thanks for the support! When (if) I make it, I'll send you a tip  Your hopes seem ambitious in a flat but volatile market. But BTC is on an exponential adoption -- the only debate is what exponential  . It might not be your trading that does it but just underlying appreciation. So I recommend you run some spreadsheet projections. Against a realistic estimate of your day trading: How much you can save from your day job and put it into BTC? How much would BTC have appreciated anyway? Realize that you can still catch a LOT of the major price action with the opportunity to trade 2x per day (6am and 9pm say)? I think you'll find actually earning money and investing it works out better for you. Esp. when you realize that while day trading excess money is "fun", it SUCKS when it affects your ability to pay for food/rent. Also read the professionals (sunnakar, rpietella, Loaded) comments here carefully; they may gloat about trading, but their bread and butter is a variety of financial services -- essentially they find BTC for whales off-market and take a slice. What do you think rpietella's "rock star" persona and summit is all about? Rock star so noobs go to him with their $. Summit is to build a "dealer network" -- in other words provide rpeitella enough depth so he can service the whales. |
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Well, the oscillations (gravy train) are essentially over on the mother-of-all-triangles. We are entering the pinch point. The next few days will be interesting. In all metrics you could go either way: On the one hand we have 17M on the bid side which is over double what we had originally climbing into 100. But the end of the bank holiday did not increase bids. Of course, the pinch point is not a good time to place bids if you can just watch the charts so there could be secret rocket fuel on Gox. On the news front we have very bullish news coming out of China, but medium term. But those directly involved will not be able to buy for quite some time. And we seem to have news exhaustion in the western world -- what coverage there is is all about speculation or regulation. But lots of bears posting here... implying that people who wanted out are out. Fundamentally, the transactional uses for BTC that have existed since early/mid 2012 seem to remain strong (although I haven't heard updates from gambling sites, etc). So the 2012 extrapolated exponential trendline (call it E0) seems very solid. However, the question the market will resolve in the next week is whether the E1 trendline (starting Jan 2013) is also solid (leaving E2 and E3 as the bubble exponentials). On the bull side, note the trendline started near the block reward halving event & adoption of BTC payment options by certain web sites (these events sequester/limit supply and remain in force). On the bear side, that trendline is still freakin' insane :-), and anyway "final capitulation" event would likely plumb below it (we are right on it now). Also on the bear side: rpietila thinks its a sure thing, and is basing his "I am THE new gentleman elite" posts on its continued performance.  |
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who's the black haired woman? She's clearly done some real research and thinking...
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Interesting choice... dumping just before the end of the longest bank holiday of the year.
For the Orient to buy cheap coins for breakfast? It'll take new players longer to get set up (2 weeks to over a month). But existing players may be inspired to prepare by buying capacity to move into BTCChina. More importantly, even if net money flow is moving out of bitcoin, that's NET. If there's one day the money flow will temporarily reverse, tomorrow is that day. The only issue is we've sort of already rallied (from 80) up to where we should be tomorrow... |
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Everybody is hoping for cheap coins but this is very bad for Bitcoin with the price moving like this. We'll see if the people in China that downloaded the client are willing to buy in a declining market.
Exactly. I don't get it how they act like it's a party when the price drops. It's bad. You can buy a few coins 20 bucks cheaper. Really, that's worth potentially killing the coin? Don't you think you'll make more if we actually let this coin grow to 300 dollars and then slowly sell them if you're so desperate for money. There is nothing good about seeing it crash over and over again. Really nothing. Killing the coin? LOL, Bitcoin was in the 10 range in December. 5 months later its around 100 and you think a bit of volatility will kill the coin? Perspective. |
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In 2011 I didn't want to be involved in a currency stigmatized as used only for illegal purchases, etc no matter how promising. But in early 2012 Scientific American included it as one of their 10 greatest ideas -- suddenly there was legitimacy and plausible deniability so I started getting into it.
I wonder if this CCTV special will have the same effect for Chinese people. It will be pretty hard for an accusation of anti-whatever activities to stick, (even in the accuser's mind, which is what may really matter in a country w/o due process) when you can point to this show on government sponsored TV and say "I thought it was good for China."
If you are living in China, what do you think about this idea?
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Interesting choice... dumping just before the end of the longest bank holiday of the year.
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HAHA someone is desperately buying trying to prevent this from looking like the top.
