The dollar weakened, so assets denominated in dollars went up, all things else being equal.
Fundamental issues as I see them:
1. Bitcoin is a poor unit of account because it is too volatile (although this is decreasing)
2. Bitcoin is a poor medium of exchange (network capacity of 7 TPS is far too low)
3. Bitcoin is a poor store of value (not enough liquidity to be an easily marketable commodity)
This seems strange considering Bitcoin's properties of being recognizable, transportable, fungible, divisible, and scarce.
It seems to me that the most likely path to mainstream adoption would be through microtransactions, when a unit of account need not be closely correlated with store-of-value, but of course nobody wants to invest in microtransaction applications with the network capacity/block size limit uncertainty. It's impossible to build a business model based on an unknown fee structure.
What random straw man arguments!!!!! NONE of your listed fundamental issues are problematic for bitcoin at this stage in its life, and maybe NOT even into the future. Bitcoin remains a growing phenomenon with ongoing development, and its infrastructure is well capable of expanding capacity as soon as people begin to jump on board. Surely there is a bit of a catch 22 because additional people may be hesitant to jump on board if they are worried about future devaluation... but as more people jump on board, the price increases causing more interest and causing more need to expand, build and modify existing systems, including user friendliness. That's the most perfect example of a circular argument I can Imagine. You need a reason to "jump on board" other than "people are jumping on board". Investors are forward thinking, so future problems, particularly FORESEEABLE problems such as scalability, affect investment NOW. For some reason, you seem to be making too much out of problems that don't really exist. Surely, they are issues, but certainly NOT to any level that you are making them out to be (scale or die, for example.... hahahahaha). My response may seem circlular, yet the circularity sense of it likely comes mostly from the sense that these adoption matters take time, and they are difficult to measure. Bitcoin continues to develop in a lot of ways on a global schedule. It is becoming more known, and more people are learning about it and more systems are being developed for getting in and for getting out. Surely, some people do get out of bitcoin, but their exit is likely NOT forever and likely NOT in total. Again... patience my friend... don't rush a good thing. Yes, I would like the price to go up too, and sure, I would like to accumulate a few more coins while the price is down; however, in the end, there is going to be ups and downs in the price and manipulation etc etc... and really some of the extent of your drama or exaggeration seems to be attempting to cause an effect rather than really talking about the real state of bitcoin today. I agree with billyjoeallen. and would like to add that once this block limit debate is over and we have a release that somehow will make sure Bitcoin can handle 1000's of TPS, investors will be more willing. Weather sidechain or increased block limit does the trick, won't make much difference. the way i see it we'll end up needing both solutions to make Bitcoin handle the same level of TPS VISA can do. waiting for more poeple to join in, to make Bitcoin able to support more poeple joining in, creates a catch 22 effect that slows / delays adoption. kinda mad at the devs for being so indecisive. but all in good time, this will get resolved one way or another, taking advantage of the FUD surrounding all this by buying BTC is just good speculation. Hahahahahahaha  You say that you agree with BJA; however, your words seems to support what I am saying. This whole matter is NOT as big of a "crisis" as it is being made out to be. the matter is going to get resolved one way or another, and the mere issue or making it of an issue, seems only to be an advantage that downward manipulators are pushing in order to drive pressure down and to lessen confidence, etc, etc etc... In the end, this still seems a great price to be holding and accumulating.. even though we may again experience more downward price pressures, there has been considerable difficulties keeping BTC prices below $220 for any kind of sustainable period of time... we need a little more fud and a little more negative nay sayer drama in order to attempt to drive BTC prices below $220 for any period of more than a day or two... |
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After a long decline in price, many have understandably grown weary and abandoned the plan (even if they successfully used it during the last bull run).
No reason to do this. If followed rigorously, the plan caused selling some bitcoins at the top, and remember that it expressly forbad to buy them back even at the cheap prices that followed.
