Today we got the confirmation that the market is in corrective wave C (I shouldn't have written 'capitulation' for the whole wave C, I know).
It took several days longer than I expected, and right now I can't tell where exactly in wave C the market is, probably in the middle.
Today we had the news that baidu no longer accepts bitcoins. Nothing more nothing less and more important no waves. News can only trigger large market moves earlier (waves, sub-waves), but those happen even in the absence of news. No matter how hard you try to convince yourself that bitcoin price follows some waves, today it's a flash crash caused by bad news. In a bull market every news seem bullish. In a bear market every news seem bearish. so far all the news r bearish since 3 days but bitcoin still at $900 900 down from 1250. And the news wasn't that bearish after all. More like mixed reactions from the bank of china notice. |
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TLDR: it's hard to double spend but easy to catch. If you try it, you'll get caught before you leave with your coffee and look like a scammer.
I guess that they 'll try to double spend after they take their coffee.  I mean how long does it take to get a coffee from starbucks  |
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Stop worrying because you posted that graph? Well excuse me but you should try harder.
Look at the prices, and look what happened after. Everyone thought that sell off was the end of Bitcoin, now it's just a little blip in the charts. I don't doubt that i 'm just saying that not every situation is the same... |
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it is a shame how uneducated people are today, a lot of people don't even know what he did and what made him what he was until he died  Isn't it more than obvious that this is the result of people trolling? I mean even if you don't know how Mandela looks like you certainly know about Freeman. |
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Whenever the price drops a lot and everyone freaks out about how it's crashing and it's all over I just laugh and think back to this and all the insanity that came with it. If you're one of the many many people freaking out about the few big sell-offs recently, stop worrying  Stop worrying because you posted that graph? Well excuse me but you should try harder. |
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You don't need any kind of manipulation to sell after the news that baidu no longer accepts bitcoins. Remember the hype when baidu announced that they accept bitcoins?
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Fellow Bitcoiners,
This is something I don't understand. In order to be sure that a bitcoin transfer is successful, you have to wait for a confirmation. Standard market practice is to wait for 3 confirmations. A confirmation takes 10 minutes on average.
If bitcoin becomes massive, how will I buy a coffee at Starbucks? Will I have to pay with bitcoins and then wait 10/30 minutes before picking up my coffee?
I think it's the same risk as accepting small fake bills. It just don't worth the trouble imho to double spend a coffee buy. |
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Bitcoin will not replace fiat or gold or anything else whatsoever although is has the potential to disrupt markets like that of international remmitances.
Bitcoin is worth more than gold already, apparently. :-) Compare the $13 billion market cap of BTC to the estimated total net worth of all the gold ever mined on earth (some 200,000 tonnes, worth $9 trillion). Ok what will happen if do that comparison? Something that will actually make sense? The comparison of the price of 1 bitcoin with the price of 1 ounce of gold is meant for pr buzz reasons and holds no other value whatsoever. The takeaway from that should be that when BTC captures even more of the value that is currently held in other commodities, such as gold, that BTC will continue to increase in value. Which are easier to store & transport...bitcoins or gold bars & coins? Which are easier to use for commerce directly? Bitcoin only has a tiny fraction of the total value held in other commodities, and has the capability of becoming far more useful. So, of the two, an oz of gold seems rather overpriced to me now and a bitcoin seems like an astounding bargain even at current prices. While i agree with what you said, i was talking about comparing bitcoins with ounces of gold. The comparison is meaningless. There is no point on comparing bitcoins with ounces or grams or kilograms or whatever... If you want to compare 1 out of 21m bitcoins with 1/21000000 of the total weight of gold in earth then ok. It will make much more sense. |
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We blame the ASIC producers, but it is demand from the mining community that fuels this arms race that we are all in.
Demand can't go down because the asic race is a race against time. It 's not like pre ordering a gpu so you can play your favourite game. Having an asic 2 month later might be the difference between positive roi and not. This also means that it's a race for the ASIC mining rig manufacturers. If they don't take your money now then then they know you will buy from the company that has product on the market the week before them. Hence the pre-order process which provides lock-in for the vendor. Of course that can mean that you've given your hard earned cash to a bedroom dreamer or a total flake. Some of us will get lucky and back the right horse, but most of us probably won't and will end up staring at expensive piece of kit that will never earn it's purchase price. I know it's an unpopular view, but the mining community (including me) drive the ASIC manufacturers behaviour as we want absolute certainty, and won't accept any delay to a forecast date. The KNC thread is a great example. Despite everything, they delivered products that largely outperform their estimates and yet there are hundreds of posts complaining about being days (not months) late. Everything you say is correct except that you don't mention how asic companies price their miners. The only real race between the companies is which one is going to sell first the most overpriced one. |
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Today we got the confirmation that the market is in corrective wave C (I shouldn't have written 'capitulation' for the whole wave C, I know).
