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Author Topic: Who's buying on the way down?  (Read 1651 times)
billyjoeallen
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June 13, 2011, 10:25:54 PM
 #1

I understand who's selling right now:
1. Speculators hoping to lock in profits or limit losses
2. Miners attempting to recoup capital costs
3. Panicking hoarders

but for every seller, there is a buyer on the other side of the trade. Who are these people and why are they buying?

They are suckers possibly, OR maybe they are bargain hunters.  Maybe they know something we don't.

Who could possibly want an electronically transferable, non-dilutable, low-friction, counterfeit, loss and theft resistant, discreet online medium of exchange? 

insert coin here:
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imperi
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June 13, 2011, 10:27:39 PM
 #2

Who could possibly want an electronically transferable, non-dilutable, low-friction, counterfeit, loss and theft resistant, discreet online medium of exchange? 

Al Qaeda.
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June 13, 2011, 10:28:22 PM
 #3

I am.

A bear market is a fire sale.

"The powers of financial capitalism had another far-reaching aim, nothing less than to create a world system of financial control in private hands able to dominate the political system of each country and the economy of the world as a whole. This system was to be controlled in a feudalist fashion by the central banks of the world acting in concert, by secret agreements arrived at in frequent meetings and conferences. The apex of the systems was to be the Bank for International Settlements in Basel, Switzerland, a private bank owned and controlled by the world's central banks which were themselves private corporations. Each central bank...sought to dominate its government by its ability to control Treasury loans, to manipulate foreign exchanges, to influence the level of economic activity in the country, and to influence cooperative politicians by subsequent economic rewards in the business world."

- Carroll Quigley, CFR member, mentor to Bill Clinton, from 'Tragedy And Hope'
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June 13, 2011, 10:38:29 PM
 #4

I normally buy during dips, not right now though - i'm actually saving USD for BitInstant (see my sig) as I believe it's a better longterm investment.

Bitcoin will either fail outright or it will massively increase in value - buying when it's cheap now seems like a good idea.

Selling when it's low? You'll kick yourself when the market recovers.
billyjoeallen
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June 14, 2011, 12:38:03 AM
 #5

WooHOO! looks more and more like a correction and not a burst bubble. Week over week trend is still solidly bullish.

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nickwit
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June 14, 2011, 01:59:36 AM
 #6

I think the main thing to learn from the pyrontechnics over the weekend is this:

Nobody knows what the fuck they're talking about.


And the more they talk, the more likely they are to be wrong, wrong, wrong. You know the drill... there's :

stuff we know
stuff we know we don't know
stuff we don't know we don't know

And apparently, the more someone talks, the more they don't know they don't know... the more they want attention or reassurance etc etc.

--

So given that, here's something we do know: Bitcoins is not coupled to any "thing"... but if you did try to distill some "thing of value" behind it... what it is, is a network of nodes (peeps) engaged in an experiment in alternative-currency, because they're ideologically dismayed by fractional-reserve-fiat. That's the thing-of-value. Rebellion.

And most of these people got in early, with very low initial investment... so they don't have a lot to lose... and all this "talk", is an interesting (and entertaining) experimental side-effect, but not really what the whole thing is about.

I personally have a shop selling the things I make for bitcoins, I sell my programming-services for bitcoins and I've punted £250 into the market - but I see this not so much as in "investment" as a donation towards an experiment... I want to see what happens, because the social-engineering aspect of this is WAY more important than little people all excited because they might be able to get something for nothing.

But like, what do I know.


billyjoeallen
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June 17, 2011, 02:32:16 AM
 #7

I think the main thing to learn from the pyrontechnics over the weekend is this:

Nobody knows what the fuck they're talking about.


And the more they talk, the more likely they are to be wrong, wrong, wrong. You know the drill... there's :

stuff we know
stuff we know we don't know
stuff we don't know we don't know

And apparently, the more someone talks, the more they don't know they don't know... the more they want attention or reassurance etc etc.

--

So given that, here's something we do know: Bitcoins is not coupled to any "thing"... but if you did try to distill some "thing of value" behind it... what it is, is a network of nodes (peeps) engaged in an experiment in alternative-currency, because they're ideologically dismayed by fractional-reserve-fiat. That's the thing-of-value. Rebellion.

