ChartBuddy
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Activity: 2338
Merit: 1802
1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ
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October 01, 2014, 03:01:14 AM |
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fonzie
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October 01, 2014, 03:01:48 AM |
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China is serious this time, fast and brutal bull run about to continue. Pump round 2 in the making! No hostages will be made!
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Post-Cosmic
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October 01, 2014, 03:11:15 AM |
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Can you imagine how dire it is if the previous years' bubbles were mostly just caused & accentuated by Willy & Markus bots.
It would mean the 2012 price of $13, the early 2013 price of ~$58 - That's what the real, uninflated, current fair market price of BTC would be at today.
With the way PayPal news' rise was crushed like an insect, because of zero demand, it's hard to not give some weight to that theory^ - Prices have behaved as if drawn down to a plausibly true fair market value in the $70-130 range, just like most of last year.
Bubble patterns happen.
Then they break. A different pattern emerges.
Your dreams, your hopes, your delusions, have killed your profitability, for 9 months now.
Just like they crippled me, until I woke up, in May.
Are you serious? The argument that bitcoin is grossly overvalued is not outrageous. nether is the argument that bitcoin is grossly undervalued. Very true, Adam, absolutely. However, it is quite obvious to me the argument for BTC to be undervalued is significantly more outrageous than it is for it to be overvalued. I've always said bitcoin is beautiful, and was needed. Blockchain is an invaluable technology, and it's core currency itself has been tremendously useful in streamlining & simplifying online payments - What would we do without it. That being said, unfortunately, great value does not automatically equate great price. For price is fundamentally derived entirely from supply & demand, whether or not those last two happen to be affected by market manipulation, good/bad news, external unusual circumstances, asset allocation, or hashing developments/crypto-economics. And thus, one shouldn't buy BTC because they perceive it as 'more useful' and sell it when seen as 'useless'. I can 'believe in bitcoin' & use it to make money seamlessly, yet still expect further price drops and hold no hope for some grand bubble to rescue bagholders. The market's ebbs & flows from 2009 up to 2013 were quite natural/organic for the most part and justified by the budding crypto-economic ecosystems springing up everywhere. Starting w/ the Goxbots' 2013' antics, however, that statement starts becoming tenuous to make. Keep in mind though, BTC offers unparalleled opportunities for altcoin pump events, pseudonymous leveraged trading, and gambling - All of which I use to a major extent, so I actually would love nothing more than to be wrong. For yet another 1000% to come save us, right out of Wonderland. But I can't responsibly have the cognitive dissonance of warping my reasoning to project, place faith in, pray for, more clockwork repeats of the same pattern, yet at far higher nominal price points which make it a lot harder to accomplish, which is why the Willy/Markus bots were even needed in the first place for the last run-up. That's because the price is denominated in, and raised by, fiat currency. You either have to fractionally fake users' fiat balances on your exchanges, or find more and more money to reach buywalls in order for it to rise. Those dollar bills/euro's/RMB's aren't %-based, and they're not infinite, except to the banks and governments, who generally have no need to bother with cryptocurrency, when they already hold the power of money creation. That means looking at old patterns that happened at price & adoption / manipulation levels orders of magnitude lower than now, and expecting the same % gains in 'the next bubble', is a logical fallacy - money functions according to a linear, geometric basis - it is not exponential, not %-based.. !!! And that, is why it's so much harder to go from $300-700 to $2500-7500, than it is to reach 10x from $116. Which forms the basis of my actual expectations for the years to come : Unless the equities (stocks etc) markets experience another shattering collapse (a mere shock, a predictable solid correction to the multi-year bullish US Index & global Stock Indices, is not enough to qualify) ; Unless a major financial, geopolitical (major war), environmental (asteroid collision, zombie/ebola apocalypse) or technical (absolutely fundamental engineering / development changes in bitcoin or crypto) event seriously damages public perception & reliance on fiat