Unfortunately tomorrow is not possible.
I rather need until next friday so it will be on time for next weeks edition.

Iceland is one of the most modern countries ( according to google searches...)
lets see if this is true
because if so they should be open to modern (bit)coins

Found some organizations in Iceland:



Among the many social, professional, and service organizations in Iceland are the Chamber of Commerce, the YMCA and YWCA, the Salvation Army, the Red Cross, the Iceland Sport Association, the Federation of Icelandic Cooperative Societies, lodges of the Order of the Good Templar (temperance societies), Kiwanis, the Lion's Club, the Employers' Federation, the Association of Steam Trawler Owners, and the Union of Icelandic Fish Producers.

Notable national youth organizations include the Federation of Young Progressives, Independence Party Youth Organization, National Council of Icelandic Youth, National Union of Icelandic Students, Social Democratic Youth Federation, Youth Movement of the People's Alliance, and The Icelandic Boy and Girl Scouts Association.

Learned societies include the Icelandic Archaeological Society, the Icelandic Historical Society, the Icelandic Literary Society, the Music Society, the Icelandic Natural History Society, and the Agricultural Association. There are also the Icelandic Artists' Association, the Iceland Association of Pictorial Artists, the Icelandic Actors' Association, the Icelandic Musicians' Association, the Icelandic Composers' Society, the Icelandic Architects' Association, and the Icelandic Writers' Association. Among other cultural organizations are the Icelandic-American Society, the Danish Society, the Danish-Icelandic Society, the Anglo-Icelandic Society, the Alliance Française, the Nordic Society, and the Union of Women's Societies.

+1 agreed
and also agreed that we need to be 100% honest

Fair point. I considered that and waited 3 days before publishing it (we are now 3 days above 0.4$, meaning that for sure one turn of the earth was covered).

Closing prices are always difficult for currencies since they are traded 24/7.

+1
Why not trying with Bjork.

I have seen that as well. Sometimes one must have visions and I agree that this is a difficult one.


That was also my point with saying that the Iceland inhabitants should get BTC in their hands (starting bottom up).

This is a promising idea.
The best would be to find a person in Iceland as Bitcoin ambassador who could do the local work.

I am happy to join. Just let me know some details.

I have some thoughts about what I could write.

• A thorough BTC market analysis where I will want to look more into the future on longterm trends and price directions, identifying the enxt major targets, supports and resistances (beyond parity, etc.). I always wanted to analyse this more in depth but I dont have the time and incentive to do that as this would cost me 4-8 hours
• Expanding my analysis to the stock market, the dollar index, gold and silver (this I would do monthly)
• Covering some technical analysis education / training so that others can learn it

On top of that, we could also ask the readers what they WANT?

This is a great idea overall.

Also agree that this needs an elaborate strategy. A lot of the above is already going in the right direction.

Another way to establishing BTC would be to get Iceland people invest into BTC's and accumulate them, i.e. via i) getting an Iceland bank / fund investing into BTC's or get BTC listed on the exchange itself

Seriously, if only about 100,000 (30% of the 320,000 population) Iceland people invest 100 $ into BTC, this would mean 10,000,000 $. With that, Iceland would already be the major BTC stakeholder (holding 80% of BTC economy, of course only if all other variables stay unchanged). This would also increase the wealth of Iceland people and the entire country massively since BTC/USD would rise at least 5 fold.

At the same time, businesses accepting BTC in Iceland would flourish.



For perspectve: A mini research on exchanges in Iceland revealed:

A wide variety of firms are currently listed on the exchange, including firms in retail, fishing, transportation, banks, insurance and numerous other areas. Because of the small size of the Icelandic economy and the low cost of public listing, many of the companies traded on the ICEX are relatively small and are relatively illiquid.

All domestic trading of Icelandic bonds, equities and mutual funds takes place on the ICEX. Bonds and equities are regularly traded, though the liquidity is small in comparison with other exchanges. No mutual funds are currently listed on the market.

http://en.wikipedia.org/wiki/Iceland_Stock_Exchange
http://de.wikipedia.org/w/index.php?title=Datei:OMXI15.jpg&filetimestamp=20090506213925

Here two links about sentiment and also about the current Elliott Wave forecast that includes an outlook for Gold as well.

1. The 10 page report is free. You only need to register on the site (also for free)
http://www.elliottwave.com/club/Safeguard-Your-Financial-Future/default.aspx?code=42255


2. http://www.marketoracle.co.uk/Article25782.html see text without charts (for charts, click on the link):
"Over a month ago I began to issue a warning to traders and investors who were long precious metals that a possible correction was likely. Prices were overextended and nearly every 5 minutes a gold investment advertisement was appearing on my television. Additionally gold advertisements could be heard during commercial breaks of many right leaning radio talk show hosts, not that I listen to them or anything.

