I don't think you can purely use Technical Analysis to look at a bitcoin chart. (I do use it, but don't rely on it like a regular stock/currency) Bitcoin is very much a sentiment indicator and you have to consider that things like the Cypress banks failing into the equation. If more banks fail and money is taken from more holders (and that probably will happen) you will see something in the form of an exodus from centrally controlled fiat currencies into decentrally controlled (Stateless) Bitcoins. Yes, it is also a fiat currency, but based on trust.

Also, the naked shorting of gold (which has kept the gold price lower than it should be), stock market manipulation, housing crisis, bond bubble, etc. will probably start surfacing in the form of a further exodus from fiat currencies. I'm not saying bitcoin will be the answer, but it will be a sign of what is happening around us. Also, regardless of who is doing them, the DDOS attacks are playing a role. And, the continued media coverage will probable play a role as well - This is the part I do not understand very well, as any press is good press, especially if those DDOS attacks stop affecting the price.

Gold used to show us that, but the naked shorting and leasing of the gold reserves has detached the public from that connection.

Further, the volatility of Bitcoin, in a sense, is rather a reflection of the volatility in currencies. If currencies were stable (not being hyperinflated) and all was good, you just wouldn't see money flowing into Bitcoin like it has been. It is not a stock, it is not a currency, it is not a commodity - we are learning what it is (perhaps a combination of course, but also something more that we are finding out).

Things are just starting. When you have a current float of 11 or so million bitcoins, and those individual coins are each divisible into 100,000,000 bits, you CAN'T look at this like a regular currency or commodity.

Things are going to get very very interesting... 

Ok, I figured out a secure way without using a cloud, wireless, bluetooth, etc. 

1. If you have a Mac and Ipad you first scan your QR Code in any QR reader and then copy it to the clipboard.
2. Go into Notes on the Ipad and paste in the QR Text
3. Now we have to set up the Ipad under iTunes (Note, you must have the mail client set up on you Mac/PC):
    Connect your iPad to the computer and open iTunes
    Click on the Info tab and check the box marked Sync Notes.
    On a Mac, the Notes will be synced with your Mail application and appear in the Notes folder in the Reminders section.
    On a PC, the Notes will be synced with Microsoft Outlook or Outlook Express.

When your Ipad is synced the note from your Ipad will be copied to under "Reminders"/"Notes" under the mail program. Just copy and paste that private key into your Bitcoin QT client (https://en.bitcoin.it/wiki/How_to_import_private_keys_v7%2B#Unlock_your_wallet)

Coming from a PC and Linux I really feel handcuffed on Macs. They are intuitive but inflexible when it comes to moving and sharing data imo.

Anyway, hope that was useful for you Mac guys. Windows and Linux guys must be laughing at how easy this would be on their machines if using an Android Tablet.

IAS

I couldn't get QRreader to work with the built in Imac camera. I think it just doesn't focus down fine enough. So, I installed a QR reader on the Ipad but it wouldn't let me transfer the text code via I-Tunes.
I am not a computer expert and would just like a simple way to scan paper wallets. If the built in Camera won't do it, then I need to use my Ipad. Is bluetooth and option here? Any pointers?

Thanks again guys
IAS

Thanks for the suggestions and comments.

John - I understand that one would not want the key creation tied to the QT Client. I was only looking for a means of importing a private key (from a paper wallet) a bit quicker than manually typing it out. But it is good you mentioned that just in case anyone got the wrong idea. Interesting that no one is working on it. It seems one could just "plug" an open source reader into the QT Client and walla? I mean essentially all one needs to do is a copy and paste anyway, so it doesn't seem like it would be complicated. I think it would be good to have a few standard QR readers regardless.

Doing some searching there seems to be a lot of Open Source QR Code readers out there. I found this one: http://dansl.net/qrreader/
QRreader is an open source QR reader, around since at least 2005 according to what I found. It seems pretty simple. Anyone have experience with this one?

As long as it is open source an around for a while it should be relatively safe (I hope).

IMS

Does anyone know if there are any plans for this functionality in order to import a paper wallet into the Bitcoin QT Client? It would really speed things up should we need to "access" or move our paper wallet around.

There must be a good open source QR code scanner that we can use (MAC OS, Windows, Linux) in the meantime to scan and paste in that value for a speedy paper wallet import.

Any ideas?

IMS

If Satoshi(s) were publicly around right now, you all realize they would be considered enemies of the State, much like Assange?

Though governments (or rather banks) are not publicly attacking bitcoin right now, if the person or persons behind Bitcoin were public, they wouldn't be safe and for many reasons. And you can all be certain Bitcoin is high on the watch list.

When Bitcoin starts to gain more acceptance they (Satoshi's) would well become public figures with power, sort of how like John Lennon of the Beatles did. And then when he started going against government/wars he was suddenly assassinated by a "crazy fan".

The best thing for Satoshi, is to remain silent. As another poster said, we are all basically Satoshi...

