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Mythul
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May 31, 2014, 06:11:15 AM |
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Man we are really going to 10.000 this time...
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"Governments are good at cutting off the heads of a centrally
controlled
networks like Napster, but pure P2P networks like Gnutella and Tor seem
to be holding their own." -- Satoshi
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YogoH
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May 31, 2014, 06:12:07 AM |
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Huobi seemed to start pumping, then abruptly stopped. BTC-E didn't follow at all. Bitstamp in doublt top territory. Wonder if momentum will come back? Or if we slide down from here?
I think we will go to 610-615 for a day or two, then rally again. I would love for bitcoin to keep this pace for the next few years. |
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ShroomsKit
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May 31, 2014, 06:14:51 AM |
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There is tons of resistance again. I guess there are craploads of people who want their money back from when they bought high in the previous run up.
same ones who'll buy at the top again probably  They will sell now, see the price keep going up and buy back in again a few 100 dollars later. |
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gizmoh
Legendary
 Offline
Activity: 1428
Merit: 1000
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May 31, 2014, 06:22:51 AM
Last edit: May 31, 2014, 06:37:30 AM by gizmoh |
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Welcome back Willy Jr, buying 1.84 btc every 14 seconds on stamp  |
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edwardspitz
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May 31, 2014, 06:36:20 AM |
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Welcome back Willy Jr, buying 1.85 btc every 14 seconds on stamp Wow, "Little Willy" will buy a lot of BTC in a relative short time. |
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dropt
Legendary
Offline
Activity: 1512
Merit: 1000
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May 31, 2014, 06:42:59 AM |
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Welcome back Willy Jr, buying 1.84 btc every 14 seconds on stamp Mostly buying, sometimes selling. He even shot up to 4.56 buy/sells there for a minute. |
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serenitys
Full Member
Offline
Activity: 126
Merit: 101
Be Here Now
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May 31, 2014, 06:46:00 AM |
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Speaking of which https://www.youtube.com/watch?v=hmbEuRzlhIs...that has nothing to actually do with it but it was either this or an Orca and this is funnier. Bonus: how many budding serial killers can you spot in this crowd?  |
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freebit13
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May 31, 2014, 06:49:33 AM |
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I'm wondering if these strong weekend prices signal an increase in mass adoption as most regular people probably only have time for bitcoin after their regular Mon-Fri. I know the volume isn't up, but one would expect newcomers to be making smaller purchases.
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edwardspitz
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May 31, 2014, 06:54:21 AM |
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Welcome back Willy Jr, buying 1.84 btc every 14 seconds on stamp Mostly buying, sometimes selling. He even shot up to 4.56 buy/sells there for a minute. It is nice to know that you can always sell your coins to Willy Jr.  |
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TERA
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May 31, 2014, 06:59:36 AM |
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I'm wondering if these strong weekend prices signal an increase in mass adoption as most regular people probably only have time for bitcoin after their regular Mon-Fri. I know the volume isn't up, but one would expect newcomers to be making smaller purchases.
Yes based on the latest intraday trading patterns we can deduce that mass adoption has suddenly occured. It wasn't mass-adopted the other week before the downtrend broke but now it is. The mass-adoption occured overnight. |
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ChartBuddy
Legendary
Offline
Activity: 2170
Merit: 1776
1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ
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May 31, 2014, 07:00:29 AM |
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freebit13
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May 31, 2014, 07:03:48 AM |
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I'm wondering if these strong weekend prices signal an increase in mass adoption as most regular people probably only have time for bitcoin after their regular Mon-Fri. I know the volume isn't up, but one would expect newcomers to be making smaller purchases.
Yes based on the latest intraday trading patterns we can deduce that mass adoption has suddenly occured. It wasn't mass-adopted the other week before the downtrend broke but now it is. The mass-adoption occured overnight. I hope so... I 'introduced' my brother about 6 months ago and since the last week or so he's sending me price updates because he bought a couple of coins |
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TERA
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May 31, 2014, 07:18:06 AM |
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I educated some friends/family on bitcoin and kept them on call for a breakout. They were originally very interested and bullish about the fundamentals and were going to buy at $800 but I advised against it and to wait for the bull market to start. So I kept them in the loop all the way through the gox crash and through the (second) china crash. They were still interested most of the time. However, as we got to April/May, they started losing interest. I advised multiple times to buy at $450 but now things were looking too grim, "it is volatile - we thought it would be less volatile", "this thing is all over the map", "its been going down too long", "i dont feel the same way about bitcoin anymore", etc. I alerted them again as the breakout at $460 occured and as it was passing $490 but they completely lost interest by that point. I guess they will probably buy now at this point at $625. It is ridiculous the mentality of the average person to buy high and sell low.