currency in a long-lasting meaningful way, forcing huge numbers of non-adopters to not merely be interested / intrigued by crypto, but truly need to make it a permanent, critical part of their daily lives ; There cannot be a big bubble. A $4k-100k price dream requires something to give in the crypto/fiat status quo. Until such an extreme series of events comes to pass, I foresee many small mini-bubbles, quite like the one from $400's to $600's in Q2 this year. Coupled with the possibility of a larger one, just once, to perhaps $1525-2175. Then the experiment is matured. The rocket has landed. Because money is nominal, not exponential. Seems like a text generated by the bitcoin text wall generator. Everything to say that the bigger the price, the harder to form another bubble and many things will need to happen until we reach moon? Yep. Since it's that simple, you'd think us cryptosphere enthusiasts would've figured this out by now, hory shet, right..!??! Had to make a big wall because people do forget that it WILL take those things to make another bubble, and because those things aren't a certainty, why would 'the mythical bubble' be..? Just because rpietila wants another pink luxury car to go w/ his pink panther tuxedo..? Just because Loaded is getting bored, and Peter R. thinks the pattern must repeat itself? I hate to be too verbose. It's nice to have time to read & dwell on information, I'm an intellectual after all, but ffs, life is busy, people have other things to do than read 4309625 pages of 342095749573 words each ruminating verbiage over & over. So I'm definitely cognizant of how wasteful it can be to wall it up. But to be fair, I'm usually a lot more terse than e.g. our dear friend, JJG. So, this was something that needed to be explained comprehensively. I'd been holding back on some of this stuff for almost a year =/
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Post-Cosmic
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October 01, 2014, 03:14:26 AM |
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Very true, Adam, absolutely. However, it is quite obvious to me the argument for BTC to be undervalued is significantly more outrageous than it is for it to be overvalued.
[..]
Because money is nominal, not exponential.
Thousands of pages of rubbish and then a true gem. Great post. Thank you /bow. I've always found you've been one of the rare few enlightened minds around here ;p
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JayJuanGee
Legendary
Online
Activity: 3878
Merit: 11052
Self-Custody is a right. Say no to"Non-custodial"
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October 01, 2014, 03:16:02 AM |
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Seems like a text generated by the bitcoin text wall generator.
Everything to say that the bigger the price, the harder to form another bubble and many things will need to happen until we reach moon?
What are you...a goldfish*? Precisely why this thread can be such a waste of time: people just shouting three sentence slogans without any reasoned argument. Then, when someone constructs a coherent argument (and here's the clincher for me - an understandable argument that's not littered with obscure references to Metclaffe's Law and the like), they criticise. If you don't have the patience/attention-span/intellect to read more than "to the moon", perhaps keep your comments to yourself? *Actually, recent research has shown goldfish have far greater memories than commonly thought, so I'm probably giving you more credit than deserved.Currently, amongst my favorite three word slogans: "Cut your loose!!!!!!!!!"I like it because it is free to be used by anyone - bear, bull or hodler. ok i'm cutting my looses. converting as much usd as i can! That's why the expression is so great!! Anyone can use it, whether man, woman or bot, and even mmitech.
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adamstgBit
Legendary
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Activity: 1904
Merit: 1037
Trusted Bitcoiner
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October 01, 2014, 03:18:33 AM |
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Can you imagine how dire it is if the previous years' bubbles were mostly just caused & accentuated by Willy & Markus bots.
It would mean the 2012 price of $13, the early 2013 price of ~$58 - That's what the real, uninflated, current fair market price of BTC would be at today.
With the way PayPal news' rise was crushed like an insect, because of zero demand, it's hard to not give some weight to that theory^ - Prices have behaved as if drawn down to a plausibly true fair market value in the $70-130 range, just like most of last year.
Bubble patterns happen.
Then they break. A different pattern emerges.
Your dreams, your hopes, your delusions, have killed your profitability, for 9 months now.
Just like they crippled me, until I woke up, in May.
