i'm up 8.3% already:  |
|
|
|
yeah baby. time for a Bitcoin turnaround:  |
|
|
|
I find it easier to think of trust backing a currency. Trust of the receiver that the next person will accept the currency for the same value.
If that trust is gone, so is the currency.
Other elements (government, armies) are just derivatives of this main principle.
For 5 years existence, I think 'trust' in Bitcoin is remarkable. No government, no army but it still goes. Time to re-evaluate old dogmas, I would say.
Wise words. However, if we're dealing in a situation where the dollar collapses, it is a completely different ballgame and unchartered territory. Bitcoin having its value directly tied to the dollar right now presents a faster medium for companies to convert over to fiat. They are not holding. Now eliminate fiat from the equation completely. How much 'faith' would these companies have in actually holding/having to deal with other companies to buy/sell/trade goods using this technology themselves? My guess is nowhere close to the same amount. Unless some kind of insurance system is implemented, it's basically the wild wild west for traders and everyday transactions outside of friends and family. Many companies/businesses are holding back some coin. Probably more than you think. Especially at these prices after such a large pull back in price. They are rightly anticipating a turn around. If Bitcoin lacks the confidence and backing you claim it does, why isn't it languishing at a price less than dollar parity, ie, <$1.00? All other worthless fiat currencies are in this range, why not bitcoin? Overstock 10%. Also http://www.reddit.com/r/Bitcoin/comments/2oypbo/bitpay_employee_here_around_50_of_our_merchants/You made my point. Bitcoin is different than other fiat currencies which is why it's had such superior price performance in such a short time. |
|
|
|
I find it easier to think of trust backing a currency. Trust of the receiver that the next person will accept the currency for the same value.
If that trust is gone, so is the currency.
Other elements (government, armies) are just derivatives of this main principle.
For 5 years existence, I think 'trust' in Bitcoin is remarkable. No government, no army but it still goes. Time to re-evaluate old dogmas, I would say.
Wise words. However, if we're dealing in a situation where the dollar collapses, it is a completely different ballgame and unchartered territory. Bitcoin having its value directly tied to the dollar right now presents a faster medium for companies to convert over to fiat. They are not holding. Now eliminate fiat from the equation completely. How much 'faith' would these companies have in actually holding/having to deal with other companies to buy/sell/trade goods using this technology themselves? My guess is nowhere close to the same amount. Unless some kind of insurance system is implemented, it's basically the wild wild west for traders and everyday transactions outside of friends and family. Many companies/businesses are holding back some coin. Probably more than you think. Especially at these prices after such a large pull back in price. They are rightly anticipating a turn around. If Bitcoin lacks the confidence and backing you claim it does, why isn't it languishing at a price less than dollar parity, ie, <$1.00? All other worthless fiat currencies are in this range, why not bitcoin? |
|
|
|
Well I can't fault you on your pick and choose time frame.
And therein lies the con, it's all about carefully picking your time frame. It's the oldest salesman tactic in the book. Dude, I'm not the one who picked that time frame.  |
|
|
|
Gaud, the last thing i want to do is create another massive thread like the "Gold-I smell a trap" one over in Economics that went on for 5 months. it was just too much work. most ppl here into gold/silver won't like what i have to say so don't bother reading further.
my views haven't changed. i think gold/silver is a relic of the past and Bitcoin will assume its place as a new standard. i think gold drops to $400. i think that we are about to embark on a massive debt deleveraging phase which will be deflationary and take stocks down with it to test the March 09 lows at least. we may drift a few more days higher in the Dow before it rolls over. i see divergences everywhere but especially with the Transports, Russell, and ALL commodities like oil, natural gas, wheat, corn, rice, soybeans, copper and gold/silver. the silver chart especially is busted. the general mining stocks are telegraphing hard times ahead like FCX, TCK, BHP. the junior miners have been devastated as in GDXJ. GDX is following it down.
there's a good chance Wall St and the Fed are desperately trying to manipulate the Dow higher to get retail investors back in but don't buy it. once we roll they will sell/short you into oblivion. the Vix did an underthrow today once again to try and create complacency.
i'm going to try and not say much more as i could be wrong and i know the gold bugs are going to start swarming with the hate.
