this as a “bounce back” for Bitcoin means PBOC is not exactly in “harmony” mode. Considering the magnitudes at work here, I never believed that some of the Chinese Bitcoin exchanges had the government support they needed to survive. You have someone in Shanghai government? He won’t be of any help when an order comes direct from PBOC. You have someone in PBOC? No chance, he won’t be interested in supporting a paltry Bitcoin exchange... PBOC really, really wants to kill bitcoin in China. Let BTC flow back into the safety of the Western world. Good fucking riddance. |
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Dan is consistently wrong. And keeps altering his consistently wrongness. Follow him at your own peril.
In January at ~850 he was calling 400 way before the Gox fiasco. - Check In March he said that the rise to 700 was not a reversal and retest of 400 was imminent. - Check Recently, he spotted the fractal pattern early in the mid-500s and suggested to short. - Check If you followed his TA since early 2014 you made serious money. A bear being correct during a downtrend? No way! Get out of here!  |
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Good fucking riddance, the Chinese exchanges and government has been nothing but toxic to the BTC ecosystem. One less source to feed the Chinese exchanges. I don't want to see any more fake volume from Huobi or BTC China.
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While China has taken us to the Moon, it's starting to become dead-weight that's holding back the BTC market. There are many competing conspiracy theories on the Chinese market manipulation, including exchanges collaborating with government officials in what is typically considered insider trading. In the end, none of this matters because with the latest round of news, China has really banned bitcoin. Yes, the PBOC governor recently said, “It is out of the question of banning bitcoin as it is not started by a central bank.” But read between the lines: nobody is allowed to recharge their account or fiat deposit exchanges. There seems to be confusion in the Western world about what is being said in China, and what it actually means. Once again: read between the lines. As someone from the Eastern Asian culture living in a Western society, this was obvious as daylight. In China, direct confrontation is discouraged, as it disrupt "harmony" in social order, and that "saving face" is valued. In Eastern Asian culture, it's never about what someone says, it's about what they do, and this is often very two-faced in the fact that they say one thing and does another. In other words, watch what the Chinese do, never what they say. zhangweiwu does a perfect job of explaining the PBOC stance on BTC in China: https://bitcointalk.org/index.php?topic=540358.0China is really trying to kill bitcoin while making a profit off it. Even the exchange CEO in china, who claims that "business will go on as usual" is guilty of this two-faced approach to crisis as well. The lie is built their culture, it literally permeates their exchange with the fake volume, and everytime BitStamp follows Huobi, I see it as the Western world being led by the nose right into the Chinese slaughterhouse. Pure manipulation. You didn't think for a second that a country featuring a repressive regime with one of the worst human rights records in history was going to let a freedom-promoting Western technology created by some Japanese pseudonym live did you? So China banned bitcoin. That's great. Google, Facebook, Amazon, Twitter, and virtually all of Internet 2.0 doesn't need China, and neither does bitcoin. Once bitcoin reaches $5,000, you're going to see a lot of angry Chinese speculators who missed the train because they followed the Confucian order of obeying a bunch of senile old men. I for one, am glad that China made itself clear on this move, that its intention was clear: no more bitcoin trading. No more passive-aggressive bans, less weak-handed speculation, and one less group of fumbling old men with any sway over our newest global currency. I hope for the Chinese people's sake, that their black market is robust enough to support those who wants to continue investing in BTC, because the train is leaving that station and heading straight for Wall Street. |
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big money don't just buy worthless coins shooting up the price. big money knows that actual innovation needs to happen to draw in more users. therefor you already see investments by big money not mainly in the token itself but for providing services to use the token.
that being said it means that tomorrow big money can decide that coinbase stops using bitcoin and starts using litecoin (long shot hypothetical of course) or both or whatever, and their business makes "money" no matter which crypto wins.
it is entirely possible that something comes along that is bitcoin like but has a better network distribution model (see dogecoin rise), in fact it is almost a certainty as one looks at the history of innovations from the printing press, to data transmission, to automobiles and so on.
Big money is buying all those "worthless" coins off-exchange as to not alert panic-buyers. Second Market is the primest of examples. Right now, as the price plunges, there is a re-ordering of of BTC distribution and it's going to separate the speculators from the true believers. Notice that as BTC takes a hit, all the other altcoins takes an even bigger hit. This is a sign that most of the other altcoins in their current state is used to speculate bitcoin, and therefore at its mercy. A big part of any coin is the security (backed up by hashrate) and network effect. Nothing even comes close to rivaling Bitcoin, at $2000 or $200. |
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I'm not quite so pessimistic as the OP. I do think the real value of Bitcoin is somewhere between $5 and $9.99.
lol Yep! At that time, it was worth between $5-9.99. Now it may be worth a little more, perhaps $25-50, or maybe $10-35... This is not my own sentiment. This is based on actual use and not the speculative demand. As a side note; The mining difficulty is based on speculative demand too. I don't care what a miner thinks he deserves for a Bitcoin because he decided to start mining late. If the price hadn't risen (from speculative demand) then there wouldn't be so many miners pumping the difficulty up, and in turn, these prices would not be expected for a mined coin. It's a vicious cycle, but the fundamentals simply do not support this price. Get rich quick boys do. How do you separate actual use from the speculative demand? I'd like to see data backing that it's not just your own sentiment. I can claim that one BTC is worth a million, and would be as valid as your opinion of $25, but in the end, the price is dictated by the market, clear and simple. It's currently $429. |
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I find that lots of people doing TA in BTC often fails because of several things:
1) Failure to take into account exponential user adoption in an otherwise uncapitalized market.
2) Failure to take into account unforeseen news, for better or worse.
