|
Chart pattern technical analysis isn't easy. I see where you're coming from with the Falling Wedge, but I wouldn't be considering that formation just eyeballing the chart. My personal rule for any lines is no more than 4, and if I can help it - just 3 or less.
At this point I'd be drawing a long-term trendline underneath the lows that were made from around April 15th and early May. We've already been "flat" enough that drawing an upper line connecting recent highs would've been broken out of, so it invalidates that anyway.
The best you can say at the moment is that it is above a longer-term trendline. But the thing about trendlines is they aren't containers or deflectors - merely rulers to compare to price action.
There are many indicators, so I won't go into all that - but I would encourage you to formulate your own rules for how price reacts and different points - Highs and Lows, and proceed from there. Some of my most useful tools came from refinement and observation over long periods of time.
|
|
|
|
A great way to learn is setting up specific things, like Apache webserver, or the typical PHP/MySQL setup in addition to that. Also, you can get Virtual Machine images for most distributions and utterly ruin them - knowing you can always go back to a fresh install. Just dive in and mess with commands, "man" is your friend, as is other tools like gedit or vi for text files - dirty way for output on short text files like "cat <filename>", how to untar a tar archive - or under debian how to use "sudo apt-get <package name> install". Just those kinds of things. Wreck a few virtual machines with "rm -rf" just so you know how dangerous it is under root. Get your hands dirty, you'll learn pretty quickly. |
|
|
|
I'll keep this short and sweet. There are now so many alt-coins that it has become the same thing as hyperinflation. The value of alt-coins is trending towards zero. Great job guys!  Does anybody think this might be the plot of some BTC fanatics that want to hurt altcoins in general? Like some core dev of BTC releasing a few altcoins with a second forum id? Most new coins were released by new forum members and I can only speculate these are secondary ids of people longer in the game. Never attribute to malice what can be explained by stupidity/greed. |
|
|
|
|
Lets just humor them and register our addresses that have one satoshi in it.
"Yeah, I haven't been trading much"
< Places trade after transferring BTC from other address >
These idiots barely understand the internet, they have a huge mountain to climb before they understand bitcoin. Which works in our favor, actually.
|
|
|
|
"... the entire Bitcoin economy is collapsing in spectacular fashion."
Who knew?
I love these kinds of pronouncements, because it gets really embarrassing later on when Bitcoin hasn't collapsed. It is statements like these that make the originators look like fools - and they deserve every bit of ridicule they get. |
|
|
|
|
I really wanted to click the link and read, but your summary is enough for me.
No doubt we'll be treated to a new wave of "Bitcoin Is Doomed" from the Gox asset seizure news.
|
|
|
|
Better to have a friend do it than an enemy...
Either way, I've said this before. If bitcoin isn't ready for tons of microtransactions, then wtf?
We can parse transactions (in theory) and if we want this to take off we need to force those solutions.
If your website isn't ready for tons of connections, then wtf? We can parse connections (in theory) and if we want your website to take off we need to DDoS them. Yeah, sure... |
|
|
|
This is worth reading - analysis of the bust, with an informative graph: http://numismatics.pwnz.org/?p=222Summary - it could've been much worse, Gox will have a chance to get their crap together. |
|
|
|
|
I knew this was coming, but I didn't see the bastards acting so soon. Its depressing, frankly. While I do know there are other exchanges and local trades won't be impeded - it bothers me that these overstepping bastards have the gall to take their blue-gloved groping into an area they barely comprehend.
There's a small chance this is a hoax, and another chance its just the first shot in the campaign to attack bitcoin.
I'm not giving up, but godammit - this really pisses me off.
|
|
|
|
|
That thread was filled with the usual trolls - but I think it doesn't matter anymore what they think. Enough have seen the potential to ignore a bunch of keyboard rabble.
|
|
|
|
|
Nice, not only is Bitcoin a currency - but it has surpassed the resale performance of a luxury german automobile.
|
|
|
|
|
I can't wait for the Crap News Network bobble-heads try to explain further development and interest in Bitcoin after their "Death Announcement" story.
