My favorite thing is that it has the potential to keep governments honest.
If bitcoin becomes a global currency, whenever government or central banks fuck up, e.g print money, etc., bitcoin will be there to save the wealth of the common man.
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Don't know many scams that have been nominated for a Nobel Prize, or a Turing Award. But hell, what would those bodies know.
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Most people are reactionary, they will all jump onto bitcoin but only when it is too late. Look at any state that goes into hyperinflation, by the time they want to get things like gold it is way too late.
It's the same as safety. often an accident needs to happen before safety is considered even if it was obvious at the time that these safety features should have already been there.
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lol everyone is ready to sell at 1k or just under 1k (me as well) makes you wonder how it will ever get to 1k again in the near term.
When it hits 1000 greed will take over and everyone will be saying they'll sell at 5000, then 10000, and so on. Most people rarely sell at a high value, look at the 2013 bubble for instance. Those damn emotions will get ya.
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Most people I have told about it are usually very excited at first, because I explain it like this.
It's money that you can easily get across borders the government can't take it from you the banks can't steal it nobody can steal it if handled correctly
I even have an encrypted paper wallet that I give out to them with a couple bitcoins in it and show them how to check the public key. I tell them that they can keep it but that I'm not concerned they'll steal the contents due to the encryption.
Despite their interest none of them have actually purchased or mined any bitcoin. I work at a university so these people are from various parts of the world and can absolutely understand the importance of the things I mention.
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Can't say I've looked into the details enough, but, the fact that this guy has inconsistencies in his evidence, a history of poor business performance, tax issues, etc. To me he sounded like a confidence man. Then, by coincidence I saw this article today http://www.nytimes.com/2015/12/06/opinion/sunday/born-to-be-conned.html. Everyone reading this thread should take a look. To me it describes the people on these forums that are trying to back up the claims that Wright is Satoshi.
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Just my 2 cents. But, for bitcoin to go mainstream quickly (I think that in the long-term we will get there anyway), something has to appear (service/product) that you can only do with bitcoin, that is so awesome that it is potentially addictive.
Think of things such as facebook. Can't do that shit without a digital network, and appears to be pretty addictive for a lot of people.
If you have that, politics, PR, difficulty of obtaining bitcoin, none of that matters. People will find a way to satisfy their needs.
Fucked if I know what it could be, and I don't think it matters anyway. Long-term bitcoin will get there.
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So it didn't manage to break that resistance unfortunately. If I was a seller at the resistance point (which I said previously was the spot to go short/sell) I would now move my SL to break even. If it keeps moving south I would be moving my stop to a level just above each lower high once they have been made. It's possible that this thing goes all the way to support which will probably be around 220 by the time (if) the price gets there. I am of course hoping it is just haveing a breather then will shoot up again after a short period of consolidation. Remember though, hope is not a strategy so don't trade by it. Being that I'm a long term investor here I don't care what really happens in the short term. Bitcoin's possibility's are endless and it is still up about a billion percent since creation, and that's one hell of an uptrend.
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I think you may mean something else with "volatility". As far as I know Bitcoin is volatile as hell. That's the problem, there is too much of it, get on the wrong side and you're in trouble. It just makes it too hard to establish proper risk/money management, plus lack of liquidity if your using big money is an issue too. Basically the level of volatility means your stops have to be too wide.
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That's how any sane investor should be treating Bitcoin. A long term asset with huge amounts of potential of growth overtime. It is still very fun to try to guess current ceilings and so on. Something about speculation is addictive. Yeah I don't think this is the best market to trade, it's too hard to minimize your risk properly. FOREX offers a far better trading experience and offers plenty of leverage and enough volatility to trade, plus the liquidity is a shitload better.
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Small H&S (on 15min timescale) turned into a symmetrical triangle and that triangle has now been broken to the upside. Just need to penetrate the resistance line of the ascending channel now. If it does, I might purchase a bit more, will wait for a significant break though.
Only problem is that on the daily the price is going exponential, never a good sign, unless it turns into another large bubble and you GTFO at the right time.
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People who seek short term gratification are idiots and only lose money. This is absolutely the case with bitcoin. Bitcoin is damn tiny, it's like a flea on a elephant's (Total FOREX market) ass. Trading bitcoin is like trading a penny stock, may not move much for months but when it does massive moves are possible and people can get wiped out real easy. Bitcoin is an investment similar in a way to investing in Microsoft or Apple in 1979, do you believe in bitcoin's future of the world will work or not. If so buy for the long-term, if not just stay the fuck out and take you money and your time elsewhere.
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What I am just hoping at this timw is for the price not to suddenly drop dramtically after the sudden price increase that we are encountering at this moment. I've been holding my coins for this and so let's just hope for the best. I was luckily enough to experience the last bubble, and from about $300 I kept thinking this thing is overbought it's going to drop soon. But damn, Bitcoin is an amazing thing and certainly has the ability to keep on running. This is why I won't short it. If I want to trade I'll stick to FOREX far less risky - on the short side that is.
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So it could dump or rise a lot? Excellent TA. Keep it up. You can't predict where the price will go. you can only pick levels where there may be a change in direction. This means that, at this point, now is not the time to buy, but it is a good time to sell. If it keeps going up though the sell should be exited and then a buy position taken. With TA, you're not looking for prediction of where the price will go, but rather at points which make sense to buy or sell (risk to reward ratio). if it goes in the right direction great, possibly even add to the trade. But if it goes against you switch sides.
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Possible top reached at resistance line of ascending channel. if anyone was going to sell, now would offer the best risk to reward ratio. Sellers should definitely have stops in place though, because, if this thing does actually breakthrough I reckon it could hit 400-450 before a pullback. Personally I'm hoping for a breakthrough, and there is no way I will be selling my coins no matter what. see pic below:
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The downtrend has been clearly broken since early May. We are currently in an ascending channel, resistance for this channel is at around 340. If there is a substantial break of this resistance expect the resistance to then become support. See following chart. I would say that we are currently in a consolidation period, if we get a substantial break of 340 that could be the end of the consolidation and beginning of a new uptrend. Just have to wait and see.
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btw, if a breakout occurs next resistance could be $450.
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So I was having a bit of a look at the charts today and it looks as though we are in an ascending channel. The resistance line looks as though it will be hit at about 340, and technically this is where traders will sell at. I won't be selling, but am wondering if anyone here will consider selling at this level? Or do you think this channel is relevant at all?
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Haha, nice catch. Actually, Satoshi is the receiver, not the sender. Someone at Microsoft is a big bitcoin fan. Actually, I think that may just be a reply to his message. Cause on the left hand pane it says inbox and under his name it says Hi Gavin etc. The other emails are interesting too.
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