Price drops to 117, and he clears out the asks to 124, hmmm.... I really whoever is doing this. Seems like an overconfident rich kid  Another reason never to place market orders without a corresponding limit order. Imagining a black but is actually faced with a grizzly... |
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I didn't want to believe it, but yes, this is 2011 all over again.
That would really suck if it was 2011 again. After all, if you had bought jan 1, 2011 and sold at the worst possible time, the post crash LOW (~$2) you would have only made ~600% per year. |
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... I simply wouldn't have made the wager unless I knew exactly what the outcome would be.
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Sell to me at $100 OTC or stfu.
but the price is now 105 If he was serious he'd be offering a significant premium over gox... = to the opportunity cost of having goxcash during this LOOONG bank closed weekend. |
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zerg?
Gold hurting today, bitcoin too (but not so much)  the silverbox update (comparison from the beginning of this thread, March 13th, 2012, gold=1690, nasdaq=3055, Bitcoin=5.4): Bitcoin is 130.00. Gold is 1444.00. Nasdaq is 3317.00 Bitcoin: 2307.41% Gold: -14.56% Nasdaq: 8.58% Gold Diff: 2718% advantage BitcoinNasdaq Diff: 2117% advantage Bitcoin[/b][/size] |
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Isn't this the place to use all of your verbal wit to talk the price up?
For me, this place seems to have gone from a mostly honest discussion about the price to a lot of people trying to talk the price up or down in order to try to sell high or buy cheap (mostly the latter). Yeah, but actually I think an actual put offer is a good reality check. Because there's a BIG difference between saying NEVER and selling a put option for 100BTC for qty 250BTC! And note the buyer holds all the counterparty risk. To me the word NEVER would put the price at 1-5%. Since there is no risk this cost is just to pay for the time, effort, and opportunity cost involved. |
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if this trend holds, what's it gonna be like tomorrow when money actually hits the exchange!?! (japan bank holiday today, and bids are holding pretty steady at just under 20M)
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Admire your moves (and diary, btw) but not your choice of recipient. I haven't seen anything intelligent coming out of that account for the entire month its been around... please don't feed the animals. But do you really think the world is your oyster with just 2.4M mBTC? I don't know. I agree with the feasibility if not the likelihood of your 300USD/mBTC projection... but I think its quite possible we'll all be dead by then. |
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I got crushed today, $10,000s underwater. I don't think it is fun, and don't recommend shorting bitcoin.
Buy and hold.
Vladimir knows something you don't.
Why the fuck would you short bitcoin. There's been tons of buying pressure and obvious selling pressure trying to contain it (ask walls, not actually people wanting to sell). There's been a zillion bullish indicators, if you're shorting bitcoin right now you're blind. Y'know someone's got to sell, otherwise it is game over for the whole fiat economy, duh?  I am also SOOOOO f**king smart. I spent my trading cash Monday @125 with a plan to sell Wed evening GMT (a few hrs ago). Remember the cardinal rule: STICK to your strategy! So I stuck to it...  rpietila: PMed you... |
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FYI. The financial crisis in 2008 was a global deflationary event.
and if it Bitcoin had existed back then, we could have expected 99% losses within a blink of an eye. I donno, how did gold do at the same time? Gold had its spell tanking as a result of the 2008 collapse. But Gold and Bitcoin are two totally different things. Amongst all the other bullshit and market manipulation, gold is viewed as a safe haven asset, essentially as a hedge. 99.5% of the money behind Bitcoin, is undoubtedly speculative capital looking for fast ultra high gains. This could change over time of course, but right now, Bitcoin is like a big soap bubble that would go pop as it met the slightest little economic breeze. To the guy who registered less than a month ago: Don't make up statistics. And if you DO have a hard number, include a link or describe your methodology. P.S. I don't think "undoubtedly" means what you think it does. |
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the silverbox update (comparison from the beginning of this thread, March 13th, 2012, gold=1690, nasdaq=3055, Bitcoin=5.4):
Bitcoin is 162.83. Gold is 1425.00. Nasdaq is 3261.00
Bitcoin: 2915.37%
Gold: -15.68%
Nasdaq: 6.74%
Gold Diff: 3476% advantage Bitcoin and Growing
Nasdaq Diff: 2725% advantage Bitcoin and Growing[/b][/size]
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bids creeping up to 20.8 million up 200k from this AM...
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