More likely they'll just ignore it and focus on whatever shiny piece of news-foil is in their clutches, like a small cat.
|
|
|
|
Erik is a profiteering douchebag that uses the "Stress Testing" mantra just like his contemporaries - DDoS providers. Krebs has the write-up here: https://krebsonsecurity.com/2013/05/ddos-services-advertise-openly-take-paypal/"I was only stress-testing websites!" - DDoS Douchebag "I was only stress-testing the blockchain!" - Satoshi Dice Douchebag Seems he isn't the first scumbag to use that line - hilarious. |
|
|
|
|
What these 'regulators' don't realize is they are only facilitating the death of their own financial systems. Satoshi was no dope, he probably foresaw this exact thing.
1.) Bitcoin is created, gains small following
2.) Bitcoin gains larger audience, governments start to pay attention
3.) Regulations are enacted, the 'chokepoints' are given leeway for a short while - government relaxes and pats self on back
4.) More exchanges pop up in non-regulated areas, shifting traffic away and increasing bitcoin adoption
5.) Genuine panic ensues as governments all around the world realize they've enabled a financial singularity to grow in their financial systems
6.) The inevitable capitulation as bitcoin achieves true criticality and overwhelms every crap currency on the planet
|
|
|
|
|
And yet there's always some muppet that poses the:
"What if Govt/Business/Evil People gather enough hashpower to do the 51% attack?"
Always amazes me that they don't understand the logistics, it isn't the easiest thing in the world to do - or maintain.
|
|
|
|
|
The best part is your spending power will generally increase over time, so fashions that were a bit out of reach become even more affordable later on. This phenomenon is spreading to other bitcoin-fueled businesses as well.
|
|
|
|
By the way, look who else uses the "Stress Testing" rationalization to be a profiteering douchebag - some kid running a DDoS service. Krebs has the low-down here: https://krebsonsecurity.com/2013/05/ddos-services-advertise-openly-take-paypal/"I was only stress-testing websites!" - DDoS Douchebag "I was only stress-testing the blockchain!" - Satoshi Dice Douchebag Seems he isn't the first scumbag to use that line - hilarious. |
|
|
|
Agreed. Bitcoin and Litecoin are the strongest of crypto coins thus far.
Litecoin doesn't offer anything novel either, IMHO. A shorter interval will permit greater transaction throughput on the low end, but still fails the promise of 'near instant' transaction confirmations. In the long run, cutting the interval to one fifth of Bitcoin's will ultimately run up against network propogation delay times, resulting in exponentially increasing rates of orphaned blocks. Using a GPU resiliant POW function (scrypt) is only a temporary restriction, since it's main limiting factor is deliberately high memory usage, and cache memory available to GPUs will continue to increase. And ASICs can still be developed with sufficient cache memory to crush CPUs, which would happen as soon as the value of LTC were to increase enough to justify the initial research investment. In the meantime, the huge memory requirements make an android smartphone version of LTC almost as difficult as a GPU miner. And if I happen to be wrong about the value of Scrypt as a POW algo, Bitcoin could simply take that idea if LTC were to ever start claiming significant amounts of the market share. Excellent point -- if one of the alt-coins comes up with an interesting idea that starts to prove out, the main Bitcoin client can fork with that added to it - and in the process decimate any desire for the alt-coin. The process would be similar to larger companies buying out smaller ones, except in this instance the idea is merely co-opted at zero cost. |
|
|
|
|
My "pay attention" threshold is about ~25% of Bitcoin current network hashpower.
So if you can get anywhere near 22.5 Terahash/sec, I'll take you seriously. Otherwise, its just like a penny stock languishing in the trading range of 0.00 to 1.00.
|
|
|
|
|
Show Posts
