lucas.sev
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July 05, 2013, 07:21:05 AM |
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Completely agree on the killer app. Right now, the only killer app of Bitcoin is Silk Road. It's genius, but more are needed to reach a next level.
Wow you sure changed in one month, I remember arguing with you about this exact thing. No, I didn't change anything. We were speaking about regulation. You said that if BTC was banned by the US, it would die and fail miserably. I said that even if it was banned, it would absorb more black market economy activity, which would make BTC grow and its price raise. Note that I say SR is genius, and we need more killer apps like SR. Business models that couldn't exist without BTC. You mocked SR, to the contrary I consider it genius, and I say BTC needs more and bigger SR's. You mistake me for the wrong person. I said that the only use where bitcoin is better than fiat at this point is Silkroad and store of value. I said that bitcoin economy = silkroad + asics + speculation and nothing else.
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Rampion
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July 05, 2013, 07:28:28 AM |
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From a TA point of view, it makes sense to sort of continue where we left off (minus some room up for advancements, adoption, store of value, global economic situation, etc.) That puts us anywhere from 20's to 50's (and I'd say at the lower range of that BUT we have to consider our advancement and such as stated above.)
Exactly this. It's not only TA, it's also common sense. When price started to skyrocket at $20-30, we had a clear bubble inflation, where people bought a lot and quickly because they hoped the price would raise a lot and very fast. The last weeks before the crash was pure "mania", with market buy orders of +$1M from people that irrationally feared they wouldn't be able to buy again at those prices. What trigger that? Cyprus? Nah. Just greed, bubble psychology works like that, you want to hop on the train as soon as possible so you make as much money as possible. Then bubbles pop, and you have the opposite logic. People is in just because the price was going "to da moon", they realize the price is going down so they sell, the sells make the price to go down quickly and trigger panic, which triggers more downwards movement, wash rinse and repeat. Really no ETF news will change that cycle. All this speculative mania has to deflate for good, all those who bought for the pure quick profit need to sell, and while the user base will for sure have increased because of the bubble media exposure, it's nowhere so big to support the current prices. $20 to $50 is probably spot on as a "real" current value of BTC. During the bubble inflation I always thought that when it popped, logic thing would be for its bottom to be the top of the previous bubble ($32). Some will call me a "depicable bear" for this opinion, but I think that I was buying Bitcoins at $13 in January, and i don't see how believing in a bottom of $30ish is so negative and bearish. At the end of the day, it's more than double the price we had at the beginning of the year, which makes BTC an excellent investment if you avoid to get caught in the inflation of the bubble.
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Rampion
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July 05, 2013, 07:29:52 AM |
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Completely agree on the killer app. Right now, the only killer app of Bitcoin is Silk Road. It's genius, but more are needed to reach a next level.
Wow you sure changed in one month, I remember arguing with you about this exact thing. No, I didn't change anything. We were speaking about regulation. You said that if BTC was banned by the US, it would die and fail miserably. I said that even if it was banned, it would absorb more black market economy activity, which would make BTC grow and its price raise. Note that I say SR is genius, and we need more killer apps like SR. Business models that couldn't exist without BTC. You mocked SR, to the contrary I consider it genius, and I say BTC needs more and bigger SR's. You mistake me for the wrong person. I said that the only use where bitcoin is better than fiat at this point is Silkroad and store of value. I said that bitcoin economy = silkroad + asics + speculation and nothing else. I don't know how I could argue that because is true. Still, 99% is speculation. ASIC and SR are a drop in the ocean compared to the relevance of speculation in the BTC economy.
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wonkytonky
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July 05, 2013, 07:49:01 AM |
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great.. sold at 72 bought back in 80.. sold at 75 again..;gox will be hapy lol
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Loozik
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Born to chew bubble gum and kick ass
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July 05, 2013, 07:58:54 AM |
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Will we be in 60s this weekend?
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ChartBuddy
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July 05, 2013, 08:00:48 AM |
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chriswilmer
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July 05, 2013, 08:01:12 AM |
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Is everyone just trying to catch the bottom?
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wopwop
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July 05, 2013, 08:07:21 AM |
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Is everyone just trying to catch the bottom?
before it goes to the moon!!!!!! BUY NOW
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lucas.sev
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July 05, 2013, 08:24:12 AM |
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I don't know how I could argue that because is true. Still, 99% is speculation. ASIC and SR are a drop in the ocean compared to the relevance of speculation in the BTC economy.