Are you serious? The argument that bitcoin is grossly overvalued is not outrageous. nether is the argument that bitcoin is grossly undervalued. Very true, Adam, absolutely. However, it is quite obvious to me the argument for BTC to be undervalued is significantly more outrageous than it is for it to be overvalued. I've always said bitcoin is beautiful, and was needed. Blockchain is an invaluable technology, and it's core currency itself has been tremendously useful in streamlining & simplifying online payments - What would we do without it. That being said, unfortunately, great value does not automatically equate great price. For price is fundamentally derived entirely from supply & demand, whether or not those last two happen to be affected by market manipulation, good/bad news, external unusual circumstances, asset allocation, or hashing developments/crypto-economics. And thus, one shouldn't buy BTC because they perceive it as 'more useful' and sell it when seen as 'useless'. I can 'believe in bitcoin' & use it to make money seamlessly, yet still expect further price drops and hold no hope for some grand bubble to rescue bagholders. The market's ebbs & flows from 2009 up to 2013 were quite natural/organic for the most part and justified by the budding crypto-economic ecosystems springing up everywhere. Starting w/ the Goxbots' 2013' antics, however, that statement starts becoming tenuous to make. Keep in mind though, BTC offers unparalleled opportunities for altcoin pump events, pseudonymous leveraged trading, and gambling - All of which I use to a major extent, so I actually would love nothing more than to be wrong. For yet another 1000% to come save us, right out of Wonderland. But I can't responsibly have the cognitive dissonance of warping my reasoning to project, place faith in, pray for, more clockwork repeats of the same pattern, yet at far higher nominal price points which make it a lot harder to accomplish, which is why the Willy/Markus bots were even needed in the first place for the last run-up. That's because the price is denominated in, and raised by, fiat currency. You either have to fractionally fake users' fiat balances on your exchanges, or find more and more money to reach buywalls in order for it to rise. Those dollar bills/euro's/RMB's aren't %-based, and they're not infinite, except to the banks and governments, who generally have no need to bother with cryptocurrency, when they already hold the power of money creation. That means looking at old patterns that happened at price & adoption / manipulation levels orders of magnitude lower than now, and expecting the same % gains in 'the next bubble', is a logical fallacy - money functions according to a linear, geometric basis - it is not exponential, not %-based.. !!! And that, is why it's so much harder to go from $300-700 to $2500-7500, than it is to reach 10x from $116. Which forms the basis of my actual expectations for the years to come : Unless the equities (stocks etc) markets experience another shattering collapse (a mere shock, a predictable solid correction to the multi-year bullish US Index & global Stock Indices, is not enough to qualify) ; Unless a major financial, geopolitical (major war), environmental (asteroid collision, zombie/ebola apocalypse) or technical (absolutely fundamental engineering / development changes in bitcoin or crypto) event seriously damages public perception & reliance on fiat currency in a long-lasting meaningful way, forcing huge numbers of non-adopters to not merely be interested / intrigued by crypto, but truly need to make it a permanent, critical part of their daily lives ; There cannot be a big bubble. A $4k-100k price dream requires something to give in the crypto/fiat status quo. Until such an extreme series of events comes to pass, I foresee many small mini-bubbles, quite like the one from $400's to $600's in Q2 this year. Coupled with the possibility of a larger one, just once, to perhaps $1525-2175. Then the experiment is matured. The rocket has landed. Because money is nominal, not exponential. Seems like a text generated by the bitcoin text wall generator. Everything to say that the bigger the price, the harder to form another bubble and many things will need to happen until we reach moon? Yep. Since it's that simple, you'd think us cryptosphere enthusiasts would've figured this out by now, hory shet, right..!??! Had to make a big wall because people do forget that it WILL take those things to make another bubble, and because those things aren't a certainty, why would 'the mythical bubble' be..? Just because rpietila wants another pink luxury car to go w/ his pink panther tuxedo..? Just because Loaded is getting bored, and Peter R. thinks the pattern must repeat itself? I hate to be too verbose. It's nice to have time to read & dwell on information, I'm an intellectual after all, but ffs, life is busy, people have other things to do than read 4309625 pages of 342095749573 words each ruminating verbiage over & over. So I'm definitely cognizant of how wasteful it can be to wall it up. But to be fair, I'm usually a lot more terse than e.g. our dear friend, JJG. So, this was something that needed to be explained comprehensively. I'd been holding back on some of this stuff for almost a year =/ when i wish on a shooting star i wish for less ways to wish for an more ways to work toward it.