Certainly, I believe that there is considerable value in planning ahead and even having some kinds of concrete plans that are NOT going to cause you to panic at the wrong moments. However, sometimes, there also needs to be some flexibility because no market system is going to follow any mathematical formulas with precision because there are humans and manipulators and politicians involved. I think that you are correct that a lot of previous bulls are becoming weary of bitcoin, and it will be interesting to see whether they start to buy back into bitcoin if it goes above $500 and then continues upwards and maybe by the time they buy back in (if they do) then BTC prices will be back on a downward trajectory (ups and downs that are NOT easy to predict or contain by many manipulators while they are happening). Yes, I understand the concept of rake and then to keep your rake or to diversify your rake (and NOT to buy back in); however, sometimes modification may be practical and necessary, especially if an investor knows that the price is going to come back up, but in the meantime the price is being manipulated downward. In those kinds of circumstances, a person can sell part of his BTC holdings and buy back in for larger holdings. NO that practice is NOT clean, and it is NOT mathematical and yes it takes judgement and guesses that may result in the investor guessing wrong and missing out on gains that he could have had. For those who only now come to BTC (or whose cost basis is <500 otherwise), the plan is still very good because bitcoin continues to be an asset with a limited downside (zero at most, -100%), but with an unbounded upside, (+100%, +1000%, +10000%). The correct way of investing is unchanged: select a small but significant enough of a stake (not 1%, not 50%+, but something in between), buy it in a quick order (DCA is a flawed concept in this style of investing), and set a rake schedule that suits your preferences.
Yes, dollar cost averaging (DCA) is a bit of a different practice from what you are proposing, but DCA is NOT incompatible with concepts of raking profits. DCA can work with any investment and it can be more assured way of investing rather than a balls to the walls alternative. DCA is a tried and trued method that anticipates that in the long run, the asset will be going up in price, or at some point will return to an upward trajectory. In that sense, DCA works with every kind of investment, except for those that never return to an upward price trajectory.... but even then, a fairly strict DCA practice may allow an investor to discontinue investing in a depreciating asset that does NOT appear to have any recovery in its future. Actually, there are fairly new investors within the past 2 years that could hold a sizable quantity of bitcoin and have cost bases anywhere between $0 and $2,000 - likely most of them that merely bought at various points and hold will have cost bases largely between $220 and $700. You will have cost bases outside of the largely $220 to $700 when you either got unlucky or lucky in buying outside of the range or you engaged in failing or or successful trades. I see no real reason for a person to NOT continue to buy and to accumulate at this time, and DCA allows someone to continue to invest a certain percentage of his/her income while continuing to have the income coming in. Normal people do NOT usually have large chunks of money to invest but instead have a stream of income in which they can DCA and/or invest and spend wisely by living within their income stream (rather than beyond it). Your suggestion to take a stake between 1% and 50% seems to be a bit broad, but instead more feasible that someone figures out their income stream and their expenses and then figure out ways to live within their means by investing a certain portion of their extra money (or extra that they have created by frugality) to invest in Bitcoin. Then the rake concepts will apply as BTC prices appreciate and that they are able to monitor that BTC prices can move fairly quickly in order that they can act (to rake) at more or less the preset BTC price that they have established. Also, surely, let's say for example that at this time, a guy's average cost basis is $500, and at this time he decides that he wants to begin to rake at 2x 10% and then continue to rake 5% thereafter at every 1.5x. If he discontinues completely to invest in BTC, then his cost basis will remain at $500, and it will be easy; however, life in reality and the reality of normal people is NOT so easy. It is likely for a variety of reasons that his cost basis is going to change through time, whether he buys more BTC or he sells BTC.... The guy(gal) likely has an income stream in fiat, and may want to continue to periodically invest in BTC... or through time, a person may also develop part of an income stream in BTC, which may cause some of the cost basis calculations to become a little more complicated to clarify and to keep track of. For those who emotionally cannot handle a 100% loss, I would add a (mental) tweak: Invest 50% of your net worth to a basket that contains 10% of BTC, 10% of Monero and 80% of cash. When the cash is distributed wisely (in different currencies, jurisdictions, and banks, with some tucked in your mattress), it is pretty safe. Then you maximum loss even if BTC and XMR both go to zero, is -20%. That's pretty manageable, isn't it! The upside is still there.
