Do you think the rally is over now... or very soon?

[mccorvic]

I'm sorry, I'm confused.  24 hours ago the price was 31.5.  Now it is 33.5.  How does this qualify as a correction? Explain it like I'm 5.

/thread

[molecular]

The (short-term) correction was ~$3.50, no matter what you believe...

Maybe this will help you out: http://en.wikipedia.org/wiki/Market_correction

At no point was 31.05 established as an equilibrium.

That definition doesn't apply at all:

A market correction is a rapid change in the nominal price of a commodity, after a barrier to free trade has been removed and the free market establishes a new equilibrium price.

Bitcoin might be argued to be a commodity, but where was there ever a trade barrier?

[jwzguy]

The (short-term) correction was ~$3.50, no matter what you believe...

Maybe this will help you out: http://en.wikipedia.org/wiki/Market_correction

At no point was 31.05 established as an equilibrium.

That definition doesn't apply at all:

A market correction is a rapid change in the nominal price of a commodity, after a barrier to free trade has been removed and the free market establishes a new equilibrium price.

Bitcoin might be argued to be a commodity, but where was there ever a trade barrier?

Yes, that was my point. It doesn't apply. Because we didn't have a "correction to 31.05" and really, not a true correction at all.

However, if you mean this term is not applicable to a change in btc price, I disagree. There are plenty of trade barriers that still exist. Like Chase shutting down cash deposit accounts every time they find out they're dealing with a Bitcoin exchange. When we hear news that Coinlab is going to make transferring money to the largest exchange much easier, the price rises rapidly - that is a correction.

Regardless of how people are abusing this term, I would love to see the definition of a market correction that would qualify an instantaneous dip like we saw. It would make the term meaningless.

[molecular]

The (short-term) correction was ~$3.50, no matter what you believe...

Maybe this will help you out: http://en.wikipedia.org/wiki/Market_correction

At no point was 31.05 established as an equilibrium.

That definition doesn't apply at all:

A market correction is a rapid change in the nominal price of a commodity, after a barrier to free trade has been removed and the free market establishes a new equilibrium price.

Bitcoin might be argued to be a commodity, but where was there ever a trade barrier?

Yes, that was my point. It doesn't apply. Because we didn't have a "correction to 31.05" and really, not a true correction at all.

However, if you mean this term is not applicable to a change in btc price, I disagree. There are plenty of trade barriers that still exist. Like Chase shutting down cash deposit accounts every time they find out they're dealing with a Bitcoin exchange. When we hear news that Coinlab is going to make transferring money to the largest exchange much easier, the price rises rapidly - that is a correction.

Regardless of how people are abusing this term, I would love to see the definition of a market correction that would qualify an instantaneous dip like we saw. It would make the term meaningless.

Hm. I wasn't aware "market correction" was so tightly defined. I figured it'd be any kind of sharp rebound after a move.

found this

A correction is a short term price decline of 5% to 20% or so.

here: https://en.wikipedia.org/wiki/Market_trend

[jwzguy]

A correction is a short term price decline of 5% to 20% or so.

here: https://en.wikipedia.org/wiki/Market_trend

Fair enough - I am sure that if you ask either of those authors if he considers a near instantaneous blip in the price caused by a single order a "correction" they would say no.

Otherwise "correction" would just be synonymous with "fluctuation" and would be meaningless. 

[adamstgBit]

A correction is a short term price decline of 5% to 20% or so.

here: https://en.wikipedia.org/wiki/Market_trend

Fair enough - I am sure that if you ask either of those authors if he considers a near instantaneous blip in the price caused by a single order a "correction" they would say no.

Otherwise "correction" would just be synonymous with "fluctuation" and would be meaningless.  

so then wtf is a "dip"

[jwzguy]

so then wtf is a "dip"

Fast track to gum cancer?

[Richy_T]

This was on page 1 of the thread.
Was anyone able to respond to the challenge? Perhaps I didn't see it
...

• Please post any chart from ANY financial market in modern or ancient history that shows a massive, dramatic upward spike without a sharp correction.

Good luck finding one.

[Richy_T]

Have another

[sublime5447]

This was on page 1 of the thread.
Was anyone able to respond to the challenge? Perhaps I didn't see it
...

• Please post any chart from ANY financial market in modern or ancient history that shows a massive, dramatic upward spike without a sharp correction.

