I personally would say this is the beginning stages of critical mass. Not that many people of all age groups acquiring bitcoin IMO. There is still going to be volatile swings in the price but I'm very optimistic of the coming months for sure.
Nice to here others opinion on the topic though lets hope more people adopt BTC and cancel out all the scammers trying to steal them.
Yes this is what I'm saying, this is the beginning of critical mass. My 60 year old parents in-law has independently heard about Bitcoin, without me ever telling them. They have nearly no technical knowledge, they just read news. They asked me what Bitcoin was, and were very surprised to hear that I was already in Bitcoin for over 2 years. |
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well, RSI says we are still far from bubble territory this time around.
Just curious, what RSI perimeters are you using? The StochRSI on bitcoinwisdom.com running default perimeters on one day intervals shows that we were overbought on November 8, though it's come down a bit since then. The 1 hour interval was showing we were consistently overbought yesterday as well. I've found that RSI isn't a very good indicator for the bitcoin market, since it's still so thinly traded, unless I'm missing something. I don't look at hourly or even daily RSI, that's crap for me (might be good for daytraders). I only look at weekly RSI, for medium term speculation, or monthly RSI for extremely long term speculation. Whats the rsi at on long term charts? I saw $475 as a potential top target doin some math. It's a little more than 70 on weekly, and barely 70 on monthly. The previous bubbles had both touched 100 on both, and maintained at that level for at least 2-3 days. |
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well, RSI says we are still far from bubble territory this time around.
Just curious, what RSI perimeters are you using? The StochRSI on bitcoinwisdom.com running default perimeters on one day intervals shows that we were overbought on November 8, though it's come down a bit since then. The 1 hour interval was showing we were consistently overbought yesterday as well. I've found that RSI isn't a very good indicator for the bitcoin market, since it's still so thinly traded, unless I'm missing something. I don't look at hourly or even daily RSI, that's crap for me (might be good for daytraders). I only look at weekly RSI, for medium term speculation, or monthly RSI for extremely long term speculation. |
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Do you think this will happen? I'd love the guy to own some 10,000 coins. Or is he too old for this thing?
Does anyone knows if he publicly mentioned anything about bitcoins?
He will not. Warren Buffet does not invest in new technology, he only invest in things that he can fully understand, companies with a proven track record. His biggest holdings are: exxon mobile, coca cola, wellsfargo, IBM, walmart and american express |
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it'll be harder. TPB is semi-centralized
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It's nice to see new ATH but bitcoin currently is still very much inflationary. The higher the price the higher the amount of new fiat needed to soak up the new coins created. Where do you think the equilibrium is? At current exchange rate it's about $2 million USD per day.
This is only necessary if the miners are selling the newly minted coins. Else, the amount of traded coins on the exchanges one would think remains stable. History shows roughly about half of the mined coins are immediately sold on the exchanges. I would imagine the sold percentage only goes higher during a bubble. |
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well, RSI says we are still far from bubble territory this time around.
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[...]Now that we have a better understanding of CDS, it can no longer cause a bubble, because now we have proper regulation in place to regulate it.
Yes, regulation fixes everything! If something goes wrong in the financial world, we need just make a regulation and it will go away. Good statist monkey. Let me give you some monkey treats.  (Also, why is the housing bubble reinflating? If now we can no longer have a bubble because regulation blah blah blah...) Let me guess, you also support quantitative easing, because it "fixes the economy," and keep inflation close to the target of 2%, and let me guess, you also believe that real inflation is actually 1-2% just like Uncle Ben says, and let me guess... nah, I think I've got you allll figured out  There was no bubble in housing, US housing market is still dirt cheap. Like I said, it was a financing bubble, not a housing bubble. If you want to see a housing bubble in action, you need to look at China. I guess it's no a popular opinion around here, but I do believe some regulation is needed. For example, completely unregulated and privatized healthcare would be a disaster. |
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I'd say such a bubble can only happen in early stage of development, because of the mystery surrounding it and not many people can truly understand it. But not so early that only a few thousand people knew about it. So in 2009 was housing not in a bubble or was the concept of housing in the early stage of development with only a few thousand people aware of the "new technology" of using walls and a roof to protect humans from the elements? Sorry man but outside of the standard daily trolls, that has to be the silliest thing I heard today. Nope, 2009 was not a housing bubble, 2009 was a financing bubble, banks blindly financed people who have bad credit, and then packaged the mortgage as "AAA" rating CDS security and sold to investors. This securitization of mortgages is a relatively new thing, started from the 1990s, and voila it caused a huge bubble. Now that we have a better understanding of CDS, it can no longer cause a bubble, because now we have proper regulation in place to regulate it. |
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How do you come to this conclusion?
