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botsofbitcoin
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March 23, 2013, 02:01:35 AM |
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The dollar bubble will really burst when bitcoin hits Apple parity ($424 bil market cap or about $20,000 per bitcoin).
Finland could help by officially adopting bitcoin...
Or Iceland. Cheap electricity there and they could do with a bit of a cash injection, I'm sure. |
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BTCLuke
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March 23, 2013, 05:18:05 AM |
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+1 for _Not_a_Bubble_. Bitcoin is too much to too many people. It is climbing now because it is getting picked up in the following allocations: - 49% Speculators/Hoarders/Liberty Lovers (People buying to hold)
- 1% Arbitragers
- 20% Monetary refugees (Think Cyprus, but the whole Eurozone and argentina right now. These are long but not very long holding)
- 10% Users who just want to see Bitcoin flourish (so will buy and spend repeatedly)
- 20% System D... Which is the 2nd largest Economy on earth, next to the USA. (Of course they will have a slow adoption rate.)
So since 49% speculation isn't enough to crash the market, and especially since we do indeed have arbitragers helping keep the chart less volatile, I'm convinced that we are never going to see a full correction to the huge gains we've made in the last month or two. Perhaps we could lose 25% or something though on some bad news... But no way, no how, are we going back to under $40 until the US Gov makes Bitcoin illegal. |
Luke Parker
Bank Abolitionist
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nioc
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Activity: 1624
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March 23, 2013, 05:34:50 AM |
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Where do you get your percentages from?
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saigo
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March 23, 2013, 05:44:00 AM |
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From what i'm reading here and there, the ASIC's coming along will make it harder to mine BTC, which will push folks into mining LTC.. if any substance to this at all, then I suspect that the next bubble might be in LTC ? ( now, thats 5 posts and more than 4 hours, let me out of newbie hell, please ?  ) |
Saigō Takamori : ( 1828 – 1877) was one of the most influential samurai in Japanese history. He has been dubbed the last true samurai.
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cosmicblue
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March 23, 2013, 07:36:39 AM |
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Is this the new bottom? Price drop today from 72$ to 62$
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Big dom the donkey destroyer.
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cosmicblue
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March 23, 2013, 08:07:13 AM |
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I dont hope so  |
Big dom the donkey destroyer.
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zedicus
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CryptoTalk.Org - Get Paid for every Post!
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March 23, 2013, 09:14:30 AM |
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when the news gets out about the cash withdrawal restrictions and reduced hours coming to US banks... Soaaaaaar!!!
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h4r13q1n
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April 12, 2013, 11:20:29 AM |
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Well, seems you have a good chance to win this bet as it seems right now.
Also the OP question seems to be answered: the bubble is bursting right now.
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jayjay
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April 12, 2013, 11:48:49 AM |
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Well, seems you have a good chance to win this bet as it seems right now.
Also the OP question seems to be answered: the bubble is bursting right now.
And it's still not bottomed out yet I'm afraid... |
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h4r13q1n
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April 12, 2013, 12:32:10 PM |
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And it's still not bottomed out yet I'm afraid...
Nope. But is was predictable. Kinda funny reading through the thread now. I think price drop will halt at $20-$50 which for me feels like an reasonable value. Bad news for everyone who thought that buying btc for $150 was a good idea. |
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wingding (OP)
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April 12, 2013, 12:55:35 PM |
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It bursted!
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saigo
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April 12, 2013, 02:49:07 PM |
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POP, hisssssss....
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Saigō Takamori : ( 1828 – 1877) was one of the most influential samurai in Japanese history. He has been dubbed the last true samurai.
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serioussam
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April 12, 2013, 02:51:25 PM |
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the bubble wont burst yet, ppl will pump and dump for a long time i guess
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Bitformance.com
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April 12, 2013, 02:59:00 PM |
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Nope. But is was predictable. Kinda funny reading through the thread now. I think price drop will halt at $20-$50 which for me feels like an reasonable value. Bad news for everyone who thought that buying btc for $150 was a good idea.
make sense, the last bubble looked the same except there was one zero missing at the end of all numbers. so maybe in 1.5 years we'll see the bubble bursting at 2500 usd falling back to 600 usd? |
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virgojeep
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April 12, 2013, 03:06:28 PM |
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It went up way too fast. 2.5 weeks from 65ish to 260. That's highly unstable not to mention I have a feeling that a lot of the buying and selling was automated.
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Larynth
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April 12, 2013, 03:10:01 PM |
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It's not a bubble, a pyramid or a ponzi. I'm so tired of the detractors who oversimplify this. The pundits in the media clearly do not understand the system. Almost across the board they miss the significance to the system of mining. They think mining is some mysterious crypto puzzle by which bitcoins are magically minted. If you miss the fact that the idea of mining is to secure the network and create the blockchain then sure it looks like a scam or a bubble.
Bubbles are based on consumer ignorance and desire chasing a want for something to an extreme that defies logic. Demand for that thing spirals so far out that everyone drops what they are doing do make more of that thing because the profits are insane. Eventually, either the needs are all filled or the herd wakes up and demand falls. At this point the thing that makes it a bubble isn't the fall in demand it's the fact that 75% of your economy is now tied up in manufacturing the thing for which there is no longer a demand.
ASIC's are a potential (and likely) bubble due to the ignorance of the average person clamoring to get one at any cost. Fortunately for bitcoin, this only raises the perceived value of bitcoin. If some sheep buys an ASIC miner for 30k, he's going to expect a bitcoin mined with his rig to be worth something in relation to his investment.
People will eventually wake up and realize that bitcoin's primary strength is the fact that I can send money from Florida to anywhere in the world essentially for free. It's next largest strength is the ability for a merchant to make a non cash transaction without paying 4-14% to a processor. The secondary strength is where it will most likely find long-term adoption by the herd.
This was a panic plain and simple, not a bubble!
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erschiessen
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April 12, 2013, 03:11:20 PM |
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All bubbles burst. Know the signs... I would say we're in the "Enthusiasm" or "Greed" stages.  Thanks for reviving this thread. I was trying to find this pic. CAPITULATION phase? Going from only my recollection, BTC is following this path to a 'T' (if that is the proper term) |
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martinm
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April 12, 2013, 03:24:50 PM |
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Thanks for reviving this thread. I was trying to find this pic. CAPITULATION phase? Going from only my recollection, BTC is following this path to a 'T' (if that is the proper term) Interessting picture, but the mean is still difficult to define especially Bitcoins are something that newer existed before. Bitcoins are currently under evaluated, even it looks currently like the price was corrected by the market. |
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