from the top at 1163 on Bitstamp, we are only down 67-68%. that's not bad, nor unusual, for Bitcoin pullbacks.
try 32 --> 1.98.
Yup. 2011 pullback was: -94% 2013 (April) drop was: -81% Wouldn't be unreasonable to max out in the -70% range on this one. For those that like round numbers: ramp base-to-peak retrace 2011 30x -90% 2013 early 20x -80% 2013 late 10x -70% ?? |
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Waiting for Fiat to hit the exchange  Watching price crash Yep. I expect that PayPal's grab for some of the Bitcoin action (indirectly at first) is a response to the Apple Pay rollout, and that most of the fiat ready to trade on this event will hit the exchanges next week. |
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so yet again someone puts 2k+ coins on Stamp and Finex and pushes the price down on Huobi, who the hell can afford to sell 5k coins every few days for weeks? It's like he waits for the last batch to clear to the bank before selling another 5k+
Miners. They make 6 * 24h * 25BTC = 3600BTC/day. They have to sell them to cover the cost of electricity + equipment. Yes. I think this is a factor with the development of huge asic farms. BitFury are supposedly dumping what they mine. Their hash rate is up >60% in 1 month.  This, plus the bitcoin-accepting merchants which convert to fiat immediately (while old hoards are spent more than new ones built up), create the downward pressure at the present time. |
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holy moly shorts are DOWN nearly 50%
i guess the wall coming down was shorts covering.
For the first time in a while on Stamp, the ask sum is less than the bid sum at +/-$30 from the touch. Sentiment is changing! |
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Why do you feel compelled to spend so much time on a forum dedicated to Bitcoin if you aren't interested in how you can use it to your advantage?
He writes articles about Bitcoin, including paid ones. Being here makes him and others think he is specialized in Bitcoin, or something like that (1) I am a prof of computer science and I am supposed to understand computer things. (2) I am really bothered by people "selling" bitcoin to ordinary folk as an hedge against inflation, fantastic investment, etc.. I view such marketing as a scam, and I consider to be within the obligations of my job to alert the public (who pays my salary) against that scam. (Fortunately, that marketing does not seem to have had much result yet, and seems to have become more discrete.) I do not write paid articles. On the other hand, most of what one finds in the net and other media about bitcoin, if it is not just press releases, is written by bitcoin owners, who have an obvious vested interest in pushing bitcoin. So on which forums are you relentlessly warning people off "investing" in Brazilian Reals? As far as I can tell they are bigger and worse "scam" than bitcoin, by your own logic. MoA - Absolutely right. JS deserves a medal for packing the most errors and twisted half-truths ever into two paragraphs. Anyone selling bitcoin has to buy it first. Bitcoin is 50% computer science and 50% economics. Bitcoin has been relentlessly attacked on the net by many writers, JS should slum it out with the buttcoiners instead of here. If he is really bothered about something then it is far more worthy to be bothered about how the Brazilian govt is levelling the Amazon rainforest. |
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Krugman is now hedging: Do you think Bitcoin will gain momentum and become a viable currency?
No. I could be wrong, but Bitcoin is harder to use than other forms of electronic payment, and lacks any fundamental source of value (unlike dollars, which can be used to pay taxes). It’s possible that Bitcoin will somehow become self-supporting, but for now my guess is that it’s largely a fad that will collapse one of these days.http://www.princetonmagazine.com/paul-krugman/This is the error which is obvious to many here, but not many mainstream economists. Bitcoin has enormous fundamental value because of its utility. Rapid, global, transfer of monetary value without third-party intervention, is fundamentally of value. The security of the system, through mining, and the cap on total issuance are pillars which makes the technology monetarily viable. There is a subtlety here: the stored value of Bitcoin derives from its ability to transfer value. Eventually Krugman will figure this out, but it will be hard to accept as he will still cling onto the inflation-is-good meme. |
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Low volume dumps. We either haven't seen anything and worst is to come or there is no much will to sell at these levels anymore.
This is the mystery of markets, sometimes the bottom is a flash crash low, sometimes it just slowly turns up on low volume and never comes back. I remember in March 2009 closely watching the S&P 500 future track lower and lower. It hit 666, and it just gently crept and bounced higher, there was no clue that this was the screaming buy for the next 5 years. On the way down there were many retraces, but finally one of them was the end of the bear market. |
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How come Bitstamp Limited haven't filed their first accounts yet?? The incorporation date was 25 July 2012. Aren't you overdue? As per Companies House, you have 21 months: 6. How long do I have to file my company's first accounts?