Nope... we are far from critical mass. More technology has to be in place for that tipping point to be reached.
What technologies were needed for the Tulip mania to come about? technology is not important, we have a revolutionary product, much like the web. When the dotcom bubble happened, the technology were much poorer than today. I'd say such a bubble can only happen in early stage of development, because of the mystery surrounding it and not many people can truly understand it. But not so early that only a few thousand people knew about it. |
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The difference between past bubbles and this one, is that critical mass may have been hit for Bitcoin to go viral, if this is true, then this bubble truly has no limits, everyone will be panic buying, and the busboy at your favorite restaurant will be soon talking about investing in the "magic internet money" known as Bitcoin.
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I won over 100 BTC on SatoshiDice, then I stopped. It was very risky though, I was using a martingale scheme, and I nearly lost 200 BTC on one of the round, though my luck came thru and my last 100 BTC bet was a win.
what was the price when you did this, i seriously am worrying for you hah, yeah thanks, it was when bitcoin was $10 each, so wasn't a huge deal to lose 200 BTC. |
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well that can't actually happen, since that would be roughly equal to money supply of the entire world, meaning every single country has to adopt Bitcoin as the sole currency. Why do you take it as a given that this can't happen? Well I guess there is a chance, pretty much similar to the chance of I'm generating a new address that already contains 111,111 BTC |
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exactly once, if you use blockchain.info and never generate new address.
If you generate new address, then back up after.
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Im seeing some new news articles from reputable agencies saying BTC can legitimately hit $37k or even $1 million.... sounds far fetched I know, but look at where it is now.... how nice would it be to have 1 BTC at 1 million..... droooool
well that can't actually happen, since that would be roughly equal to money supply of the entire world, meaning every single country has to adopt Bitcoin as the sole currency. |
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so what is the work-around to fix this, so that the victims are not forced to pay into this scam and then treating bitcoin as a criminal preferred coin. if we as a community help out the victims by solving their woes they wont need to pay into it and think of bitcoin as a bad thing.
secondly this address that the funds get paid into could simply be a mtgox, bitstamp, btc-e deposit address. because once its in an exchange the funds just get split up for other users who are withdrawing.
we don't want criminals tainting the coins, i definitely don't want to withdraw my coins from an exchange and realise they are linked to the deposits of this scammer using the same exchange.
yes, there's a very simple work-around/solution: 1. don't open suspicious email attachment 2. back up your shit if they are worth paying a ransom for. |
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The closure of SR was actually a very beneficial thing for Bitcoin. The less illegal stuff the better.
No, that's probably because the void left by SR was quickly filled by SMP and BMR, it's mostly business as usual in terms of the "illegal stuff" market. |
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This is probably a dumb idea, but it occurred to me this morning and I thought I'd throw it out there so that people can bash it.
There has been some discussion that 21,000,000 bitcoins will lead to a price so high that the decimals become a pain to work with. For example, if BTC reaches $500,000USD each, a value meal would run you .00001BTC. Yeah, of course we could just call it "10 millibits". It just seems ineloquent. What if we just moved the decimal back by a couple places. This could probably be done with relative ease in the software. It could be implemented on a certain block #. Then there could be 2,100,000,000 "two point one billion" bitcoins. Every bitcoin already in existence would be 100x more bitcoins but would have the same value:
Before the split you would have: 1BTC = $500,000USD
After the split you would have: 100BTC = $500,000USD
The value of a bitcoin would go from: 1BTC = $500,000
To: 1BTC = $5,000
I confess that it would be confusing for many people temporarily, but the confusion would pass and the system would become easier to use. This would in effect be like a stock split. It would also probably help the value increase even more as people like the idea of buying one whole unit of something, more people would buy a small amount.
I am NOT arguing that 21,000,000 is not enough BTC for commerce. I fully understand the infinite divisibility of BTC. My argument is that the human mind would prefer to work with INTEGERS and not with decimals or millibits. Comments?
No, at 1 BTC = $500,000 USD, you would just buy a burger for 500 satoshi, you don't have to use decimal |
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I think Bitcoin is not meant to replace creditcards, but complement. It'll probably replace western union, and also large cash transactions (especially those that want to be anonymous).
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