Could be head and shoulders we are seeing unfold (also considering the volume)?
Currently in the bitcoin market, it doesn't take much money for the whales to 'paint' whatever pattern they want you to see.  |
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I literally was in the sales office of a new condo complex in 2003 ready to buy as the housing boom was getting started. It was a gamble. And I didn't take it. I could have purchased a place for $120,000 that sold for $750,000 less than a year and a half later. I *always* miss the boat. And I always know I'm missing it. But never had the balls to go for it.
This time I am "all in". Because this time I listened to my intuition and decided to take the risk on it.
-B-
I know exactly what you mean. I have passed on other opportunities in my past, and they have always come back to remind me what an idiot I am. My dad passed on a $300K beachfront 3-story house in Charleston, SC in 1997. That same house now goes for $5.5M. He also passed on being an early investor in 1986 in a little known company that makes computer operating systems and office software... maybe you know the one? Hehe. He also passed early on a little known company where you could rent movies on VHS tape and take them home to watch. Guess who? From now on, I'm not gonna be that guy. |
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"600 bucks for a currency. Are you kidding me? I'd rather buy the latest smartphone." These are the words of my gym buddy.
That'll be the slow adopter guy that finally buys some in like 2017, when it is completely safe, secure, easy to use, talked about constantly on the news worldwide, and every friend, family member, financial institution, and favorite merchant in his neighborhood is doing the "bitcoin thing" because it's the new cool and accepted thing everwhere. And by then it'll be like $50K/btc and fairly stable, but he'll finally have that "aha!" moment that he can buy a small fraction of it to quickly and easily purchase coffee or dinner with.  People thought I was an out-of-my-mind uncool geek when I was sporting a Palm Treo 650 smartphone back in 2005 (yeah, the clunky looking one with the stubby antenna). Some guys and especially women used to say that it was ridiculously big and uncool looking, and that having useful apps on your phone was stupid. Now EVERYBODY including women has a smartphone or phablet that is actually way bigger and more obnoxious than the clunky Palm phone I used to have, go figure. |
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Considering Bitcoin went from 0 to 1000 dollars in around 3 to 5 years it will take another 3 to 5 years to reach that point
I don't think the exponential growth can be sustained in the manner you suggest. At least, not without major mainstream adoption. You're talking billions and billions of dollars being pumped into bitcoin. That won't happen until there is more widespread use and demand... Could happen in 5 years, but then it again it may take 30 years. If 100M users put $500/each into bitcoin, that's $50 billion dollars. I could see that happening within 2 years. I think we'll be at least at a $50B market cap by this same time next year (6/4/2015). Quote me for truth if you like, and see how well my prediction turned out!  |
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Bitcoincharts has added OKcoin to the volume pie, Huobi not yet. Just OKcoin is 51% of global volume, so don't think China
doesn't matter.
[Using Yoda voice] So sure of that number, are we? Couldn't possibly be wrong by order of magnitude, could it? |
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Let's just hope everyone finally starts buying.
Let's rather do something, or say something. I mentioned Bitcoin a couple of times to my co-workers, bought a Bitcoin T-shirt, now one of them owns one bitcoin. It's kind of not much, and it took some time to get the guy interested, but it's still something. When bitcoin price explodes upwards and does another 5x-8x, that guy will be like "Damn, you were right!" And then when it settles 2x-3x times higher than what he bought it for, again he'll be like "Damn, I shoulda bought much much more." |
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And yet China is rallying.  You know something is pure FUD when fonzie posts it.  |
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Looks like it's about to dive Nxt never dives after a bubble pop. It just keeps slowly dwindling down to nothing, keeping the Nxt nutters hopes alive. It's all a game being played by the (70-ish?) number of founders initially granted all the premined Nxt, just to keep things going. They sell some for btc or give it away, buy it back to create bubble mania, then slowly sell it off for btc again. Not only have they made a shit ton of btc (and thus money) with their pump and dumps, but have probably managed to increase their original Nxt holdings astronomically as well, further skewing the overall distribution. I think there was bad news from China behind the recent crash Bad news from China, this morning the Sina Weibo said that China gov will issue the file named NO.140 announcement 2014 from China Payment Institute that they will completely cut the bitcoin fund chain including the current only deposit method--deposit code.They also said that the bank card accounts of all deposit deputy merchants of every exchange platform have been supervised and recorded,and will be frozen.Effected by this news,the bitcoin price drops from 4180CNY to 3800CNY,and then come back a little. Chinese media report： http://www.btcside.com/new/detail/1030And yet China rallies. Yep, everyone was waiting for the next round of China FUD to rear it's head again! Yay China FUD! |