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JayJuanGee
Legendary
Online
Activity: 3878
Merit: 11052
Self-Custody is a right. Say no to"Non-custodial"
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October 01, 2014, 03:20:00 AM |
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Can you imagine how dire it is if the previous years' bubbles were mostly just caused & accentuated by Willy & Markus bots.
It would mean the 2012 price of $13, the early 2013 price of ~$58 - That's what the real, uninflated, current fair market price of BTC would be at today.
With the way PayPal news' rise was crushed like an insect, because of zero demand, it's hard to not give some weight to that theory^ - Prices have behaved as if drawn down to a plausibly true fair market value in the $70-130 range, just like most of last year.
Bubble patterns happen.
Then they break. A different pattern emerges.
Your dreams, your hopes, your delusions, have killed your profitability, for 9 months now.
Just like they crippled me, until I woke up, in May.
Are you serious? The argument that bitcoin is grossly overvalued is not outrageous. nether is the argument that bitcoin is grossly undervalued. Very true, Adam, absolutely. However, it is quite obvious to me the argument for BTC to be undervalued is significantly more outrageous than it is for it to be overvalued. I've always said bitcoin is beautiful, and was needed. Blockchain is an invaluable technology, and it's core currency itself has been tremendously useful in streamlining & simplifying online payments - What would we do without it. That being said, unfortunately, great value does not automatically equate great price. For price is fundamentally derived entirely from supply & demand, whether or not those last two happen to be affected by market manipulation, good/bad news, external unusual circumstances, asset allocation, or hashing developments/crypto-economics. And thus, one shouldn't buy BTC because they perceive it as 'more useful' and sell it when seen as 'useless'. I can 'believe in bitcoin' & use it to make money seamlessly, yet still expect further price drops and hold no hope for some grand bubble to rescue bagholders. The market's ebbs & flows from 2009 up to 2013 were quite natural/organic for the most part and justified by the budding crypto-economic ecosystems springing up everywhere. Starting w/ the Goxbots' 2013' antics, however, that statement starts becoming tenuous to make. Keep in mind though, BTC offers unparalleled opportunities for altcoin pump events, pseudonymous leveraged trading, and gambling - All of which I use to a major extent, so I actually would love nothing more than to be wrong. For yet another 1000% to come save us, right out of Wonderland. But I can't responsibly have the cognitive dissonance of warping my reasoning to project, place faith in, pray for, more clockwork repeats of the same pattern, yet at far higher nominal price points which make it a lot harder to accomplish, which is why the Willy/Markus bots were even needed in the first place for the last run-up. That's because the price is denominated in, and raised by, fiat currency. You either have to fractionally fake users' fiat balances on your exchanges, or find more and more money to reach buywalls in order for it to rise. Those dollar bills/euro's/RMB's aren't %-based, and they're not infinite, except to the banks and governments, who generally have no need to bother with cryptocurrency, when they already hold the power of money creation. That means looking at old patterns that happened at price & adoption / manipulation levels orders of magnitude lower than now, and expecting the same % gains in 'the next bubble', is a logical fallacy - money functions according to a linear, geometric basis - it is not exponential, not %-based.. !!! And that, is why it's so much harder to go from $300-700 to $2500-7500, than it is to reach 10x from $116. Which forms the basis of my actual expectations for the years to come : Unless the equities (stocks etc) markets experience another shattering collapse (a mere shock, a predictable solid correction to the multi-year bullish US Index & global Stock Indices, is not enough to qualify) ; Unless a major financial, geopolitical (major war), environmental (asteroid collision, zombie/ebola apocalypse) or technical (absolutely fundamental engineering / development changes in bitcoin or crypto) event seriously damages public perception & reliance on fiat currency in a long-lasting meaningful way, forcing huge numbers of non-adopters to not merely be interested / intrigued by crypto, but truly need to make it a permanent, critical part of their daily lives ; There cannot be a big bubble. A $4k-100k price dream requires something to give in the crypto/fiat status quo. Until such an extreme series of events comes to pass, I foresee many small mini-bubbles, quite like the one from $400's to $600's in Q2 this year. Coupled with the possibility of a larger one, just once, to perhaps $1525-2175. Then the experiment is matured. The rocket