This is very incomplete advise for real people. Surely some people may want to follow these kinds of formulations; however, in the real world, people get involved in all kinds of investments (even yourself), such as real estate, precious metals (PM), other cryptos, the stock market, bonds, family business, etc. Your point about diversification is certainly valid, and your points about considering net worth, available income, liquid assets and percentage allocations to direct towards each area are very valid considerations that are going to play out differently for each person and their risk profiles. Certainly, some people could put 5% of their income stream into BTC; however, that may entail less than 1% of their total assets and maybe even less than .5% of their liquid assets. Surely it is a good thing to get a grasp on these various concepts in order to plan how you are investing and risks that you are ready, willing and able to take and when and what points you plan to rake and to either diversify or to use the rake for life enjoyment, rather than reinvesting. |
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The dollar weakened, so assets denominated in dollars went up, all things else being equal.
Fundamental issues as I see them:
1. Bitcoin is a poor unit of account because it is too volatile (although this is decreasing)
2. Bitcoin is a poor medium of exchange (network capacity of 7 TPS is far too low)
3. Bitcoin is a poor store of value (not enough liquidity to be an easily marketable commodity)
This seems strange considering Bitcoin's properties of being recognizable, transportable, fungible, divisible, and scarce.
It seems to me that the most likely path to mainstream adoption would be through microtransactions, when a unit of account need not be closely correlated with store-of-value, but of course nobody wants to invest in microtransaction applications with the network capacity/block size limit uncertainty. It's impossible to build a business model based on an unknown fee structure.
What random straw man arguments!!!!! NONE of your listed fundamental issues are problematic for bitcoin at this stage in its life, and maybe NOT even into the future. Bitcoin remains a growing phenomenon with ongoing development, and its infrastructure is well capable of expanding capacity as soon as people begin to jump on board. Surely there is a bit of a catch 22 because additional people may be hesitant to jump on board if they are worried about future devaluation... but as more people jump on board, the price increases causing more interest and causing more need to expand, build and modify existing systems, including user friendliness. That's the most perfect example of a circular argument I can Imagine. You need a reason to "jump on board" other than "people are jumping on board". Investors are forward thinking, so future problems, particularly FORESEEABLE problems such as scalability, affect investment NOW. For some reason, you seem to be making too much out of problems that don't really exist. Surely, they are issues, but certainly NOT to any level that you are making them out to be (scale or die, for example.... hahahahaha). My response may seem circlular, yet the circularity sense of it likely comes mostly from the sense that these adoption matters take time, and they are difficult to measure. Bitcoin continues to develop in a lot of ways on a global schedule. It is becoming more known, and more people are learning about it and more systems are being developed for getting in and for getting out. Surely, some people do get out of bitcoin, but their exit is likely NOT forever and likely NOT in total. Again... patience my friend... don't rush a good thing. Yes, I would like the price to go up too, and sure, I would like to accumulate a few more coins while the price is down; however, in the end, there is going to be ups and downs in the price and manipulation etc etc... and really some of the extent of your drama or exaggeration seems to be attempting to cause an effect rather than really talking about the real state of bitcoin today. |
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The dollar weakened, so assets denominated in dollars went up, all things else being equal.
Fundamental issues as I see them:
1. Bitcoin is a poor unit of account because it is too volatile (although this is decreasing)
2. Bitcoin is a poor medium of exchange (network capacity of 7 TPS is far too low)
3. Bitcoin is a poor store of value (not enough liquidity to be an easily marketable commodity)
This seems strange considering Bitcoin's properties of being recognizable, transportable, fungible, divisible, and scarce.
It seems to me that the most likely path to mainstream adoption would be through microtransactions, when a unit of account need not be closely correlated with store-of-value, but of course nobody wants to invest in microtransaction applications with the network capacity/block size limit uncertainty. It's impossible to build a business model based on an unknown fee structure.
