"Building base" at no volume.. N'ah.

Not everyone has even seen or analyzed the carnage of yesterday. They will decide to lift it up or continue down soon.

It needs a reset.

I checked but there was no such report yet.

I felt fear yesterday and frustration today that the new day is dawning and it could not make any progress to the upside. The pounding will start again in a few hours most likely. I am thinking of selling as a precautionary move, to buy back lower. If yesterday wasn't the capitulation (and it wasn't: too high, too little volume), there is some chance that the capitulation will come today.

It would mean a very great decline in coin price, reasonably below 0.0025 or even in the post-introduction low area of ~0.0018. This is what some have been saying all along, that the bottoming process was aborted short of capitulation in July 13th, and it is coming back with even greater vengeance now.

Hate to say "I was wrong" (and the jury is still out) - but the destroying of all support levels, and price resting at the low end of the downtrend channel, spell on of two things:

- Downtrend will continue, with a snap back to the upper trend channel in 0.0041-0.0042 area, potentially regarded as a selling opportunity.
- The trendchannel will be broken to the downside, triggering an epic decline. (We are past the point of "controlled decline" imo).

Monero is a good coin, but the fact that lately it has been easier to get them "cheap" means that they were not probably so cheap after all...

I was trying to conclude by saying "hope I am wrong", but even that is not correct. I hope I am right, and that the valuation adjusts to the level that the market can bear.

10 XMR for the first one to deliver 2 hot sizzling pizzas to Malla!

Welcome! Then one more is soon joining us, and we have 2 chefs, so the staff is about ready.

It is still possible to register! (Malla Summer Retreat link in the sig, one last time cheapened prices - if you come, then we have 1:1 guests:staff ratio)  

This only applies if mining is clearly more profitable than any other activity.

Economic fact:

Mining cannot provide real returns.

Whaaaaaat? This is a happy thread, and if ever somebody decides to gift some back to me, surely I will first think of something small that makes me more happy materially (and only if there is nothing that could do it, then distribute the whole of it)

This is exactly so.

Let's be realistic in that we are only about 8000 monerists. But let's be clever that we can still develop the economy

The average cost basis of Monero holders is BTC0.00421 currently. That means that people are on average 17% underwater. No significant group with significantly cheaper coins exist - only 30% have bought in cheaper than the current price.

When assessing if something is a "buy right now", I would say that no much further dumping is likely.

What's the fuss about botnets?

Economically they matter if and only if XMR is providing them a significantly better return than any other venture.

Is it really so?

If not, the gain is not attributable to XMR but is inherent to the botnet.

First, let's see close below 0.00365 to be clear of the situation. THEN:

That 0.00365 was broken, means that the uptrend that started July 13 in Poloniex when the price was 0.002315, is likely ended.

Thus no lower price cannot be ruled out, there is no real support in lower levels except 350 (soon broken), 250, 231 and 175.

Yes, breaking 365 means a great deal. It means that we are going down.

Thank you

I am not sure actually if your arrangement still holds, so could you confirm if you want all of it to be sent to you, or if you would like to play by the new rules (amended after your original decision) where you need to selected at least 2 bct users for at least 50 mBTC each first.

Your btc address would be appreciated.

Boredom reigns, the market just cannot handle stable price. Either it goes up, or it goes down. And both moves go parabolic in the end. If we break 0.0035 today, then the parabolic downside move (capitulation) is what is happening, and the likely reaction to such is that we go up next, towards the atvwa in 0.00426.

If 0.0035 is not broken, then the downtrend is still in force, but the channel is something like 0.0035-0.0043 anyway (or maybe 0.00345-0.0042 since it is constantly sloping down).

There is also the 0.00365 level, which could mark the 2nd Fib retracement from the July highs, and going back up from this level would indicate that the uptrend is holding, despite a very long retracement.

Anyway, since this is an Economics, and not a TA thread, what matters is how many coins you have, not so much at what price you bought them. Since the long-term XMR price has been relatively stable and distributed around the avg at 0.00426, buying at 10-20% discount is probably not a bad deal at all. Going overextended in an altcoin, (or Bitcoin, or anything) is not a wise strategy. Selling is warranted at this price only if you are overextended and cannot take it.

How about you learn some respect and read the OP? There is a time and place for everything, including helping those peoples, but it is not now, and not in this thread. Stop already.

Sounds good. I'll pick you up this thursday at a time that is determined by my ferry schedule, but will not be earlier than 12:30.

Together we rock!

Others: it is still possible to sign up!! See link in my sig: "Malla Summer Retreat".

I want my entry listed as:

(4th dan: 2014-07-16)

with

"We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness.--That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed, --That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government---it is their right, it is their duty, to throw off such Government." - Declaration of Independence

Just thought this might be a good read.

The unanimous Declaration of the thirteen united States of America,

When in the Course of human events, it becomes necessary for one people to dissolve the political bands which have connected them with another, and to assume among the powers of the earth, the separate and equal station to which the Laws of Nature and of Nature's God entitle them, a decent respect to the opinions of mankind requires that they should declare the causes which impel them to the separation.

