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Author Topic: Excuse me, but there's a bloodbath going on!  (Read 2275 times)
AngelusWebDesign
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July 04, 2011, 09:04:25 PM
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What the heck is going on?  Down to $13.30?  It was in the $15's just yesterday! 

Excuse my hysteria, but I have a lot of money invested in bitcoin mining equipment -- and a few bitcoins as well.

Where's the support level? $8?

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July 04, 2011, 09:04:56 PM
 #2

What the heck is going on?  Down to $13.30?  It was in the $15's just yesterday! 

Excuse my hysteria, but I have a lot of money invested in bitcoin mining equipment -- and a few bitcoins as well.

Where's the support level? $8?



You know what time it is! BUY BUY BUY!!!!

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July 04, 2011, 09:06:55 PM
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yep yep glad I sold some a Little wile ago.. (few days)

Time to buy soon Smiley
1.21gigawatts
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July 04, 2011, 09:08:08 PM
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Angelus and his FUD topics.  Don't feed the troll
AngelusWebDesign
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July 04, 2011, 09:10:37 PM
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You're right, there's no rout in the price of BTC going on...carry on.

I'm just making it all up to make people think Bitcoin mining isn't profitable.   Roll Eyes

I even managed to hack Tradehill and Mt. Gox so the prices ACTUALLY SAY $13.18!  

Now that's what I call an elaborate scare tactic...


Here's the Bitcoin price for the past week:

17...16...15...14...13

I think the FEAR, UNCERTAINTY and DOUBT are coming from the Bitcoin market itself -- not little old me.
Don't shoot the messenger.
zerokwel
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July 04, 2011, 09:11:17 PM
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SmokeAndMirrors
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July 04, 2011, 09:12:17 PM
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Thankfully this guys topics are just scare tactics or else bitcoins would die about 5 times a week.

Help Bitcoins by buying clothes, technology, books, etc. through people/stores that accept BTC. This will increase overall value of BTC as well as mitigate unnecessary bank transaction fees.

My address -
1EM9HGg1SEa5Bux1rVEPxGqGSfNTTc9EkC
JBDive
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July 04, 2011, 09:13:42 PM
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Come on $12....
zerokwel
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July 04, 2011, 09:15:36 PM
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I am loving these market moves. I am close to clicking buy I don't think it will hit sub 10 before I need sleep.
callmeivan
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July 04, 2011, 09:16:06 PM
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Excuse me but there is an idiot creating topics!  Cheesy
AngelusWebDesign
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July 04, 2011, 09:21:21 PM
 #11

Please point out how I'm an idiot.

Because I'm pointing out facts that don't make you happy?

Or are you just name-calling?
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July 04, 2011, 09:23:45 PM
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So glad I bought at 15.7 2 days ago  Roll Eyes
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July 04, 2011, 09:23:57 PM
 #13

No, because every time you point out "facts", it's just a bunch of doomsaying BS. You've predicted the doom of bitcoins dozens of times - but bitcoin is still here, and it hasn't crashed. If you're so convinced everything will go to hell, why are you still here?

Really, I'm not sure whether you're a troll or an idiot at this point. It's a fine line.

AngelusWebDesign
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July 04, 2011, 09:29:55 PM
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No, because every time you point out "facts", it's just a bunch of doomsaying BS. You've predicted the doom of bitcoins dozens of times - but bitcoin is still here, and it hasn't crashed. If you're so convinced everything will go to hell, why are you still here?

Really, I'm not sure whether you're a troll or an idiot at this point. It's a fine line.

I've never said Bitcoin is doomed. Not even once, much less dozens of times. You're ignorant and it's showing.

"Repeat a lie often enough, and it becomes the truth."
casascius
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July 04, 2011, 09:35:22 PM
 #15

Here is the way I see it... So long as there are early adopters out there with coins to sell, they're starting to sell them.  There's no effective conspiracy among them to "let's all wait until the price gets real high before any of us sells"... for them, they're probably starting to realize, "jeez, the longer I wait, the less I'm going to get for them."  If they could all conspire not to sell, we'd see the price go up, but then we'd have that much more of a liability much later when any of them changes their mind.

If I am right, the lower the price gets, the better for everybody.  They'll be incentivized to liquidate these coins and let them flow freely on the market and now will get riches they deserve (like $millions) rather than ones they don't (like $billions).

At the same time, the more popular Bitcoin gets, the more money it brings from outside, to the point that, it's not too far off that there could be a real $30 waiting to buy each Bitcoin in existence.  Bitcoin will be much stronger when the Bitcoin price gets to $30 because there's really $210 million in true demand for Bitcoins, rather than a spike to $30 simply based on trading of less than 1% of the total circulation (60,000 BTC).  (the $210 million figure being ~7M BTC * $30/BTC).  One scenario is a pile of $210 million of real money, the other is a mirage, 1% of that, placed between two mirrors so it only looks like $210 million.  What we had was a mirage, and the lower this price gets, the more we have reality.

Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable.  I never believe them.  If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins.  I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion.  Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice.  Don't keep coins online. Use paper wallets instead.
AngelusWebDesign
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July 04, 2011, 09:42:17 PM
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Here is the way I see it... So long as there are early adopters out there with coins to sell, they're going to sell them.  There's no effective conspiracy among them to "let's all wait until the price gets real high before any of us sells"... for them, they're probably starting to realize, "jeez, the longer I wait, the less I'm going to get for them."  If they could all conspire not to sell, we'd see the price go up, but then we'd have that much more of a liability much later when any of them changes their mind.