0. Bitcoin supporters are so batshit insane that many folks simply don't want to be associated with them. That's not a valid reason at all. Economics is all about incentives. Given a strong enough incentive, racists will hire minorities, Sexists will hire women, Anti-semites will do business with Jews and Homophobes will provide goods and services to gays. History is littered with sane people lining up to be associated with whackjobs when they had an incentive to do so. " It's not personal, Sonny. It's strictly business." ~Michael Corleone BJA :::: Looks like you beat me to it and you addressed your batshit insane ideas by providing the solution to the problem.. ... in other words, HAVE A LITTLE PATIENCE.... people are going to come to bitcoin.. just a matter of time... whether this year or next or increasingly building over the next 5 years.   |
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The dollar weakened, so assets denominated in dollars went up, all things else being equal.
Fundamental issues as I see them:
1. Bitcoin is a poor unit of account because it is too volatile (although this is decreasing)
2. Bitcoin is a poor medium of exchange (network capacity of 7 TPS is far too low)
3. Bitcoin is a poor store of value (not enough liquidity to be an easily marketable commodity)
This seems strange considering Bitcoin's properties of being recognizable, transportable, fungible, divisible, and scarce.
It seems to me that the most likely path to mainstream adoption would be through microtransactions, when a unit of account need not be closely correlated with store-of-value, but of course nobody wants to invest in microtransaction applications with the network capacity/block size limit uncertainty. It's impossible to build a business model based on an unknown fee structure.
What random straw man arguments!!!!! NONE of your listed fundamental issues are problematic for bitcoin at this stage in its life, and maybe NOT even into the future. Bitcoin remains a growing phenomenon with ongoing development, and its infrastructure is well capable of expanding capacity as soon as people begin to jump on board. Surely there is a bit of a catch 22 because additional people may be hesitant to jump on board if they are worried about future devaluation... but as more people jump on board, the price increases causing more interest and causing more need to expand, build and modify existing systems, including user friendliness. |
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I made a Google spreadsheet template if anyone wants it. https://docs.google.com/spreadsheets/d/1ImKoEk72HK7zuOf3FBa2mbcf6qxoe7tmvWgYIWwwnPM/edit?usp=sharingOn the template I put a 5%, 10%, and 20% rake at doubling intervals. Right now the first rake is set at $1000, but you can adjust it to what works for you. I personally have my first rake set at $4000. I'm hoping that happens later this year. EDIT: After reading JayJuanGee's suggestion I added a way to choose your own multiplier and rake rather than having presets. WOW!!!!! I just went to the link and I played around with it, and I made a copy and inserted some of my own ideas of numbers that would be fitting to my current situation and thinking.. The spreadsheet is short and sweet and works really nice to allow the tweaking of the numbers and percentages to consider what could be a fitting plan for individuals who have differing ideas regarding rake points and BTC price performance probabilities. Thanks Dennydotco. |
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here is something to make you shudder. In New Zealand we have a current huge house price spike in part due to foreign investors "speculating' the price will go up even more. As these people are hard to get at by the tax people (we have just introduced a capital gains tax they may 'avoid") the government is introducing a system where intermediaries have to get the tax. see the article below. Imagine if governments introduced that for bitcoin ie saying they do not know if the bitcoins being sent from person a to person b have been taxed properly or at all when with person a so they will ask for a 20% tax as it passes through an exchange (eg the soon to be approved twins one) or if person b is a recognisable entity eg a big retailer like amazon they will ask for the 20% from them. (Retailers already collect gst ( VAT) here so administratively it could be done overnight). that might knock the current price of $200-$300 around a bit eh?  they may be slow but tax collectors usually always get their way in the end http://www.stuff.co.nz/business/opinion-analysis/71846181/new-withholding-tax-on-residential-landA lot of unlikely "what ifs" in there. |
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So, how long do you guys think we'll last below $250? Do you think we can hold on to somewhere between $240 and $260 until sometime October? This range does definitely seem great for buying and HOLDING purposes. It will turn back from 250$, I can't see 260$ this year. We'll come back to 188-220$ range again. Looks like you are engaging more in wishful thinking rather than reasonable speculation regarding plausible price direction(s). |
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I have a story ......
