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321  Economy / Speculation / Re: BTC drop to next level coming...bail the F out now! on: June 02, 2014, 10:08:04 PM

Price broke up out of trend, but it is always easy looking back. What is gonna happen next is unkown, you can not predict it.

This line could have been drawn before, but there are always a 100 more 'patterns' that one could find and that contradict this movement.
So no way, one could have know.

If you base your trades on the news, than you are out of luck too. When the news gets to you, you are already to late.


Its difficult to get a reliable idea based on a straight line as shown in your graph. I suggest getting into indicators using a combination of RSI, CCI, MACD, volume etc. That along with different time periods can give way better indication.
322  Economy / Speculation / Re: Pump and dump. on: June 01, 2014, 01:04:06 PM

Yep. It is petering out for sure. The whales have stretched this sucker out as far as it can go for now I reckon. But I will probably be wrong and we will wake up with $720 Bitcoin tomorrow. What I am noticing though is some very fishy trading patterns. Like someone somewhere is rolling Bitcoins back and forward between accounts to try and manipulate the 'indicators' or something. It's all fucking bullshit, and its bad for you. But hey, if you can buy some piece of digital code for $500 one day and reliably sell it for $600 the next, who can complain?

There is nothing fishy mate. The volume you see is based on  positive BUY indicators. When the indicators turn SELL, you will see the opposite. Don't be paranoid, there isn't any guy sitting around buying up a whole lot of BTC at his own losses just to sell it lower than he bought it for.

Note that BTC did not go anywhere for a full month because it was neither a SELL nor a BUY as per the indicators at that time. Also, we don't have as much sucky news as we used to have thanks to the Chinese squirrels selling out and taking their nuts out of the game.
323  Economy / Speculation / Re: Pump and dump. on: June 01, 2014, 12:58:46 PM
Sorry, bitcoin does solve a problem for the masses! You use bitcoin to easily and securely send money to anyone in the world for very low cost!

Let's examine the competition:

Bank transfer (ACH/wire/SEPA/etc) - 3-4 business days + big fees
Personal check / money orders - mailing time + 3-4 days to clear + small fees (also your mail can be lost by carrier)
Cash - instant + no fee BUT you have to be in the same physical location. or take the risk of losing all by sending cash in mail
Paypal - instant, but expensive fees to receive money (i think like 2-3%). also paypal can freeze your money for whatever reason they want
Western Union / Moneygram - same day transfer + big fees

Bitcoin - instantly received, spendable within 30 minutes to 1 hr. transaction fee of roughly 5 cents

True that, its the most easy way to send money at this time. I just wish supermarkets and grocery stores start to accept BTC. Anyone know of any supermarket or grocery store accepting BTC at this time?

Hopefully if Amazon starts accepting it, some supermarkets may follow.
324  Economy / Speculation / Re: Weekly MACD to turn green on next candle on: June 01, 2014, 04:12:26 AM
Do you think traders will take this as a bullish sign and take this another level up? I tend not to look at lagging indicators as much, preferring leading indicators like RSI and MACD.

You'll see many bots buying if weekly MACD crosses.

Bots and traders alike...its already quite positive at this time, we have a live one!
325  Economy / Speculation / Re: BTC drop to next level coming...bail the F out now! on: June 01, 2014, 02:08:48 AM
Boy, we have a nice looking trend after a long time...it's sure nice to see this did not turn into the late January saga.
326  Economy / Speculation / Re: BTC drop to next level coming...bail the F out now! on: May 29, 2014, 01:11:37 AM
BTC was fine and sure enough, it went back up, like it always does. So the "warning" was unwarranted.

And congrats you succeeded at a SINGLE market timing event. Yay. History has shown in ANY market that market timing is a risky and often futile endeavour. Congrats on beating it once.

Hello Favelle75, I strongly support your point concerning market timing, how hard it is to read the market with constant precision and success, but I need to disagree on what you mentioned earlier, that BTC will always go up at a future point in time. Or perhaps, yes, it is likely that an uptrend will resume after a corrective downward movement or a downtrend, but as the BTC price develops (in a perspective of few years), it will have more room to go down freely, without immediate pressure for an upturn. As I view it, the market is still fresh, BTC has a lot of enthusiasts looking at it, and it will be fairly easy to drive the price higher, as it is in line with BTC holders' expectations. But please, I am addressing this to every BTC investor, do not get fooled into a trap where you start buying into a downtrend, and it drops and drops and drops... I've seen this happen to numerous people in the Forex market, where it seemed unlikely that a downtrend or an uptrend would persist that long, and they were hoping that the market will reverse. But it didn’t. Not before their account was wiped clean. There are no such things as “like it always does”.

