It very much likely wasn't due to this. People always seems to try find a cause or a news story to justify the price rise or crash but sometimes I think there is none other than basic supply and demand. People really need to stop being so fickle though.
Probably yes probably no. Once he stopped dealing with paypal he could have converted all his cash to bitcoin and it's so coincidental that both happened roughly at the same time. On another note probably it might not be related as the buying support could be fundamentally related. We can never be sure. |
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I think it will have a decreasing effect on the short-term price, because auctions are mainly used to clear assets ASAP, therefore the auctioneers would probably be willing to sacrifice some return for expediency in sales.
In the long-term however, it should make the price go up (IMO) because the Bitcoin auctioned off will have been accounted for and therefore represent a portion of the currency that was once used for illicitly perceived purposes which is now "cleansed" or at least marketed with the blessing of regulating and law making authorities. Psychology does play an important part in market behavior, so this is the reason for my belief.
I obviously could be wrong due to the simplistic reasoning, but if anyone disagrees or would like to add onto the opinion I'm definitely open to being proved wrong.
I agree, that will work more towards psychological effect rather than having an fundamental implications. In the long run, provided that the auctioned off coins stay put and remain in the winners possession and does not get introduced back to the market, it should be positive overall. Unless the person has another plan and decides otherwise to auction off the coins and take profit once the price has hit his target level. |
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I think the main requisite whether a coin becomes a successful or otherwise still lies in the community backing. I certainly don't see that with litecoin expect for a few die-hard supporters. Whereas for bitcoin, it's definitely solid community support all the way till the end. And what's best is the support coming from the early adopters who are still around.
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I see his point. Bitcoin has the better chance of success compared to any other altcoins. It even has a better chance of success of all other existing altcoins combined. People are still waiting for that one bright idea. The altcoin which can emerge as a bitcoin killer. That is why they keep investing in alts. People are there mostly to make quick buck and nothing else. It's not about the future of the new altcoin that matters but it's about who gets in first and who gets out fast and finally the difference is who ends up winner and the other bag holders. Sadly this has been the scenario surrounding all the altcoin thus far. |
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Looks like this has turned into a copyright discussion. Just my opinion, no matter what, let's give credit when it's due okay and that means paying to the rightful owner for the work done. If someone did the same to you someday and stole your work without paying, I'm sure you will feel bad as well.
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For me, I will split my trade to buy at different time period so that I don't buy all at the same time at the same price. If I execute a trade at 230, I would wait for it to drop further to 210 before putting in another order at the same amount. By doing this, I essentially buying at the average price of 220. Works for me thus far.
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Today I bought my first BTC from an exchange. I signed up with several, but either didn't want to use their online wallet, or I had to physically mail a payment to them, so it took me a few exchanges before I found one I liked. I settled with using BitQuick and the transaction was smooth, simple, and quick!
I turned right around and spent the BTC on a new power supply. The future is now, and we're living in it.
That's great! And don't forget to resupply back the coin to cover the amount that you spent so that there is a net positive effect. In general, if everyone is doing the same it would help to create demand for bitcoin and help to lift up the price. |
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I've seen quite a few scams and horror stories in relation to converting BTC to USD available in Paypal, does anyone know a bona fide safe and effective way of doing this?
I know that with Comkort you can send USD to OKPay and then exchange onto Paypal from there, but if there is an effective all-in-one solution, I would rather use that.
If you would rather go towards the long approach, another option is to withdraw your paypal fund going to your credit card and then use some exchanger service that allows you to buy bitcoin and pays using credit card. At least here you remove out paypal and in case there is a dispute you could probably rely on the credit card service to protect you. But even then, there's no guarantee it is absolutely 100% safe. |
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Well, this is probably the second post I've read that points to bitcoin approaching the breakpoint level. I mean if it's true, we should see a steady climb once it touches that level with strong buying support driven mainly by the fundamentals. The next week should be interesting. |
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I think we have missed out affiliates and advertising network. What I'm referring to is basically something like having adsense, chitika, commission junction, where all those pay per click, ppc or even cpa program are giving out the options to actually receive your monthly payment in btc. Just thought it would be great considering the fact that adsense is one of the largest advertising network and basically providing btc option will mean good exposure to all the online marketers.