Good luck finding one.

That is perfect just like we all know where this chart will lead so too will BTC.

Scenarios--- Us government tells japan they wont be bailed out unless they shut down gox, or japan decides to shut it down for violating currency laws, SR is infiltrated and is shut down, Sr announces it will start accepting LTC... any others fellow bears? When do people stop believing this lie? When did beanie babies go bust?, when did people realize pogs are just cardboard? When will people realize that BTC is just 1's and 0's that are worthless as anything other than money? and that it is easy to replicate? 

[Piper67]

This was on page 1 of the thread.
Was anyone able to respond to the challenge? Perhaps I didn't see it
...

• Please post any chart from ANY financial market in modern or ancient history that shows a massive, dramatic upward spike without a sharp correction.

Good luck finding one.

Double LOL!

[xxjs]

That is perfect just like we all know where this chart will lead so too will BTC.

Scenarios--- Us government tells japan they wont be bailed out unless they shut down gox, or japan decides to shut it down for violating currency laws, SR is infiltrated and is shut down, Sr announces it will start accepting LTC... any others fellow bears? When do people stop believing this lie? When did beanie babies go bust?, when did people realize pogs are just cardboard? When will people realize that BTC is just 1's and 0's that are worthless as anything other than money? and that it is easy to replicate? 

I love these occasional FUD posts, they keep the BTC/USD ratio in check so that corrections will not be needed so often 

[Nesetalis]

This was on page 1 of the thread.
Was anyone able to respond to the challenge? Perhaps I didn't see it
...

• Please post any chart from ANY financial market in modern or ancient history that shows a massive, dramatic upward spike without a sharp correction.

Good luck finding one.

can't.. stop.. laughing...

you win the thread.

[Chalkbot]

That is perfect just like we all know where this chart will lead so too will BTC.

Scenarios--- Us government tells japan they wont be bailed out unless they shut down gox, or japan decides to shut it down for violating currency laws, SR is infiltrated and is shut down, Sr announces it will start accepting LTC... any others fellow bears? When do people stop believing this lie? When did beanie babies go bust?, when did people realize pogs are just cardboard? When will people realize that BTC is just 1's and 0's that are worthless as anything other than money? and that it is easy to replicate? 

I love these occasional FUD posts, they keep the BTC/USD ratio in check so that corrections will not be needed so often 

I'm not sure this one is helping as I cannot even decipher what he is saying. Is he implying that US debt repayment is imminent? That Silk Road shutting down would have a dramatic effect on BTC price? That somehow switching to LTC would enable Silkroad to recover? That someone can just make copies of bitcoins? Huh?

[sublime5447]

That is perfect just like we all know where this chart will lead so too will BTC.

Scenarios--- Us government tells japan they wont be bailed out unless they shut down gox, or japan decides to shut it down for violating currency laws, SR is infiltrated and is shut down, Sr announces it will start accepting LTC... any others fellow bears? When do people stop believing this lie? When did beanie babies go bust?, when did people realize pogs are just cardboard? When will people realize that BTC is just 1's and 0's that are worthless as anything other than money? and that it is easy to replicate? 

I love these occasional FUD posts, they keep the BTC/USD ratio in check so that corrections will not be needed so often 

I do what I can you can thank me when this thing returns to its intrinsic value, which is even less than fiat, at least you can burn that for warmth.

[xxjs]

That is perfect just like we all know where this chart will lead so too will BTC.

Scenarios--- Us government tells japan they wont be bailed out unless they shut down gox, or japan decides to shut it down for violating currency laws, SR is infiltrated and is shut down, Sr announces it will start accepting LTC... any others fellow bears? When do people stop believing this lie? When did beanie babies go bust?, when did people realize pogs are just cardboard? When will people realize that BTC is just 1's and 0's that are worthless as anything other than money? and that it is easy to replicate?  

I love these occasional FUD posts, they keep the BTC/USD ratio in check so that corrections will not be needed so often  

I'm not sure this one is helping as I cannot even decipher what he is saying. Is he implying that US debt repayment is imminent? That Silk Road shutting down would have a dramatic effect on BTC price? That somehow switching to LTC would enable Silkroad to recover? That someone can just make copies of bitcoins? Huh?

