 Disclaimer: Pretty soon I'm going to run out of disclaimers. I like the whole $211 thing  |
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Not much happening. Care for a recap of recent events in non-vertigo-inducing log scale? This chart is where its at. |
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This feels a lot like that day after the weird mini-crash from $147 from the first time up. Huge rally is going on, we break key levels and it starts going insane with huge rally in one day (from $120 to $147 or from $140 to $165) and then people realize "hey this is a bit insane" and sell off down to about where it was the previous day then the price recovers to about half way between the two extremes. Then everybody takes a 1-2 day break and the rally begins again at the very end of the week.
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If you want to buy cheap coins you really need to make a better effort than this lol. I sold them all at 160$ sir  And you didn't rebuy low? Congratulations you managed to pay gox some free transaction fees without losing any money. |
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the relationship is opposite, as price goes up difficulty goes up with it, difficulty doesn't drive price.
if anything miners have more of an incentive to hold and mine more if price is driving up.
this also doesn't explain the other crashes that occurred in between the 2 large ones.
It doesn't predict 100% of graphs, but it predicts some graphs with (at least using historical data) 100% accuracy. I have no idea what you are trying to say in the latter part. |
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 unlimited money!  unlimited money! NO that is unlimited pretty toilet paper. Recently, someone in a different thread tried to argue that bitcoin was doomed to crash and fiat was better because at least the physical object had intrinsic value as wallpaper. I should have pointed out that it's more useful as toilet paper... and left him to his own devices.  Casascius should start selling rolls of toilet paper with each sheet a "bitcoin bill" with the private key for one satoshi printed on it... the bears would LOVE that. This post is one of the best of all time. |
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Well here's what I've been doing (and predicted in a while ago in a thread called "the secret monster wedge").
Basically buy sub-$150
Sell ~$170 if it seems to be reflecting off of it (or reflecting off of a value close to it, sort of like what happened this morning. Since Bitcoin is thinly traded it won't hit values quite as smoothly, retracement can happen at values ~$5 off of the expected point).
Buy just above $170 if we break through as we will probably be headed to $200 next after that, though some residue of the $180 resistance from last rally may still be "left over".
So far its been working mildly well.
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According to this, though, once ASICs hit the market, the price is going to tank while the difficulty skyrockets, breaking your chart. Would that be right?
Explain your reasoning. Why will ASICs tank the price? I don't believe they will, that's just what this chart seems to predict, which also breaks its reliability as a lagging indicator of price. No it doesn't, it predicts the exact opposite. Difficulty -> UP so Mining Factor -> Down so in order for mining factor to re-equalize price would need to go up. Or, on the top chart, total hashing power goes up so higher ceiling for price. |
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The Bitcoin exchange market is confusing the hell out of me.
Who makes up the majority of people behind so much of the volume lately (say, since February)?
1) Low income individuals, college students, and young people living with their parents?
2) Medium income individuals, professionals, and high-demand skilled laborers?
3) High income individuals, business owners, and trust fund babies?
4) Paul Krugman?
1, 2, 3. I suspect mainly 2 at this point. Why have people been buying lately?
1) Trying to obtain a profit by short-term and medium-term trading?
2) Thinking of Bitcoin as a long-term investment (like gold), will sit on it for years, and rarely check the exchange price?
3) Buying small amounts (relative to income) to see what all the fuss is about, and maybe donate or gamble some?
4) To immediately spend on goods and services that some may frown upon (drugs, etc)?
Pretty much all of the above, I suspect the majority of coins are in section (2), but the majority of people in (1) and (3). |
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False, belief that you can use them later for goods and services is what gives it its value. And you can only use them for goods and services if there is someone there making the transaction work, i.e, miners. You're mistaking correlation for causation. They are both on similar upward angles but BTC corrects for other reasons.
It corrects for other reasons, but too far up will cause either (A) all the miners to start selling everything they get driving the price down or (B) people to begin to worry about such a vast amount of money being secured only by the "limited amount of miners." The fact of the matter is that a higher difficulty and more miners removes a huge downward pressure on Bitcoin. |
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This is the stupidest thing I've read all day.
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unlimited money! unlimited money! |
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Of course there is 'luck' with Day Trading, however even a noob can be right 51% of the time just by looking at the supply curve and thus have an "advantage." Thats why the real "advantage" is not deciding when to "sell" and "short" bitcoins, but in deciding when -NOT- to sell because you won't have enough time to stare at the price for the next 2 hours, and in deciding when you are in the 49% wrong zone to get back in to bitcoin and when you are in the 51% right to not get all your profit eaten by MtGox commission.
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Really random prediction, but I predict that the mining power forms a wedge around 10. If that wedge breaks to the upside, that could potentially be more bullish than any price wedge since miners are what ultimately give bitcoin its value.
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 Look at that. Every single time the price goes above the mining power on this chart, a correction happens. Every single time we are below the mining power on this chart, we head down to the dotted line and bounce back up to the mining power. According to this, we "should" be at $260 right now as a high and $40 right now as a low. Okay, I know thats sort of a ridiculous range, but still. Thinking about this logically, this makes sense. The computing power behind Bitcoin is what makes the transactions secure. Could this mean that ASICs could yield increased volatility for a period until the floor has a chance to catch up? |
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This looks like a fun chart. It looks like the random sellers are out of money I think it is better for a good amount of people to sell now than for everyone to wait for $250 - $300 and sell all at once. They just sold all at once and it didn't even matter. |
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You can say good-bye to American online retail companies.
You will be buying most of your goods from the Bahamas from now on.
No, everybody will just set up a panama/Caman Islands subsidiary for handling transactions and call it a day |
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As I suspected, with the dumper gone the price is trending back upwards.  This looks like a fun chart. It looks like the random sellers are out of money |
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Obviously nobody would pay taxes except after they exchange for USD.
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I know you won't, you must feel better braving yourself all the time. Well, it if helps you sleep better who am I to talk about it You're boring as hell though, I have to give you that  Seems like the price doesn't agree with you. Not really, I'm all in bitcoins and want same as you. But I do think you're sucker and if I didn't like my money I'd want it to crash to 3$ just to see you to shut up finally blah blah blah...flip flop...Bear turns bull when called out. LOL "Flip flop" gave me 7%+ bonus Bitcoins today. Don't hate. |
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