We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights, that among these are Life, Liberty and the pursuit of Happiness.--That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed, --That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness. Prudence, indeed, will dictate that Governments long established should not be changed for light and transient causes; and accordingly all experience hath shewn, that mankind are more disposed to suffer, while evils are sufferable, than to right themselves by abolishing the forms to which they are accustomed. But when a long train of abuses and usurpations, pursuing invariably the same Object evinces a design to reduce them under absolute Despotism, it is their right, it is their duty, to throw off such Government, and to provide new Guards for their future security.--Such has been the patient sufferance of these Colonies; and such is now the necessity which constrains them to alter their former Systems of Government. The history of the present King of Great Britain is a history of repeated injuries and usurpations, all having in direct object the establishment of an absolute Tyranny over these States. To prove this, let Facts be submitted to a candid world.

    He has refused his Assent to Laws, the most wholesome and necessary for the public good.
    He has forbidden his Governors to pass Laws of immediate and pressing importance, unless suspended in their operation till his Assent should be obtained; and when so suspended, he has utterly neglected to attend to them.
    He has refused to pass other Laws for the accommodation of large districts of people, unless those people would relinquish the right of Representation in the Legislature, a right inestimable to them and formidable to tyrants only.
    He has called together legislative bodies at places unusual, uncomfortable, and distant from the depository of their public Records, for the sole purpose of fatiguing them into compliance with his measures.
    He has dissolved Representative Houses repeatedly, for opposing with manly firmness his invasions on the rights of the people.
    He has refused for a long time, after such dissolutions, to cause others to be elected; whereby the Legislative powers, incapable of Annihilation, have returned to the People at large for their exercise; the State remaining in the mean time exposed to all the dangers of invasion from without, and convulsions within.
    He has endeavoured to prevent the population of these States; for that purpose obstructing the Laws for Naturalization of Foreigners; refusing to pass others to encourage their migrations hither, and raising the conditions of new Appropriations of Lands.
    He has obstructed the Administration of Justice, by refusing his Assent to Laws for establishing Judiciary powers.
    He has made Judges dependent on his Will alone, for the tenure of their offices, and the amount and payment of their salaries.
    He has erected a multitude of New Offices, and sent hither swarms of Officers to harrass our people, and eat out their substance.
    He has kept among us, in times of peace, Standing Armies without the Consent of our legislatures.
    He has affected to render the Military independent of and superior to the Civil power.
    He has combined with others to subject us to a jurisdiction foreign to our constitution, and unacknowledged by our laws; giving his Assent to their Acts of pretended Legislation:
    For Quartering large bodies of armed troops among us:
    For protecting them, by a mock Trial, from punishment for any Murders which they should commit on the Inhabitants of these States:
    For cutting off our Trade with all parts of the world:
    For imposing Taxes on us without our Consent:
    For depriving us in many cases, of the benefits of Trial by Jury:
    For transporting us beyond Seas to be tried for pretended offences
    For abolishing the free System of English Laws in a neighbouring Province, establishing therein an Arbitrary government, and enlarging its Boundaries so as to render it at once an example and fit instrument for introducing the same absolute rule into these Colonies:
    For taking away our Charters, abolishing our most valuable Laws, and altering fundamentally the Forms of our Governments:
    For suspending our own Legislatures, and declaring themselves invested with power to legislate for us in all cases whatsoever.
    He has abdicated Government here, by declaring us out of his Protection and waging War against us.
    He has plundered our seas, ravaged our Coasts, burnt our towns, and destroyed the lives of our people.
    He is at this time transporting large Armies of foreign Mercenaries to compleat the works of death, desolation and tyranny, already begun with circumstances of Cruelty & perfidy scarcely paralleled in the most barbarous ages, and totally unworthy the Head of a civilized nation.
    He has constrained our fellow Citizens taken Captive on the high Seas to bear Arms against their Country, to become the executioners of their friends and Brethren, or to fall themselves by their Hands.
    He has excited domestic insurrections amongst us, and has endeavoured to bring on the inhabitants of our frontiers, the merciless Indian Savages, whose known rule of warfare, is an undistinguished destruction of all ages, sexes and conditions.

In every stage of these Oppressions We have Petitioned for Redress in the most humble terms: Our repeated Petitions have been answered only by repeated injury. A Prince whose character is thus marked by every act which may define a Tyrant, is unfit to be the ruler of a free people.

Nor have We been wanting in attentions to our Brittish brethren. We have warned them from time to time of attempts by their legislature to extend an unwarrantable jurisdiction over us. We have reminded them of the circumstances of our emigration and settlement here. We have appealed to their native justice and magnanimity, and we have conjured them by the ties of our common kindred to disavow these usurpations, which, would inevitably interrupt our connections and correspondence. They too have been deaf to the voice of justice and of consanguinity. We must, therefore, acquiesce in the necessity, which denounces our Separation, and hold them, as we hold the rest of mankind, Enemies in War, in Peace Friends.

We, therefore, the Representatives of the united States of America, in General Congress, Assembled, appealing to the Supreme Judge of the world for the rectitude of our intentions, do, in the Name, and by Authority of the good People of these Colonies, solemnly publish and declare, That these United Colonies are, and of Right ought to be Free and Independent States; that they are Absolved from all Allegiance to the British Crown, and that all political connection between them and the State of Great Britain, is and ought to be totally dissolved; and that as Free and Independent States, they have full Power to levy War, conclude Peace, contract Alliances, establish Commerce, and to do all other Acts and Things which Independent States may of right do. And for the support of this Declaration, with a firm reliance on the protection of divine Providence, we mutually pledge to each other our Lives, our Fortunes and our sacred Honor.

91% of its all-time volume weighted price.

For Bitcoin, the similar metric is about $100 and the current price is $600.

If you are scared of dump, try bitcoin...

Monero needs to go to 0.030 to reach similar overvaluation.