Crazy shit always happens at the end of bubbles. That is just the nature of stresstesting the shitty infrastructure we have.
What's your strategy for bubbles, typically? There is no typically for me since it's not a common occurence. Last time I daytraded it (came out ahead in BTC even, though I don't care about that), this time I swing traded it. Learn technical analysis and disregard news/"fundamentals" and pumpers I'd say. There is still lots left to this though, there's always at least 1 major bull trap.
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Crazy shit always happens at the end of bubbles. That is just the nature of stresstesting the shitty infrastructure we have.
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For the noobs: This is merely MtGox's retarded engine looping a single sell over and over again. Happened many times in 2011 as well.
Have I said 2011 yet?
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Welcome to 2011 Reloaded.
You too will learn about risk management.
Did you miss US Senators talking about Bitcoins today? Doesn't seem much like 2011. Nope, listened to them and got what I expected: nothing new. Yes, 2011 was no different, it was only lower prices.
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Welcome to 2011 Reloaded.
You too will learn about risk management.
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Ah yes, good old economic singularity. Trillion dollar market by 2015.
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$250 much more likely bottom. It will take time. Months.
You know, I still can hardly believe you aren't actually a permabull as I thought you were. The buzz surrounding it will not go away.
You're a funny guy.
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Yes, this hasn't much to do with price. Wealth is very concentrated.
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Six months of terror. It has happened before, it can happen again.
Not likely. What was Bitcoin in 2011? Was there a hearing in the senat, too? To compensate for that, the price is a little higher now. But yes yes, it is completely different now, human psychology has changed etc. etc.
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You're using the term critical mass wrong, but it's an interesting notion that I too am thinking about, that there just aren't that many more people who are going to use Bitcoin. I mean, how many people hold gold?
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Six months of terror. It has happened before, it can happen again.
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Never forget.
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Heh. Senator Moran: "Earlier today, I posted on Reddit, asking people what I should know..." I'd have been *much* more impressed if he'd said "earlier today, I posted on BitcoinTalk..." Reddit is for casuals.
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I've long come to terms with the likelihood that if Bitcoin is to have any success, it will be corrupted. The greatest manifestation of this was in March, when a group of developers and pool ops colluded to pick a particular chain over another. While everyone cheered at how well it was handled, I died a little inside over the brainwashing Bitcoiners have subjected themselves to and the ignorance to this problem. We have what I believe to be benign devs and pool ops now, but it will not always be so.
I do not believe for one second that most Bitcoin users are or will ever again be able to read and analyze open source code or even to adequately judge the opinions of those who can and "vote" for that which is in their interest. Neither do I believe that ASIC ownership will stay as distributed as it is now once profit margins tighten and it becomes a game of electricity prices and wholesale.
And then, there is of course the block size issue. We increase the block size, we will increase centralization due to higher requirements for nodes. Block size stays the same, people will inevitably be forced to use third parties to transact BTC as blockchain transaction fees skyrocket.
Decentralization comes with costs. That is why normally, markets favor centralization. It is to be seen how great they are.
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Oh dear.
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BitcoinTraderFX, where do you trade with near 0 fee? Bitstamp and MtGox have very high fees, and they're the largest non-chinese exchanges.
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bitcoinBull, XRP have all the same properties as BTC (no counterparty risk, limited in amount, pseudonymous). If we are going to use Ripple, why not switch to XRP entirely? Don't forget that Bitcoins within the Ripple system are merely IOUs issued by exchanges, only XRP can be held without counterparty risk, so they are inherently inferior.
I don't understand that.
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I still find him hilarious.
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Aahh, the efficiency of a "billion dollar market". Wait, is it 9 billion or 6 billion?
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