The daily charts look horrible - EMA violated, MACD down, parabolic sar flipped, RSI below 70. But it looks like perhaps we're still being supported by "choo choo mofo" trendline we've had since day 1 of ATH break. I wonder if this trendline could slowly drive us to ATH? This would probably be the last breakout since that trend would be moving too slow to keep up with any significant higher levels.
And meanwhile Stamp chews through $1000 yet again. Bitcoin chews up TA as well. |
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The recent Bitcoin analysis from big banks BoA and Citi puts this loopy tulip-dude Stilgherrian back into kindergarten.
Greenspan agrees with Stilgherrian, so this proves beyond doubt that Stilgherrian is wrong.
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Good news coming from these sources makes me suspect a large dump coming soon.
Not sure what you are worried about. Large dumps must come from existing holders. Any existing holder can dump at any time. This has always been the case. Just need to look at rpietila's list to see where the risk of that is. Also, large dumps are good in the long run as they spread the coinage into more hands. The big banks are not monolithic like the Romulans or the Borg! Analysts have free rein to examine areas of the financial landscape within their purview (stocks, bonds, commodities, RE, etc). Their opinion helps take Bitcoin into the mainstream of the world economy, which it has to, eventually. Perhaps what they don't write yet is that everyone in the financial sector will utlimately have their jobs irrevocably changed as a result of the crypto revolution. |
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Am I the only one completely unfazed by this drop? Perhaps it is a sign that I have been involved with BTC long enough to understand that what goes up must come down but will eventually go up again? As a newbie I pretty much panicked in April and was depressed when the price dropped after that epic rise but now it just feels normal and almost welcomed to have some drops. Corrections have to happen in the growth process I believe. The great thing I am seeing is that the drops are getting smaller percentage wise. Perhaps due to the larger number of holders and less whales that can manipulate prices?
No. Everyone else is completely unfazed as well. Well damn. I thought I was just personally starting to become "cooler" to these swings. Apparently everyone else is as well. Yeah, I am much happier now that Barry Silbert has our backs, ready to turn his firehose of fiat on any flash crash. |
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You're going to have to elaborate on why inflation is so evil, more than just calling it "horse shit" and telling me to think about it.
Inflation is evil because it takes purchasing power away from currency holders (and, in general, the poorer you are, the higher the percentage of your savings is based on currency), and gives it to the firsts to receive the newly printed money, namely governments, banks and those well connected to them. But even worse than that, inflation is evil because it creates capital destructive business cycles. All this crisis the world is living now would not have happened if central banks did not have the power to inflate their currencies in order to manipulate interest rates. Oh, and BTW, the 2% rate you talk about, it's the official estimation on price inflation. The actual monetary inflation is much higher. What means that, if money supply was stable, average prices would decrease. It's not just 2% of purchasing power you lose per year, it's much more, since you'd have to consider how lower would prices be if there was no inflation. Excellent post. Another way to think of inflation is a stealth tax on savers, earners and spenders. Even if you never file a tax return you are still paying tax on every form of currency that you have in your possession (except gold and b_____n). |
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Fantastic initiative Warren. Donation on the way...
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Another small request please.
Can you add the printable special characters to the mouse keyboard for wallet password. A few are there, but most missing. Thanks!
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Indeed. Upon a quick read of the news that is how I take it. Basically, sounds like they won't let the banks get into it due to the risk they would be undertaking, and rightfully so. But they said explicitly that individual s were free to transact in it, so it sounds like they are clarifying rules, not banning it outright.
I mean the Chinese banks would never take risks like writing mortgages at 22x annual income! |
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God it's hard passing that gold price. Better luck in the New Year.
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Honestly it's mostly hype, Bitcoin isn't a serious transaction medium yet. I remember seeing an article proclaiming 6000 or 7000 sales through Bitpay on Bitcoin Black Friday as proof that we're a real ecosystem.
No, a couple sales per minute on a special day does NOT make a payment system worth $12-13B. That's like a fucking Girl Scout cookie stand.
We've passed Western Union at ~$9B market cap, and they process 28 transactions per second, every day.
Right now Bitcoin is a store of value. The value comes from Bitcoin's future potential as a currency and payment system. Lots of businesses will sign up because it's free and it saves them money; the hard part is convincing people to buy and spend bitcoins if:
A) it's going up constantly and they'll have more money if they wait, and
B) if the currency is extremely volatile.
We know A) will eventually resolve itself if the system grows to maturity. There is a limit to all growth.
The doubt was about B), and my doubts are disappearing.
Exactly how much aggravation, eye-gouging fees, delays, noise, fuss, AML rubber-gloving would someone get from WU if they tried to send $147 million on a Sunday night, across the planet, person-to-person, and wanted it to arrive in seconds, irrevocably confirmed in an hour? WU is Dead Man Walking right now. |
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The crash from 266->50 was more than 75%, so I think the magnitude will decrease but -75% remains very much of a possibility (after a real rally of course).