Favelle75, you are very wise to speak about market timing, but do not assume that in the financial markets there is anything certain. There are only chances and probability.

If one was looking for ways to be more profitable at trading BTC, I recommend digging through some Forex/stock market methods, especially for swing trading, as it seems what most people here are trying to do. Best wishes to all of us Smiley


Please see the previous time I made a similar post, that was the time it was at all time high around $1000 and it clearly dropped like a bomb after my post. I have made only two such posts including this one. At that time, I posted a chart as well.

The whole point of this post as well as last one is some discussion about indicators and technical analysis. About understanding different aspects of trend while at the same time being wary that fundamentals play an important part as well.

If you are already good at it all then this post would not be useful to you.
327  Economy / Economics / Re: Russia & China bypass USD on: May 25, 2014, 10:22:20 PM
US's broke, no money to bomb Syria and the US "help" to Ukraine is laughable, considering the Canadians sent more aircraft and advisors.

US can't fight a war with anyone - the Empire is gone, it's like the British Empire back in the 1950s.


USA has a president with brains now. Why should we give a rat's ass about Syria, the country is already infighting at this time and so is Ukraine. Why waste our money on it?

There is just no reason to fight like a fool is the point when there is no need to.
328  Economy / Speculation / Re: 5 digits before the end of the year. on: May 25, 2014, 04:16:56 PM
I think we are definitely going to maintain bitcoin's long term history of..... UP......but I think 5 figures is pretty optimistic, just thinking about the last bubble and the way it fizzled out after only what, less than 5x the previous ATH? I wonder if the next bubble will be bigger than that....

Due to how long it has taken us to get back to the previous ATH, a lot of people are going to dump when we're near/at it again. This is going to create a ton of resistance. People are going to be afraid that as soon as we get to 1.2k again it'll drop and will want to exit before that happens.

We will be facing a lot of that all along too. There are traders who are getting in a out but the flipside of it is that the price will be more stable and that is good for BTC in the long term.

I just hope BTC stays stable and grows to about $1000 this year. Any type of major craziness will scare off traders and users alike.
329  Economy / Speculation / Re: This is why Bitcoin is rising so fast... on: May 25, 2014, 04:08:58 PM
Don't try to explain it or fight it.

Just go with it. 

Ditto brotherman!
330  Economy / Speculation / Re: Why is the bitcoin price rising rapidly today? on: May 25, 2014, 04:06:18 PM
Its rising because no one wants to sell. With positive technicals at this time and only more neutral and positive news, BTC has a solid chance to rise in a stable manner now.
331  Economy / Speculation / We have lift off! on: May 25, 2014, 04:04:10 PM
We are out of the rut, if we come anywhere close to $1000 then we are not talking about 100s anymore and can start estimating BTC value in 1000s.

PS: Only those who still suck out of the mom's tits will sell at this time.
332  Economy / Economics / Re: Russia & China bypass USD on: May 25, 2014, 04:01:30 PM
Not sure if this was already posted, did a quick glance and didn't see it.

http://america.aljazeera.com/articles/2014/5/20/russia-china-bankdeal.html

This is just a energy deal between neighbors China and Russia. Are they supposed to exchange their money into USD to trade with each other?

BTW, the Chinese are shit and drive a very hard bargain. Russia also does not give a pigeon's ass about China and know very well how cheap they are.

It does not affect USD in any way because even in China USD is not allowed to be freely traded because they worry money will leave China.
333  Bitcoin / Hardware / Re: ARE YOU A COINTERRA BURN VICTIM ? on: May 22, 2014, 02:14:42 PM
Its all the Cointerra management's fault. The Cointerra staff are actually very nice including support guy Marshall and the refund person Christina etc. The staff is doing their best but management has setup these monkey cake rules ruining everything they try to do to help customers.

The management has ruined it all with their inexperienced sales money grabbing tactics.

Why did they not just offer 2 for 1 right away and all their hardware would have left the shelves? Whoever is running Cointerra should be fired and replaced with a more experienced management.
334  Bitcoin / Hardware / Re: CoinTerra announces its first ASIC - Hash-Rate greater than 500 GH/s on: May 22, 2014, 01:08:38 PM
How would I go about with re-flash since it cannot be found on the network at all? Does anyone have any ideas?

