I am pretty confident we are the new wealthy elite, gentlemen.

[JayJuanGee]

"What is causing the slump is people are dollar cost averaging out, everyone is saying the transactions are up, that's because everyone is selling. Those are transactions."



For every seller there is a buyer, you might as well say that everyone is buying.

I think JoeVentura has a valid point regarding the fact that if the BTC price is falling, then more coins are being offered for sale than there are coins being bought - and that is why the price is falling.  On the other hand if there are more coins being bought than offered, then the price rises.

As you suggest, Arriemoller, in the end, that claim about dollar cost average selling may NOT be saying too much; however, I believe more importantly, is that JoeVentura got it wrong b/c dollar cost average selling would have been taking place as the price was rising... however, the price has been falling for nearly a year... so what we have NOW, or at least in the past 4 months or so, are continued attempts to force the price down by big cats and attempt to cause regular people to panic and to sell their coins.. and this dynamic is NOT about dollar cost average selling, like JoeVentura is so boldly and wrongly asserting.

[joeventura]

Very amusing.

What you fail to notice is the fact that BTC is in a slow descent, with no bottom in sight.

Let's talk through the scenario, BTC keeps dropping (down 49% since July 3rd) that's more than 10% a month.

In response to that what is happening?

People spending their BTC? NO!

People selling their BTC? YES!

People continuing to hoard BTC waiting for it to come back? YES!

People mining any great quantity of BTC on their own? NO!

People cloud mining making tiny BTC profits? YES!

These things above never change and if they don't then BTC will be $150 in 4 months, then it becomes cost prohibitive for anyone but the huge farms like KNC to mine.

By June BTC will be down in the double digits ($85ish) and no one will be interested in it any longer.

You heard it here.

The price is higher than a year ago

People spending their BTC? YES

More people are involved in Bitcoin than a year ago and way more people have heard of it; the price couldn't sustain 700$+ this year but things change and when the western economical environnement will become very toxic very clearly again the price will rise to new highs, been there done that!

The price is higher than a year ago  <<--- A comment you will able to say for about another two weeks then BTC will be at a 12 month low because your comment is only true because a year ago it was a few bucks lower than it is now and then proceeded on a rocket ride to like $1200

[joeventura]

"What is causing the slump is people are dollar cost averaging out, everyone is saying the transactions are up, that's because everyone is selling. Those are transactions."



For every seller there is a buyer, you might as well say that everyone is buying.

I think JoeVentura has a valid point regarding the fact that if the BTC price is falling, then more coins are being offered for sale than there are coins being bought - and that is why the price is falling.  On the other hand if there are more coins being bought than offered, then the price rises.

As you suggest, Arriemoller, in the end, that claim about dollar cost average selling may NOT be saying too much; however, I believe more importantly, is that JoeVentura got it wrong b/c dollar cost average selling would have been taking place as the price was rising... however, the price has been falling for nearly a year... so what we have NOW, or at least in the past 4 months or so, are continued attempts to force the price down by big cats and attempt to cause regular people to panic and to sell their coins.. and this dynamic is NOT about dollar cost average selling, like JoeVentura is so boldly and wrongly asserting.

force the price down by big cats and attempt to cause regular people to panic and to sell their coins..  << sorry not buying this.

[JayJuanGee]

"What is causing the slump is people are dollar cost averaging out, everyone is saying the transactions are up, that's because everyone is selling. Those are transactions."



For every seller there is a buyer, you might as well say that everyone is buying.

I think JoeVentura has a valid point regarding the fact that if the BTC price is falling, then more coins are being offered for sale than there are coins being bought - and that is why the price is falling.  On the other hand if there are more coins being bought than offered, then the price rises.

