2017 Bitcoin Price-Chart: the price is fractal, so the pattern will repeat. 💸

[americanpegasus]

See that peak on the left?  That's the old $1,000 all-time-high from 2014.    
  
https://i.imgur.com/cSNy0x6.jpg  
 
  
It's gonna be fucking NUTS.  Can you even imagine the news coverage and how the Internet is going to blow up?  Y'all better be upgrading your servers *now*.

[Morecoin Freeman]

The image you posted already crashed. Too much hype. Shit is unreal. I'm buying more.

[rjclarke2000]

What is this??

[gentlemand]

Cripes. I'd better...

Do some more sitting around.

[americanpegasus]

The image you posted already crashed. Too much hype. Shit is unreal. I'm buying more.

 
Yeah, not sure why images aren't loading properly tonight, but I added the url in case it happens again.

[randy8777]

this thread definitely belongs in the 'what the f*ck' section. op has too much time or he is simply enjoying a space trip to planet weedy.

[battbot]

See that peak on the left?  That's the old $1,000 all-time-high from 2014.    
  
https://i.imgur.com/cSNy0x6.jpg  
 
  
It's gonna be fucking NUTS.  Can you even imagine the news coverage and how the Internet is going to blow up?  Y'all better be upgrading your servers *now*.

[derpinheimer]

The image you posted already crashed. Too much hype. Shit is unreal. I'm buying more.

What the fuck is this shit

[Meuh6879]

all hedge fund in bitcoin technologies wait for the 2016 halving ...

i prefer this :

[Elwar]

See that peak on the left?  That's the old $1,000 all-time-high from 2014.    
  
https://i.imgur.com/cSNy0x6.jpg  
 
  
It's gonna be fucking NUTS.  Can you even imagine the news coverage and how the Internet is going to blow up?  Y'all better be upgrading your servers *now*.

[americanpegasus]

Absolutely Elwar, for some reason bitcoin stagnates for long periods of time and then is prone to these violent vertical moves whenever the conditions finally become too good to ignore.  Then it inevitably gets ahead of itself and crashes. 
 
Thing is that no one knows just how violent of a vertical move it is until it's over.  You can bet that as soon as we cross $2,000 the Internet will be filled with trolls moaning about this "unsustainable bubble" and how everyone needs to sell now.  The price will keep exploding upward though until it finally hits a peak and slowly reconciles down to a new floor. 
 
It would be nice to stabilize (even have stable growth)  but I don't think that will happen until we have reached the highest tiers of finance, which would be the governments buying in.  I think there is one more bubble left before that and then we stabilize as a world reserve currency.

[gentlemand]

Absolutely Elwar, for some reason bitcoin stagnates for long periods of time and then is prone to these violent vertical moves whenever the conditions finally become too good to ignore.  Then it inevitably gets ahead of itself and crashes. 

'Historical' Bitcoin data has been comprehensively proven to be an utter irrelevance over the course of the last year or more. This is all completely uncharted territory and anyone going all in on the basis of past behaviour should think again.

[americanpegasus]

Absolutely Elwar, for some reason bitcoin stagnates for long periods of time and then is prone to these violent vertical moves whenever the conditions finally become too good to ignore.  Then it inevitably gets ahead of itself and crashes.  

'Historical' Bitcoin data has been comprehensively proven to be an utter irrelevance over the course of the last year or more. This is all completely uncharted territory and anyone going all in on the basis of past behaviour should think again.

It looks just like the past four patterns to me, with mild variations.  I predict 6-8 months of stagnation/slow rise and then fireworks before fall of 2016.

[minerpumpkin]

Assuming Bitcoin really repeats its fractal cycle, this would be incredible indeed. I'm also bullish for Bitcoin's long term success, but keep in mind that past performance (or any fractal-like behavior) is a guarantee for future performance! But what you are implying and describing here is basically the very foundation of why people invest in Bitcoin. If it does succeed, the return will be incredible.

[BillyBobZorton]

My biggest concern is the blocksize. Indeed, thinking about upgrading servers it's a good idea, but what about updraging the blocksize limit? Once BTC goes again past 1K+, this time it will be all over the planet, media will go nuts, they'll no see it comming, we'll have a sea of noobs getting in and it will be indeed crazy. How will the blocksize of 1MB deal with that?

[gentlemand]

My biggest concern is the blocksize. Indeed, thinking about upgrading servers it's a good idea, but what about updraging the blocksize limit? Once BTC goes again past 1K+, this time it will be all over the planet, media will go nuts, they'll no see it comming, we'll have a sea of noobs getting in and it will be indeed crazy. How will the blocksize of 1MB deal with that?

That's what's being hammered out right now. There are the 20mb block advocates and then you have ideas like the lightning network

http://lightning.network/lightning-network-paper-DRAFT-0.5.pdf

It would be better if something wasn't born out of immediate necessity, but lots of bright minds are beavering away right now.