has landed. Because money is nominal, not exponential. Seems like a text generated by the bitcoin text wall generator. Everything to say that the bigger the price, the harder to form another bubble and many things will need to happen until we reach moon? Yep. Since it's that simple, you'd think us cryptosphere enthusiasts would've figured this out by now, hory shet, right..!??! Had to make a big wall because people do forget that it WILL take those things to make another bubble, and because those things aren't a certainty, why would 'the mythical bubble' be..? Just because rpietila wants another pink luxury car to go w/ his pink panther tuxedo..? Just because Loaded is getting bored, and Peter R. thinks the pattern must repeat itself? I hate to be too verbose. It's nice to have time to read & dwell on information, I'm an intellectual after all, but ffs, life is busy, people have other things to do than read 4309625 pages of 342095749573 words each ruminating verbiage over & over. So I'm definitely cognizant of how wasteful it can be to wall it up. But to be fair, I'm usually a lot more terse than e.g. our dear friend, JJG. So, this was something that needed to be explained comprehensively. I'd been holding back on some of this stuff for almost a year =/ Post-Comic (Edit: I mean Post-Cosmic, must have been a Freudian-slip): If this is how you refer to your "dear friends", I would hate to be on your bad side.
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cbeast
Donator
Legendary
Offline
Activity: 1736
Merit: 1014
Let's talk governance, lipstick, and pigs.
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October 01, 2014, 03:24:05 AM |
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some blindly people are easy to get happy even with another feeble dead cat bounce (bounced to $39x only? come on, remember about those dead cat bounces at $680 $600 $500 $400 ?)
do NOT buy in trap, bitcoin is going to nowhere but down!
Hello, 2011 wants their phrase back. Please come up with something more original than dead cat bounce.
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Post-Cosmic
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October 01, 2014, 03:44:00 AM |
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Can you imagine how dire it is if the previous years' bubbles were mostly just caused & accentuated by Willy & Markus bots.
It would mean the 2012 price of $13, the early 2013 price of ~$58 - That's what the real, uninflated, current fair market price of BTC would be at today.
With the way PayPal news' rise was crushed like an insect, because of zero demand, it's hard to not give some weight to that theory^ - Prices have behaved as if drawn down to a plausibly true fair market value in the $70-130 range, just like most of last year.
Bubble patterns happen.
Then they break. A different pattern emerges.
Your dreams, your hopes, your delusions, have killed your profitability, for 9 months now.
Just like they crippled me, until I woke up, in May.
Are you serious? The argument that bitcoin is grossly overvalued is not outrageous. nether is the argument that bitcoin is grossly undervalued. Very true, Adam, absolutely. However, it is quite obvious to me the argument for BTC to be undervalued is significantly more outrageous than it is for it to be overvalued. [..] Because money is nominal, not exponential. Seems like a text generated by the bitcoin text wall generator. Everything to say that the bigger the price, the harder to form another bubble and many things will need to happen until we reach moon? Yep. Since it's that simple, you'd think us cryptosphere enthusiasts would've figured this out by now, hory shet, right..!??! Had to make a big wall because people do forget that it WILL take those things to make another bubble, and because those things aren't a certainty, why would 'the mythical bubble' be..? Just because rpietila wants another pink luxury car to go w/ his pink panther tuxedo..? Just because Loaded is getting bored, and Peter R. thinks the pattern must repeat itself? I hate to be too verbose. It's nice to have time to read & dwell on information, I'm an intellectual after all, but ffs, life is busy, people have other things to do than read 4309625 pages of 342095749573 words each ruminating verbiage over & over. So I'm definitely cognizant of how wasteful it can be to wall it up. But to be fair, I'm usually a lot more terse than e.g. our dear friend, JJG. So, this was something that needed to be explained comprehensively. I'd been holding back on some of this stuff for almost a year =/ when i wish on a shooting star i wish for less ways to wish for an more ways to work toward it. Awesome, precisely what I was getting at - I'm far from another 'Cut your loose' fanatic like 'falllling' just hoping for a $0-Crash - I just want people to stop deluding themselves in a blind religious haze while going to BitCoin Church with BitChick, and like you said Adam - Actually contribute towards putting into place, or at least understand, the groundwork that's obviously required