After big crashing some whales fear of destroying of Btc ,,,,,,,,,, so they decided to push price up ...... this is temporary ... we will see price $180 very sooon
What "big crashing"?  EDIT: You mean dec 2013 - jan 2015? he mean the last crash from nearly 300 to below 200. Norway made a good point... in essence, any BTC crash was largely experienced between December 2013 and January 2015... ever since January 2015, BTC prices have largely been floating between $220 and $290, with a few exceptions out of that range. The last about 8 months have been pretty stable in BTClandia, even though a lot of us who are bullish about BTC wished that BTC prices would advance higher outside of the $200s range..... and to stay up above the $200s range, permanently. |
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Today I discovered that I had been working with a misunderstanding of the “no fees” policy of Circle.
For some reason, I had thought that there was a buy sell spread; however, recently, I had been considered receiving regular approximately monthly payments in Bitcoin; however, I considered that the regular monthly receipt of Bitcoin was going to likely exceed my ability to spend those bitcoin during that month. Accordingly, I realized that if I were to end up receiving the BTC on a regular monthly basis, then I was going to have to cash out btc into dollars on a regular monthly basis.
Therefore, I studied more closely into Circle’s sell rate, and I that point, I had an ah ha moment. It appears that Circle is using the same rate to buy or to sell BTC.
Therefore, there is effectively NO fee on either end (even though their rate seems to be about consistently about 1% higher than the Stamp trading rate). Furthermore, it also appears that currently I have a $5,000 weekly sell limit on Circle, which is practically unlimited in terms of my anticipated quantity of need to cash out any BTC in the near future. WOW!!!!!!
Accordingly, I have concluded that on my end, if i were to receive any regular monthly Bitcoin payment(s) then at the point of receipt of each payment, I would decide whether I wanted to cash out through Circle immediately into my bank account (all or part) or to hold those BTC until a later time.
I'm glad that I was able to clarify this Circle fees matter (at least for my own understanding) because potentially working with BTC on a regular basis (up to $5,000 per week through Circle) appears to be much better than I had originally thought.
Maybe they do more selling volume than buying. So maintaining an above-market price would make them money (or help pay their expenses). Yes!!!!! That may be part of the situation with Circle, yet it remains unclear about whether they make money by the about 1% higher sell price? or on the other hand, questioning what is their monetization |
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We have ignition.
Are we really going to have a pump on a bank holiday weekend? I suppose that BTC markets do the opposite of what I would expect. |
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Today I discovered that I had been working with a misunderstanding of the “no fees” policy of Circle.
For some reason, I had thought that there was a buy sell spread; however, recently, I had been considered receiving regular approximately monthly payments in Bitcoin; however, I considered that the regular monthly receipt of Bitcoin was going to likely exceed my ability to spend those bitcoin during that month. Accordingly, I realized that if I were to end up receiving the BTC on a regular monthly basis, then I was going to have to cash out btc into dollars on a regular monthly basis.
Therefore, I studied more closely into Circle’s sell rate, and I that point, I had an ah ha moment. It appears that Circle is using the same rate to buy or to sell BTC.
Therefore, there is effectively NO fee on either end (even though their rate seems to be about consistently about 1% higher than the Stamp trading rate). Furthermore, it also appears that currently I have a $5,000 weekly sell limit on Circle, which is practically unlimited in terms of my anticipated quantity of need to cash out any BTC in the near future. WOW!!!!!!
Accordingly, I have concluded that on my end, if i were to receive any regular monthly Bitcoin payment(s) then at the point of receipt of each payment, I would decide whether I wanted to cash out through Circle immediately into my bank account (all or part) or to hold those BTC until a later time.
I'm glad that I was able to clarify this Circle fees matter (at least for my own understanding) because potentially working with BTC on a regular basis (up to $5,000 per week through Circle) appears to be much better than I had originally thought.
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Some things take time to evolve or to review and analyze.
For today: Stock market down 1.5%, and Bitcoin up 1%.
For the past six months: stock market down 10%, and bitcoin relatively flat - BTC bouncing largely in a $220 to $290 price range (which is largely a 7% variance in the bulk of the highs and lows).
If a guy were to find $1,000 in a brown paper bag on the street, and he was otherwise settled in his financial matters and he had some money invested in various diversified places (therefore, the $1,000 could be practically used for investing).
At this point, which one (stock market index funds or BTC) would be the better bet for long term or short term ?