Hope to see this becomes a reality someday.
There are advertising networks that accept and pay out in Bitcoin. Some examples include BitClix, AnonymousAds, AdBit.co, and CoinURL. None of them are very well known, and all are tiny compared to established ad networks that don't use BTC such as AdSense and affiliate networks such as Clickbank, but they do exist. One big downside is that less popular ad networks tend to pay less, so if you're a publisher then don't expect any of these companies to pay out as much as AdSense. Oh, that great. I never knew about that and it's the first time that I've heard about the advertising network. That makes me wondering whether I should create a website just to display ads that can actually pay in btc for as I know it's better not to mix adsense with other advertising network. |
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+1 to your post Tok...
Anyways, is it just limited to one day, or are you going to post some daily analysis for traders like us in order to be able to get into the markets at the right time?
Is it the right time though?
Unfortunately I'm just an amateur. I only post analyses when I notice something of significant interest. Despite that I'll try to post more regular observations if people are interested. It's great. After reading your post with the technical analysis, I must say it's pretty in-depth with all the considerations put in to justify it. I'll be watching this thread closely for any new development. Hope to get a clue on the next direction on where the price is heading. |
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We can't deny that essentially we are living in a world of debt and it is debt that until now keeps everything from going into deflationary depression. It's like a bubble waiting to pop and we just keep on the money printing in order to ensure there is enough supply of money. Right now there is no clear answer to the debt problem because it has been a norm for so long and basically not only the people but the nation as a whole have been living beyond their means. Not to imply in a negative way but I'll be surprised if the current bubble can sustain itself for another decade or so.
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When most anti-bitcoin people talk about bitcoin all I hear is how the price is not stable and it can't be used everywhere yet and not everyone uses bitcoin yet. To me this just shows how much growth potential there is with bitcoin. It shows me how much added value bitcoin will/would have with massive acceptance and usage. To me the fact that the bitcoin economy is growing and it continues to get new developments (think Bitcoin 2.0 world) shows me that it's on the right path to increase in adoption and usefullness.
Why do people see "doomed to failed, because it's not already big", while I see "Has tremendous growth potential, because it's not already big nor the defacto world currency".
All opinions, insight etc is GREATLY appreciated. I seriously have the hardest time wrapping my head around this one.
Bears feel free to flame-on, I'm greatly interested in what you all have to say along with the bulls.
It fails as a currency. It is not price stable or even moderately price stable like the USD. Some cryptocurrencies have linked to the USD, but that is redundant. There's no point for a cryptocurrency that's slower than the USD with its own balance sheet risk since it's not the issuer. Only a cryptocurrency that's faster than cash and totally price stable will win in the end. No it has yet to realize it's true potential. Unlike central banks which can basically control the supply of money in the market and in certain way still able to influence the price to stabilize it. Bitcoin doesn't have that mechanism in place. The volatility still remains a problem but to imply that it is the main driver that will lead to complete failure is not justified in any way. And that will change. |
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Unless there is inflation in technical sense (that is, increase on the general level of prices), fiat currency won't lose value. It's not relevant if the monetary mass created by the central bank (M1) increases if the general monetary mass (so called M3, that includes money created by banks, that is the huge part of money) decreases because of a credit crunch, as was seen since 2008-2009. The main point of the QE is to avoid a decrease of the general monetary mass, because this would create deflation and a general depression. So, M1 is created to avoid a decrease of M3 caused by the banking credit crunch.
But if bitcoin goes mainstream, as people start dumping their fiat holdings and, therefore, increasing the demand for bitcoin and its price, that will create an increase of the monetary mass, because of the fast increase of bitcoin price. This would acelerate the decrease of value of fiat. Thus, from a fiat point of view, there would be inflation, with any unit of fiat (like 1 USD) losing its value not only to bitcoin, but also to any good.
Of course, we are (still) very far from that. Bitcoin doesn't have currently any real capacity to increase the monetary mass of any country.
