While we were talking about all the crazy things happening at the exchanges, did anyone notice the price almost doubled today? Nice to see it in three digits again.
Must have happened on my way home. Woot! I get to post this again...  |
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Is your suggestion Richy that the 'logical' people who are in the verification queue will not buy? You've earned my respect with past posts so I'm intrigued as to your thinking behind this. As I wrote in my big post earlier I have been struggling with the reasoning behind the belief that it makes less sense to buy today when the price is so much lower than it was last week or even two or three weeks ago when it was last around this price. I may have got you wrong but if that is where you're coming from I'd appreciate some light being shone on this one. I think some of them may not. This volatility might be great for the traders (or not so great if you're not good at it) but for people who are looking to protect their assets from the ravages and tribulations of fiat, bitcoins might be looking a bit unstable now. This is possibly not a bad thing. As someone who is really more interested in the long-term success of bitcoin than turning a dollar (in fact, I really want to leave dollars behind), I suspect it might have been better for us to have hung out in high double digits for a good long time. Not that I don't still think bitcoin will prevail in the long run, I just think it's likely that things have cooled. At least until another government does something stupid. So who knows? |
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New fiat money is incomming next week from people who wanna pick up some of these cheaps coins.
Remember that real money transfer to exchanges takes about 3-4 days in most countrys. That's money which was send to exchanges right after the crash happened.
I'm thinking Gox will now be wasting their time with a lot of those verifications. Then again, I often tend to underestimate how illogical people can be. That's why I'm not rich. |
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Well damn,Didn't expect a $20 increase today...seems bullish.
Don't forget that on that chart the bears keep throwing up, there's the "Return to the mean". I don't know why some seem so insistent that it applies to this scenario "Except that little bit at the end". By my eye (trained in physics, not economics), we should actually be in the 120-140 range. I'd be comfortable with just triple digits for a while though. |
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Stay away from Bitcoin-24. They are NOT RELIABLE AT ALL.
did they steal from you? I have around 50 btc there and the site is down for several hours. No info as well. Go figure. The page says something about their bank account being closed down but that is no excuse for locking in my bitcoins. Smells bad. |
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So much for "other exchanges". Bitcoin-24 is now shut down with several of my bitcoins in there. Bitcoin is a great idea and protocol but the supporting infrastructure is a farce. The sooner we get away from exchanges altogether, the better I think.
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One small correction: The women in the village in Afric would be using silver grams rather than bitcoins as she does not have a computer or an android or even electricity or running water for that matter. But, she's still 'on our side' as she's using a deflationary store of value that is not easily controlled by a central bank.  Not all of Africa is like that. And even where it is, cell services often provide communication where there are no landlines (and often no electricity). |
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Crap. I had 3.5 BTC there. Guess I shouldn't be expecting to see those again.
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TO THE MOON!!!!  |
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.... Uh, what? Lol, dude. The issue is not bulls blaming gox for whatever, it is silly people using a service that is incredibly inferior.
There are a dozen other exchanges where you could transfer your BTC to and sell it for USD and make the same profit. Some exchanges even have a higher USD/BTC rate than GoX much of the time. Yet, you choose the one that at any given moment could have 427 seconds of lag time or be completely unreachable due to "victim of our own success."
I'm not laughing at people trying to make money, I'm laughing at people picking the poorest-performing broker to do so. Lrn2freemarket.
So if fcmatt were picking a convalescent home to put his mum in, he would pick the one that costs more, has the electricity shut off randomly, and beats its patients, rather than the one that has excellent service, nice staff, no rolling blackouts, and no beatings? And he would state a completely unrelated, incorrect reason as to why other people don't put their mums in the abusive home with the outages?
Matt don't let your mum know you have such bad skillz at choosing institutions with which to do business based on their performance...
Most people are using Gox cause it is the only one that appears to have it together for getting dollars into it. Then on top of that, there's network effects. The other exchanges offer poor prices on BTC because there's not much fiat in them. I don't know why another solid exchange (for as solid as MtGox is) hasn't popped up to steal Gox's lunch though. |
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If MtGox doesn't get its act together, it will require a shift in mindset from Gox to alternate exchanges and off exchange systems like localbitcoins.com. Not a speedbump, more like a moat that has to be crossed after we've built the bridge.
Even if Gox suddenly turns out the perfect exchange, that shift in mindset should still occur. Eggs & baskets. |
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http://blockchain.info/address/13qnEgPTxJW6mm88dLpnHXZyryN5EXBciqAny idea why only 0.01253471 BTC turned up for the 15:20:09 transaction? Edit: Never mind, I think I see what's going on. How many confirmations does it take? Wait, none of my mined coins appear to be turning up. What *is* going on? My balance seems to be correct. Do generated coins just not show up in the transaction history?
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It's good to have people who can keep their heads during huge gains. I appreciate you!
Now that the wind has finally changed, I think I may as well repeat my question from before: proudhon, what on earth was going on with you calling the top over and over? Have you figured out what you were misinterpreting?
I did the same thing and I realized I had not calibrated my oscillators for the incredibly large influx of money into the economy. They were screaming overbought, and I was worried that it all would lead to such a speculative bubble, but it really did seem to be on the verge of tipping at many, many points during this insane run-up. And it'll probably happen again. Still a tiny market and governments will continue to be stupid. |
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Hmmm...
13qnEgPTxJW6mm88dLpnHXZyryN5EXBciq (Richy_T ) 0.03825833 BTC
Received 0.01253471 In wallet. What's up with that?
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Nicely  |
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What options would I, theoretically, have?
- take a loan and buy as many bitcoins as I can get
- make a huge bet with some bear
I'd never go into debt to trade. Hope for the best, plan for the worst.   |
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Meh, I was happy to concede that things were looking bubbly but many of the bears were calling for an imminent collapse all the way up from single digits and have been wrong more often than they've been right. Though to be fair, taking out student loans to buy bitcoins is just  |
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What options would I, theoretically, have?
- take a loan and buy as many bitcoins as I can get
- make a huge bet with some bear
I'd never go into debt to trade. Hope for the best, plan for the worst. |
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This. The higher they manage to keep the price and volume the more they make money by skimming from the top.
True or not, it is a sign we need more exchanges that are solid. The biggest problem seems to be getting fiat in in a reliable manner. Perhaps an exchange could work on having local agents who can accept cash on an in-person basis (that's a lot of cash though). |
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