Zangelbert Bingledack
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Activity: 1036
Merit: 1000
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October 22, 2013, 08:39:58 AM |
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Looks like China's still very cognizant of the MtGox price, as of course they would be know it's a Western phenomenon and many getting their first exposure in MtGox pricing. Nevertheless, China wants to blow.
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Zangelbert Bingledack
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Activity: 1036
Merit: 1000
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October 22, 2013, 08:43:49 AM |
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The price is extremely volatile
How can it not be volatile when it grows this fast? That's the thing, slow steady exponential growth may happen for other technologies, but with Bitcoin there is actual money on the line for everyone, so it follows human psychology and has mini-manias where it gets overheated then smarter people step in and correct it. With Bitcoin you have to up your tolerance for volatility to match the speed at which the price is moving. |
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Sitarow
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Activity: 1792
Merit: 1047
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October 22, 2013, 08:49:15 AM |
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gizmoh
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Activity: 1428
Merit: 1000
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October 22, 2013, 08:54:24 AM |
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Remember 199 is expensive, 201 is cheap.we are consolidating and moving UP IMO.
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alexout
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October 22, 2013, 08:56:23 AM |
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What are ppls plans on when to sell at the exchanges? I was thinking sell
Some off at 197. But it went to 194 at bit stamp and back
Down.
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Bitcopia
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October 22, 2013, 08:57:08 AM |
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Sold half of my coins off into the SR panic, glad I came to terms with my loss and bought back in at $150(Gox). This thing is getting ready for take off.
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Zangelbert Bingledack
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Activity: 1036
Merit: 1000
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October 22, 2013, 09:00:58 AM |
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Now that a bit of sanity has been imposed on the China rally they may continue in a more sustainable fashion. This is what price discovery is all about.
A clue to this little correction was available: I was watching Bitcoinity and noticed exponential curve shapes on the 30 day, 7 day, 3 day, 24 hour, and even 3 hour chart. When it goes exponential at all scales, that's when it's cruisin' for a bruisin' and any little thing will tamp it back down (usually only temporarily). That's something I'll keep an eye out for in the future.
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Bitcopia
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October 22, 2013, 09:05:59 AM |
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What are ppls plans on when to sell at the exchanges? I was thinking sell
Some off at 197. But it went to 194 at bit stamp and back
Down.
Now is probably not a good time to sell, so long as history repeats itself. We've had much stronger rallies on much less news and much smaller global reach. |
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wopwop
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October 22, 2013, 09:07:06 AM |
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What are ppls plans on when to sell at the exchanges? I was thinking sell
Some off at 197. But it went to 194 at bit stamp and back
Down.
Now is probably not a good time to sell, so long as history repeats itself. We've had much stronger rallies on much less news and much smaller global reach. +1 you seem to know what you are talking about |
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w00dy
Member
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Activity: 96
Merit: 10
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October 22, 2013, 09:11:57 AM |
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this is no good.... at all... WAY WAY too fast going up.
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only
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October 22, 2013, 09:14:15 AM |
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Sold half of my coins off into the SR panic, glad I came to terms with my loss and bought back in at $150(Gox). This thing is getting ready for take off.
At what price did you sell when SR went to shit? |
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Bitcopia
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October 22, 2013, 09:16:57 AM |
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Sold half of my coins off into the SR panic, glad I came to terms with my loss and bought back in at $150(Gox). This thing is getting ready for take off.
At what price did you sell when SR went to shit? Let's just say I took about an 8% loss on my total holdings of BTC  |
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johnyj
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Activity: 1988
Merit: 1012
Beyond Imagination
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October 22, 2013, 09:24:24 AM |
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$200 is the new $20, next bubble projection $2000
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smoothie
Legendary
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Activity: 2492
Merit: 1473
LEALANA Bitcoin Grim Reaper
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October 22, 2013, 09:24:39 AM |
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this is no good.... at all... WAY WAY too fast going up.
You mean like when we went from $10 to $20 in Jan to Feb this year? Hardly...rocket time...  |
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smoothie
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Activity: 2492
Merit: 1473
LEALANA Bitcoin Grim Reaper
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October 22, 2013, 09:25:04 AM |
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$200 is the new $20, next bubble projection $2000
yeah or more closer to $2500 |
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thoughtfan
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October 22, 2013, 09:25:31 AM |
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The price is extremely volatile
How can it not be volatile when it grows this fast? That's the thing, slow steady exponential growth may happen for other technologies, but with Bitcoin there is actual money on the line for everyone, so it follows human psychology and has mini-manias where it gets overheated then smarter people step in and correct it. With Bitcoin you have to up your tolerance for volatility to match the speed at which the price is moving. Thank you. You just eloquently described what I've been thinking for months now. Trying to compare bitcoin price to technology adoption curves is flawed for the very reason you point out. If we take an extreme weighted weekly average (below for example WMA 60) it's a fairly smooth line but as you say, with price more closely aligned with confidence than with adoption, fits and starts and crazy rallies followed by sharp corrections are I would venture almost inevitable.  |
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n8rwJeTt8TrrLKPa55eU
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October 22, 2013, 09:28:19 AM |
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this is no good.... at all... WAY WAY too fast going up.
It would be nice for the chart to just consolidate around this level for a few weeks. But we as already know, Bitcoin does what it wants...and there will be a new wave of press coverage in the next 48hs which could add more fuel to the fire. It seemed impossible just a few weeks ago, but 266 is now relatively close and a likely target, my guess is that more meaningful resistance (from once-bitten Westerners) will come in as we approach that number. |
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Bitcopia
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October 22, 2013, 09:31:08 AM |
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this is no good.... at all... WAY WAY too fast going up.
It would be nice for the chart to just consolidate around this level for a few weeks. But we as already know, Bitcoin does what it wants...and there will be a new wave of press coverage in the next 48hs which could add more fuel to the fire. It seemed impossible just a few weeks ago, but 266 is now relatively close and a likely target, my guess is that more meaningful resistance (from scared Westerners) will come in as we approach that number. This would seem rational, but if you look at every previous bubble, it inflates well beyond its predecessor. EDIT: And crashed to a much higher point. $500 crash to $350 isn't unrealistic... |
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Zangelbert Bingledack
Legendary
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Activity: 1036
Merit: 1000
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October 22, 2013, 09:44:17 AM |
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The sting of $266 is still relatively fresh (about 4 times as fresh as the sting of $32, though that sting was much worse as price slid slowly to 1/16th and stayed very low instead of just a flash-crash to 1/5th and consolidation around 1/2). However, if we trust zhangweiwu's analysis this thing could go huge for a few days then crash in China, taking the rest of the world along for the ride. All just a side show along the exponential highway to $10,000 and beyond. This recent price action reminds me of early March, so maybe we consolidate for a week around $200, double a couple of times to like $800, crash to $250-300, then consolidate for a few months in the $500+ range. But of course history won't repeat so exactly.  |
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Bitcopia
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October 22, 2013, 10:04:28 AM |
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Looks like I'm staying up all night to watch this... Damn it just hurry up and put in a huge bid will at $200 so I can go to sleep!  |
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