3) Failure to take into account foreseen news, such as new exchanges opening, and capital investment pouring in.
3) Failure to take into account unforeseen BTC development timelines, such as sidechains.
4) Ultimately not being able to see the forest for the trees.
The "rules" that Dan keeps bringing up doesn't work in the face of sudden developing news. Will we be talking about "corrections", "a, b, and c" when Second Market opens to the greater public? I think not. Will we be talking about "regression" and "downtrend" when sidechains crushes the altcoin market? No!
These guys doing TA in BTC assumes that they are still in a stock market when really, BTC is a stock, a currency, and an emerging technology that is the internet of money. The Elliott Wave analysis works only on a micro timescale, when it comes to macro timescale, these guys can't see the forest for trees!
Not seeing $5000 for 3-4 years? Sure, if we assume that the bitcoin technology stays the same, the userbase stays the same, and capital not pouring in. There will be no Second Market, no Winklevoss ETF, no US exchanges opening, no sidechain, and on and on.
1) It's only Exponential during rises. This doesn't mean the user base is not expanding, just that it isn't likely that it's exponential right now. Proof would be gladly accepted. 2) Irrelevant! The effect news will have is dependent on the way it is perceived. News is perceived differently in rises than declines. 3-a?) New exchanges are only a short term bump in the overall picture. And "All this new money pouring in..." you guys sound like the Litecoiners when Gox was supposedly going to add LTC to the exchange. Again, it was a short term bump and then leveled off. 3-b?) I don't know what these "sidechains" are, but anyone can read about the development going on in the BTC world if you just look. 4) ... I agree with you that the userbase growth is not expanding exponentially right during correction, but it does on a yearly timescale. 2) News is relevant to BTC at this point. Not just the bad news like we've been seeing lately, but the news that pushes BTC in a positive direction as well, think Cyprus. 3) In reference to the analysis in OP's posted video, he just looks at patterns, never taking into account tech development or VC capital flowing into BTC. It will have consequences. 4) There are many people who think how much bitcoin is worth is based on their individual sentiment, rather than looking at the bigger picture and seeing what it actually is worth in the market. An example from March 2013: I'm not quite so pessimistic as the OP. I do think the real value of Bitcoin is somewhere between $5 and $9.99.
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I find that lots of people doing TA in BTC often fails because of several things:
1) Failure to take into account exponential user adoption in an otherwise uncapitalized market.
2) Failure to take into account unforeseen news, for better or worse.
3) Failure to take into account foreseen news, such as new exchanges opening, and capital investment pouring in.
4) Failure to take into account unforeseen BTC development timelines, such as sidechains.
5) Ultimately not being able to see the forest for the trees.
The "rules" that Dan keeps bringing up doesn't work in the face of sudden developing news. Will we be talking about "corrections", "a, b, and c" when Second Market opens to the greater public? I think not. Will we be talking about "regression" and "downtrend" when sidechains crushes the altcoin market? No!
These guys doing TA in BTC assumes that they are still in a stock market when really, BTC is a stock, a currency, and an emerging technology that is the internet of money. The Elliott Wave analysis works only on a micro timescale, when it comes to macro timescale, these guys can't see the forest for trees!
$5000 isn't much. Think about it. All it takes is a $50 billion market cap and we know that's just 1/10th of Apple. You're going to tell me that BTC as a global currency can't even be a fraction of Apple? The guy doing the TA is too busy with his "A, B, and C" rules to see the emergent bigger picture: BTC doesn't play by the convention stock rules.
Not seeing $5000 for 3-4 years? Sure, if we assume that the bitcoin technology stays the same, the userbase stays the same, and capital not pouring in. There will be no Second Market, no Winklevoss ETF, no US exchanges opening, no sidechain, and on and on.
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The BTC community... and in a few years time, our fanbase will be larger than Apple.
Remember that Apple as a market cap is currently valuated at $450 billion... How will BTC be valuated in 5 years?
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This is actually good news for the long term. Good riddance, China.
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$2000 to $5000 depending on the timing of the bubble followed by correction.
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I thought I would add my two cents after making & tweeting some similar long term charts: (1/2) I have some interesting charts for you guys: imgur.com/a/J2NZDBoth are the same. All are super powerful trendlines. (2/2) Remember, crowd psych and manipulation will make you believe the trends are over. They aren't, until fully confirmed (closed candles) Ultimately, I think these trendlines are of supreme importance, and it is difficult to know which are superior (the linear or log). However simply remembering it takes a long time and much capital to exit them, is your greatest fall back. Dude, that makes no sense. Your lines selectively touch one or two points of data while ignoring the rest of the data points. It's just arbitrarily drawn in. No sense. |
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Touch a nerve did I? I guarantee that you're not a millionaire. GUARANTEE!!!! If by slight (1%) chance you are, you won't be for long. I have my youth too and I'm more educated and experienced than you. You'll learn, the hard way! Scoreboard, douchebag!
Sounds like sour grapes to me. I'm sorry that your degree didn't prepare you for the missed train. If you were smart like me, you could've been a millionaire too. Kisses to the haterz.  |
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What are your credentials, aside from mentally challenged internet forum asshole?
My credentials? I have bitcoins, a Paragraph Degree, and my youth. Sorry you're not a 20-year old millionaire. Wouldn't trade places with you. QQ more. |
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Yes, I'm a lawyer who isn't too worried about writing on an internet forum. What do you do? My guess is that you're a 55 year old working at "The Gap."
Or a trolling alt of a very known whale... I'm sorry that these twenty-year old internet geeks are becoming millionaires while you're not, but venting your frustration to the world just isn't the right way to deal with missing the train. Sooo... have you considered getting a Paragraph Degree like I told you to? |
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