For now, I think $0.8 is the floor so I adviced the newcomers to buy because they will not likely gain much by waiting.
But, but ThisTimeIsDifferentTMIn 2011 the peak was 30x base with a 90+% correction. In April 2013 peak was 20x base with 80% correction. The rally now is from about $125 to $1200 which is 9.5x base. So a 80% correction is not on the cards. Maybe 50%. But we have already seen a 30% correction this week. So perhaps the 30% was enough for the market. If it gets to $2000 then that would be 16x base and a larger correction from that is likely, but perhaps back to $1000 minimum. |
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Well, there could be a simple solution for too big block chain.
The block chain is there to prevent the double spendings. Well. Before the very first one block in January 2009 there is no blocks or transactions. And still no double spendings have detected.
So lets start new bitcoin system and create a new first block. From the old bitcoin system we just copy all existing bitcoin-addresses to the new bitcoin system's first block and transact exactly same amount of bitcoins to those addresses. And then we just start the new Bitcoin system running.
The old bitcoin system, blocks and transactions can be forgetten.
That very first new block contains one transaction per one created address, so it is quite big, but still just a fraction of the size of the old bitcoin system's block chain.
This could work?
Congratulations! You have just discovered the principle of blockchain ultra-pruning. Check my sig for more. |
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At the Senate hearing the DHS said that they might auction the FBI coins, in the future. This is what they do with cars and other seized property no longer needed for evidence. A public auction means that the bitcoins will not be dumped on an exchange.
You mean they cracked the code? Or did they just crack Dread Pirate Roberts's brain?  Somehow they got 144k coins, easy laptop passwords or whatever, but he still seems to have 400k more. |
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At the Senate hearing the DHS said that they might auction the FBI coins, in the future. This is what they do with cars and other seized property no longer needed for evidence. A public auction means that the bitcoins will not be dumped on an exchange.
Is that so? Are there any snippets of the important parts of the Senate hearing or do I have to watch the whole thing? I doubt they would sell them though. Maybe its nerdy, but watching the whole senate Q&A gave a real insight into how the alphabet soup of USG departments really view crypto and Bitcoin in particular. Mostly they are interested and not hostile. There are 2 days, of 2 hours each session. Some of it is annoying, like hearing about all the imaginary terrorists and child-snatchers which might possibly one-day sometime maybe think about using bitcoins, but some of it was really good - like Tony Gallipi's testimony. Can't remember any other comments about the DPR coins. The lawyer that was so proud she emasculated Second Life needs a brain transplant. |
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I'm not convinced that mBTC is a good idea. Seems like some people just want to fool the market and noobs into thinking that bitcoins are cheaper than they are. One thing about Bitcoin is that it is the first 100% honest money. If it costs $1100 for each coin, then so be it!
I think it's evolution, not just for the noobs. Unless you look at it as commodity, not money. When my friends ask me how much have I paid for something in BTC, answering something like 0.055 sounds geeky, but that doesn't serve a purpose. I think its fine for websites and shops to use mBTC. But the exchanges are a different story. Google shares are $1050, Platinum oz is $1350, Berkshire Hathaway shares are $172k. Let's see Bitcoin pass this sucker: http://finance.yahoo.com/q?d=t&s=BRK-A |
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At the Senate hearing the DHS said that they might auction the FBI coins, in the future. This is what they do with cars and other seized property no longer needed for evidence. A public auction means that the bitcoins will not be dumped on an exchange.
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Could you switch over to mBTC? Either give the option or make it the default?
Other than that, BitcoinWisdom is my favorite chart site out there!
An option, but not the default. mBTC just seems to be a way of fooling the market into thinking that bitcoins are cheaper. Not good. |
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A reply of yours, quoted below, was deleted by a Bitcoin Forum moderator. Posts are most frequently deleted because they are off-topic, though they can also be deleted for other reasons. In the future, please avoid posting things that need to be deleted.
Quote
Oh, the 60GH single is blowin' on my feet
the $45 a day is also pretty neat
posting on the forum makes me feel very 1337
I never heard that tulips gave away free heat
blow me mods, seriously Wasn't that in this thread? If that deserved to get deleted my entire post history is about to disappear. Indeed. That should go into the first book of Bitcoin poetry. bitcoinity just switched to mBTC by default - awesome!
so dumb, switched it right back. I'm not convinced that mBTC is a good idea. Seems like some people just want to fool the market and noobs into thinking that bitcoins are cheaper than they are. One thing about Bitcoin is that it is the first 100% honest money. If it costs $1100 for each coin, then so be it! |
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Mils have been used in several countries for thousandths of a currency unit 
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