Most of the altcoins are scamcoins. So far these are the only legit altcoins: Peercoin, Namecoin, Primecoin, Litecoin. I put Litecoin the last because it only differs from Bitcoin by its mining algorithm. My personal favourite is Peercoin due to its Proof of Stake mining, this is ingenious.

I've noticed this behaviour for quite a while now. People either buy in aggressively or cash out almost like it's crashing:


So the gap between bids and asks gets really big sometimes making the price jump up and down dramatically.
I have not noticed something like that before so a question rises - what does it indicate?
My guess is that people are panicking and don't want to place orders for large sells or buys.

Another theory is that none of these aggressors is really confident about what the price should be. Maybe it's time to start earning on arbitrage? That should reduce the volatility. Or maybe the bots are just turned off for safety reasons due to being in uncharted waters?

Yeah, like from 400 000$ / BTC to 40 000$ / BTC. That's a really hard crash.

I will not panic sell. However, 1000$ per bitcoin is a price where I will congratulate myself a bit which requires cashing out a couple of coins.

Yep, that's the one , I was a bit too slow to get the screenshot right away.

1000$ to be reality this week.
And it ain't crash soon as it seems that US congress is pro bitcoin.

Watching it right now. And also witnessed 700$ ATH in gox just a minute ago

Panic buying is indeed starting to build up.

Honestly, I don't feel even a bit of pity towards bears. That's what you get for not having balls and guess what, bitcoin is not the only opportunity you will lose in life for being a coward. However, current price of BTC is very cheap so don't worry and just buy in. I suggest buying Peercoins too! And should the price drop down to 100 don't take the loss, just have patience to wait.

wrong. bitcoin always rises from the ashes and you are not possibly that stupid to take a loan for short term. With bitcoin long term is your friend. For unexpected crashes you will need to have the plan B (maybe read my hypothesis again).

Crash of what? I'd say it's the crash of fiat. In short term it can lead to crash of bitcoin against fiat but in long term it pays off. Let's say I was so stupid that I bought in just before last crash in spring with loan money. By now I'd be already in cool profits and it has not been even a year. The loan would be obviously taken for several years. So I wouldn't give a fuck about short-term fluctuations.

So let's assume I have a decent amount of bitcoins and I need to buy some real estate with my bitcoin earnings. Although I could cash out immediately and buy the house in one go it wouldn't be smart because I believe that bitcoin will rise 10x reasonably soon. Thus, I would take normal loan from bank so I only need to pay a fraction of the whole sum each month. By doing this I get to keep most of my bitcoins and get the real estate, win win? To ease the risks I would make things so that in case BTC becomes irrelevant I would still be able to pay back the loan but would have to work for it (plan B).

This seems like a cool idea and I wonder when the regular Joes start doing it.
1. See that BTC increases 1000% per year
2. have balls of testosterone quenched steel
3. take loan from bank to immediately buy real estate and/or bitcoins
4. gradually pay back the loan over the period of 10 years or something

Now if everyone starts doing it then banks will print more fiat as they are happy to give out loans but this time it will be different. Value gets slowly transferred from fiat to cryptocurrencies. So in a way it's free money from banks. If they loan fiat to you they will contribute to their own demise.

The question is - is this a realistic future scenario? Some of my friends have seriously considered taking loan already to buy bitcoins. When we get enough success cases of doing so then this strategy will go viral and shit will hit the fan.

Even if it's a lagging indicator, we're having ATH price but not ATH google trend. I'd say the price has a long way to go so that google trends can catch up before we enter the real bubble zone.

So, is there anything this tells you? That we're not even close to the peak?

+2

10 000$ is bananas. I will never sell my coins to hoard paper. At some point I might exchange some coins to gold however but just a small fraction.

1 BTC = 1 000 000$ at the current value of $. Based on supply of gold and bitcoin, Raoul Pal estimates bitcoin ought to be worth 700 ounces of gold.

That's exactly my advice too. Last week some dude wanted to buy 1 bitcoin from me. I don't care about euros nor dollars so there was no point for me to just sell him 1 bitcoin at the last week's price. So, I asked him 500$ per btc and he obviously denied. I was damn right asking 500$ however because getting the BTCs back from bitstamp would have taken me more than a week due to verification.

This is also why I don't use exchanges any more as they want verification. Fuck that shit. Luckily there's btc-dealer.com and I get my coins from mining anyway.

Long story short - don't sell your coins. Just don't. You can't force "buy low sell high" strategy on a constantly bullish market.

I'd ask you this - what would have to happen to bitcoin that no one expects?
a) it becomes obsolete, value goes to 0 (unlikely)
b) the current "bubble" is actually a correction and it won't burst
c) the current trend literally ends up near the Voyager 1 and this is the last parabolic rise we will ever see

Because for the market to be generally unpredictable it has to behave accordingly. History repeats itself only until people start noticing it and then it stops repeating to show the chaotic nature of the universe.

However, my personal suspicion is that we will see VERY aggressive buy-ins so the price spikes to da moon but then as soon as someone needs to cash out the price comes back down again and continues its normal slow rise. To be exact in numbers, it will spike to 1000$ and then comes back to 200$ and will be remembered as just a spike not a real bubble.

More like today

Is it just me or do you guys also have a desire to try this piece of metal between your teeth? I wonder if it's somewhat soft like tin.

I witnessed the "this is madness" meme on http://bitcoinity.org/markets/mtgox/USD as the price reached 300.0 ATH.

Crazy price action. So it begins. The next order of magnitude and the end of triple digit prices