If you are filing your company's first accounts and those accounts cover a period of more than 12 months you must deliver them to Companies House
•within 21 months of the date of incorporation for private companies or
•within 18 months of the date of incorporation for public companies
or 3 months from the accounting reference date, whichever is longer. The deadline for delivery to Companies House is calculated to the exact day. http://www.companieshouse.gov.uk/about/gbhtml/ca_gba3.shtmlThe company secretary at Bitstamp is not taking his or her responsibilities seriously. It is a major disappointment to see such an unprofessional attitude at one of Bitcoin's largest exchanges. A few weeks back they were threatened with being struck off the UK company register, clearly because of not filing papers on time. If they want the benefits of UK incorporation, and not give themselves bad publicity, then they need to file all their returns on time at CH. |
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Well it's like a one big country deciding in 1994 that Internet may only be text-based.
Reminds me of France's Minitel |
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what s up here? Auroracoin still alive? Are there any devs left?
hard to say. Haven't heard of balduro in a long time. However someone managed to get the second airdrop going (end of july, still in progress, 4500 claims so far. Has ebbed down, though with ~1.4 million AUR claimed. Surprising for most of us: the claim amount was raised 10-fold to 318 AUR per person). Who knows.. it's a long unlikely shot now and it doesn't look good. Doubt any Icelanders are doing much of anything but selling their airdrop coins. I think that they only way to salvage this coin is to abort the airdrop and for all the remaining amounts in the pre-mined addresses to be provably destroyed. |
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Stop buying pre-orders, buy in hand stock only, then all this BS will finally end
Absolutely 100%. Should have worked that way from the beginning. |
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Looks to be bubbling nicely, and close-your-shorts or lose-your-shirt time...
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Wary.
Don't forget that SatoshiDice started in April 2012 and kept growing until it was doing about 70% of the volume a year later. Each bet was a transaction pair in the blockchain, and some people were even using bots! Fee increases and SD internalization got rid of most of its volume by about July 2013. So the growth since then is much more of a "real world" business flow. Still, some spam-like volume coming from betting sites.
I can't see traces of this in the chart. Maybe because it's "excluding popular addresses"? Yes, that's probably why that option is available.  However, other business is missing, like btc purchases on Overstock from Coinbase account holders. This is NOT decentralised though - problem is that we need micropayments in a networked economy and BTC is hostile for this.
Micropayments need to be off-chain until they reach a threshold which would be time or value based, then a summary transaction gets done on the blockchain. Trace Mayer was on Keiser Report yesterday describing how this would work for oil sales, by charging per-barrel as it flows through a pipeline. https://www.youtube.com/watch?v=Fyr8l9TPcLw (2nd half) |
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Wary.
Don't forget that SatoshiDice started in April 2012 and kept growing until it was doing about 70% of the volume a year later. Each bet was a transaction pair in the blockchain, and some people were even using bots! Fee increases and SD internalization got rid of most of its volume by about July 2013. So the growth since then is much more of a "real world" business flow. Still, some spam-like volume coming from betting sites.
One person's doggie poop is another veterinarian's GDP. Imo, when we start killing txs, we've lost the plot (of the internet paradigm). The tx's weren't killed. They were internalized within SD, off-chain, how it should have been done at the start. GDP remained and SD was sold for 120,000 BTC. |
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Wary.
Don't forget that SatoshiDice started in April 2012 and kept growing until it was doing about 70% of the volume a year later. Each bet was a transaction pair in the blockchain, and some people were even using bots! Fee increases and SD internalization got rid of most of its volume by about July 2013. So the growth since then is much more of a "real world" business flow. Still, some spam-like volume coming from betting sites.
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There's no such block. What were you trying to show? Bitcoind defaults to 750kb as the maximum block size and while we have some experimental ckpool instances mining larger blocks, I was not aware of any other pool doing so. It was there when I posted the link. So must have been orphaned later. I did not imagine it. |
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ah dang TA says sell all now b4 it crashes 1/2 a percent.  Wait for a retest of $530. If it does that, then back to $600+ we go. If no retest, then a few weeks plumbing the depths of $400 is in store... |
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No matter that will be a hardfork, or an auxiliary block softfork, this will be the most dramatic change to the protocol. However, I can't see any real progress in reaching consensus despite years of debate.
Indeed, but it is now apparent (to me anyway) that simply increasing the block limit to allow larger and larger blocks to propagate is not necessary, as this is not the optimal long-term solution. The optimal solution takes advantage of the fact that most transactions are already known to most peers before the next block is mined. So, "highly abbreviated" new blocks can be propagated instead. This is beyond mere data compression because it relies on the receiver knowing most of the block contents in advance. We see in the O(1) thread that there are excellent proposals on the table for block propagation efficiency: A) short transaction hashes: as in block network coding, and similarly in the optimized block relay (Matt Corallo already has a relay service live) B) IBLT blocksEven better, they are compatible such that A can be used within B giving enormous efficiency gains. This must be the long-term goal. The next question is: Can the max block size be made flexible (for example: a function of the median size of the previous 2016 blocks) as a phase in the process of introducing block propagation efficiency as a consensus change? |
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