This article is not about pounding my chest, it is about a learning process that many investors fail to take the time to learn. It is easy to grandstand and speak in analogies when discussing the financial markets, but in the end the name of the game is to buy low and sell high or sell high and buy low depending on which direction a trader expects an underlying to move. I believed gold was overbought several weeks ago and while my timing was not precise, the eventual price action has followed my thought process.

The single greatest threat to profitability for investors and traders is getting caught up in the financial media and punditry. I try to stay away from the financial media at all costs as I do not want my view of the financial markets blurred or altered by the commentary of a so-called expert that I am not familiar with at all. About the time when I was calling for a correction in gold, the financial media was putting out tremendous bullish hype regarding gold and I'm guessing television channels like CNBC had commentators declaring their love and long term desire to own gold in their portfolio.

This is not to say that gold will not work higher in the future. In fact, research from fundamental and technical analysts suggests that gold prices could continue going higher for several years as the United States continues to devalue our currency while running massive budget deficits. No one really knows for sure what will eventually happen, but it would not be shocking to see gold continue to rally in the future. However, the shiny metal needs to wash out some weak owners by moving lower and working off long term overbought conditions before making a run at breaking out to new highs."

i should share some compelling statistics and charts to illustrate it

The short answer is:
not all are already believing in a downtrend of gold
it was 98% bullish sentiment in december
now it is somewhere around 90%
major bottoms occur when bullish sentiment is below 10%

This means there is a LOT of room on the downside before we get there

typically you dont have enough funds to stem the selling once it has begun.

Gold has topped out and will decline much more before bottoming, unless you can invest billions

The big players including hedge funds have started to sell and/ or playing the short side

I think we are overall on the same page.

Summarizing what has been said here would look as follows:

1. Whenever there are no longterm price histories (which applies for bitcoins), all barriers are at first only psychological. This is particularly true at new all time highs, because there is no former top.

2. Once prices corrected from a previous top, on top of that psychological barrier, a more technical barrier forms. The strength of this barrier depends on many factors. One of them is the volume pattern.

Example:
If a lot of volume is traded at a certain price range, then this barrier becomes strong resistance or support.
This is what happened in the 0.3 - 0.35 area. A lot of people bought and sold in this range at the November peak. And, a lot of sell orders were placed again in December in this area. Hence, it took quite some time to clear this level again.

In contrast, the 0.4 level was cleared much faster, because there was not a lot of trading in this price range around the November peak.
Even less volume was traded around 0.5. This is why this level could be a smaller barrier.

At the same time, this is pure speculation. You can also make the case that 0.5 is a "nicer" and "rounder" number than 0.3 and 0.4 and many people want to sell in this range.

We will see what happens. The market will tell us and we will stay close to it.

This is a valid question, indeed - and probably everyone investing and trading has those questions in his mind all the time...

Everyone may have his own method to answer it.
I can only share my personal method, which uses technical analysis and which has guided me for years successfully.

Based on the current price pattern, sentiment indicators, etc. we will likely see a deep correction that may end in the 1050 - 600 area. I know this is broad, but I will give a better update once prices get closer to 1100-1000.
We need to see the full picture then to determine whether prices fall further or build a bottom then and rise.

One good indicator is the "contrary sentiment" method: If most people believe prices will go down, we are close to the bottom. If most people believe prices will go up, we are close to the top.
For perspective: Around the 1400 $ topping area, the percentage of people believing in further rising prices was a whopping 98%. This means that they were probably all already invested and maximum 2% were left who could still buy (but this is not enough to further propel prices upwards). This is a classic example of a top. Then prices are falling and people invent multiple hypothesis why this happens...

Often it is a simple as looking at the title page of the new york times: If it says "gold will rise to 5000$" it's a good time to sell (with some time leeway +- a couple of weeks)

To come back to your question when to buy gold. My personal strategy is to buy physical gold (no paper gold) in the 800-1100 area, and accept a dip to the 600 $ area (if it happens I will buy more).
I expect prices to rally significantly against the dollar in the next 3-5 years (while first undergoing a big correction as mentioned above)

+1
EMH does not help at all to base meaningful financial decisions upon.

>kiba
that's fine.
I was actually thinking about a more comprehensive overall market review, but i do not want to push anything if it does not appeal to folks

Fully agree. My point is more that the 0.5 mark is ONLY psychological and not supported by strong market technicals. The 0.3-0.35 barrier was much much stronger.

Another, perhaps wild idea: If we could convince a whole technology/software/hardware,etc. company (at least midsize) to do mining with their employee computers in non-working hours, this could also strengthen the network.

And on top, create some PR...

The rally is continuing.

As a side note, I am just wondering, who is the one selling 20,000 BTC at 0.51 in the order book?

At least from a market analysis standpoint, this does not make sense at all. 0.5 is really not a strong barrier. It's purely psychological.
The only fundamental reason could be that this person needs the money quickly.

(and now I stop speculating about this .. but I am just curious about that to be honest)