Well he indicated that bitcoin is not money, that it is or can be worthless, that the status of mtgox is somehow important, that an alt-chain can easily take over ... I am sure there are more gems in there.

[sublime5447]

That is perfect just like we all know where this chart will lead so too will BTC.

Scenarios--- Us government tells japan they wont be bailed out unless they shut down gox, or japan decides to shut it down for violating currency laws, SR is infiltrated and is shut down, Sr announces it will start accepting LTC... any others fellow bears? When do people stop believing this lie? When did beanie babies go bust?, when did people realize pogs are just cardboard? When will people realize that BTC is just 1's and 0's that are worthless as anything other than money? and that it is easy to replicate? 

I love these occasional FUD posts, they keep the BTC/USD ratio in check so that corrections will not be needed so often 

I'm not sure this one is helping as I cannot even decipher what he is saying. Is he implying that US debt repayment is imminent? That Silk Road shutting down would have a dramatic effect on BTC price? That somehow switching to LTC would enable Silkroad to recover? That someone can just make copies of bitcoins? Huh?

You have to understand marco to know what I am saying. That fiat expansion chart will look like every other asset bubble chart. The debt expansion is the same thing as the money supply. It is going to collapse into a new great depression. I am saying US default is imminent, and yes Sr getting shut down will shut off about 23% of the market activity and that if SR accepts LTC it's price will rise and BTC will fall. I am not saying that BTC is easy to replicate but easy to imitate possibly with a better coin. 

[notme]

The over-due correction is happening now.

Stop Selling!
Now is the time to buy   

One large sale is not a correction.

One large correction is a sale.

[Chalkbot]

That is perfect just like we all know where this chart will lead so too will BTC.

Scenarios--- Us government tells japan they wont be bailed out unless they shut down gox, or japan decides to shut it down for violating currency laws, SR is infiltrated and is shut down, Sr announces it will start accepting LTC... any others fellow bears? When do people stop believing this lie? When did beanie babies go bust?, when did people realize pogs are just cardboard? When will people realize that BTC is just 1's and 0's that are worthless as anything other than money? and that it is easy to replicate? 

I love these occasional FUD posts, they keep the BTC/USD ratio in check so that corrections will not be needed so often 

I'm not sure this one is helping as I cannot even decipher what he is saying. Is he implying that US debt repayment is imminent? That Silk Road shutting down would have a dramatic effect on BTC price? That somehow switching to LTC would enable Silkroad to recover? That someone can just make copies of bitcoins? Huh?

You have to understand marco to know what I am saying. That fiat expansion chart will look like every other asset bubble chart. The debt expansion is the same thing as the money supply. It is going to collapse into a new great depression. I am saying US default is imminent, and yes Sr getting shut down will shut off about 23% of the market activity and that if SR accepts LTC it's price will rise and BTC will fall. I am not saying that BTC is easy to replicate but easy to imitate possibly with a better coin. 

The figures I've seen suggest Silk Road does about $250,000 a month. Even if every one of those coins was immediately bought/sold on the exchange, that represents about half of one percent of the volume of just one exchange (Gox) in that same time period.

Also, collapsing fiat makes bitcoin investing a good idea in my opinion. Sure there are other things you can store value in with a different set of pros/cons, but bitcoin serves the purpose well.

If Anyone accepts LTC, it is likely in addition to BTC at this point, not instead of. That would be silly. That's like a McDonalds store opening up in California that only accepts Pesos. Sure you *could* go there, but why? And what advantage would the owner of that store have by doing that?

In my opinion, the only way an alt-coin could potentially dethrone bitcoin at this stage is if it was backed by a company like Apple, Google, or Amazon.

[sublime5447]

http://spacedruid.com/2013/02/26/the-demographics-of-bitcoin-part-1/


I cant speak about the volume of sales of SR I read an article that said they did 22 million last year, I am not sure, I just know the vast majority of my customers by them to spend there, but who knows you could be right

As for the death of fiat being good for BTC that is completely false all asset prices will fall under that scenario

"If Anyone accepts LTC, it is likely in addition to BTC at this point, not instead of. That would be silly." ridiculous a competitor coin rising in popularity will be at bitcoins expense.   

  "In my opinion, the only way an alt-coin could potentially dethrone bitcoin at this stage is if it was backed by a company like Apple, Google, or Amazon."

That can happen tomorrow.