Less book-talking and more chart dinosaurs, please.

Bitcoin began 2013 at $13 a coin, only to ring in 2014 around $800 with worldwide fascination driving the 60-times gain. But according to Boston University Finance Professor Mark Williams the price has really been driven by an influential few. Just 47 people own 29% of all outstanding Bitcoins; 930 own 50%. Another 10,000 folks bring the total owned by the largest coin holders to roughly 75%, leaving a sliver to be split among about 1 million small-change Bitcoiners.

Williams, a former trader and bank examiner for the Federal Reserve, argues that in 2013 the 47 powers coordinated to push prices up. They counted on what economists call Greater Fools. Investors make money when someone is willing to pay a higher price for a security than you did — Greater Fool Theory states that there is always someone willing to pay a higher price. But Williams sees the broader market wising up to Bitcoin’s limitations and taking back control in 2014.

The red line (Y) is Bitstamp's hourly closing price from 2014-01-05 to 2014-01-13.

The blue line (X) is generated by starting with

  X(0) = 840
  Z(0) = log_10(X(0)),

then, for i = 1,2,...

  Z(i) = Z(i-1) + 0.058*RND(),
  X(i)  = 10^Z(i)

where RND() is a random number with normal distribution, mean 0 and standard deviation 1.

In simple words, the simulated price X(i) increases or decreases at each step by a random percentage, without regard for the past history.

I had to try twice, with different random generator's seeds; on my first attempt the simulated price dropped too low at one point, it would have been a dead giveaway.

We have to ask Walsoraj. He's the last resort.

WALSORAJ!!!!

What to do? Hodl or sodl?

what kind of drugs are those that hope for 100$ COINS TAKING??

I've moved to a pure SODL strategy, since we're clearly heading to zero.

Agreed.  If Huobi goes bi bi, what will the price stabilize at in the short term?

Awe cute. Instead of positing an intelligent response you just resort to name calling. I never knew you were still in middle school and had limited intelligence. This explains a lot.

Correct they accept fiat and allow bitcoin users to ay with their bitcoin. I think it is pretty awesome that they would completely adjust their accepted payment methods to include the bitcoin community.

Immediately converting bitcoin through a payment processor is not "accepting bitcoin." It is accepting fiat, both functionally and literally.

Newegg and Overstock are irrelevant.

You idiots.

Eaten or pulled?

i do remember this call now, actually, and i'm still a little puzzled why that particular triangle didn't break out. i've noticed that if the breakout time corresponds with a natural low in volume, like the middle of the night, or the weekend, it can affect the model. i've also come to understand better the stochastic manner in which smaller triangles break into bigger triangles but continue consolidating, a behavior i did not fully understand at the time, and was just beginning to model.

i just tried to go through my posts so i could dig it up for accountability (no one's right 100% of the time ), but i can't seem to find it. i hope my concession here, at least, is enough to make peace with you, seleme, on this matter. i would appreciate it if you didn't hold poor calls i made six months ago against my work now.

--arepo

If you're content relying on all "powerful miners" having the same interests as you do, there's nothing much more I can say.

Less than 1 BTC, I think.

but it increases bitcoins usefulness, and this brings up the value.

now i can save AND spend with BTC, these days you can pretty much live on BTC without any problems. how far we've come in so little time.