before another gravity-defying bubble. Regarding your argument BitChick, the thing is with every passing previous bubble and subsequent cooling phase, it's ironically also gotten exponentially more difficult for the cynics to be proven wrong yet again by a follow-through epic bull-run. One thing I forgot to mention though is, the legacy Gox's bots left us with is one of 'Fake it 'till you make it' such that with last year's exploding limelight came hundreds of millions $$ poured into all facets of crypto-infrastructure & the underlying economies so thanks to that, it's very plausible to think the true fair market price of 1 BTC may be more than double 2013's mid-year average in the low $100's. So in the coming months $245-270 sounds like a good bottom, from $360-410. The infamous +1000% 12-18month figure, from a ~$250 price point, would lead right up to $2500 - Exactly where my 'off-chance moderate bubble' estimate was at ;p
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nioc
Legendary
Offline
Activity: 1624
Merit: 1008
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October 01, 2014, 03:46:59 AM |
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09/29/2014 Circle Opens Doors to Global Audience By Jeremy Allaire After months of working with customers in an invite-only phase, today we at Circle opened our initial service to the world. When we set out to build Circle, we imagined a new kind of Internet-centric consumer financial service, one that the average person would find enjoyable and powerful, built on the promises of Bitcoin – instant, global, secure, free transactions. For our initial product launch, our aims were simple: Create an experience that is fast, beautiful, and enjoyable to use. Online banking applications stink. We wanted an elegant design aesthetic that would appeal to digital natives. Reduce the friction that so many people – even sophisticated, technology-savvy people – often experience in acquiring and spending Bitcoin. Starting today, people can onboard into a Circle account and begin using digital money within minutes, not days. And Circle eliminates the labyrinth of fees and complex user interfaces designed for traders. Make digital money the same as other major Internet services for consumers: instant and free. We wanted our service to be instant for onboarding, instant for depositing and converting money, and nearly instant for sending and receiving payments – anywhere on the planet. Global Support In addition to the core features and goals above, Circle is now available in seven languages, which collectively cover approximately 40% of the world’s population. Circle’s site, product, and customer support content are all available in English, Chinese, Japanese, Portuguese (Brazilian), Spanish (Latin American), German, and French – and we will add more languages as we grow. It’s a good start, but we plan to add far more capabilities for international customers over time. Insurance Clarity Back in May, we were excited to announce that we were offering customers insurance from theft on 100 percent of their bitcoin account balances. Since May, we’ve continued to build out our insurance program, acquiring more underwriters for both our online and cold storage / offline assets. Today we offer this unprecedented insurance coverage to every Circle customer. Circle customers will have 100 percent coverage of their full deposit value. Our insurance broker is Marsh, one of the largest insurance brokers in the world. The underwriters for this insurance are all highly-rated. Insurance on Bitcoin is a new market, and we’re proud to be a market maker in establishing this valuable service to users of digital assets. And this 100 percent insurance covers deposits for any user in the world holding bitcoin with Circle. Native Apps Imminent In addition to the general availability of Circle, today at the Sibos international banking conference, we had an opportunity to sneak peak our new iOS and Android native apps. While these are still in beta and not part of today’s product release, they’re a critical piece of the puzzle and companions to Circle’s Web-based service. We’ve been hard at work on these apps and hope to make them available to everyone soon. Thank You! Over the past months, it has been exciting to see the Circle team grow and to see our product, operations, support, legal and compliance, security, and finance teams execute on launching our service. Importantly, though, we are just getting started. What we’ve delivered today is the beginning of an arc of innovation that we hope to keep delivering in the years to come. We’re excited to invite you to become a customer, and we look forward to your feedback, questions, and comments. We have a lot to build and learn, and we’re excited to iterate in the market together. Thanks and enjoy Circle! - The Circle Team https://www.circle.com/en/2014/09/29/circle-opens-doors-global-audienceOne thing the circle team forgot to mention. New York is not part of the world so to those of you who are there can go fuck yourself.