[Raize]

In my honest opinion, the slow and steady then jumping increase from $2 to $260 felt more like the gradual build-up from $0.02 to $1.25 while the quick and sharp jump from $65 to over $1000 felt more like the $0.65 to over $30 portion of your charts. But that might be my bias of having watched them both happen.

I believe you should maybe think bigger than just $6-7k, Bitcoin's made fools of us for having rational estimations before. Think more like $65-80k by May of 2020 but at least another six months to a year of mostly sideways trading here in 2015 (but at a very gradual incline). Of course, all of this is assuming $180 or whatever in 2015 is the actual low, it might not be.

A good bit of how the price will eventually change in the coming years may also be dependent on revolutionary breakthroughs in mining and possibly new code, too. But if you're going to go fractal, I'd say check out the Gox charts going back to 2010 and plot them till at least December 2011. I believe it is possible we're in the early December 2011 timeframe, but if we haven't really hit a low, we might not be. The difficulty isn't falling hand-over-fist like it was in Fall 2011.

[ensurance982]

In my honest opinion, the slow and steady then jumping increase from $2 to $260 felt more like the gradual build-up from $0.02 to $1.25 while the quick and sharp jump from $65 to over $1000 felt more like the $0.65 to over $30 portion of your charts. But that might be my bias of having watched them both happen.

I believe you should maybe think bigger than just $6-7k, Bitcoin's made fools of us for having rational estimations before. Think more like $65-80k by May of 2020 but at least another six months to a year of mostly sideways trading here in 2015 (but at a very gradual incline). Of course, all of this is assuming $180 or whatever in 2015 is the actual low, it might not be.

A good bit of how the price will eventually change in the coming years may also be dependent on revolutionary breakthroughs in mining and possibly new code, too. But if you're going to go fractal, I'd say check out the Gox charts going back to 2010 and plot them till at least December 2011. I believe it is possible we're in the early December 2011 timeframe, but if we haven't really hit a low, we might not be. The difficulty isn't falling hand-over-fist like it was in Fall 2011.

It's just not possible - at this point - to know whether Gox was inflating the price artificially or whether the price was "legitimate"! Maybe we'll know in a couple years, but from this point on it could really go either ways... The mining reward is still quite high and created some selling pressure. But the total market cap at even 21m BTC may be much much much higher, still. And we're already at 14m or so

[hdbuck]

In my honest opinion, the slow and steady then jumping increase from $2 to $260 felt more like the gradual build-up from $0.02 to $1.25 while the quick and sharp jump from $65 to over $1000 felt more like the $0.65 to over $30 portion of your charts. But that might be my bias of having watched them both happen.

I believe you should maybe think bigger than just $6-7k, Bitcoin's made fools of us for having rational estimations before. Think more like $65-80k by May of 2020 but at least another six months to a year of mostly sideways trading here in 2015 (but at a very gradual incline). Of course, all of this is assuming $180 or whatever in 2015 is the actual low, it might not be.

A good bit of how the price will eventually change in the coming years may also be dependent on revolutionary breakthroughs in mining and possibly new code, too. But if you're going to go fractal, I'd say check out the Gox charts going back to 2010 and plot them till at least December 2011. I believe it is possible we're in the early December 2011 timeframe, but if we haven't really hit a low, we might not be. The difficulty isn't falling hand-over-fist like it was in Fall 2011.

It's just not possible - at this point - to know whether Gox was inflating the price artificially or whether the price was "legitimate"! Maybe we'll know in a couple years, but from this point on it could really go either ways... The mining reward is still quite high and created some selling pressure. But the total market cap at even 21m BTC may be much much much higher, still. And we're already at 14m or so

the price was/is "legitimately inflated"

BTW Karpeles had to "improvise" once the USG freezed his funds. But if you really want to blame someone, blame Agent Carl Mark Force IV.

[minerpumpkin]

My biggest concern is the blocksize. Indeed, thinking about upgrading servers it's a good idea, but what about updraging the blocksize limit? Once BTC goes again past 1K+, this time it will be all over the planet, media will go nuts, they'll no see it comming, we'll have a sea of noobs getting in and it will be indeed crazy. How will the blocksize of 1MB deal with that?

That's what's being hammered out right now. There are the 20mb block advocates and then you have ideas like the lightning network

http://lightning.network/lightning-network-paper-DRAFT-0.5.pdf

It would be better if something wasn't born out of immediate necessity, but lots of bright minds are beavering away right now.

Yeah, but there's actually no real reason why we can't just push the blocksize up. It just artificially decreases the networks' scalability. It just doesn't make any sense to cap the block size at current levels in the mid-term to long-term, really! We need the theoretical availability of bigger blocks.