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Too many people calling for a collapse or crash...
Very likely most of them want to buy BTC cheaper.
Not sure if they will be successful, as the Technical Analysis shows a typical pausing consolidation, with another likely upmove to test or break 20$
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S3052, do you post your updates on Facebook? I'd like to follow you there if I could. I hardly ever use Twitter...
I thought the same about twitter weeks ago, and now i need to admit that it is much more effective than facebook. Let me think about setting sth up on facebook, but I would like to avoid double work. Is there an automatic twitter/ facebook synchronization? |
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indeed very strong rally , supported by volume and huge momentum.
Many people seem to be surprised how fast and far a bitcoin rally goes.
There may be people selling at 20$, 50$, 100$ and think they did well... Only to wonder when they look at the exchange rate of 1,000$.
this is not a forecast but just an application from what already happened a couple of times on btc/usd: surprise to the upside (rallying 1,000% in just a couple of weeks)
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I have reset the poll again, so please vote:
Up
Same as now
Down
I don't know
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It always seems like strange new technologies need an "angle" before mainstream media will produce stories. I think they found it with this stupid Silk Road website, which is now being positioned to represent the purpose of bitcoins.
I'm also worried about the Al Jazeera article because, when they are the first big reporters on a western-appealing topic, it seems that Fox News or another US media leader will typically follow with a more decisive story, only toned oppositely or phrased to create a wedge or political spin even on topics that aren't actually politically aligned to one party or another.
Now, to people who have never heard of bitcoins, being in favor of them paints you as an anarchistic narcotics user. Once Fox News makes a report, they'll probably be dubbed a currency that enables terrorism. "The children" will be brought into the discussion under some lame excuse, in much the same way that Second Life's currency was often portrayed as a way for your kids to pay for cyber-prostitution.
This is why we should prepare ahead and the bitcoin community should have a well-spoken, good-looking media contact who, in the coming weeks, would be able defend bitcoins and point out their many (majority) non-controversial uses and benefits. If this doesn't happen, then instead the major media players will find their own drama-inclined talking heads and prop them up as straw men bitcoin spokespersons, even if they poorly represent the community. Especially if they poorly represent the community.
Cant get anymore legitimate spokepeople than Jerry Brito - seen here in reason tv http://youtu.be/yYTqvYqXRbY
and jon matonis who recently had an interview on the keiser report http://www.youtube.com/watch?v=2GiQEECNcZMA professor of law and a well respected economist is a good start. I dont think they can be portrayed as anarchic pot smokers...
- GAVIN ANDRESEN
JON MATONIS
JERRY BRITO
a professor
and also BRUCE WAGNER
(and there may be other I dont know) They should step up even more now and clarify what bitcoin nis about and what is not. [/b][/color] |
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Jon
I could not agree more
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Freemoney and bitcool:
Will do 50 btc with each of you.
On silver spot price trading below 30 at least intraday before may 31, 2011.
Consider it booked. I just want to know what source you consider valid for this. I watch Kitco, don't know if that's lame or rigged or whatever. Wow, when silver was at 49 I thought I had a lock. Not so sure at all now! I am happy to pay you the 50btc each if it does not fall another 4.9$ :-) I made a very good trade as I shortened massively between 45-49 $ and now it is 34.9$. Looks like I survived. 1Dxv4XFiX2V4WZ2UysiozKPEgJGS2sRARs |
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Freemoney and bitcool:
Will do 50 btc with each of you.
On silver spot price trading below 30 at least intraday before may 31, 2011.
Consider it booked. I just want to know what source you consider valid for this. I watch Kitco, don't know if that's lame or rigged or whatever. Wow, when silver was at 49 I thought I had a lock. Not so sure at all now! I am happy to pay you the 50btc each if it does not fall another 4.9$ :-) I made a very good trade as I shortened massively between 45-49 $ and now it is 34.9$. Too bad it didn't reach $30 as my "all-in" target was around $29 area. Who knows, I may still have a chance before this summer doldrums is over. 16jfs75JeVTn6y6WKHy4BkCmyFsykhBqYr Yeah, my plan was to make up my loss by buying a ton below $30.
Somehow I need to make up for the 100 BTC bet loss :-)
It was still a lot of fun to bet wtih you guy, FreeMoney and Bitcool.
I am thinking about another one to Silver below 30$. I am sure it will be hit soon, and below 20$ by the end of this year. |
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Sure, a few die-hards would mine at an unprofitable rate. But most miners probably wouldn't. And the intention with bitcoin as I understand it, is to not have to rely on altruism and the goodness of people's heart to get the system working.
I don't think it's safe to rely on a quick protocol change at the time of a potential panic with unprofitable mining and transaction hold-ups. We can't even be sure that the current community has that much influence when this happens. What if someone proposes to increase mining reward instead? That could solve the same problem and would certainly sound good to a lot of miners. But then we have set the precedent to turn bitcoin into an inflationary currency with increasing block rewards. Bitcoin relies on trust, and if this ever becomes real that trust will be severely damaged.
Also, I don't think it's enough to just say that this is unlikely. If bitcoin truly is the Napster of banking I believe the road ahead will be far bumpier than it has been so far. The network really needs to be prepared for these bumps, not just figure them out as they come.
+1
People mining or investing in bitcoins need to always keep in mind that this is HIGH RISK.
BTC/USD may fall as fast as they rose in case of a downward spiral. We have seen -50% to -70% corrections all the time in the past 12 months |
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As promised: (1) here is tonight's technical analysis. http://bit.ly/iVdnOy(2) For the subscription, I have 18 people enrolled and 2 places left if you join before Jun 1st. Just send me a PM. Please donate some bits or pieces :-):
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As promised, here is tonight's technical analysis.
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There are also some other bearish divergences on multiple time scales that I willcover in one of the next technical analyses
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The market is way too thin right now, and the rate of adoption is expected to be exponential so you won't see long term stability (1+ year) until BTC is making the front page of some popular daily newspaper in every country of the world
+1
Forget about BTC/fiat price stability for a very long time. |
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I have reset the poll again, so please vote:
Up
Same as now
Down
I don't know
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Here a brief short term update. http://twitter.com/#!/BitcoinAnalystOne thing to add: A break above 7.2 $ could be the first signal that the downtrend from the high may be over. However, this has to be confirmed with a break above the ATH of 8.9$. Unless a new ATH is made, we can see a more protracted correction down to the targets outlined in last Thursday's full analysis ( http://blog.bitcoinwatch.com/. |
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Hi Bitcoin-Team
here is a brief update, so far I have 14 subscribers out of the 20 I will take.
If you want to get in, please send me a PM before May 29th.
S3052
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