Yes, where to put the $1,000 will depend in part on the guy's overall portfolio and his perception of risk and perception of one investment versus another.
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So, it seems we are pretty much stuck between $220-$230 with no exciting moves. I guess it's just a good time to pick up more BTC.
You need to look for positives in every situation whatever your stance & agenda is with bitcoin. Now is a great time to buy, cheap coins. But if you're a bit of a pussy & you bought in sub 200 then take a profit & sell. There are good scenarios out of everything, you just need to look for them. Personally I'm buying every time I have spare fiat & HODLING, probably for at least 5 years. It just doesn't make sense for me to sell at these prices. Your recommendation to sell for those currently in the black does NOT make much sense, either...... a person who had bought under $200 would have likely sold a long time ago.... |
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So Bitstamp is now also faking volume?
What's your evidence? Is this pure FUD spreading disinformation? Haven't you noticed the 49.99 buy and sell for weeks now? Obviously irrational trading which points to it being an inhouse bot run at stamp to pump up volume. Why shouldn't they do it? The chinese exchanges have been doing it for years. I guess that I do NOT follow that closely. Can you explain a little more about how the 49.99 works? Is the 49.99 on the books? Are you referring to dollar value or bitcoins? how often is the 49.99 trading? Where can you see this play out? There can also be bots that are run outside (so a bot does NOT have to be an inside job). Accordingly, what would be your evidence that this particular bot (or trading pattern) is based on inside manipulation? I do understand the motive to some extent but getting caught remains a very big blow to credibility, so I doubt that a big exchange like bitstamp that is rising in credibility would want to jeopardize its credibility based in a way in which they could fairly easily get caught. |
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So what's this weeks high going to be $229.50? Or should we shoot for the moon and predict $230.25. lol
well we just saw some strong volume on the hourly, things might get interesting and we might be pushing 235 pretty soon! or 225 again  For about the last hour I have been watching a baby wall of about 150 BTC get eaten down on BTCe to around 100BTC at $222.50. BTCe has had pretty consistent and relatively high volume for the past 12 hours.... what is brewing in Bitcoinlandia? anyone know? |
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So Bitstamp is now also faking volume?
What's your evidence? Is this pure FUD spreading disinformation? |
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Very amusing.
What you fail to notice is the fact that BTC is in a slow descent, with no bottom in sight.
Let's talk through the scenario, BTC keeps dropping (down 49% since July 3rd) that's more than 10% a month.
In response to that what is happening?
People spending their BTC? NO!
People selling their BTC? YES!
People continuing to hoard BTC waiting for it to come back? YES!
People mining any great quantity of BTC on their own? NO!
People cloud mining making tiny BTC profits? YES!
These things above never change and if they don't then BTC will be $150 in 4 months, then it becomes cost prohibitive for anyone but the huge farms like KNC to mine.
By June BTC will be down in the double digits ($85ish) and no one will be interested in it any longer.
You heard it here.
Seems like you've lost your drive & hunger for Bitcoin....what you don't understand is Bitcoin isn't just about how much it's worth. It's a concept which at the moment is suceeding maybe not on a huge level but if someone told you about this new concept 6 years ago and said within this amount of time it would reach highs of $1000 you would of laughed. All it takes at the moment is a whale to delve into Bitcoin and spend a huge amount which will raise the value and bring more attention from media which means more people will be interested in Bitcoin....or we have a major hack again or something similar of nature which would again bring media attention which would be seen by millions & again even though it's bad news many more people will of heard of Bitcoin and will search up on it. You might be right it dropping down to double digits...but your not right on people not buying...a huge lot of people are buying Bitcoin. What I think is happening is a lot of people are using the payment processor bitpay which sells their Bitcoin for fiat as soon as they recieve it which decreases the value of Bitcoin. If people stop using bitpay & similar companies then we should see a rise again. Everyone thought bitpay was a great company but in actual facts it's damagining the Bitcoin value & community in general. There are a number of other major factors like more sell orders than buy order but thats obvious & talked about far more often than the point I brought up. Pissedoff: I agree with some of your assessment, but NOT all of it. Personally, I believe what is causing the price to go down is manipulation, and there are some that want to continue to push the prices of BTC down so that they can continue to accumulate and at some point (maybe 1 month from NOW or maybe 6 months