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i think the fundamental question here is bitcoin going to be a myspace/facebook thing
Yes Bitcoin will be Myspace and something else will be Facebook... Unlikely, bitcoin has too many millions invested in it. Both from direct investments as from various forms of infrastructure People switched from MySpace and many other social networks to facebook simply because nothing was at stake. It did not cost them many to delete their myspace account and open a facebook account. But when they need to transfer wealth from bitcoin to another form of even more risky currency. Or even across multiple Altcoins. It's something else entirely. Not to mention the much more conservative merchants and investors. We are just starting to get bitcoin accepted by merchants and investors. An altcoin will be years behind on bitcoin and any altcoin has to offer serious benefits to all parties involved (merchants, investors, savers, spenders, etc.) for it to gain even the tiniest amount of traction against bitcoin. It's just not very likely to happen. Ever. The first thing a merchant will say when you approach him about pump-and-dump coin #20374 is: "we allready accept bitcoin. Why would we want to accept scamcoin #20374?" And there you are, trying to explain why your coin is better. But it really isn't because they're all the same, a ripoff premined Ponzi to try and make people who think they missed the boat on bitcoin believe they can make more money on scamcoins. The only ones making money are the creators and early-in early-out guys. Even if one of the Altcoins comes up with something truly innovative it would be 100000 times easier for bitcoin to just update the protocol than it is for the altcoin to gain even 10 000 users Great post zimmah, sounds exactly what I've been trying to explain to people who keep spouting that "An alt coin will undoubtedly come along and render Bitcoin obsolete." But you're wasting your breath, some folks just refuse to believe that Bitcoin has to do so little to remain dominant: an easy to use form of value transfer with a HUGE head start in mind share and network effect worldwide. The dollar in one's pocket is also at its basis an easy to use form of money (although very archaic), and has to do little but transfer value from one to another to be useful. And that's the foundation of bitcoin too. This is all the 95% majority of users will really care about. I remember when RedHat Enterprise Linux first came out over 10 years ago, as a better, free version of Unix for the business enterprise. After that in the first couple of years, scores of "flavors" of enterprise Linux (SuSe, Debian, etc.) cropped up overnight, all competing to dethrone RedHat and prove that they were a "better" version with better "enterprise" features. But at the end of the day, RedHat Linux was first to market, did for corporations what it needed to do, and had a better business support model. When corporations were approached by RedHat competitors, they would reply "Why should we switch to a different distro of Linux? RHEL already does everything we need it to do. And it is the mostly widely supported distro by all of the enterprise application vendors." Now today, RHEL is the corporate standard to run enterprise level applications, and all the other enterprise Linux distros like CentOS, Oracle Linux, etc. are just clones of RHEL. Not a perfect analogy, but you get the idea. |
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Here's my advice: GO ALL IN Don't pussy foot it around, you are already late. Making 200$ profit is lame, 2k is lame too. Here's your lifetime opportunity to make a shit load of wealth, don't just test it to see if it really works, you will not get another chance. Paper money has always been worthless, start with that basic knowledge. BE THE OPPORTUNISTIC DOG:  Take a student loan if you must. Anything that is not too hard-core to get you in jail. If it all fails you should not have your life or freedom at risk but everything else if needed. "keeping an eye on the price" is a shit excuse for not buying. But I must admit, I waited 2 months before I bought my first bitcoins at the price of 4.5$ each. And I regretted for not buying when they were 4. Now my friends consider me the most successful high risk investor in my puny little frog pool country. But then again, one should only give advice when asked. no one asked me and if they did I'd say "you're on your own"  I'm with Hyena on this one. Spent 15 years of my life "playing it safe" and conservative, and it got me nowhere really. While other more daring risk takers during that time made a killing. No more for me, I've flipped the switch. Bitcoin will either prove to be the game changing technology and cryptocurrency that many believe it will be, or it will go down to zero. And I guess if that happens I'll ride it down along with millions of others. But I just don't see that as the outcome, at least not for the next 3-5 years. It's going to turn the world of finance on it's head. And I'm strapped in. |
