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741  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: November 29, 2013, 04:00:19 PM
be honest, who has recently, or will soon add to their silver or gold collection?


(i did! )      sold a few LTC at $45 to cover it.

I'm tempted to move from a few g of gold to a few oz.  LTC seems like a good place to get those funds if it stays up until I get home from Thanksgiving travels.
742  Economy / Speculation / Re: Are all your friends telling you to cash out, too? on: November 29, 2013, 03:53:58 PM
It is a big bet on your wealth indeed - but the point is not "cashing out", at least not in fiat. It is about getting rid of fiat in our daily lives.
I hoard coins because the price of real stuff measured in bitcoins is going down. And it makes sense to me to hoard something that acquires purchasing power over time.

It's a revolutionary experiment where you think that you have front seats but you don't.
You just hoard and wait from others to make things happen.
If you want front seat you should invest some money in services around the ecosystem and in order to do that you must convert some of your coins to fiat.

You don't need fiat to develop an internet service everything you could need can be had for BTC.  Servers, programmers, designers, even the surety bond for becoming a money transmitter can be held in BTC in most states (although you will need more BTC than the equivalent fiat because of the volatility).

While it is true that you can find all those things by paying in BTC you certainly narrow down your options that way.
For every service that accepts BTC i can name 100 that are better and sadly accept only fiat. (Except wordpress which is both top notch and accepts bitcoins)
Also there are many things, that are critical for a business to success, that you can't just buy with bitcoins, like google services or social media ads etc.
Hopefully things are going to change but not for a while ...

You don't need 100 providers and "better" is subjective.  Accepting what I have to pay with is a big plus.  The only way the dinosaurs will adapt is when they start to lose business to the providers who do accept real money.  There is no way I would sell btc to develop a bitcoin related service unless the government forced my hand with taxes or licenses.
743  Economy / Speculation / Re: Gold collapsing. Bitcoin UP. on: November 29, 2013, 03:49:08 PM


Just search this thread for "looks heavy" Tongue
744  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: November 29, 2013, 03:21:33 PM
So with the "get rich quick" schemers on board is that a bullish sign or a bearish sign?  Huh

First one, then the other.
745  Economy / Speculation / Re: Bitcoin's 'limted' supply lie on: November 29, 2013, 03:17:51 PM
This has been debated to death, but perhaps re-framing the argument might show how hollow Bitcoin's scarcity argument is.


Bitcoin cultist's claim one of its greatest virtues is that the supply of Bitcoins is limited to 21 million, but of course if Bitcoin was ever to become the global default currency its promulgators dream about, each Bitcoin would denominationally represent a huge USD equivalent. To this end, if the US treasury said that it was restructuring the USD such that there would be 21 million MegaDollars maximum, but that each of those MegaDollars could be dived up to infinity, does it suddenly become sound money?

When you start your argument with an insult, it is hard to treat it as anything but a troll.
746  Economy / Speculation / Re: Trend In the next 8 hours on: November 29, 2013, 03:15:25 PM
Or you could just listen to my advice (which will be echoed by hundreds on here), save yourself a LOT of money,  and realize that you can't daytrade bitcoins.

I wouldnt see what would be wrong with buying decent amount bitcoins then taking 20% out to play with daytrades


OP wants to trade on bitfinex.  He wouldn't even need to take 20% out.  Just be prepared to lose whatever he puts in his trading account.
747  Economy / Speculation / Re: Trend In the next 8 hours on: November 29, 2013, 03:01:26 PM
Or you could just listen to my advice (which will be echoed by hundreds on here), save yourself a LOT of money,  and realize that you can't daytrade bitcoins.

Sure you can, just never sell unless you are closing a position.

Oh, and a stop loss order.  Don't forget the stop.  Tongue
748  Economy / Speculation / Re: Reality Check on: November 29, 2013, 02:59:34 PM
You can buy BFL single 50GH now with $2500, it will mine 0.04 bitcoin at today's difficulty, and in a difficulty rise at 20% each jump, it will mine 2 coins during its life time. Divide $2500 by 2 coins, you get $1250 per coin, that is the lowest possible cost of one coin

Although the demand is very high (trillions of dollars of savings are ready to be converted into bitcoin, since they are losing purchasing power each passing day), investors will always find the lowest possible cost, which is mining, when mining costs too much, they will buy coins directly on exchange

That's the reality Wink

Damn, I hadn't realized we were already near break even prices on BFL miners.  I hope for the sake of my mining income we don't move much higher for now.  We could use a break on the difficulty rises.
749  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: November 29, 2013, 02:39:56 PM
What secret code lies beneath 1337? Would any one tell me

Elite -> leet -> 1337
750  Economy / Speculation / Re: Trend In the next 8 hours on: November 29, 2013, 02:35:20 PM
Just asking experienced traders if they feel next 8 hours is bull or bear...

Experienced trader already answered your question.
Now you must learn.

+1
And if you really want to learn, you just have to start trading.  But keep in mind that you will probably lose a lot at first.  Every new trader pays the market for these lessons.  Once you learn everything not to do, you can finally be successful.

However, trading on margin, even on something more stable than BTC, is a recipe for overpaying for those lessons.
751  Economy / Speculation / Re: Are all your friends telling you to cash out, too? on: November 29, 2013, 02:30:57 PM
It is a big bet on your wealth indeed - but the point is not "cashing out", at least not in fiat. It is about getting rid of fiat in our daily lives.
I hoard coins because the price of real stuff measured in bitcoins is going down. And it makes sense to me to hoard something that acquires purchasing power over time.

