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shorts capitulating ... multiple failed sell down attempts are getting too costly, they'll retreat higher shortly.
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So less than 10k blocks ~60 days until halving reward. Here's anothers thoughts.
At this point, miners will be maximally hoarding coins in expectation of having to supplement their decreased btc income post-halving with saved coins. On this assumption miners will only be releasing those coins that they absolutely need to for covering exactly mining expenses, what does this mean? This means that the current actual btc issuance rate onto the market is very close to the cost of production. Further, let's assume that bitcoin pricing is being set at the margin by these fresh coins such that average cost of production is now then reflected very close to current market price. Which is backed up by the lack of success shorts are having bashing down prices very much at all, since it is hard up against the floor of production costs already.
But here's the kicker, if cost of production is being reflected as ~$450 and rising, I'd suggest that by the time halving arrives, and if shorts keep bashing price down such that there is no excess speculation baked in, then price will double within 6 months after halving. So $500-600 by halving and rising to at least twice that 6-12 months after halving is possible under this scenario.
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Some of this was good for bitcoin to go through some of this, and to come out stronger, and hopefully recognizing various potential coupe attempts without going along with the various bullshit fakeries. Per aspera ad astra |
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Wow that looks like a really good chart right? Looks like the price has been 'breaking out' for over a month as it nudges closer and closer against resistance. Sentiments have been tremendously universally bullish for months as bitcoin makes headlines all over the news and the chart looks just like 2012 right before the 2012 halving. Every thread on the forum is positive and predicts the level of the next rise. Meanwhile, CHINA is still the market leader. What could go wrong, right? The BFX order book bids are paper thin and BFX longs are maxxed out at 32M. Each time this margin level was reached in the past was when bulls were buying in to what looked like a big breakout (such as in July 2014) but inflected into the next decline instead. I'd say there is a distinctive chance of another decline to the 300s before any meaningful rise. I'm not betting anything on that though.
sheesh, bears, always trying to nickel and dime some fiat out of junk  get with the program or get #r3kt |
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ok, this is it, get in ... don't ask me how i know, shut up and get in ... 470 is ours now.
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Hey Mat ... whacha up to?
... feel like losing some more money tonight?
No thanks. I think I will stick to winning money. Your money, that is. hehehe, you wish ... you're either brave or a fool ... whichever it's cool, better than the hordes of disingenuous that infest this place. ready for some whaling?You are assuming I have a Bitcoin position at the moment. I don't. that's the same as being out of bitcoin, i.e. long fiat/ short bitcoin. You're in the game whether you like it or not. There is no such thing as 'real money', only assets that you either in or out of ... |
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Hey Mat ... whacha up to?
... feel like losing some more money tonight?
No thanks. I think I will stick to winning money. Your money, that is. hehehe, you wish ... you're either brave or a fool ... whichever it's cool, better than the hordes of disingenuous that infest this place. ready for some whaling? |
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Chinese miners are divided into 3 or 4 camps, they are not united, nothing to worry about.
 it's ok, they are only crypto-communists   |
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No one is controlling bitcoin.
The West is just not competing hard enough because of all the bullshit government rules oppressing bitcoin, AML/KYC, Bitlicense, ECB directives, UK & NY banks, Western multinational banks are all conspiring to keep bitcoin down to protect their weak, broken industries that cannot compete on an even field. However, what they are doing is handing the future lead of value information technology to the East. Incredibly, a communist totalitarian China is more competitive in the realm of financial innovation than the supposedly free-market liberal democracies of the West ... how ironic (but crazy) world that we live in today.
If the West wants to lead in bitcoin, and it is the future of currencies, then it needs to leave the old guard behind. Bitcoin is a gift of technology and if the West is too stupid to receive it with open arms, then it probably does not deserve that gift.
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Can't they bypass USA regulatory resistance and go to the UK -or elsewhere- to launch the ETF?
If an ETF wants to do business with customers in the USA it has to go through the USA regulatory procedure. There were offshore internet gambling sites that thought they could do business with customers in the USA without fear of legal action from the USA government. Most of them eventually got taken down by the USA government, and the owners were prosecuted. The US govvy 'protects' its tax cattle herd very jealously, the more than 4000 citizens per annum trying to leave have to dump their passports http://money.cnn.com/2016/02/08/news/americans-citizenship-renunciation/index.html and have to pay huge amounts of money and now IRS is actively stopping them from leaving by removing passports http://www.naturalnews.com/052138_IRS_US_passports_travel_restrictions.html |
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What a shocker that Craig wasn't Satoshi...
satoshisecretsource ... ssshhhh |
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So let's do a count up who's short right now? R3 - Ian Grigg is an adviser and had inside knowledge of "satoshi" reveal so many connections with a consortium of 42 banks potentially sitting on short positions put on since 470 (April 27 high) Gavinistas?? yeh not likely he leaked Matonis - maybe a few sneaky shorts before the 'satoshi' reveal JVP - evoorhees, Roger Ver? Wright and co Economist, BBC, and GQ(wtf?) connections maybe got some bitcoin shorts on before the reveal Should be fun watching the unwind ...  |
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Wright ... who's ready for some friday night party?
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Actually not a bad shit-eating grin on him. Would be nice to see a side-by-side comparison of these 2 stooges.
like this?   |
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Impressive ability to write backwards. But no shit-eating grin like his buddy Gavin! how's this? |
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*Classic REKT intensifies*https://twitter.com/alfiedotwtf/status/726301918012694528 Let's make a list of martyrs to the hopeless cause of Classic, with hilarious personal sobriquets indicative of their particular foibles. -Gavin "20MB is fine OH WAIT" Andresen -Mike "Whiny Ragequit" Hearn -Roger "Bitcoin Judas" Ver -Cypher "Frappuccino" Doc -Brian "I Bet Classic Wins" Armstrong -Wences "Trust Xapo" Casares -Justin "Unlimited Bikeshedding" Ranvier -Toomim "Not Much Testing Needed" Bros you can add Craig Wright, seen here simply proving big blocks == #R3KT  |
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Wright butthurt ragequit dump incoming?
He's probably short of a quid or two now his advance fee fraud gig seems to have flopped over.
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