And most of these people got in early, with very low initial investment... so they don't have a lot to lose... and all this "talk", is an interesting (and entertaining) experimental side-effect, but not really what the whole thing is about.

I personally have a shop selling the things I make for bitcoins, I sell my programming-services for bitcoins and I've punted £250 into the market - but I see this not so much as in "investment" as a donation towards an experiment... I want to see what happens, because the social-engineering aspect of this is WAY more important than little people all excited because they might be able to get something for nothing.

But like, what do I know.

There's nothing inherently wrong with fractional reserve banking as long as it's disclosed as such and you are willing to tolerate the occasional bank run. The problem is that FRB expands the money supply, effectively robbing depositors of purchasing power while simultaneously using the State's ability to tax (steal from) that same depositor as a backstop or insurance policy (see the FDIC's implicit government backing).  The real problem is legal tender laws that make alternative banking economically nonviable.

insert coin here:
1Ctd7Na8qE7btyueEshAJF5C7ZqFWH11Wc

Open an exchange account at CampBX: options, lowest commissions, and best security
https://campbx.com/register.php?r=0Y7YxohTV0B
niemivh
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June 17, 2011, 02:49:47 AM
 #8

I think the main thing to learn from the pyrontechnics over the weekend is this:

Nobody knows what the fuck they're talking about.


And the more they talk, the more likely they are to be wrong, wrong, wrong. You know the drill... there's :

stuff we know
stuff we know we don't know
stuff we don't know we don't know

And apparently, the more someone talks, the more they don't know they don't know... the more they want attention or reassurance etc etc.

--

So given that, here's something we do know: Bitcoins is not coupled to any "thing"... but if you did try to distill some "thing of value" behind it... what it is, is a network of nodes (peeps) engaged in an experiment in alternative-currency, because they're ideologically dismayed by fractional-reserve-fiat. That's the thing-of-value. Rebellion.

And most of these people got in early, with very low initial investment... so they don't have a lot to lose... and all this "talk", is an interesting (and entertaining) experimental side-effect, but not really what the whole thing is about.

I personally have a shop selling the things I make for bitcoins, I sell my programming-services for bitcoins and I've punted £250 into the market - but I see this not so much as in "investment" as a donation towards an experiment... I want to see what happens, because the social-engineering aspect of this is WAY more important than little people all excited because they might be able to get something for nothing.

But like, what do I know.

There's nothing inherently wrong with fractional reserve banking as long as it's disclosed as such and you are willing to tolerate the occasional bank run. The problem is that FRB expands the money supply, effectively robbing depositors of purchasing power while simultaneously using the State's ability to tax (steal from) that same depositor as a backstop or insurance policy (see the FDIC's implicit government backing).  The real problem is legal tender laws that make alternative banking economically nonviable.

And to be more specific than that the problem is that money is debt-issued and then used for parasitical speculation, the war-machine, and our casino like economy.  If we were doing something productive with it: curing cancer/AIDS, building infrastructure, engaging in biomedical research and other science drivers then Bitcoin would likely not exist nor would it have much reason to.

I'll keep my politics out of your economics if you keep your economics out of my politics.

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June 17, 2011, 02:52:21 AM
 #9

Who could possibly want an electronically transferable, non-dilutable, low-friction, counterfeit, loss and theft resistant, discreet online medium of exchange? 

Al Qaeda.

This ^^

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Vince Torres
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June 17, 2011, 03:22:13 AM
 #10

Well, if the market stays true to the theory of deflation. Then a bitcoin at 20 dollars could be a bargain millions wished they had taken.

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Synaptic
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June 17, 2011, 03:47:09 AM
 #11

Well, if the market stays true to the theory of deflation. Then a bitcoin at 20 dollars could be a bargain millions wished they had taken.

This "theory" of deflation you speak about would only benefit anyone on the off chance that the theoretical bitcoin economy developed to any significant degree...
hugolp
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June 17, 2011, 03:59:12 AM
 #12

Well, if the market stays true to the theory of deflation. Then a bitcoin at 20 dollars could be a bargain millions wished they had taken.

Bitcoin price depends on supply and demand. There will be price deflation if the demand for bitcoins goes up more than the supply. Since the suply of bitcoins is very limited and will be more and more limited as time goes by, IF the Bitcoin economy develops thus increasing the demand for bitcoins, it is expected that bitcoins will be price deflationary. But it is not a given. And certainly it is not a short term process.
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