What's amazing me is the way the bid side keeps so steady or builds, even after large volumes of buys at the $130 and $140 mark. pre-$140 we were 40k+13k down to $120/$130, and now we're 40k+15k, and that's after all the $140 buying. We were 67k down to $100 and 31k up to $150 , and now we are 67k + 24k, so the bid side really is doing a great job, considering the buying at $130 and $140
Once we break $150 i wouldn't be surprised to see us go up to $200 quite quickly as the panic buying starts and supply drops
This might be heretical in a wall-observer thread, but people are wasting too much time reading the chicken entrails of wall movements. For every buyer there is also a seller, for every dollar in there is a dollar out of Bitcoin. The only reason the price goes up is sentiment.When sentiment changes then floods of sell orders will appear from nowhere. I bet there was a monster wall at $230 when the price hit $266, but it didn't do any good. If the price suddenly shot to $1000 then there would soon be a tidal wave of sellers taking profits until it hit the last level where sentiment had a consensus ($125, or even $95). I think the 4-year logarithmic trendline is the best indicator of sentiment, based on fundamentals, and this points to a stable price at $200 and eventually $1000 in the future, but not because of all the wall-dances along the way. |
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So he has reservation about things he can't put in his pocket, but is okay with Gold.
Does he walk around with gold in his pocket?
I think he does. He showed it to Ben during one of their friendly conversations. I am sick and tired of hearing the complaint that "You can't touch or put a bitcoin in your pocket". These are the same people who would happily pay their utility bills online or whip out an Amex card to pay a restaurant tab. Does a stupid piece of rectangular plastic that you can put in your pocket make all the difference between money and non-money? I am still convinced that the reason the value of metal gold has languished for 30 years, in inflation-adjusted terms, is that it is fully tangible, and hence useless for 99% of the transactions required in a modern economy. Bitcoin is 21st century monetary gold. |
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wonkytonky is right. This is a very bullish formation. It is targeting a run up to $170...  |
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Let's say it takes 1 minute for a block to globally propagate. This is sort of similar to how quickly BGP propagates and the BGP mesh is a comparable very large broadcast network. So now you waste 10% of all your work due to chain splits. With a 2.5 minute interval you're wasting nearly half your total work!
I think Mike has hit the nail on the head. What appears to be a strength of Litecoin is probably a major weakness. The 2.5min block time cripples its scalability by trying to solve a problem which doesn't really affect most merchants (waiting too long for confirmations). |
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This might be co-incidence but my (small) ignore list happens to comprise people who have already got a turd-shaded "ignore" button. Not sure how many ignores it requires to achieve that distinction however...
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Hal, just seen your post. Very moving indeed.
Shows what we all shouldn't forget: life is more important than money.
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When I saw this item I searched the forexminute website for "bitcoin" and "BTC". No results found.
So it looks like forexminute is giving PR Web click-through payments on this article possibly to see how much demand there is for Bitcoin information before deciding whether to go to the effort to support it.
The article itself is pure forexminute propaganda written by someone with as much knowledge about Bitcoin as Scooby-doo has.
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Having been a very early adopter of Bitcoins and this technology i have gone about the process of
setting up the Crypto Currency Central Bank a Global organisation with myself as the President.
I imagine the CCCB has an advanced and sophisticated designer website befitting the torch-bearer of the global digital age... |
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I don't think any country is willing to embrace a money it can not collect taxes on. It would be financial suicide.
I keep hearing this, and it is wrong. Governments can invent and levy taxes even in a Bitcoin economy.It also makes avoiding those taxes by using black/gray markets dead simple. Think about it, that already exists. It is called cash. You can pay a plumber in cash (at a reduced rate) while he avoids declaring it. An easy win-win. But most people are not comfortable doing that all the time. But more importantly there are essential services which are obtainable only through large companies or government departments. Electricity, for example. Unless your house is off-grid you will have to pay the electric co in bitcoin, which they will have to declare to government revenue inspectors. So, it is easy for government to levy a percentage tax on all electricity bills. |
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I don't think any country is willing to embrace a money it can not collect taxes on. It would be financial suicide.