As you suggest, Arriemoller, in the end, that claim about dollar cost average selling may NOT be saying too much; however, I believe more importantly, is that JoeVentura got it wrong b/c dollar cost average selling would have been taking place as the price was rising... however, the price has been falling for nearly a year... so what we have NOW, or at least in the past 4 months or so, are continued attempts to force the price down by big cats and attempt to cause regular people to panic and to sell their coins.. and this dynamic is NOT about dollar cost average selling, like JoeVentura is so boldly and wrongly asserting.

force the price down by big cats and attempt to cause regular people to panic and to sell their coins..  << sorry not buying this.

You don't need to buy it, but it seems to be a much better description of what is going on than what you have made.... and are you also predicting prices to go in the sub-$200 territory in the near future?  I think that the odds are pretty decent that your prediction in that regard will NOT be realized.

[trade2winnn]

BTC will flag post between $300-$450 for another month or so. When it breaks $490 level we will see another run. Just my 2 cents.

[minairia3]

What are peoples' opinions about lowly Pandacoin gaining popularity with ordinary people in Romania and Bulgaria? Check out this thread from the alt coin ghetto:  https://bitcointalk.org/index.php?topic=846866.0.  They seem to like Pandacoin because it is faster than Bitcoin.  I think Panda is one of the best alts and also thought it was doomed to not go anywhere like all the others.  I had no idea it had gotten to the point where you can use Panda in bars. I guess it was an organic process not led by a thought leader or a company.

[CoinCidental]

What are peoples' opinions about lowly Pandacoin gaining popularity with ordinary people in Romania and Bulgaria? Check out this thread from the alt coin ghetto:  https://bitcointalk.org/index.php?topic=846866.0.  They seem to like Pandacoin because it is faster than Bitcoin.  I think Panda is one of the best alts and also thought it was doomed to not go anywhere like all the others.  I had no idea it had gotten to the point where you can use Panda in bars. I guess it was an organic process not led by a thought leader or a company.

I haven't heard anything substantial, some new guy says everyone is spending it in Romania?
Id like a bit more proof
Romanian taxi drivers have time to wait for an email from an exchange to confirm they just
been paid in pandacoins??  lol

[joeventura]

BTC will flag post between $300-$450 for another month or so. When it breaks $490 level we will see another run. Just my 2 cents.

Will that happen before or after the FTC dumps several million dollars worth of Butterfly Labs BTC on the open market very shortly?

Just curious.

[jbreher]

Will that happen before or after the FTC dumps several million dollars worth of Butterfly Labs BTC on the open market very shortly?

Just curious.

Mmmhmmm. Just FUDing.

Using the U.S. Marshals sale of the Silk Road seizure as an example, they are unlikely to dump them on the open market. However, if they did, using Bearwhale's 30,000 coins as an example, the market will choke them down with a temporary small negative blip, followed by a nearly instant return to almost the predump price.

FUD harder.

[alch1mista]

on the open market

[Biomech]

Wealthy? Maybe some of us. Elite? Meh. Gentleman? Lol .. Have you read posts from bitcoin users?

Well, in the classic sense a "gentleman" is someone who owns land...

So I don't qualify there. I'm not sure I'll ever be elite either, but I wouldn't mind

[Biomech]

I am not only holding my btc, but also mine them using cloud mining, and I started buying more since the price is very low. I believe that the price will sky rocket once bitcoin get international recognition and more people start using it. This will take time, maybe 10 years, but it will happen and when it does we (the first investors) will be the richest people. 

If it is going to take 10 years to become the "new wealthy elite, gentlemen," then those of us aspiring for such status better have some decent will power and patience to be able to hold onto our coins for such an extended span of time.

These things tend to happen gradually. It will not take 10 years.

2-3 years TOPS, probably more like 1 year.

I think that is a reasonable amount of time to wait to be rich

Also gives you time to stock up on as many BTC as possible

Why do you guys want to be super rich so badly? What's the big deal? This is a serious question, could you guys answer why you want to be part of a wealthy elite? Don't you know the cons of being rich?

Wealth is power. I've never been rich, but I've been pretty well off, and I've been dirt poor and homeless. All have their good and bad points, but the good points of being wealthy outweigh the bad, because of the personal power you can wield. If you want to effect change as a poor boy, you have only your wit and voice. As a rich man, you have the ability to amplify that wit and voice with a great many things.

