I sold a big chunk my speculative coin at 33 before the run up. Just leaving my "Never sell" coins. Yeah I was disappointed to miss out on more, but I was delighted that this paid off all my initial bitcoin investment (and some!). Really the latter is far more important than 'theoretical' possible gains. I see the recent crash as ending up being more of a correction, perhaps I have been fooled but fortune favours the brave, and everything is play money now! So, leveraged back up my remaining speculative coins back to what I had before I sold (bitfinex - did I learn from bitcoinica losses... appatantly not hehe). Enough margin to cover a serious move, but I really don't expect one. These ghosts from the past have a habit of cropping up, people need something to fixate on, especially with something so fundamentally un-valueable (should that be invaluable?  ) as bitcoin. |
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$32 ATH of 2011 medium (not strong because it was not tested but just blasted through)
I think 31.5 is more important, and very strong resistance.  32 was the bubble high, initial crash back to 23ish, when the double top came in it could not breach 31.5 (first chart) This time round (second chart) we saw first approach to 31.5 on 22nd, price backed off and regrouped to make two solid tests of it on 26th and 27th, then break out on 28th. It was always going to be a hug break out with so much riding on it and so much inevitablity (if you are a permabull like me that is! hehe) The spike back down was almost a token gesture of checking if it was resistance, with so much buying pressure pushing it straight back up. (As an aside I think we see that with the recent 'crash' which I actually see as more of a solid test of resistance levels. the fact it went no lower than 32 and came back *so* strongly is huge bullish signal for me.) Of course I'm not a big beleiver in TA, other than it tends to work because people believe it does  I'm more about the permabull fundamentals. The invitability of worldwide adoption, the enforced scarcity. I'm already on negative costs basis so I have a good chunk of coin that will never leave my wallet until it *is* money |
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I am currently using a willow rod. Lots of incense too, you can never have enough of it.
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Tonight I'm boozing all my profits on wasted
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From what I've read... I think macao is a huge potential for bitcoin. Why? Because they have issues with getting money back and forth across the chinese border. I read that they basically have to get paid once they are back in china since they can't bring money across the border or something.
If anything Hongkong should be the next largest exchange. Bringing money from and to mainland is never a problem in HK. And HK has the best banking network with the Western. If BTC needs to grow in China, HK is the hub for it. WRONG!!!!! There is a LEGAL limit of 10-20kRMB of RMB that can be hand carried across the border. Anything outside of that range CAN BE CONFISCATED. to do an IBT (inter-bank trnsfer, requires a special licence) The MAXIMUM you can change at a bank in Hong Kong is 20K a day WITH IDENTIFICATION. Renminbi Services for Hong Kong Residents
Risk Disclosure Statement
• Renminbi (“RMB”) exchange rate, like any other currency, is affected by a wide range of factors and is subject to fluctuations. Such fluctuations may result in gains and losses in the event that the customer subsequently converts RMB to another currency (including Hong Kong dollars); and
• RMB is currently not freely convertible and conversion of RMB through banks in Hong Kong is subject to restrictions. For instance, for a personal customer who holds Hong Kong Identity Card, conversion of RMB from/to another currency is currently subject to a respective daily limit of RMB20,000 per person per day. Customers may have to allow time for conversion of RMB from/to another currency of an amount exceeding the daily limit. The actual conversion arrangement will depend on the restrictions prevailing at the relevant time.
