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Probably beacuse its against their TOS.
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Hold and see where its heading and be prepared to buy. Its probably slowly going down to around $6-9 in 2-3 months though Macd looks like its could go up short term? Other thing that can make it go up a lot "shortterm" is the bitcoin conference and when Mtgox gets Euro deposits back working in a few days. However I dont think MacD was meant for something that has this kind of inflation? 7500new bitcoins each day, that bitcoins currently have. Right now these are probably better indicators of where we are going. http://www.google.com/trends?q=bitcoin&ctab=0&geo=all&date=mtd&sort=0http://www.google.com/insights/search/#q=bitcoin&date=today%203-m&cmpt=qWhatever you do, dont panic and sell your bitcoins with a loss. Be prepared to see bitcoins go down to $2 and up to $10.000 sell some as price goes up. |
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Loe art, but dont have that much to spend. Buying domainnames.
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I dont believe a price of $7 can be sustained for 7500 new coins each day for 1.2 years more. As price drops. Miners with high electricity cost will go away. As they go away. Miners with no electricity bill, mines more of the coins to sell at any price and still make a profit.
Meaning more miners will quit as the price goes down. In the end, a year from now only miners with zero electricity cost m ight be left.
Price could go down to perhaps $1-$2 in a year from now. Only when production of coins start to dry out, and a few years after will we know the final price.
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How good are we as a collective at guessing the price.
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Bitcoin has not failed. Its just starting and will continue for years.
In a couple of years we will know.
Whats happening is that there are 7500 new coins each day. Some miners can mine these for free.
Meaning that a price of $14 is hard to keep up, since it needs huge new investments each day.
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Right now, investors are watching how low miners and early adopters are willing to go...
Prices could continue down over the coming months. Maybe even to $2-5.
Because only in the coming 1-2 years. Million of bitcoins will be produced and it take millions of new dollars to buy those.
At as low as $4 with 2 million new bitcoins we are talking $8 million dollars. Which is not a small sum and on top of it we have all the other coins.
A majority of those millions of coins out could probably be sold at $4 and still be a good profit.
But since Bitcoin has had its hype in the media, its been articles in every major newspaper in the world
and all over the internet and lots of bad publicity.
There is a risc that few new investors will join now when they see price go down.
Which means its a highrisc investment.
A majority of those that think its interesting and see the potential might have allready joined and bought, some will buy more, but not everyone.
Some will even sell and get out as price goes down.
But new bitcoins get mined everyday. Which means right now we are seeing almost a hyperinflation.
Right now its like a printing press that cant be stopped and someone have to buy all those new coins.
As price goes down, we might see only the miners with zero electricity bills might be left.
And they will increase their amount of found coins? Perhaps making a profit at $2!
As long as miners can make a profit. Price can go down.
Meaning price decrease will could continue for quite some time. Which also leads to more panic sells.
Which leads to fewer players in the market.
After a while as price goes down we might se a few big players owning most of the coins. Just like in evolution, the strongest will survive.
Meaning they can manipulate the market. Crash it to buy even more.
I´m not saying it will happen, but it could.
Because the see profit in the long term, maybe 10 years.
It could take a few years, maybe 6 years when there is a lot less new bitcoins everyday.
Before we start seeing a real stable long term price and when price will really go up longterm.
Until a equilibrium is reached which could be in almost any pricelevel, no one knows at what price that level is. But right now, we have not reached it, because it would not continue down.
But as price goes down the likleyhood of the price going up increase and it could go up tomorrow, as the lower the price the less it takes.
What I´m saying is that we really dont know what will happen, and there is a lot of new bitcoins being mined.
Remember that only a few months ago price was very low. There are many new investors in the market since then, but many of those want to buy low, meaning the will wait.
I really hope price will go up, sooner rather than later. But its not up to me and its possible that it will go down much more.
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Very interesting article. He could be involved. But I dont think its him alone. This was very interesting, maybe the bitcoin future. A year later, customer accounts numbered about 3.5 million in 165 countries, with 1,000 new accounts opening every day. Millions of dollars were zipping through E-Gold’s system 24-hours-a-day, bouncing between the U.S. and Europe, South America and Asia. E-Gold collected 1 percent of every transaction, with a cap at 50 cents.
E-Gold was now second only to PayPal in the online payment industry. At last, Jackson says, he felt relief. |
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Its not a bubble, its a taste of what the real value of bitcoins will become.
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It depends on how much money and time you want to invest.
With mining you have to take a bigger risc in order to get bitcoins. You have to invest much more time, setting up the rig, reasearching etc.
There is the risc of things breaking or competing with a lot of new mining companies.
You also need a room that can get very hot and does not disturb you. If you dont have that, buy.
With buying you can buy for a small amount of money. Thus taking a smaller monetary risc.
Right now price for bitcoin is quite good for buying which means its not as good for mining. Though mining is still good for many.
However in the long term mining has more potential and you get good gaming hardware.
I don't think you should buy and spend.
Rather buy and hold for 1-5 years and see what happens.
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People are also waiting for what will happen on the 2nd of August.
Since a downrating of the US could have a huge positive effect on the btc price.
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There are real uses for Bitcoins at this moment.
You can transfer money taxfree over the world.
Paypal is getting bad press.
But I think you could be right.
Also...
I predict that there will be a lot of other kind of predictions in a predictions thread.
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How about this for some chart voodoo. If price bottoms in the high elevens ($11.14-$11.90) before going back up, it would form a nice-enough "classic" ABCD bullish reversal pattern. The stronger the volume at the reversal, the better. The down leg (AB) is from point $16.50 on July 6th, to $12.50 on July 18th (12 days). The retracement leg (BC) was from $12.50 to $14.70 on the 25th (7 days) and was a ($2.20/$4.00) = 55% retracement, close enough to 62%. For the gentler "classic" pattern (bullish), the third leg CD is drop of 127% or 161.8% (of BC), or (1.27x$2.20) = $11.90 or $11.14. I especially like this pricepoint because the price over difficulty ratio here coincides with the historic low set during the drop to $0.59 in early April. The bullish "extension" pattern is more brutal, a 127% or 161.8% (of AB) drop. An additional confirmation is that the third leg (and last drop) before the reversal at point D takes a time T anywhere from 61.8% to 100% to 161.8% of the time AB (12 days) - so between 7.5 days to 19.5 days from point C the 25th. So the earliest date would be August 1st-2nd and latest would be the 13th or 14th, if it matches to this pattern. We kind of need a reversal soonish, to stay in the medium-term growth channel. A sustained fall into the single digits (satoshi forbid) would start forming a head and shoulders pattern. Nice! Or its just that on the 2nd of august, the faith in the dollar will plummet and thus make people invest more in bitcoins... |
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It probably doesnt have anything to do with a "Fibonacci retracement" or something like that.
The price is affected by the fact that Dwolla is gone as a payment method, and how much is written about bitcoin in the media.
Its probably going to fall for a little while before recovering.
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Great story!
Did she think your mining kept you from her to much?
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Its a really interesting question. Take a look at this: http://www.worldsrichestcountries.com/In the: Richest Countries by 2008 GDP Per Capita Greece and Spain, now in deep trouble are on place 35 & 38. But I would say that countries like Norway and Kuwait with lots of oil and no national dept are among the richest. Though Norways oil is drying out now. |
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