I keep hearing this, and it is wrong. Governments can invent and levy taxes even in a Bitcoin economy.Taxes on electricity from the grid, mains water, land and buildings could be levied at a higher rate instead of retaining an income tax. Consider vehicle taxes. Anyone who wants to use a car on a public road has to tax it (in most countries). That tax could be raised 1000%. Taxes could still be levied on petroleum products. Oil majors would not be able to hide how much petrol and diesel was sold at the pump each year. Governments could levy 100 BTC to renew a passport. There are many methods to extract money from the people. Bitcoin just changes the focus of taxation, and probably makes it far simpler, making obsolete great swathes of crap tax law. |
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The author plumbs new depths of trash journalism:
"One is that Bitcoins' value has been soaring because of what many financial experts think is an unsustainable bubble. You used to be able to buy a Bitcoin for less than a cent, but last week they briefly traded at $266 each, before plunging to $55, and seesawing back and forth in the $100 range.
....
In fact, some critics are calling Bitcoins the digital equivalent of a Ponzi scheme. Bitcoins' value plummeted 77 percent in just two days last week, due to technical problems with a Bitcoin exchange server,..."
Is that covering all bases when you know zero about your subject?
Do these people even read what they write before hitting the publish button?
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The OP makes a good suggestion about double-spends. This is a passive variation:
A wait time of ten seconds is more than acceptable for most point-of-sale situations. So, without changing the way transactions are included in blocks, it seems that the principle of simply forwarding double-spends. marked as such, for informational purposes is very helpful to merchants. The time limit for forwarding could decay faster for transactions on a scale, as their values decrease by orders of magnitude of coin_dust.
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Someone needs to make a chart that shows the daily number of charts posted, I'd follow that chart since it would be a better indicator than anything else!
Please include this chart, which shows where the Bitcoin ship and her motley crew of investors are headed...  |
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Can people stop talking about transaction time, when they are clearly meaning Confirmation time.
That's a misunderstanding we really have to work at.
Transactions are basically instant (in the order of seconds) in both Bitcoin and Litecoin and are faster as every other System available.
What you mean is confirmation time. The Time until your transaction is basically impossible to charegeback or be in anyway fraudulent.
Guess what, with a credit card this time frame is about 180 days. Yet I have never been asked anywhere to wait this 180 days until my transaction is "confirmed".
+1 Akka: The Voice of Reason! |
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Nice chart work MBP,
Can you post a copy of your multi-year version as well?
Have you noticed the technical precision in Bitcoin's oscillations? The April 13th retrace was up to $130 before a new downtrend to $50. Midpoint is $90 which is where it came to rest for over a day before this morning's massive burst of buying. The peak today of $136 and decline to $110 again sees temporary stabilization near $123, a 50% move back. Is this because it is one of the few unmanipulated markets in the world?
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Thank you Matthew for picking up the baton! I sent an email to SIX standards about a month ago, but no reply, which is par for the course with them. I also sent an inquiry to Peter and Lindsay at the Bitcoin Foundation to ask if they were making any representation to SIX and whether they wanted any help with that, but no replies yet either. However, Bitcoin has done its merry price dance since then, so maybe they are distracted. Edit: Precious metals have X-codes, which includes palladium, XPD. The world reserves are about 1,000 million ounces. This is worth about $7 billion. Bitcoin's monetary base is about $1.4 billion. I think that once it closes in on the value of the palladium stockpile, then it will be untenable for an official ISO code to be withheld. http://palladium-bar.blogspot.co.nz/2007/09/palladium-reserves-and-palladium.html |
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Every Bitcoin user recognizes BTC as Bitcoin code. ISO reserves BT* for Bhutan, but Bhutan does not use BTC yet. When it will, that might be a problem for them, not for anyone around. I'm not offending anyone in Bhutan, it's just if I was in Bhutan and there were tons of people already putting particular meaning in BTC, I would think twice before using it for some currency project.
The minor currency in Bhutan is called the chhertum which means they may already use BTC for this internally. They have every right to. Bitcoin is a global currency, which is what the X-codes are for. So XBT is the best choice, as XBC has been used by the European central bank. BTC is fine for informal use, just as many computer systems hold YEN instead of JPY. Not having an ISO code is a monumental handicap for Bitcoin. |
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