EDIT: Just read the article. Actually the writer doesn't think that Bitcoin being like North Korea is a big deal. What else can I do?  Actually he doesn't comment on whenever it is a big deal or not. Despite that it is kind of important because an excessively high gini-coeffcient does yield stunted economic development. The author's own words: "Thus talking about the Gini coefficient might make as much sense as talking about the Gini coefficient of, a public company, which has a combination of ultra-large individual and institutional shareholders and then a series of irrelevantly tiny minnow shareholders. Does that unequal distribution matter? Eh, not that much." |
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The volume levels... [etc.]
A visual representation of market sentiment about Bitcoin's future in the US and many other countries around the world...  |
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The volume levels seem like too drastic of a change to have occured over only 4 months. If they had decreased by 25% or maybe even 50% then that might make sense but not 80%.
But the price has gone up 500%!!!  |
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So many bull arguments; so little volume totals.
And it's the inability to understand and accept this new low volume in the context of changing market sentiment (lots more people with Bitcoins are happier to wait for the log chart growth now) that will skew the calculations of many long-term Bitcoin traders. It's been happening a lot already. |
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Or it's possible that we dip back to 400s or lower because the type of horsepower needed to support these levels simply doesn't exist yet on non-chinese exchanges...
Now and again you get clues as to the amount of support waiting, like last weekend when a few lurking buyers panicked! Remember how surprised you were? Wallet providers recently announcing record numbers of accounts, exchanges getting flak for slow customer service, a constant swell of news all essentially pointing to Bitcoin's potential to grow... There is much more support than before and also, a lot of the people who were in Bitcoin but nervous it would fall are now feeling more at ease. Yes China can scare people but the fundamental support is much bigger than ever before outside China. |
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A day in the life of a Bitcoin short trader...   |
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Below is the latest Chartbuddy image of MtGox's order book history for 1 hour, sampled every 10 minutes. Note the changes along my yellow highlight line. There seems to be a robot that continuously repositions a sell order of 150-200 BTC at exactly 50 USD above the last transaction price. What could be the purpose of that robot?
You have made dozens of posts over the past three weeks all with the same subject. I have answered several of them. Could I ask why you keep repeating yourself? |
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I just think that people have an exaggerated impression about a sudden paradigm shift over a mere 3 months in which the dynamics of bitcoin trading and the amount of volume and depth needed to support the price has completely changed, when in fact if China is removed from the equation, things could go right back to how they were in early 2013.
First you're talking about a ban - that's not on the cards right at this moment. But it is a big question. How important is China to Bitcoin's fundamentals when the speculation has died down? Not important at this early stage I would say. Bitcoin is like a seedling now and will grow in any direction it has to. If we were a couple of years down the line and Bitcoin was in widespread use in China and then they banned it then yes, that would be a problem. But for now the only problems are FUD and panic. There is also support building every day in the US and other places. Why would things go all the way back to early 2013? No way in my opinion - the "cheap coins" will be snapped up before then!  |
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Anyone want to guess why the drop stopped just then?
A) All the good PRs and merchant adoption.
B) Support and volume on non-chinese exchanges.
C) China is factored out now and everyone is super bullish about our new market free of China.
D) Someone proved the news is fake.
E) Huobi started buying tens of thousands of coins.
I told you. The Chinese love Bitcoin! |
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Wonder what happened there, somebody clicked buy instead of sell?
No, somebody clicked sell and then nobody else did. |
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One way or another, it will likely be shut down somewhere in the future. And i dont want to be in btc when that happens, tricky part is to know when to sell and not be asleep or something..
For now i just went back to btc.
You are playing safe, which is commendable, but if you are long-term, a big gamble. The news recently has been huge and Bitcoin is spreading throughout the world like wildfire. You are passing on the chance to ride it up because of a possibility to catch a dip caused by something that might not ever happen. Thats why i just went back to btc after this huobi news/dip Im not saying im already acting on something that might happen, but if it does i will. The whole China thing should be in the past. It won't get banned any time soon over there but if it does Bitcoin has easily got room to grow ten times bigger in the US alone this year. But we're not even talking about a ban - it's about more restrictions with money flow - and still people are running for the hills. If you panic with the sheep you are just wasting time and delaying the inevitable... and taking a real risk that you'll sell at the wrong moment and buy back more expensive. |
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Much better odds I'd say. |
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Another one bites the dust  |
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Ha ha! Love Monty Python! John Cleese! Have you watched Fawlty Towers? |
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Looks like 817 was the bottom on btc-e?
Dunno, this bounce is very weak. I'm thinking around 780 will be bottom. In this new zero-gravity atmosphere the weak bounce can be the good one What does that even mean? He believes that the bitcoin train is in space and is going to the moon shortly. That's about right, yeah. |
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we are very close to $2,000 mark
Huh? I'm an impatient person I guess. There has to be something that's holding it back, not allowing it to creep over that $1k mark. All is ok, since I'm just accumulating coins but it has been a while since I've sold any. When it hovered around $1k for a while I constantly sold here and there.I thought this weekend would have been it! Purely psychological. But we are being slowly pressed closer by buying pressure as the days go by. We will definitely break over by the end of the month |
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Looks like 817 was the bottom on btc-e?
Dunno, this bounce is very weak. I'm thinking around 780 will be bottom. In this new zero-gravity atmosphere the weak bounce can be the good one |
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