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sure hope you're right, that's why I keep buying more BTC at every opportunity; the more I have, the sooner I'll reach the amount that I need to fulfil my dreams  When I bought my 1st one, I only intended to buy one, then it was 2, then 3...... Exactly right. The key to bitcoin riches is buying and holding as much as you can, as every bitcoin is a multiplier of wealth. Don't wait to 6-12 months from now when it costs more, buy what you can now (but never leveraged or on credit, avoid this). And keep buying on the major dips. The day traders think the key to long term wealth is day trading the swings. Nope. It's acquiring as much btc as humanly possible. |
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In death, a member of Project Mayhem has a name. His name was Robert Paulson
His name was Robert Paulson. His name was Robert Paulson. His name was Robert Paulson. His name was Paul Robertson. His name was Robert Robinson His name was Robert Patterson. |
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This is happening in all markets, no matter how small or big. Only the players are bigger in bigger markets. Listen to this guy and see how the BTC market is the same as every other market: https://www.youtube.com/watch?v=gMShFx5rThINotice too in the video at 3:20, where Cramer talks about how fake FUD in the media is actually created and spread when you want a market down. His example is from back in the day, at the time trying to bring down the stock of Research In Motion, the makers of the Blackberry. He says, "...and then you call the [WS]Journal and get the bozo reporter to report that there's a problem with RIM, and feed them that there's a Palm giveaway [coming soon], etc..."Gee, sound familiar anyone? China FUD articles? The Newsweek witch hunt for Satoshi (aka Dorian) Nakamoto? (guess who the bozo reporter was, lol) Willy bot crap? Bitstamp insolvency fears? Oh wait, that's right. The bitcoin market couldn't possibly be affected by that type of stuff. /s |
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If some bitcoiners believe that Apple is willing to actually lose marketshare to Android over this whole bitcoin thing, they are dead wrong. Even Apple sees the writing on the wall that in just a few short years, bitcoin is going to be e-v-e-r-y-w-h-e-r-e, worldwide. And the main apps people will use to buy goods and services with btc will be on a smartphone.
No way they are going to sit on the sidelines and watch this blow up big.
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Chances are the guy is going to be wrong, but on the other hand, so are most of the people that said it was going to be $10000 by now. I don't see anyone laughing at those people, though.
Oh really? Somebody made a public statement that bitcoin is going to be 10000 by June 2014? I must have missed that, please link, I want to make fun of him. If you are a public figure and a supposed professional in the area you are speaking about, and you give exact date and price, then after that date comes you say "Maybe in a thousand years but it will happen" well you lose all respect, that's what happens. That is why stock analysts never say "this stock is garbage will be worth pennies in a week", they always say that it might unless it does not. This guy was sure about his prediction. That makes him an assclown, unfortunately. See if he'd be right by some miracle, everyone would be singing praise as to how smartly predictive he is. But he was not just wrong, June coincided with the strong 100% growth after a reversal from a bottom - the bottom which happened to be about 35 times over a price that he called. With that level of accuracy, any random number generator is a much better professor than he. Agreed. Not only did Mark Williams say it in print, but made himself more of an assclown by saying it on live TV. In a N.Y. state hearing, broadcast to over 100+ countries. And then he didn't stop there, he did it again and again on live TV. And was probably paid (both privately as a shill against bitcoin, then again by the networks just to appear) to do so. Then again recently defending his ridiculous prediction, but giving no timelines. I wouldn't be surprised if this guy isn't working on a controversial anti-bitcoin book right now, just to try and make some more money and extend his 15 seconds of fame. What. An. Assclown. |
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price action suspected @ ~23:45 UTC  Looks like possibly going down... Wrong interpretation of direction, dude.. |
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http://www.kitco.com/finance/bitcoin/Not sure if old news, but this seems like a big deal. Kitco has been around since the 70's. Also, did anyone notice on the CNY page/tab that at the bottom, btcc is listed along with bter and btc38, but no OKCoin or Huobi?
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Indeed, I am watching the 530-550 zone closely for a base to take off to the moon from. We've been feeling overbought for several days, and may need to shake out some more weak hands before doing so.
I love how so many on this sub forum that expect a "drastic correction" always put their buy-in targets at $80-100 below where the market will likely go. And then they are left scratching their heads when that drastic of a correction never happens. I believe that the new ~600-ish support is going to be very tough to break now. |
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