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RobFordWotWot
Sr. Member
Offline
Activity: 280
Merit: 250
time
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May 31, 2014, 07:25:19 AM |
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I educated some friends/family on bitcoin and kept them on call for a breakout. They were originally very interested and bullish about the fundamentals and were going to buy at $800 but I advised against it and to wait for the bull market to start. So I kept them in the loop all the way through the gox crash and through the (second) china crash. They were still interested most of the time. However, as we got to April/May, they started losing interest. I advised multiple times to buy at $450 but now things were looking too grim, "it is volatile - we thought it would be less volatile", "this thing is all over the map", "its been going down too long", "i dont feel the same way about bitcoin anymore", etc. I alerted them again as the breakout at $460 occured and as it was passing $490 but they completely lost interest by that point. I guess they will probably buy now at this point at $625. It is ridiculous the mentality of the average person to buy high and sell low.
hear hear |
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freebit13
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May 31, 2014, 07:32:03 AM |
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Yeah, I think this is the long-term effect of the FUD that's been around, it's going to take a while for some to realize that it's not all true. I'll admit that I gave other friends some bad advice to buy in, in December (I had paid absolutely no attention to the markets back then, I'm more into the tech side), but I did tell them to only invest a small amount (what they wouldn't mind losing) and forget about it for at least a year... I know it will still pay off for them in the long run and they pay absolutely no attention to the market, so it's no stress either.
Others were not so keen (It's natural for people to be more protective of their money/ means of survival), so I printed them paper wallets with 0.01btc on them and told them to investigate a little in their own time, we'll see if they come around soon, I'm sure this little rise will get their interest.
I also think all this crying wolf is starting to wear off now and people are slowly waking up to the fact that bitcoin can't be banned... I can just imagine some sports fans arriving at their stadium only to find that they accept bitcoin for ticket payments and having a double-take, thinking "I thought they said that bitcoin stuff was illegal, what's going on here"... lol
I also think it's important to remember that we are still all early adopters, even those buying in today and bitcoin still has a long way to go until it's a household word.
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ChartBuddy
Legendary
Offline
Activity: 2170
Merit: 1776
1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ
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May 31, 2014, 08:00:29 AM |
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Erdogan
Legendary
Offline
Activity: 1512
Merit: 1005
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May 31, 2014, 08:52:41 AM |
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I educated some friends/family on bitcoin and kept them on call for a breakout. They were originally very interested and bullish about the fundamentals and were going to buy at $800 but I advised against it and to wait for the bull market to start. So I kept them in the loop all the way through the gox crash and through the (second) china crash. They were still interested most of the time. However, as we got to April/May, they started losing interest. I advised multiple times to buy at $450 but now things were looking too grim, "it is volatile - we thought it would be less volatile", "this thing is all over the map", "its been going down too long", "i dont feel the same way about bitcoin anymore", etc. I alerted them again as the breakout at $460 occured and as it was passing $490 but they completely lost interest by that point. I guess they will probably buy now at this point at $625. It is ridiculous the mentality of the average person to buy high and sell low.
Afterwards, you knew in advance. |
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ChartBuddy
Legendary
Offline
Activity: 2170
Merit: 1776
1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ
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May 31, 2014, 09:00:27 AM |
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Gimmelfarb
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May 31, 2014, 09:20:23 AM |
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i was thinking we might tap this 630 line again and drop, but we keep hanging here above 620. it's starting to feel kind of bullish. then again, i've been trapped this way in the past...
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TERA
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May 31, 2014, 09:27:24 AM |
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i was thinking we might tap this 630 line again and drop, but we keep hanging here above 620. it's starting to feel kind of bullish. then again, i've been trapped this way in the past...
This type of action usually means that a drop is coming but it will only be a temporary drop into a bull pennant consolidation before the next breakout. This type of action is not worth trading in a bull market espectially if your coins are in cold storage. Now if every MACD on every timeframe goes back down at that point THEN you may wish to consider selling. |
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