The Silk Road talk is so '2011ish. Came on. People sees that there's much more in BTC, besides of the fact that real economy is still reduced and that it's very speculation driven.
This baby needs to grow a little bit, but it's unstoppable.
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Rampion
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July 05, 2013, 08:33:18 AM |
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I don't know how I could argue that because is true. Still, 99% is speculation. ASIC and SR are a drop in the ocean compared to the relevance of speculation in the BTC economy.
The Silk Road talk is so '2011ish. Came on. People sees that there's much more in BTC, besides of the fact that real economy is still reduced and that it's very speculation driven.
This baby needs to grow a little bit, but it's unstoppable.
Mmmm, yes, so what did I change? Bitcoin is not only SR, but SR happens to be its "killer app". In fact, BTC is not driven by SR, but by pure speculation, as I wrote in that old post that was a reply to this: there is no VC that is going to put significant amounts of cash into something that is so heavily influenced by illegal activity.
I stand correct, the SR point is so '2011ish, everybody understands that BTC is not "heavily influenced" by illegal activity, that's a drop in the ocean, what drives BTC is the hope it will be valued higher in the future.
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niothor
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July 05, 2013, 08:34:33 AM |
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I stand correct, the SR point is so '2011ish, everybody understands that BTC is not "heavily influenced" by illegal activity, that's a drop in the ocean, what drives BTC is the hope it will be valued higher in the future.
Let's use a different word , more suitable . Greed
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Rampion
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July 05, 2013, 08:36:28 AM |
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I stand correct, the SR point is so '2011ish, everybody understands that BTC is not "heavily influenced" by illegal activity, that's a drop in the ocean, what drives BTC is the hope it will be valued higher in the future.
Let's use a different word , more suitable . Greed Yeah, I also discussed with you about how "important" was SR in BTC's economy compared to pure speculation, right? And if I don't remember it wrong we reached the common conclusion that both BTC and fiat economy are driven by speculation, there's no other business comparable to it, correct?
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niothor
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July 05, 2013, 08:45:56 AM |
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I stand correct, the SR point is so '2011ish, everybody understands that BTC is not "heavily influenced" by illegal activity, that's a drop in the ocean, what drives BTC is the hope it will be valued higher in the future.
Let's use a different word , more suitable . Greed Yeah, I also discussed with you about how "important" was SR in BTC's economy compared to pure speculation, right? And if I don't remember it wrong we reached the common conclusion that both BTC and fiat economy are driven by speculation, there's no other business comparable to it, correct? Yeah , too bad SR it's getting affected by the price madness . I mean , it's normal on bitcointalk to talk all about prices , but recently silkroad has been infected too. I'm only for two months or so here but on sr forums for far far longer. And recently people started to change there , I mean common, 20-30 posts about price and even investment when there were 1-2 /month? Greed can even affect junkies You can open 13000 stores or get 4000 restaurants to accept bitcoins , if there are no buyers cause people are only trading hoping to enlarge their stash , there is no economy.
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Jaroslaw
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supernode
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July 05, 2013, 08:49:13 AM |
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Ive dumped 3k BTC today i might hit 60`s this weekend
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bizz
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July 05, 2013, 08:55:38 AM |
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Is everyone just trying to catch the bottom?
yup
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Jaroslaw
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supernode
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July 05, 2013, 08:59:06 AM |
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Bitocinz bullz
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ChartBuddy
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July 05, 2013, 09:00:46 AM |
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kickinyou
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July 05, 2013, 09:02:13 AM |
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Will we be in 60s this weekend?
I think so, it may be the same resistance at 100,90,80 and now 70s. I made a small loss when I had a purchase entered at 80 and then noticed that there was not enough resistance and now it does not look better. 55 is a possible stop but if we were to break that barrier, we will fall to 32 after that it is difficult to speculate in. but nothing is set in stone
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sarc
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July 05, 2013, 09:02:27 AM |
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4 week update - denial, sat on its ass, bleeding... squiggly line = price, open circles = vol.
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phoenix1
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July 05, 2013, 09:04:46 AM |
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Waking up to see this ...another completely failed rally attempt... I think there might be some panic today 60's on their way soon ... have to say, I didn't think it would happen so quickly What do you think Rampion and IAS ?
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