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ChartBuddy
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Activity: 2338
Merit: 1802
1CBuddyxy4FerT3hzMmi1Jz48ESzRw1ZzZ
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October 01, 2014, 04:01:14 AM |
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BitChick
Legendary
Offline
Activity: 1148
Merit: 1001
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October 01, 2014, 04:03:44 AM |
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Awesome, precisely what I was getting at - I'm far from another 'Cut your loose' fanatic like 'falllling' just hoping for a $0-Crash - I just want people to stop deluding themselves in a blind religious haze while going to BitCoin Church with BitChick, and like you said Adam - Actually contribute towards putting into place, or at least understand, the groundwork that's obviously required before another gravity-defying bubble.
Regarding your argument BitChick, the thing is with every passing previous bubble and subsequent cooling phase, it's ironically also gotten exponentially more difficult for the cynics to be proven wrong yet again by a follow-through epic bull-run.
One thing I forgot to mention though is, the legacy Gox's bots left us with is one of 'Fake it 'till you make it' such that with last year's exploding limelight came hundreds of millions $$ poured into all facets of crypto-infrastructure & the underlying economies so thanks to that, it's very plausible to think the true fair market price of 1 BTC may be more than double 2013's mid-year average in the low $100's.
So in the coming months $245-270 sounds like a good bottom, from $360-410. The infamous +1000% 12-18month figure, from a ~$250 price point, would lead right up to $2500 - Exactly where my 'off-chance moderate bubble' estimate was at ;p
I might be wrong. Nothing is guaranteed with regards to Bitcoin. Most of us figured we would have had another Bitcoin bubble by now. But there are various things to consider. We had Gox fail, China banning BTC, a more cynical sentiment because of the decline as to the value of BTC, but I see things finally changing. The news is getting much more positive. We are seeing things that we were just waiting for starting to happen. This hasn't caused the run up in price that we would like yet but the ground work is being laid. People are asking me more about Bitcoin and it is appearing they are sincerely interested. The next "bubble" or "rally" should be a great one. There has been some pent up frustration just waiting for it to happen.
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fonzie
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October 01, 2014, 04:07:31 AM |
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I don´t want to disturb, but that bid depth on Huobi looks fantastic. 4400BTC to 2300CNY and only 4600BTC to 2700CNY. Also massive pump/bid walls near spot price. Stamp also stacked up to now 4000BTC to 366$
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Tony Abbot
Member
Offline
Activity: 87
Merit: 10
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October 01, 2014, 04:09:44 AM |
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BTC was featured on Australia's flagship, fear pedalling, commercial network, gutter journalism driven, current affairs show.... Typically dumbed down but still gracing the screens of millions of "mainstream" fuckwits across our wide brown land. The closing comment is a killer, and delivered in a deadpan but brilliant manner. It's only short so give it a watch: https://www.youtube.com/watch?v=sZbsJ_fz-zg
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bassclef
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October 01, 2014, 04:16:01 AM |
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Awesome, precisely what I was getting at - I'm far from another 'Cut your loose' fanatic like 'falllling' just hoping for a $0-Crash - I just want people to stop deluding themselves in a blind religious haze while going to BitCoin Church with BitChick, and like you said Adam - Actually contribute towards putting into place, or at least understand, the groundwork that's obviously required before another gravity-defying bubble.
Regarding your argument BitChick, the thing is with every passing previous bubble and subsequent cooling phase, it's ironically also gotten exponentially more difficult for the cynics to be proven wrong yet again by a follow-through epic bull-run.
One thing I forgot to mention though is, the legacy Gox's bots left us with is one of 'Fake it 'till you make it' such that with last year's exploding limelight came hundreds of millions $$ poured into all facets of crypto-infrastructure & the underlying economies so thanks to that, it's very plausible to think the true fair market price of 1 BTC may be more than double 2013's mid-year average in the low $100's.