To me, wealth is not in itself a worthy goal, it's a measure of success in things that matter much more to me. Not the only measure by any means. But if I could achieve sufficient self sustaining wealth to not worry about what my family will eat next week, or next decade, I would have far more time for other ventures. I am not the guy who would win powrball and go bankrupt a year later

[CoinCidental]

BTC will flag post between $300-$450 for another month or so. When it breaks $490 level we will see another run. Just my 2 cents.

Will that happen before or after the FTC dumps several million dollars worth of Butterfly Labs BTC on the open market very shortly?

Just curious.

I will buy them, so will many other people
the cheaper the better if they want to crash the price down a bit
I will happily take advantage of the dip if I get the opportunity
Before everyone else

Your crazy if you think a whale dump will affect the price for long
before it gets swallowed up, maybe even in large part by another whale
who's  been considering getting in when the price is  right

[Biomech]

I am not only holding my btc, but also mine them using cloud mining, and I started buying more since the price is very low. I believe that the price will sky rocket once bitcoin get international recognition and more people start using it. This will take time, maybe 10 years, but it will happen and when it does we (the first investors) will be the richest people.  

If it is going to take 10 years to become the "new wealthy elite, gentlemen," then those of us aspiring for such status better have some decent will power and patience to be able to hold onto our coins for such an extended span of time.

These things tend to happen gradually. It will not take 10 years.

2-3 years TOPS, probably more like 1 year.

I think that is a reasonable amount of time to wait to be rich

Also gives you time to stock up on as many BTC as possible

Why do you guys want to be super rich so badly? What's the big deal? This is a serious question, could you guys answer why you want to be part of a wealthy elite? Don't you know the cons of being rich?

Give me all the cons please. The cons are just bullshit that stupid people face who don't know how to handle the money.

I'd have to disagree. Being wealthy is a responsibility in itself, and you become a much higher profile target for all sorts of evil men. Especially the "benevolent" rulers.

There are a lot of downsides to wealth, and even more to fame. I've looked at it from near and on the fringes many times, and I've had wealthy friends who's names you would recognize. But I value their friendship more than the name dropping. The pros outweigh the cons to me, but the wealthy do not live simple lives. Having a simple life has certain appeal as well. Wealth in itself is not a goal for me. It's a milestone in my goals, but of itself it's not a goal. I would rather be wealthy than poor. I would in fact like to be ultra rich, because then I could achieve the things that are actually important to me. Understanding that linkage is difficult for most people, thus even if they manage to accumulate a fair amount of treasure, they generally piss it away trying to LOOK wealthy.

In my pleasures, I'm a simple man. I don't see this changing if I do achieve wealth. In my passions, I am not, and this most certainly won't change. I think the gentleman's question was legitimate.

[arlekyn13]

What are peoples' opinions about lowly Pandacoin gaining popularity with ordinary people in Romania and Bulgaria? Check out this thread from the alt coin ghetto:  https://bitcointalk.org/index.php?topic=846866.0.  They seem to like Pandacoin because it is faster than Bitcoin.  I think Panda is one of the best alts and also thought it was doomed to not go anywhere like all the others.  I had no idea it had gotten to the point where you can use Panda in bars. I guess it was an organic process not led by a thought leader or a company.

I haven't heard anything substantial, some new guy says everyone is spending it in Romania?
Id like a bit more proof
Romanian taxi drivers have time to wait for an email from an exchange to confirm they just
been paid in pandacoins??  lol

Off topic: I'm Romanian, but it's the 1st time I ever hear about this alt coin. Stories about everyone using it here are absolute bullish. Also didn't notice anything about it on the Romanian section on these forums.