or possibly longer), there will be attempts to manipulate in the opposite (upwards direction)... One large whale would be within his/her power to manipulate the price upwards into the $3k to $5k territory, b/c was the price starts to go upward, there will be other whales ready and willing to jump on board. Really, bitpay and similar are good for bitcoin because they cause liquidation opportunities - which people need to have in order to have additional confidence in BTC when prices go to the next upward level. Surely, if people are NOW using bitpay and similar to liquidate and they are NOT replacing their coins, then surely, you are correct that those services are merely being used to sell coins... but really, I doubt that those services of bitpay and similar are what really is causing downward price pressures... you can watch the market and see that the downward pressure comes from the purposeful and strategic attempts to dump large quantities of coins on exchanges, and while that conduct remains profitable, that exchange dumping conduct is going to continue. Additionally, some of these dumpers are accumulating coins on the sly.. so that they will have plenty of coins when the time comes for the upward momentum. You don't have to agree with any of it, you just have to keep watching and realize I was right then, and I am right now. BTC=$80 by June Its down $100 since the last time I told you, in 2 months it will be down another $100 Looks like a little while since I had responded to you (and I'm just catching up on reading the latest posts in this thread), and I wanted to reiterate my current considerations. I believe that btc prices floating largely between $220 and $290 for more than 8 months now has shown us, for the most part, the bottom of btc prices. I continue to NOT know for sure the short term direction of btc prices. Of course it's possible that Bitcoin will experience more than a few more days below $220; however, it seems more likely that the $220 to $290 range will remain the bottom, and the future (may take another several months) will find btc prices breaking up and out of the $220 to $290 range and into more prosperous territories. That's where I'm currently placing my bets on the upward direction of btc prices (at least in what I believe to be, for my own financial position to be a hedged and cautionary way ). |
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Capital controls are meant to work for exporting money outside of the county. Since the Chinese will deposit money directly to a Chinese company's account, that's being taxed for every transaction, it's perfectly legal.
Please be specific. Which "Chinese company's account"? Exactly how will that be done, considering https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country#China ? Besides, when you hold Bitcoins right now, why should you transfer it abroad? It's where you live at anytime; I could understand diversification reasons, but would not advise BTC as a "means of fleeing capital abroad".
By that logic, Chinese people should be able to buy Euro or USD, as long as they keep it in China, right? What am I missing? @aztecminer we're talking about China. right... but the election is 16 months away. .. instead of us focusing on immigration suddenly the election is about the obama's failing economy ... things china is doing probably is causing the stock market to crash . It's crashing up today, so far. looking at BFX as though more margin longs are opening. i'm just pointing out the facts.. maybe china will stop doing whatever it is they are doing causing the stock market to crash and everything will be great for election.. the fed can raise the rates to .25% as planned . .. i'm just saying that if the stock market keeps crashing then the fed might rally it again with QE and that would mean everyone will pile into stocks for the QE pump. i posted the link.. here it is again in case you missed it: http://www.newsmax.com/Finance/StreetTalk/jim-rogers-federal-reserve-economy-slowdown/2015/08/31/id/672878/Overall, I agree with your point. I was merely making a snapshot observation regarding the stock market's price direction at that moment.... or at least, any such "stock market crash" seems to have leveled off in recent days. |
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Capital controls are meant to work for exporting money outside of the county. Since the Chinese will deposit money directly to a Chinese company's account, that's being taxed for every transaction, it's perfectly legal.
Please be specific. Which "Chinese company's account"? Exactly how will that be done, considering https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country#China ? Besides, when you hold Bitcoins right now, why should you transfer it abroad? It's where you live at anytime; I could understand diversification reasons, but would not advise BTC as a "means of fleeing capital abroad".
By that logic, Chinese people should be able to buy Euro or USD, as long as they keep it in China, right? What am I missing? @aztecminer we're talking about China. right... but the election is 16 months away. .. instead of us focusing on immigration suddenly the election is about the obama's failing economy ... things china is doing probably is causing the stock market to crash . It's crashing up today, so far. |
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