[...]

I'm trying to recall, but isn't there a way to connect up to it over USB (the port on the back must be used for something)? Maybe that's something else I'm thinking of...

Actually, you are right there is a USB based serial port in the back. It is functional but I can't use it since that would void the warranty.

Dusty, quote from user guide to restore original firmware;

" To initiate a Factory Restore, press and hold the Reset button recessed in the hole on the front panel

with a pin or similar object. After a couple of seconds the CTR1 LED will flash red, at which point you

should release the Reset button and the red LED will turn off. After a few seconds the factory firmware

will be copied and the TerraMiner will reboot as normal. You will now need to reconfigure the

TerraMiner’s settings (or restore your settings using the Import Configuration File option.)"

Did you try that?

Yes mate, I tried that and it won't work. What happens is that once the machine starts up it lights up red on CTRL1 for about 3-4 seconds and then there is no more activity except for fans spinning.
335  Economy / Speculation / Re: BTC drop to next level coming...bail the F out now! on: May 22, 2014, 01:35:10 AM
The only real thing that will drop BTC out on its ass is if there is another competing virtual currency which takes off and surpasses BTC.

There is still time to get on the bus. Please note that I have always indicated that I am long term bullish. At the time of writing it was hanging off a cliff. It has obviously gotten better now.

A slow and gradual increase is better than an erratic up and down which will crack a lot of people out of this virtual currency.
336  Bitcoin / Hardware / Re: ARE YOU A COINTERRA BURN VICTIM ? on: May 21, 2014, 09:32:11 PM
So I think this makes week 7 this week and no refund...they did offer to be more communicative, though so far that hasn't actually meant anything...

I just spoke to CoinTerra and the actual wait has gone up to 12 weeks from 4. This is a scam and we need to get together and take group legal action.  Before they disappear. PM me if your interested

How did you manage to get in touch with them? I have a machine which is dead because of the firmware they sent to me to apply on it. Now they ignore my emails and phone calls.
337  Economy / Speculation / Re: BTC drop to next level coming...bail the F out now! on: May 21, 2014, 12:11:48 PM
well, it seems to me that it can't break 500$.
Apparently bitcoin is not as bullish as expected.

Well there must be a whole bunch of sell orders at 500 from traders who bought in earlier. Cutting through that before heading up over it. Volume was high and then dropped so ....
338  Bitcoin / Hardware / Re: CoinTerra announces its first ASIC - Hash-Rate greater than 500 GH/s on: May 21, 2014, 02:35:12 AM
How would I go about with re-flash since it cannot be found on the network at all? Does anyone have any ideas?

[...]

I'm trying to recall, but isn't there a way to connect up to it over USB (the port on the back must be used for something)? Maybe that's something else I'm thinking of...

Actually, you are right there is a USB based serial port in the back. It is functional but I can't use it since that would void the warranty.
339  Economy / Speculation / Re: We need to pass $547 to see a REAL jump! on: May 21, 2014, 02:14:19 AM
We got through the last treadline but the REAL issue will now be $547 USD on bitfinex.

If we can get through that number you will see SERIOUS VOLUME and A MAJOR break upwards..

I have shorted at $500 even on bitfinex..

I think a 50% fib retracement to $472 ,,,

If it goes to $522 on bitfnex i will be forced to close my short at $500 and wait for the $547 to go loong again.

LETS SEE what happens..





Sounds reasonable - best of luck with that!

I'm actually waiting to pick up south before that happens. Any estimates on BTC volume (48Hr) for it to break $547?



It's got a hardon like a baseball bat at this time looking at the chart. $547 is within reach.
340  Economy / Speculation / Re: We need to pass $547 to see a REAL jump! on: May 21, 2014, 02:13:00 AM
We got through the last treadline but the REAL issue will now be $547 USD on bitfinex.

If we can get through that number you will see SERIOUS VOLUME and A MAJOR break upwards..

I have shorted at $500 even on bitfinex..

I think a 50% fib retracement to $472 ,,,

If it goes to $522 on bitfnex i will be forced to close my short at $500 and wait for the $547 to go loong again.

LETS SEE what happens..





There are traders involved in this now. They are not buying to hold for years but in fact they will drop their load and re-buy and so on. Cutting through the sell orders is not going to be as easy as before. There will be whole bunch of dicks with sell orders at 500 if anything.
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