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I think we are witnessing the beginning of the end of the epoch of china dominating bitcoin ... as when we once saw darknet markets relegated to history by China surge, China will be relegated to bitcoin history by the next wave, institutional and international exchange and mining is the next wave beginning now.
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Feels kind of poppy ... weird since we already banked a solid 50 buck run.
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Can anybody post a good site where we can see the long term chart of gold?
Yes I can. These guys have USD:XAU that goes back to 1973 (around when the Federal Reserve Dollar Debt Notes defaulted on their gold redemption obligations of the Bretton Woods agreement, i.e de-linked from the gold standard), http://goldprice.org/There are other sites out there that have Gold price in other units going back further into history and some that use a 1980 US dollar equivalent index, 100 being the reference. No pretensions here would be ideal. |
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.... the market is manipulating itself, best summary I have heard in 6 years.
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Well, if it were me my first tweet would be APPROVED in very large and red letters and then I'd start tweeting away the various details, but I'm not a Winklevoss.
I agree there is something weird going on here. It seems like they want to telegraph that the ETF will go live before it does, without saying as much. I wonder what the implications are for the ETF if the pricing dislocation is too great if/when an "approved" news hits the markets? Do they need to go out and buy $100 million at the market or have they somehow hedged in the option to buy at $1000, which is the price mentioned in their latest filing documents? |
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Finally feel like the scrap for $1000 is getting real ... only thing left now is to see the loser shorts beaten bloodied and dragged out by their boots.
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(hint: bitcoin doesn't occupy the base of Exter's pyramid and never will because it's impossible for it to compete with metals as a store of value) all observational evidence to the contrary ... cognitive dissonance doesn't sit well on you r0ach. |
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isn't this altcoin pumping? The funny part is that China has taken control of both the bitcoin and metals market. The western bankers (like JP Morgan) kept trying to naked short silver down as low as they could but they were forced to stop by the Chinese when there was a $2 spread between the east and west with $15.80 US and $17.80 China. Now they are reversing their attempts to dump silver because it's just not possible and it's all profits on the long run up from here forth. You just pretty much admitted that in a digital trading world silver and gold are just like altcoins .... and China made them their bitches. But you didn't answer my question if silver boosting in here is the same as altcoin pumping? |
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The Chinese govt will not divide us.....from silver going up  isn't this altcoin pumping? |
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Why does one bitcoin belong above one ounce of gold? Why not a pound of gold? Seems like there are a lot more ounces of gold than there are bitcoins, but I guess gold is way more popular as an investment and also useful for electronics and jewelry.
if you read and see picture in post op, gold price is above bitcoin price gold price in over 1200 dollar/ounce and bitcoin price over 1000 dollar/bitcoin ussualy if dollar value is down , gold price can incraese, and this week dollar price is down price is extrem so, gold price incraese is very high Those are arbitrary numbers though. An ounce is some random amount like 28 or 30g right? It's a useless figure so comparing the prices of gold vs usd and bitcoin vs usd is useless. What's more important is the market cap and the total supply. I completely agree that those numbers are arbitrary however they are not totally useless though. It is true that what is more important is market cap (i.e. total float in circulation) but for pricing valuations psychology of crowds is a very powerful thing. In fact it is this effect that Central Banks use to artificially maintain values while they are inflating monetary supplies. For example, do you know how many US$ there are in circulation? Do you care? How many people save in some fiat currency that they have no idea how many units are in circulation or how many are being printed? What is important in day to day life is the psychology of pricing, if you can spend $5 to buy a beer you implicitly agree that your unit is worth $5 regardless how many dollar units the Fed. Res. made available to their banker buddies for the latest bailouts from bad trading bets. Essentially that's why 1 troy oz and 1 btc or 1 millbtc are important psychological levels to watch. Humans are not rational, crowds of humans even less so. Eventually the total supply and demand will be felt by the market doing it's thing and the irrational trades lose vale ... you can bank on it, like clockwork. |
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This latest spike down due to PBOC FUD has some very interesting parallels with the SilkRoad take down Sept. 2013 spike before the Oct. 2013 mark-up event. Firstly it is happening at a very similar point in timing of the adoption wave fractal around/near testing previous ATH. The first waves $2-32 and $12-266 were arguably due to demand created by SR and associated activities/hype/speculation then when SR got taken down and bitcoin powered on the new meme was China ... then that topped with the PBOC bans, Mt. Gox, etc. This final spike low is the handing off the China meme and proves bitcoin doesn't need China any longer because it now has a new scale of demand coming onstream .... the ETF or institutional demand speculation meme is taking over the reins from China at the same point in the cycle in the same way as China took the reins off Silk Road. One final spike down and then everyone realise Silk Road/China is no longer the driving demand force anyway .... and away it goes.
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Someone's short a lot of bitcoins in china methinks ... I see dead exchanges time again.
.... aaaaaaand they're gone, they're gone.
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I thought it was pretty cool how I was able to generate so much BTC when I first started using Bitcoin. It was fun and unique. A few times I generated two blocks in a row with my 3000 khash/s. My CPU was pretty fast compared to others on the network.
I sold 15,000 BTC on Bitcoin Market for ~0.003 USD: the all-time low on any market, AFAIK. I had measured my power consumption and determined that it only cost me ~0.001 BTC to make one BTC, so I thought 0.003 was a good profit margin. I knew the price would rise over time due to the deflationary nature of Bitcoin, but I didn't think it would happen so suddenly. ^ who said that? |
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I don't take the People's Bank of China seriously, nor any bank for that matter. That is one of the reasons we invested in bitcoin in the first place, right?
we've hit Eur1000 again ... wait for the dumbfers to have another go shorting to protect their now losing positions. PBOC probably has no idea their name is being used in Western business press by miners and whale traders to game a few shekels out of a volatile market. |
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Who sold at the bottom?  the usual dumpfers |
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wow, just because of that article? the chinese are crazy man, thanks for link the story (with unnamed sources 'familiar with the matter' 'speaking on condition of anonymity', blah-de-blah) can be used as cover for the manipulation .... not the cause. The gold market has been functioning like this but on bigger scale for ~2 decades. |
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Exactly at the same time as bitcoin touches EUR1000 .... yawn,stupid chinese games again, does anyone even verify if PBOC is actually issuing these things? |
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A bitcoin ETF would be for the bitcoin 'market cap' like an IPO for big. tech. stock ....
Opens way too high, crashes immediately, then slowly recovers to 4X the IPO price? lol, yeah probably. What about the whole gets pumped insanely by Cramer on Mad Money and rumours swirled about by suits on Wall St., public money is bewildered, bemused and titillated at crazy valuation volatility but puts mad money in anyway, some early investor techies lose their shit and drop out of rat race, marrying for the 3rd time and going native in a forest somewhere, different groups inside the organisation form factions and start vying for control until open war breaks out and CEO gets fired by the new board chairman appointed by the suits. etc. etc? ... you know the whole tech. IPO nine yards thing. |
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