So in the coming months $245-270 sounds like a good bottom, from $360-410. The infamous +1000% 12-18month figure, from a ~$250 price point, would lead right up to $2500 - Exactly where my 'off-chance moderate bubble' estimate was at ;p
If you only read this forum, or reddit, there are plenty of people excited about the technology, but I wouldn't go as far to call them fanatics. I think those that do spend far too much time reading posts by Bitcoin "fanatics" and get annoyed, jealous or angry for a variety of reasons. People love cars, people love sports and probably spend inordinate amounts of time on car and sports related forums. Would you call someone who plays Fantasy Baseball a fanatic about sports? Or call someone who cheers loudly when their team scores a cultist? My definition of a fanatic is someone who lacks critical thinking skills and blindly follows others. Bitcoin is decentralized and takes an above average IQ to even understand at a basic level, so I doubt most people who appreciate the protocol are fanatics in the truest sense of the word. Those that don't and are in it for a quick buck get weeded out fairly quickly by the market, which is what's happening now. I don't disagree that people are pretty excited about the thing. That may rub off as fanaticism sometimes. They have different ideas than the existing paradigm, so they must be crazy. If everyone with a game-changing idea throughout history bowed to critics and admitted defeat, where would we be? I hold bitcoins, I enjoy speculating but I have a fulfilling life without the need for its value to go "to da moon." I also don't think the bots supplied enough buying pressure to fuel an entire exponential increase. I watched them work and they were highly secondary to the main action and volume coming from China.
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nanobrain
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Dumb broad
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October 01, 2014, 04:30:45 AM |
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ermm... I am utterly lost? It is late here right now and I am literally half asleep (care to explain what exactly I am supposed to get from this?) It's funny, that's all. Being English I imagined you were familiar with his work (check out the Parker Tapes). Nevermind.
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fonzie
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October 01, 2014, 04:44:11 AM |
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OKcoin just broke through
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adamstgBit
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October 01, 2014, 04:45:51 AM |
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china be like
there sleeping GO GO GO
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nanobrain
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October 01, 2014, 04:48:22 AM |
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Nanobrain, I seem to remember posts like these before the last two bubbles. The same logic was there, that it was harder to go from $X.XX to $XXX.00 and so on. But Bitcoin is the honey badger of money. Bitcoin does not care about what is logical or even what makes sense. It rises when it wants to in mind blowing ways. I don't believe we will see a "mini-bubble" it will be a bubble beyond our belief. I believe, based mostly on knowing how humans work and the greed at play, that when the price beings to rise there will be people that have been waiting on the sidelines because they were unsure of what was going to happen, panic buying. With the panic will come hysteria. As the thousands of newbies that have not yet experienced a bubble yet see how quickly the price can rise watch they will suddenly throw caution to the wind and throw in what they can as well. It will be crazy. It will make no sense and Bitcoin will probably be overvalued at that point. All that said, TO THE MOON. Hiya hon, I know what you mean but surely the reasons you posted a bit later down the page show the resistance to wider adoption is far greater than you think. Gox is still fresh in the public's mind and its pretty clear the last ATH was mostly down to Mark and his bots trying to bail himself out of sinking ship. At least the thesis posited by 'Post-Cosmic' has some logic behind it. I find statements like Bitcoin is the honey badger of money to be pretty hollow. Everything you say above is based on people getting greedy and I suspect, you selling and making some money. Every bubble there are a big pile of losers who end up with over-priced assets as the price shrinks back -- its not good for any economy (BTC, housing, whatever). And each time this process happens those people tell their friends and family etc. This obsession with bubbles rather than slow steady growth must surely counter-productive. The more price stability we achieve the more people are going to actually use BTC and personally a much narrower range of trading would make me far happier.
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keewee
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October 01, 2014, 04:52:37 AM |
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BTC was featured on Australia's flagship, fear pedalling, commercial network, gutter journalism driven, current affairs show.... Typically dumbed down but still gracing the screens of millions of "mainstream" fuckwits across our wide brown land. The closing comment is a killer, and delivered in a deadpan but brilliant manner. It's only short so give it a watch: https://www.youtube.com/watch?v=sZbsJ_fz-zgWow. They couldn't have picked a more brain-dead "finance editor" if they'd tried
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