Up until last year it was only allowed for Hong kong residents. http://www.info.gov.hk/gia/general/201207/25/P201207250563.htmYou obviously don't know WTF you are talking about...... You obviously don't know what the fuck you are talking about. My family runs a jewelry firm in Hongkong and we bank gold and silver for around $225k per day. But we are known in banks like BoC and HSBC so we don't need identification anyway. I have seen and I've heard and i KNOW 100s of times where people has put in 30-40- even 70k with just their passport (they're expats) mostly because they do it with money from our jewelry store. If you could only deposit $3k they would be toast. They go to really any bank, open an account with their passport and they're free to deposit their money, no questions asked. HK-banks are the new swiss banks. And even if it weren't, you could easily have a few dinners and lunches and a little money on the side and there would be no questions anyway. You should know this if you live here, because it's common practice. Everyone and everything can be bought here. Just look at any of the Shenzhen border controls and all the human mules passing by 30 times per day. The hongkong bank system is the role model for most offshore banking systems and we're not even considered offshore. occam rang and told me he is quitting the razorblade business cos of this post  I dont know jack about HK either but your explanation sounds pretty much *exactly* how I reckon it is going down, much like it always has everywhere else in the world, since forever. Money Talks... |
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sorry you will need to remember fractals of what he taught you to progress |
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Oh aye, loads, but I aint sellin' nuthin' no never. |
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the params in that datatype represent scale and precision, scale is the total number of digits (ie including decimals) precision is the number of decimals
with the current bitcoin spec 16,8 is enough to store the largest theoretical possible transaction amount of 21million, and the smallest value of one satoshi.
The datatype scale and precision only affect the stored value, aggregate functions operate correctly disregarding scale and precision of the datatype (within the limits of the architecture).
eg the max value that can be stored in the field is 99999999.99999999,if you sum this with 0.00000001 then the result is 100000000 (ie no overflow occurs)
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EDIT4: anyone knowledgable with postgres have a suggestion what datatype to best use for the monetary values?
NUMERIC(16,8) should do it |
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You mean it work exactly like stocks? Have you heard about this apple stock.
I have heard plenty, but I would really like to hear *your* take on it. |
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three. three correct calls.
as the old saying goes... three swallows make a summer! |
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Well thats because you are talking about relative value of that gold to USD or euro or such like. |
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Commodities have certain properties. They are physical tangible good that cannot be replicated. They have some value to people (some say intrinsic value, i agree with the previous poster that says no such thing as intrinsic value - without a person to assign value, then something has no value!).They can be created, discovered or brought into existence in some way, and they can be destroyed, lost etc mostly the commodity exists in a quantifiable way and the quantity of a commodity is subject to the physical laws of nature. Gold must be mined, oil must be drilled etc
Bitcoin satisfies the conditions of a commodity, save one - it is not a physical tangible good. It's virtual existence though is governed by probability, its very unlikely that any virtual bitcoin can be 'duplicated', the so called double spend. Unless the encryption scheme is broken somehow. As it stands the probability of this is low enough that we accept that bitcoins cannot be replicated.
I think then, the value of bitcoin is that it is a scarce commodity. A commodity that does not require physical storage space, requires negligible effort to trade (think in terms of energy to ship from A to B). A commodity that can be traded almost anonymously, almost instantly, internationally, and in spite of governmental trade restrictions. No other tangible, traceable, valuable commodity can come close to bitcoin in this respect. I think that gives it enormous value. It's value is mitigated by risks. The risk it will be broken, the risk it will be criminalised etc
Bitcoins have value because they are a commodity not a currency. They have value in spite of the USD exchange rate, and not because of it. Thats how I see it!
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ya i get this part. i read something like 1/5th of every tax dollar goes towards servicing debt at current (virtually zero) rates.
so sure if they keep ticking along at ~zero then they can stem the tide for a while, but tides have set a pretty strong historical precedent.
Essentially bonds are already negative interest, Do you think they would have the balls to actually make interest rates negative?
I think they are stuck between a rock (hyperinflation) and a hard place(deflation) and as bad as it might be, deflation is the lesser of two evils.
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I am with you on this hypothesis, but the really niggly thing is that bonds are in a bubble too. The bond market is way bigger than the gold market - doeasnt that make them the 'majority' that are going to lose (if/when the dollar collapses?).
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Are you sure that I am you are being a bit negative?
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If someone asked me those questions, that's the link I would give them. Not trolling - It's a good website!
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