It took several days longer than I expected, and right now I can't tell where exactly in wave C the market is, probably in the middle.
Today we had the news that baidu no longer accepts bitcoins. Nothing more nothing less and more important no waves. News can only trigger large market moves earlier (waves, sub-waves), but those happen even in the absence of news. No matter how hard you try to convince yourself that bitcoin price follows some waves, today it's a flash crash caused by bad news. |
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Sorry for the noob question, but would someone be able to breakdown what's happening, for me?
Yes what is this loop you people refer to? Connection problems? Latency? Other exchanges work fine and price seems stable. So why the panic? Go to: http://bitcoinwisdom.com/markets/mtgox/btcusdand look at the 1 minute chart. That is what they are talking about. Ah, I see. Thanks. I am still confused by what you mean. Can you dumb it down for me please? All I see is that on MtGox that have stated the last trade was Last:$877.46 for quite a whilte. Check the op here https://bitcointalk.org/index.php?topic=360140.0;topicseen |
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What large online wallet backed by various VCs have failed in the past? Educate me. The ones that i have read about failing are set up by drug dealers and are 1 or 2 working part time on the site.
Obviously coinbase looks 100 times more secure and professional than all those wallets that got "hacked" but it is still yet another online wallet. Bitcoin.org even has a warning for online wallets in their choose a wallet section. |
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To me it looks like bear trap in awareness phase.
To me it looks like you are saying this in every dip without having a clue about what you are talking about. Bears are out tonight! U mad bro'? Go ahead, panic sell, see you on the other side (again). So someone that isn't talking about things that don't know is a bear? You should google the term again. In any case just leave it to those who know. Repeating "bear trap" or other terms that you heard some weeks ago on a forum don't add something. |
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Ok so the gox loop worked for the better or for worse for the price. It seems to me that it didn't had much impact considering the price of the other exchanges that weren't on a loop.
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Sorry for the noob question, but would someone be able to breakdown what's happening, for me?
Yes what is this loop you people refer to? Connection problems? Latency? Other exchanges work fine and price seems stable. So why the panic? Go to: http://bitcoinwisdom.com/markets/mtgox/btcusdand look at the 1 minute chart. That is what they are talking about. Thanx for that. Probably i 'm just lagging to much because i 'm now at the second itteration and i 've seen people posting screenshots with 6 already |
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Finally someone explaining the gox loop. Thank you.
Btw i can't see the loop in bitcoinwisdom although i had it in 1m.
Actually it is just now that i can see the first itteration. Probably i 'm lagging badly.
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Please explain, in detail, how this decision could send all cryptos tumbling down?
China .Gov said "bitcoin can't be accepted by financial institutions cuz it's not currency," "bitcoin is dumb lol, totally not a currency," "exchanges and such need to use KYC/AML so we can spy on you," and that is supposed to send all cryptos tumbling down?
Baidu already removed the option to pay in bitcoins for their services. It seems that you missed the part of the announcement where the bank of china states that bitcoin should not be used in the market as currency. hey all, they said it should not be used they did not say it is forbidden to use it... one also should not drink to much... just my 2 cents Are you telling this to me or to baidu? You may want to mail their legal department because they seem they can't understand the notice |
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To me it looks like bear trap in awareness phase.
To me it looks like you are saying this in every dip without having a clue about what you are talking about. |
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Today we got the confirmation that the market is in corrective wave C (I shouldn't have written 'capitulation' for the whole wave C, I know).
It took several days longer than I expected, and right now I can't tell where exactly in wave C the market is, probably in the middle.
Today we had the news that baidu no longer accepts bitcoins. Nothing more nothing less and more important no waves. |
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Sorry for the noob question, but would someone be able to breakdown what's happening, for me?
Yes what is this loop you people refer to? Connection problems? Latency? Other exchanges work fine and price seems stable. So why the panic? |
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