Looks like someone wants to pump before the weekend

Bitcoin never seizes to amaze

I have no reason to believe that Bitstamp is insolvent, but, if it were, it could and would easily fake that test.  That the test is accepted without criticisms only confirms how gullible bitcoiners are.

Bitcoin is not itself a scam, but I have never in my life seen an economic sector so chock full of scammers.  Every crook in the world who learns a little about bitcoin would want to "adopt" it.  It is a much more lucrative and "safe" vehicle for scams than the classical ones -- stolen credit cards, counterfeit cash, phony viagra, nigerian heirlooms, penny stocks, ponzi funds, ...

If price went from 1200 to 300 (btcchina) do not worry holders here, you must be braver than I am.


Where the price will finally stabilize is anyone guess.

Rua Santa Ifigênia is the traditional "electronics street" of São Paulo, some 5-10 blocks with tiny to medium-sized shops selling from transistors to consumer electronics, with sidewalks lined with street merchant stalls selling all sorts of accessories, cartridges, software, etc.. A large part of it is contraband, pirated, or counterfeit (you can surely find a "legitimate" copy of Photoshop or Autocad there for a few bucks). Once in a while the police raids the place, confiscates a couple of tons of merchandise, gves out fines and maybe some arrests, just to justify their salaries; but that is all "priced in" as you might say.

Some 10-15 years ago a Ph.D. student of mine bought for her project a Sony camera that had a CD burner built-in and recorded images directly on small 3" CD-Rs.  (There was a short time window when that camera made sense, because flash memory cards had about the same capacity as those CD-Rs but were much more expensive.) She was running out of the original supply of CD-Rs, and could not find then in Campinas; so one day we happened to be in São Paulo we thought of checking at Sta. Ifigiênia.

When you buy anything in Brazil the store is supposed to give you a "fiscal note", an official serially numbered receipt, of which they keep a copy.  Those receipts are used by tax auditors to check whether the state sales tax is being paid.  Obviously street merchants and  stores selling contraband don't give no friggin' fiscal notes, especially for a small purchase like a box of blank CDs; but since we were paying with federal grant money we needed the fiscal notes, and moreover we had to pay with a check from the government account.  We had to walk the whole street, asking at half a dozen computer supply shops, until we found a store who had those 3" CD-Rs, accepted the check, and gave us a fiscal note.

While we were walking back, people started shouting "tax inspectors, tax inspectors" all over the place.  In ten minutes (no exaggeration) half the small shops in the entire street closed their doors, and all the sidewalk stalls had been hastily folded and thrown into vans that disappeared from view.   For, you see, they had spotted two odd-looking people entering random shops and asking to buy some trinket with a fiscal note -- what else could they be?

So: don't underestimate.

if you doubt the power of the dollar, then why is Europe in crisis?

What caused the crisis here if not for the crisis in the American economy?

Oh, how I would love this to actually happen. It'd be a hell of a birthday gift, hehe. (Nothing like some awesome birthday money!)

But, I have no clue where all of the money would come from. After all, if this were to happen, the influx would have to outpace the needed amount to account for new minted coins. Assuming a 50% outpace, we're talking about $5 million a day growing to $20 million a day.

[Not that I'm saying it can't happen, but I just don't know where this money would come from.]

Most of my smart chums that were still waiting on the sidelines bought in at approx. $420 in the belief that it wouldn't go much lower, if at all. 

Do not invest more than you can afford to lose.  If you should decide to invest anything at all, buy it and hold it.  At some point you'll (probably and hopefully) have enough value to sell some, recoup your original fiat investment and retain a little coin as a long term investment.  Do not watch the charts every day and do keep your emotions in check.  If you're not a regular trader, charts can be very dangerous and very false friends.  Buy, hold, sell a bit when you can and keep some for the future. 

That's my advice.

Also, don't listen to anyone's advice on the Internet.

what if you're trying to sell several thousand coins and have been doing so in ~500 coins chunks over the past several days?

You really think $100K by 1.1.15 is possible?

Sell the news !
While all news and publicity is good, this particular piece isnt too bullish as its just more money invested in a service thats in the business of converting BTC to Fiat.