It's a revolutionary experiment where you think that you have front seats but you don't.
You just hoard and wait from others to make things happen.
If you want front seat you should invest some money in services around the ecosystem and in order to do that you must convert some of your coins to fiat.

You don't need fiat to develop an internet service everything you could need can be had for BTC.  Servers, programmers, designers, even the surety bond for becoming a money transmitter can be held in BTC in most states (although you will need more BTC than the equivalent fiat because of the volatility).
752  Economy / Speculation / Re: The Great Crash on: November 29, 2013, 02:24:58 PM
Bought back today. Now I have under half of the BTC I usd to hold. But I learned my lesson not to trade .

But now I am all in with BTC so choo choo motherfuckers!

Guy seems to be wrong every time so i think i 'll sell half of my stack now  Cool Wish me luck

Good luck!  You'll need it if you keep making trading decisions based on what people here say.  Some are idiots and some just flat out lie to you.
753  Economy / Speculation / Re: Why bitcoin isn't going to crash on: November 29, 2013, 02:11:31 PM
Yup.

I would have said it applied back in April 2013 and also early November 2013, yet now look where we are.


No matter how many delusional bears post it, it is not getting any smarter. It never - hear me - not once - was even remotely correct in bitcoin world. Each of the "crashes" ended up higher than the previous top and much higher than the runup to the crash. So, in terms of that silly graph, *all* of bitcoin corrections were bear traps. Each and every one of them.

are you sure about your statement? it ended up lower than its starting point in 2011. so yeah, before you call bears delusional, you should really check the facts. how many booms have we had, about 3? well, your statement doesn't fit with 1 of them, but it does with the other. so far you're 50%.

http://bitcoincharts.com/charts/mtgoxUSD#rg60zczsg2011-06-04zeg2011-06-13ztgSzm1g10zm2g25

The time period you chose is a bounce during the correction following 32.  It was not the start of a new rally.  Try backing up the start date a bit.  The rally started at $1, hit $32, and then bottomed at $2.
754  Economy / Speculation / Re: Possible bitcoin crash catalyst? The rise of altcoins on: November 29, 2013, 02:06:12 PM
During the last bubble in March I bought LTC and PPC just to diversify and hedge my BTC a little bit.

Buying LTC is not hedging. If BTC collapses LTC will collapse 2 secs later. You should be happy now with your choise but it was speculation not hedging.

In dollar terms, yes LTC will fall.  However, traditionally LTC has risen in BTC terms when BTCUSD falls.  This means LTC falls slower in dollar terms.

That might not hold going forward though since LTCBTC has risen quite dramatically already recently.
755  Economy / Speculation / Re: They already pre writing articles for tomorrow on: November 29, 2013, 02:02:41 PM
Very foolish and risky decision as a trader to buy on All Time High price! A crash always follows the high, now's the silence before the storm.

I've made over $1000 in BTC by playing a game I call "buy the all time high".

It goes like this:
1. When you hit an all time high, buy.
2. Place a tight stop to limit potential losses to a few percent.
3. Wait 5-10% depending on how fast it is moving.
4. Sell to recover initial investment.

Since I'm only doing this with $200-300 order sizes, the dip would have to be 300-500% to wipe out my profits from this "foolish" endeavor.  But if somebody is willing to pay me to take their bitcoins, I gladly take the loss and scoop up as many coins as I can carry.
756  Economy / Speculation / Re: Reality Check on: November 29, 2013, 01:55:07 PM
You only need 6500 coin purchase to push the price up to 1500 on Gox. So you spend less than 10 million dollars and you can increase the market cap by 4 billion dollars. Does that sound right to you?

No, that doesn't sound right, because that's not how it works.  Unless you can make the exchanges move together, you are just handing money to arbitragers.
757  Economy / Speculation / Re: read the Tea Leaves. whats with the gox swings? and the reluctant stamp? on: November 29, 2013, 01:39:57 PM
With 0% fees, Gox will keep swinging a lot.

not on gox, so i did not know this. did they just start offering this or has this been going on since that last crash they had? interesting though. how are they making money though now?

It is only from yesterday until Monday.

However, IMO, lowering fees should make price discovery more efficient.
758  Economy / Speculation / Re: $10,000 by 2016 very likely on: November 29, 2013, 01:34:05 PM
Power usage of the whole network, it grows depending on the Bitcoin price.

Who pays for this power usage?   

Peercoin solves this issue

By replacing mining with proof-of-stake, only the votes of the wealthy nodes count.

I don't know about you, but I don't like to keep a lot of funds on a public mining node.
759  Economy / Speculation / Re: The Great Crash on: November 29, 2013, 06:52:11 AM
When is the next big crash incoming since now we are at AATH?

Sometime between now and $10k.
760  Economy / Speculation / Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion on: November 29, 2013, 06:40:20 AM



look im just saying, the only reason why people think btc can go to $10000 is because if enough people start using it so much that it becomes accepted everywhere, such that the only reason why it would be worth $10000 per BTC is because fiat would become essentially redundant or worthless.  With another huge Chinese company, especially a state owned one, shows that this can happen sooner than people expect.

basically fuck the speculators, fuck the greedy assholes that think it can just be a get rich quick scheme and dont fully understand btc.  The move to $10000 is irrelevant of them.  what will get us to $10000 is real people converting their fiat because btc is better

(ps i know this has been said before but your comment suggests that you dont understand the way to $10000)

Utter shite.

If gold can be worth 7 trillion without anyone spending it, Bitcoin can be worth 500 billion without anyone spending it.

Repeat after me. Bitcoin is a new asset class.

mate if you are such a bear and have no hope for btc then why are you even here

I can't figure out who you are talking to.  Both people you quoted made bullish statements.
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