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2021
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Economy / Economics / Re: Bitcoin as currency?
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on: July 05, 2013, 08:45:09 PM
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I always say Bitcoin isn't a currency because of this. You measure Bitcoins by dirty fiat money to know how much they will buy you at any given moment. That seems a token/proxy to me, not a currency.
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2022
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Economy / Speculation / Re: Yet another analyst :)
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on: July 05, 2013, 08:43:27 PM
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Nice call lucif
That SMA is at 72, there hasn't been a bounce so far and I'd argue it broke through it as it went to 65, but who knows. |
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2023
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Economy / Speculation / Re: Wall Observer - MtGoxUSD wall movement tracker - Hardcore
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on: July 05, 2013, 08:41:28 PM
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I'm thinking out loud so please don't take this as advice. Rather looking for comments.
You'll get my usual response for this kind of TA: Candlestick bodies aren't suitable to derive support/resistance or derive trendlines from since they can be viewed as arbitrary in a continuously traded market like Bitcoin. The bodies only have meaning in relationship to directly adjacent ones in the form of candlestick patterns. What you can do instead is to find the largest volume around the target and use the that. Thanks for the comment. Gives me something to really think about. I notice I follow volume allot with candlesticks, so perhaps you are on to something. Which types of TA do you find the most accurate? IAS Any chart will work as long as you use it consistently. You can also plot price vs. volume. |
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2024
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Economy / Speculation / Re: The Bear Market is on....It's probably time to panic
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on: July 05, 2013, 08:15:56 PM
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I did. Many times from mid 2011 to the bottom.
Me too. I got shredded this year...I did alright on the way down in 2011, but got too cocky this year. I am still ahead, but just barely. Sad to hear, particularly tragic when you wrongly stray from your initial view (I remember your "red candles still haunt my dreams" and have felt exactly the same for a long time). |
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2025
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Economy / Speculation / Re: Let's be realistic. For what reason do you really think Bitcoin will rise?
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on: July 05, 2013, 08:08:01 PM
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6 billion people
trillions of dollars in the world
only 21 million bitcoins, bitcoins can be divided into 7 decimal places so if it does go up or down its irrelevant, its meant to be a currency anyways
4h confirmations, 12 transactions per second (correct me if I'm wrong), yeah what a fantastic currency  7 transactions per second, I'm afraid Bitcoin scales even worse than you thought.  |
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2027
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Economy / Speculation / Re: Wall Observer - MtGoxUSD wall movement tracker - Hardcore
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on: July 05, 2013, 07:53:35 PM
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27k BTC over at bitstamp, higher than the 21k I've seen the highest so far.
What's most fundamentally significant is of course that as I and many other non-tinfoils suspected, MtGox is just fine and withdrawals are re-enabled, meaning that The Great Dollar Extraction can freely play out now.
You think this is panic? We've seen nothing yet.
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2028
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Economy / Speculation / Re: A lot of talk about $50, but the very bottom may be lower
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on: July 05, 2013, 07:45:46 PM
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stop acting smart, you and other big holders are dumping and causing panic - you're just hurting yourselves in the long term.
There's no one to be blamed. This is just the market going back to reality after a speculative illusion. People realized price is not going up and wants $ to pay for stuff. Or to buy cheaper coins and profit from shorting. Bitcoin is very sensitive to speculation by design. This is true when the price skyrockets and when it plummets. Eventually, major adoption and enough liquidity will make it more stable, but as all commodities will always be prone to boom and bust cycles. Stage 2, Anger (shifting blame) |
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2029
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Economy / Speculation / Re: Wall Observer - MtGoxUSD wall movement tracker - Hardcore
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on: July 05, 2013, 07:39:10 PM
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The whole point of this downtrend is to break support at 50 and have the market be depressed so thousands and thousands and thousands of coins can be bought to pay off on the mega as $100+ is approached again. None of the big players, especially large miners, benefit from a long-term sub-$100 price, so the market will always be pushed back up.
Somebody please find and post my sierrachart.com/smartmoneybuyingagainsttrend.png chart. |
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2030
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Economy / Speculation / Re: Wall Observer - MtGoxUSD wall movement tracker - Hardcore
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on: July 05, 2013, 07:33:58 PM
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Frozenlock/Blitz/Rampion right now (seen from ShroomsKits perspective) :  Sorry for neglecting you guys, though as you can all see, this bubble is deflating with or without my postings. In about 24 hours I'll have the time again to enjoy the pain of bubble delusional bulls (or what remains of them). You know, the people who laughed at me, got angry at me or expressed their complete denial back when I said there would be no more triple digits for 2013. |
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2031
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Economy / Speculation / Re: Wall Observer - MtGoxUSD wall movement tracker - Hardcore
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on: July 04, 2013, 12:46:11 AM
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Just a reminder for what will inevitably happen again: How hard is it to believe that a good number of the whales are smart, savvy geeks like us who can see the incredible potential, but with just a fuck ton more cash? And they throw in a few % of their net worth to hold for the next few years... and everyone in the wall thread is like OH SHIT 10K BUY haha
 Smart money so clever! Smart money, trading against the trend. Do you really want to be a part of this "smart money"? |
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2032
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Economy / Speculation / Re: Bitcoin Prices Crashing Now!
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on: July 04, 2013, 12:10:44 AM
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I will just quote another poster: People see price going down, panic sell, causing price to go down even more, more panic selling, rinse and repeat. No fundamental reason behind it, it's pure speculation.
It was the same on the way up to $266.
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2033
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Economy / Speculation / Re: Any word on why Bitcoin has dropped 30% in the last 3 or 4 days???
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on: July 04, 2013, 12:10:10 AM
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People see price going down, panic sell, causing price to go down even more, more panic selling, rinse and repeat. No fundamental reason behind it, it's pure speculation.
It was the same on the way up to $266.
Precisely. It's too funny that people somehow don't acknowledge that explanation and rather seek some "news" to explain things. |
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2036
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Economy / Speculation / Re: Wall Observer - MtGoxUSD wall movement tracker - Hardcore
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on: July 03, 2013, 11:49:34 PM
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definitely time to buy...
Do You think that this isn't just another sprint (rather march) on 80-82?  no we're hitting a key support, post count on this thread is crazy high, all bearish comments ...expect me... time to buy guys its trend reversal  The chart picture is broken, there is no reason to assume a long-term bottom yet. |
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2037
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Economy / Speculation / Re: Any word on why Bitcoin has dropped 30% in the last 3 or 4 days???
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on: July 03, 2013, 11:48:23 PM
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We've had a bubble and now it's deflating.
how can you be a mod in this forum if you're against btc? telling btc price is a bubble makes u a proudhon fanatic... I'm all for Bitcoin and I'm a long-term bull. I'm against making stupid financial decisions however. Also, proudhon is a long-term bull too (and has always been). |
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2040
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Economy / Speculation / Re: Any word on why Bitcoin has dropped 30% in the last 3 or 4 days???
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on: July 03, 2013, 11:38:02 PM
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The neverending mess with those exchanges is one major issue that is causing alot of skepitcism.
Yes. Where are all the VCs that are supposedly pouring money into creating better exchanges and infrastructure? We need them NOW! It doesn't work that quickly, singularity simply doesn't happen and even though things are built, it changes nothing about the bear market. Same as 2011. |
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