I think the main reason the big millionaires aren't buying bitcoins:

- Not what they usually buy. They listen to people like Buffet and so they invest in stocks and bonds. Products out of their comfort zone aren't even considered.
- They listen to financial advisors and no advisor is going to be recommending bitcoin today.
- They don't know nearly enough about it to even consider buying it.
- They think it's some kind of geek fad that will never get big.
- Even if they are some what interested they have no idea how to buy it, at least not in the quantities that would mater for them.

I think if we break $400 we will visit the old high of $250 and possibly overshoot to the low 200s. Adoption rate is something I feel no one can really have a sure grasp on atm. Interesting right now is that the U bottom we are in is getting a wider and wider base. I think there is still possibility that this is the bottom but whoreally knows. We are all just guessing here. Some are better than others but no one comes close to knowing.


Edit: about Gold. Do you know what Armstrong is predicting? Several years ago he said $5000 was likely but then when all the gold bugs started attacking him after gold turned in 2012 he seemed to not want to make any new clear predictions.

I didn't expect you to flinch since you are certain in your predictions and you have no desire to buy any coins in the first place. Your predictions of new lows may be coming soon. Exciting. Let's see how it plays out.

I think Trolololo's chart is very unlikely. The only possibility for this coming true is some serious cracks in the current economy coming to life. Of course that's not impossible

Clarification on the tax issue from a US tax attorney.

http://www.reddit.com/r/Bitcoin/comments/21una0/i_am_a_tax_attorney_here_is_the_truth_about_1099s/

Thought it could be valuable since some of the posters here seem to have it slightly wrong.

Even if you are correct the US isn't the only country in the world.

So you are a momentum trader. How has that worked out for you with bitcoin?

Fair enough. About the tax situation at least in Sweden I know the Swedish IRS won't be going after bitcoin purchases. Bitcoin exchange transfers however will be a different ball game but that's not strange. I personally think you are too fearing of taxes and the government agencies collecting them. Even with an economic collapse a la Armstrong (which I'm counting on as well) there will not be a crusade to tax bitcoin purchases on orderly purchases, imo.

I find it comical that the opinions here seem so certain and grounded. For a change, I think we can up I also think we can go down.

Well we have a U forming.

Lol I like your confidence.

I have a question to the bears. If the price does in fact go the other way at what level will you start buying back? At what level will you panik buy?

The world economy is going down the drain due to the enormous debt build up. In order to prevent total chaos when the castle starts breaking apart governments will want to confiscate as much wealth as possible. They won't go down without a fight so to say. And their best fighting power is taxation of different sort. How far they go is the question. I don't think they would go to the obscene levels Anonymint speaks of (70%+ taxation) but who knows.

Very true

I think this is a very important statement which is often forgotten in the noise. Bitcoin is a novel monetary system and when the current system starts cracking up then bitcoin gets steam (like Cyprus last year). The fact that teh current system has been relatively stable for almost a year now and despite that bitcoin has gained momentum is a very strong sign. If the current system starts showing it's ugly face again bitcoin will see new highs. I'm certain of this. The question is how much longer can the current system go on without any cracks at all. Armstrong says fall next year but that's when s*** really is going to start happen. Until then I think it's fairly reasonable we could see miniature events that propel bitcoin.

What I think is really not important but I'll add it anyway. I think there is a risk of the price falling down under 300 like Anonymint has been warning. 250 should be strong support and a flash crash to that area doesn't seem impossible. On the other hand sentiment is pretty darn close to rock bottom. Everyone seems to be in despair. Believers are changing their minds and people who where sure the bottom was in are speaking of new lows (me included).

Fantastic work gentlemen. This adds not only to this thread but to the community as a whole.

Anonymint, I'm not going to argue with you. Your programming skills are far superior to mine. Also just the vast amount of time you spend on this forum should automatically put your bitcoin knowledge in another division compared to mine.

In general I agree with your comments to a large degree (which I think you know). Still, I do wonder what you really think about the adoption rate of bitcoin since it seems like you are contradicting yourself at times. Stating things like bitcoin will become the elites new monetary system for global surveillance of all transactions, bitcoin is perhaps the mark of the beast, Satoshi Nakamoto was the US government etc. Those type of comments don't scale well when assuming bitcoin is only a geek phenomenon for white males bellow 50. Perhaps you are having a hard time estimating the adoption rate in which I understand since it's basically what we are all discussing here. A continued exponential increase in bitcoin users will automatically lead to price increases (even if some exchanges start utilizing fractional reserve banking, which probably already has happened by the way). Will the exponential increase continue? I think so and have not seen anything that shows otherwise as of yet.

If you think this isn't the bottom since we haven't spent enough time on the 60 minute shananagan TA red line upside down bar chart then by all means don't HODL. My FA indicates that bitcoin is growing exponentially and exponential growth is one puppy you don't want to **** with.