IMS

tcio and caiaphas - I think we are confusing the issue here. First, I really doubt that any bitcoin proponent would say that bitcoin is ready to be a stable currency, for many reasons. But key word is "stable". As you said caiaphas, it is too volatile. But the reasons it is volatile are because it is new, the currency markets all over the world are a mess (as are the bond markets), etc. In a sense bitcoin is reflecting that uncertainty (and there isn't a military behind it.  )

The confusion arises in misplacing our saying whether or not it is ready NOW as a currency/commodity/trade unit, with where it will be once things settle down. It is in the EARLY, very early stages. Think back to the internet when Amazon was $5 a share. That is where we are now. Maybe even more like .20 being that this is a currency and doesn't "split" to allow for growth and liquidity. Our liquidity is in decimal places.

And caiaphas, most merchants dealing with bitcoins immediately trade them for dollars/Euros/etc. and don't hold them as bitcoins. Now, once it does develop into a currency and is stable, relatively so, then that will change. For now, this is a part of the process.

With Bitcoins small float, if it is successful, YOU WILL NEED JUST ONE. Think about what I mean by that.

A thousand dollar valuation when there are only 11 million shares right now is nothing, absolutely nothing. We can't look at it as worth $1000, but rather do the math. There just aren't enough of them to be that "cheap". We will definitely be trading bitcoins in fractions.

Now, at this time there is speculation and that is partially why the price is where it is. But the coming collapse of many global currencies along with what looks like near hyperinflation, means that saying bitcoin is worth $1000 is not really saying much. Once that inflation starts hitting us, then you will see the price explode, but it won't be as meaningful, it will be like the 1920's level inflation in Germany. (e.g. - Coins worth 1DM were then minted to be 500 or more!)

IMS

Well, if it is worth what people will pay, how do you come up with $64.58? I mean you don't back that with anything, sort of ironic?  

There are roughly 11 million bitcoins right now, that is nothing in financial terms. Just for comparisons sake, Amazon has 452 million outstanding shares. And now with bitcoin we are talking about a currency / commodity / technology. We really don't know what we are dealing with here. Now, I'm not saying Bitcoin is Amzn, but in times of financial worry, a new currency that protects people from the goverment might be one of the more worthwhile stores of value around. Most of the bitcoins being held by the early adopters are doing that - being held. The available trading volume is quite small. Now VC money is moving in. Not to mention there is still a huge waiting line for account confirmations at MTGOX (and I am not pro Gox).

Just doing some simple math and looking at the probable supply being much much less than 11 million, would put the bit coin price much higher. The recent run up showed that. Now, it looks like something is up in the USD world - The vast amount of puts hitting gold lately is very suspicious, especially considering the time and that 2 very large mines (one in Utah) are offline. The US Bond market can be hit any day now, many economists have called it. So, you can't look at bitcoin using traditional value.

I think Bitcoin is an intermediary to where we are really going (moneywise), but in the meantime, money might start flooding into bitcoin. I don't think governments will take it lightly, but I also think they (and us) will have bigger things to worry about if more banks start pulling a Cyprus...

IMS

Has anyone considered that Satoshi Nakamoto is a government?

What about a government that is sick and tired of the Hegemony of the USA? And of course, due to the nature of BTC, this government would have to be willing to see their own currency go by the wayside. Perhaps BTC will exist just long enough to crash Fiat money's of today and then just go by the wayside? I mean, money as we know it and even BTC, is going to be a passing thing. It is just a pointer, to get us going in the right direction.

I am not a coder, but the more I read from coders about the incredible code in BTC, the anti-fragile nature and it surviving years of attacks, one has to wonder if it was a team effort of the highest levels.

Now, if some variation of the above is not true, then perhaps we have a prodigy on our hands. You know, the kind that comes across only when the Universe and Mankind need it.

IAS

Might be a good idea to not add this to the BTC code anytime soon. Too much privacy might be counterproductive, at least with the government. To have it as a web thing makes some sense.

I guess people who want total anonymity will find a way to do that.

You may be able to buy in later, but I say the US Dollar and Bond market collapses first (within 6 months). If you treat BTC as a currency/stock you are missing the picture and perhaps the boat.

I'm not sure it is clear what caused the bitcoins "crash". One story is that the server at MTGox was overwhelmed, another is the DDOS attacks as well as many small .01 BTC transactions coupled with the preceding. What was it?

Outside of the buttercoin project and talk of a decentralized way of processing things, I would say we need some basic securities against clear manipulative manual selling off, for starters. In the stock market they will freeze a stock so as to keep things semi calm. Now, maybe that is against some of the freedom BTC stands for, but until we get the DDOS attacks and other attacks under control, we can make our own rules!

The great news is that this "crash" happened as things were starting. Had we been to $1000 things might have hurt quite a bit more. As of now, the correction actually seems more than reasonable. The best part is that BTC's code is very very strong and all of these attacks, crashes, etc. just make the BTC stronger. In a way, it needs to happen.

Consider this, BTC's have been around for a few years now. It involves a fair amount of money. The code seems more than secure. It seems like some VERY high level programmer(s) created it. Dare I say it may not even be what we can suppose...

IAS

Nice with the merchant account. I imagine once bitcoin stabilizes business owners won't swap their bitcoins for cash immediately at businesses offering bitcoin payments. But, we are a ways from finding a solid price. We need the dollar to start it's collapse, but first we will get to watch the bond market implode, shortly... All of these will only help the bitcoin to be accepted.

IAS

Strange, I watched The Big Lebowski last night, for the second time. And Dude! Here you are. Must be a sign.#

Nice alternative idea on a secure wallet.

IAS

Don't forget, It's about sharing 

Nice forum...