On topic: I find it very hard to understand what has caused the price of bitcoin to be so low now. It is so innovative, so revolutionizing within the monetary system, that it should already be priced a LOT more than it is now. And I mean... a lot... like almost 1000X. Imo, it should be considered the new "gold", but with all the advantages it comes for the financial markets, unlike gold. Found this by googling: "A total of 174,100 tonnes of gold have been mined in human history". That's 174,100,000 Kg. And one kg is valued at around $37,000.  Now do the math for the amount of BTC already mined, or even for all 21 mil that would potentially ever exist and see where that goes price wise. It gave me about $306,000 / BTC.
And yes, I'm aware that is just wishful thinking, but who can predict what it's gonna be like 2 or 5 or 10 years from now?

[joeventura]

Will that happen before or after the FTC dumps several million dollars worth of Butterfly Labs BTC on the open market very shortly?

Just curious.

Mmmhmmm. Just FUDing.

Using the U.S. Marshals sale of the Silk Road seizure as an example, they are unlikely to dump them on the open market. However, if they did, using Bearwhale's 30,000 coins as an example, the market will choke them down with a temporary small negative blip, followed by a nearly instant return to almost the predump price.

FUD harder.

The FTC is not a law enforcement agency like the Marshalls, FBI of Police. Not likely they will have to auction anything because that takes time, they will dump them in as little as 3 weeks on the open market


The Federal Trade Commission (FTC) is an independent agency of the United States government, established in 1914 by the Federal Trade Commission Act. Its principal mission is the promotion of consumer protection and the elimination and prevention of anticompetitive business practices, such as coercive monopoly.

[Biomech]

Will that happen before or after the FTC dumps several million dollars worth of Butterfly Labs BTC on the open market very shortly?

Just curious.

Mmmhmmm. Just FUDing.

Using the U.S. Marshals sale of the Silk Road seizure as an example, they are unlikely to dump them on the open market. However, if they did, using Bearwhale's 30,000 coins as an example, the market will choke them down with a temporary small negative blip, followed by a nearly instant return to almost the predump price.

FUD harder.

The FTC is not a law enforcement agency like the Marshalls, FBI of Police. Not likely they will have to auction anything because that takes time, they will dump them in as little as 3 weeks on the open market


The Federal Trade Commission (FTC) is an independent agency of the United States government, established in 1914 by the Federal Trade Commission Act. Its principal mission is the promotion of consumer protection and the elimination and preventioncareful preservation of anticompetitive business practices, such as coercive monopoly.

FTFY.

[Piston Honda]

A lot more folks could be wealthy in this industry if we worked better together and stopped scamming one another.

[Biomech]

A lot more folks could be wealthy in this industryuniverse if we worked better together and stopped scamming one another.

FTFY. I cannot disagree with your statement, I just think it's not right to limit it to one sphere.

[BohemianStalker]

"What is causing the slump is people are dollar cost averaging out, everyone is saying the transactions are up, that's because everyone is selling. Those are transactions."



For every seller there is a buyer, you might as well say that everyone is buying.

I think JoeVentura has a valid point regarding the fact that if the BTC price is falling, then more coins are being offered for sale than there are coins being bought - and that is why the price is falling.  On the other hand if there are more coins being bought than offered, then the price rises.

As you suggest, Arriemoller, in the end, that claim about dollar cost average selling may NOT be saying too much; however, I believe more importantly, is that JoeVentura got it wrong b/c dollar cost average selling would have been taking place as the price was rising... however, the price has been falling for nearly a year... so what we have NOW, or at least in the past 4 months or so, are continued attempts to force the price down by big cats and attempt to cause regular people to panic and to sell their coins.. and this dynamic is NOT about dollar cost average selling, like JoeVentura is so boldly and wrongly asserting.

force the price down by big cats and attempt to cause regular people to panic and to sell their coins..  << sorry not buying this.

Except it already happened when price hit 300. In a very short amount of time there were countless posts on reddit and forums about people who put their money savings of  5-10 000 USD when btc price was around 500-800 and to cite them :"must cash now I cannot fail my family by loosing more". The price then took a quick dip to 275 where it stopped.