I'm not sure how you come to the conclusion that fiat has not been losing value. Other than measured in inflation terms which basically is the purchasing power to buy a certain amount of goods, the value should also be in relation to other factors like how it stands and measured against a basket of other currencies. |
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It doesn't mean that you will need a news event for the price to jump. A wise and shrewd trader would have bought earlier even before the news event is announced. Else what's the point on buying on a higher price after the news have come out. The investor will probably have insider information before hand so you will never know. And it's never meant to be a fair trading in the first place.
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I don't think that is a valid justification to say that it's going to lead to bitcoin collapse. Yeah people do steal and will forever be overcome by greed. But that doesn't mean that you will need to leave your coins in wallet that you don't have the private key to. So essentially you are only making the process of stealing becomes easier. Remember you will always have the choice.
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Why would they be forced to accept bitcoin as a form of payment? They can overlook upon that possibility if they want to. I don't understand how you come up with the phrase "forced to accept".  Not forced by laws or politicians, but forced to by market forces making them decide to accept bitcoin or go out of business in much the same way that all large businesses are forced to accept credit cards. Force may not be the correct time, they will decide to do it to fullfill their client's needs and improve their services. Well, facebook will certainly not collapse if they don't embrace bitcoin so the word "forced" may not necessarily apply. But they do stand every chance to lose out if they don't keep up with the trend. It's part of staying up to date and keeping up with competition. If I only have bitcoin to spend for advertising and found out it is not accepted there, I might as well go for other advertising network where I can spend the coins. |
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Some are questioning why this current spike in price hasn't been followed by a dump. It is quite clear that this wasn't a pump and dump. It was one person buying a lot in a short period of time. A period so short that few dumpsters had the opportunity to ride the wave. Had the price increase been slower then the dumpsters would have joined in the buying only to dump later.
I think most likely it's a quick and large buy order that gets executed almost immediately which causes the price to go up fast like what we just saw. Dumpters may not react for now because whatever the sell orders executed during the course of the price going up, it has already been factored in. The next coming week should be interesting to see what's the next direction. As of now, price is still slowly inching up. |
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The world is increasing becoming dystopic...
There is a threat to the things you own!
The world is now changing, the Switzerland banks which value privacy now succumbs to the goverments of various nations to hand over information about the account holders! India is a recent example where the private list of swiss bank account holders are released in public!
this happens because the states are failing! their socialist and crony capitalist policies are failing!
they bailout banks by stealing from people's pension fund and they cover their deficits and fund social security by stealing from offshore bank accounts of its citizens.
The justification they give is offshore bank accounts hold illegal drug money, terrorism financing etc..
These are just propoganda..the truth is just their system is failing and they are just stealing..
This is the future we are going to live in if we hold on to fiat or gold or silver! we will not own anything, the state will take it away from us!
bitcoin is the only hope and solution, where you own your hard earned wealth in your hands! safe from robbers A.K.A state..
Like what they say if you don't change and will remain complacent with the status quo, you will never improve. We know that the current system is flawed and heavily manipulated and yet we have no choice but to live with it. It's time for bitcoin to lead the way and change everything. |
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I looks like its either stagnating or on its way back down again  If you wanted to buy large amount of coins, would you do a market order worth all your money, or would you buy some, wait the price to stagnate/drop, and buy more ..etc There is no reason why anyone sane would do a one click buy, it would just be a waste of funds. Observe the "walls" , its obvious whats happening, atleast it seams to me. cheers If there was no immediate upswing incoming you would chain buy. If you wanted to create a fake rally, you would keep chain buying. If you had some inside news about something imminent and wanted to enter a market at a good price (or wanted to enter before the weekend pump lol) it would make sense to slam buy orders hard before everyone caught on, the news was released, the event happened, etc. So, most likely the large buy foreshadows a big upward move........or the person is retarded  If one is expecting a news event that will have a huge impact that will cause a rally, I think the logical approach is to buy whatever fund he has at that point regardless of the price. And it would make sense to break up the buying done in different exchangers, done at the same time, so that the market doesn't have time to adjust itself. This, you can basically grab the coins at the existing market price. |
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