those who are buying know something I don't

[evolve]

So, from this graph, if I extrapolate, I can see that by next week-end we'll hit 500

[proudhon]

So, from this graph, if I extrapolate, I can see that by next week-end we'll hit 500

Exactly.  And we won't.

[creativex]

So, from this graph, if I extrapolate, I can see that by next week-end we'll hit 500

Exactly.  And we won't.

 

we WON'T hit $500 by next week!?! That's a pretty bearish call my friend...I'm gonna need something to back that up.

[ehoffman]

we WON'T hit $500 by next week!?! That's a pretty bearish call my friend...I'm gonna need something to back that up.

I know! That's exactly like the extrapolation picture above! I just found it funny though

[bitcon]

So, from this graph, if I extrapolate, I can see that by next week-end we'll hit 500

Exactly.  And we won't.

when proudhon says it wont happen, that always means it will happen.

[randrace]

How does your theory account for the growth in BitPay's transaction volume that exceeds the rate at which the USD/BTC exchange rate is growing?

Ironically, the more BitPay succeeds, the more I believe people don't really trust the BTC market. BitPay is designed for the merchant, they are never exposed to the BTC market because it's fundamentally unstable right now. Which means, trust fiat, just use BTC because some kids are using it and it might bring in some more sales.

Those kids are spending158BTC a day at Amagi Metals.

[creativex]

Those zany kids.

[Slix]

All this talk about bubbles and charts... Maybe I'm off base here but isn't the goal of the bitcoin community to pretty much replace fiat currencies and create a big decentralized free market not controlled by governments and banks? If that's the case then I think it would not be uncommon for us to see exponential growth at some point vs fiat.

If you take all those currencies and adjust them to a single total monetary value and then divide by the maximum of 21 million bitcoins, you would end up with one bitcoin equaling a hell of a lot of money by today's fiat. 

Granted we're nowhere near that point, but you have to start the hike somewhere. Bitcoin has been gaining a lot popularity in the past few months so we might just be adjusting to that "level of acceptance" right now. I'm sure we'll have dips and slower periods along the way but I think a real crash probably would only come if the market completely rejects bitcoin as a currency or maybe a major code failure.

[evolve]

Bitcoin is not scalable to a national economy, much less a global economy (hell, it can barely handle the number of transactions from satoshi dice), so all of the talk you hear around here about replacing any currency is silly.

What we are seeing is a speculative bubble, pure and simple.

[zebedee]

Ok, still looks like a bubble in log-scale.

You see, you're still doing it wrong.  The correct scale is a log-log-scale.

[Zaih]

Just gon keep going up ;d

[bassclef]

Bitcoin is not scalable to a national economy, much less a global economy (hell, it can barely handle the number of transactions from satoshi dice), so all of the talk you hear around here about replacing any currency is silly.

That's what Paul Krugman predicted about the internet in 1998.

[Rampion]

What we are seeing is a speculative bubble, pure and simple.

That's the reality. The sooner it pops, the better for everybody.

[notme]

What we are seeing is a speculative bubble, pure and simple.

That's the reality. The sooner it pops, the better for everybody.

If the bears can fall back, they may have a chance at reversal at around 240.  The sign will be low volume on the up move.  The withheld volume will deaden the momentum, but there may yet be bulls in the woodwork.  No matter your position, proceed with caution.

[DoomDumas]

It takes lots of confidence to buy in this market. Speculation: those who are buying in the past few weeks know something most of us here do not know yet. Possibly a big deal / series of deals being prepared behind the curtains. Bitcoincard, coinlabs, etc. - what are they up to?

We know it will worth ten of thousands someday 

[DoomDumas]

Here's a sign...

Thats not a sign. Thats a chart with an inappropriate scale for the y-axis that actually doesn't show anything.

+1

worthless chart indeed !

[DoomDumas]

THIS is a chart..

doubling 10 = 20
doubling 20 = 40
doubling 40 = 80
doubling 80 = 160
doubling 160 = 320..

You got it.. so from 1$ to 2$ is the same as from 100 to 200 on an investment point of view..

In a year or so, I tell : going from 100 to 200 is the same as from 1000 to 2000 on an investment point of view..

Thanks for those like prof7bit who know what a real chart is and show it

[DoomDumas]

I'm more worried about the sellers. What do THEY know? Why else would anyone let go of their coins so cheaply? It's crazy.

maybe to buy more mining rig