just gonna put this right here on page one thousand and something. lawl. Such foresight. Much tin foil. Wow! Gold to 400 and bitcoin to el moon they said. Buy buy buy!! since March 13, 2012, Bitcoin has destroyed Gold. theZerg ought to give us an update. Well I can't fault you on your pick and choose time frame. You're right on that. Gold has not crashed to the depths you speak of, though. Not even close. Now the question is, how many people such as yourself had the foresight to buy in big before the rise (many of which had potential realized profits devoured by the Gox debacle). My guess is you're in the minority. that's probably true. but alot of those ppl who lost on Gox are true believers who might have been stung but not killed. they'll use this recent dip to reload. |
|
|
|
Gaud, the last thing i want to do is create another massive thread like the "Gold-I smell a trap" one over in Economics that went on for 5 months. it was just too much work. most ppl here into gold/silver won't like what i have to say so don't bother reading further.
my views haven't changed. i think gold/silver is a relic of the past and Bitcoin will assume its place as a new standard. i think gold drops to $400. i think that we are about to embark on a massive debt deleveraging phase which will be deflationary and take stocks down with it to test the March 09 lows at least. we may drift a few more days higher in the Dow before it rolls over. i see divergences everywhere but especially with the Transports, Russell, and ALL commodities like oil, natural gas, wheat, corn, rice, soybeans, copper and gold/silver. the silver chart especially is busted. the general mining stocks are telegraphing hard times ahead like FCX, TCK, BHP. the junior miners have been devastated as in GDXJ. GDX is following it down.
there's a good chance Wall St and the Fed are desperately trying to manipulate the Dow higher to get retail investors back in but don't buy it. once we roll they will sell/short you into oblivion. the Vix did an underthrow today once again to try and create complacency.
i'm going to try and not say much more as i could be wrong and i know the gold bugs are going to start swarming with the hate.
just gonna put this right here on page one thousand and something. lawl. Such foresight. Much tin foil. Wow! Gold to 400 and bitcoin to el moon they said. Buy buy buy!! since March 13, 2012, Bitcoin has destroyed Gold. theZerg ought to give us an update. |
|
|
|
Yeah, but you guys keep mentioning that if the worldwide stock markets tank, people will dump stocks and flock to bitcoin as a hedge (like they do gold). But if they treat bitcoin like a stock, then it will get dumped too.
Personally, I think this is the most likely scenario as well. ATM bitcoin is like a very risky commodity. Things would have to get really really ugly (like breaking some major rules thereby breaking trust in traditional systems) for bitcoin to become a 'safe haven' in case of a financial crash. Five or ten years from now, that might be a different story. Yes, I think the likely scenario is that, as the global slow-down continues, money will flow to the dollar first since it is perceived by many as the safest asset. i would actually look the hell out with this strategy. i have a sell signal on the dollar. |
|
|
|
Wish BTC would stop plummeting. It's being dominated by day traders.
The DOW drops on bad news, the Asian market reacts, and guess what dumps on Chinese exchanges almost simultaneously? Yep, bitcoin. It's still being treated as a stock/commodity. That's fine, don't mind if it's treated as a stock/commodity, as long as you can trade it on Wall Street, then we will see some real $ in BTC. yep, keep the big picture and long term in mind. Yeah, but you guys keep mentioning that if the worldwide stock markets tank, people will dump stocks and flock to bitcoin as a hedge (like they do gold). But if they treat bitcoin like a stock, then it will get dumped too. maybe, no guarantees. but too early to come to any conclusions. maybe not enough turmoil yet. |
|
|
|
Wish BTC would stop plummeting. It's being dominated by day traders.
The DOW drops on bad news, the Asian market reacts, and guess what dumps on Chinese exchanges almost simultaneously? Yep, bitcoin. It's still being treated as a stock/commodity. That's fine, don't mind if it's treated as a stock/commodity, as long as you can trade it on Wall Street, then we will see some real $ in BTC. yep, keep the big picture and long term in mind. |
|
|
|
fear still creeping:  |
|
|
|
|
Dow diving now. as it should: -73.
|
|
|
|
oil? who the hell needs oil?  here's one i haven't looked at for a while. Baltic Dry Index at close to 2008 lows:   |
|
|
|
wow ... good catch, no wonder Valve was so anti-bitcoin. Here's one that will blow Varoufakis tiny mind wide open. http://aeon.co/magazine/technology/are-we-ready-for-companies-that-run-themselves/Which vision will win out? That will depend less on the specific capacities of the technology than on the ability of governments and electorates to grasp what it is and what it means. One way or another, it looks like RoboCorp will be able to look out for itself. In the meantime, we need to get our own house in order. sort your shit out, robocorp is coming  yeah, that is a good catch. the guy sounds radical. my hopes for Greece just took a dive. |
|
|
|
... no, this is precisely the point they start claiming that markets are out of their control. or the proverbial, "no one could've seen it coming". |
|
|
|
oh wait... that's the bank bitstamp is working with and where the funds are  you're kidding? |
|
|
|
|
Show Posts