If I am right, the lower the price gets, the better for everybody.  They'll be incentivized to liquidate these coins and let them flow freely on the market and now will get riches they deserve (like $millions) rather than ones they don't (like $billions).

At the same time, the more popular Bitcoin gets, the more money it brings from outside, to the point that, it's not too far off that there could be a real $30 waiting to buy each Bitcoin in existence.  Bitcoin will be much stronger when the Bitcoin price gets to $30 because there's really $210 million in true demand for Bitcoins, rather than a spike to $30 simply based on trading of less than 1% of the total circulation (60,000 BTC).  (the $210 million figure being ~7M BTC * $30/BTC).  One scenario is a pile of $210 million of real money, the other is a mirage, 1% of that, placed between two mirrors so it only looks like $210 million.  What we had was a mirage, and the lower this price gets, the more we have reality.

Good point.

The early adopters selling their "easy BTC" (that they mined 50 a day using an old 486) is like a purge -- like vomiting to get the bug out. It's as necessary as it is unpleasant.
Seraphim401
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July 04, 2011, 10:10:53 PM
 #17

Here is the way I see it... So long as there are early adopters out there with coins to sell, they're starting to sell them.  There's no effective conspiracy among them to "let's all wait until the price gets real high before any of us sells"... for them, they're probably starting to realize, "jeez, the longer I wait, the less I'm going to get for them."  If they could all conspire not to sell, we'd see the price go up, but then we'd have that much more of a liability much later when any of them changes their mind.

If I am right, the lower the price gets, the better for everybody.  They'll be incentivized to liquidate these coins and let them flow freely on the market and now will get riches they deserve (like $millions) rather than ones they don't (like $billions).

At the same time, the more popular Bitcoin gets, the more money it brings from outside, to the point that, it's not too far off that there could be a real $30 waiting to buy each Bitcoin in existence.  Bitcoin will be much stronger when the Bitcoin price gets to $30 because there's really $210 million in true demand for Bitcoins, rather than a spike to $30 simply based on trading of less than 1% of the total circulation (60,000 BTC).  (the $210 million figure being ~7M BTC * $30/BTC).  One scenario is a pile of $210 million of real money, the other is a mirage, 1% of that, placed between two mirrors so it only looks like $210 million.  What we had was a mirage, and the lower this price gets, the more we have reality.
Thank you for bringing sanity to this thread.

Coolhwip
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July 04, 2011, 10:21:06 PM
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Bitcoins are not for panicky neckbeards, it is time you cut your loses and forget this ever existed. SELL SELL SELL Wink
casascius
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July 05, 2011, 12:02:53 AM
 #19

I have been buying Namecoins, not because I think it will ever become a viable DNS system, but because it's a functioning clone of Bitcoin that just happens to have one advantage: no 6 million BTC worth of early adopters out there waiting to cash in, constantly fooling us as to where exactly the real "bottom" of the market is going to be.  You may or may not be aware, we still have millions of Bitcoins, unspent, in their genesis blocks, mined in 2009 and 1Q/2Q 2010, waiting to join the party - easily verified on the blockchain when the miners who mined them feel like waking them up (ask Theymos, he has a script for detecting these coins).

Namecoin is only up to about 15284 blocks, or 764200 coins, or 106 days worth of mining... a decent percentage of them are actually on the market (over 25,000 coins for sale now at 20 bitcents or less, compared to Bitcoin which is traded much thinner).  And this is a much smaller proportion of the 10.5 million "easy mining" coins, the 764200 circulating now will all be diluted much quicker... that is, in another 106 days or so.  Namecoin already has an exchange, a block explorer, the basic tools.

Seeing as how utilities (like VanityGen) are coming with built-in Namecoin support, I am betting on the possibility that, down the road, there will be a Bitcoin client that allows trading of Bitcoins and Namecoins as equal.  Not that they will be valued the same (they won't - their exchange rates will differ as they do now), but just that one will be just as easy to accept as others, especially for someone pricing their goods in dollars.  I mean what's the diff - just one different signature number - it's not a hard feature to implement in clients to begin with.

I notice most everyone sets their prices in dollars anyway, so if the status-quo popular client soon trades both with equal effort, why wouldn't Meze Grill sell me hummus for namecoins at the going namecoin rate as long as it meant the same to them in dollars?  They are just another kind of bitcoin with a different exchange rate, just like the canadian dollar is another kind of dollar.

The namecoin also happens to have one minor thing going for it: it wasn't created to subvert governments and banks, it was created for a legitimate functional purpose (even if that purpose happens to be a flop).  No one is trying to call it a currency, it just happens to function as one.  That might give it less of an anarchist air and, hence, has a chance at being seen as less illegitimate.

tl;dr The namecoin has potential, not necessarily for its use as a domain name system, but as an already-functioning secondary bitcoin that may really get noticed when people start individually realizing that "oh shit", 6 million coins in the hands of early adopters really is hurting my pocketbook, someone really does have to pay for them to become millionaires and billionaires and that someone is turning out to be me!



Companies claiming they got hacked and lost your coins sounds like fraud so perfect it could be called fashionable.  I never believe them.  If I ever experience the misfortune of a real intrusion, I declare I have been honest about the way I have managed the keys in Casascius Coins.  I maintain no ability to recover or reproduce the keys, not even under limitless duress or total intrusion.  Remember that trusting strangers with your coins without any recourse is, as a matter of principle, not a best practice.  Don't keep coins online. Use paper wallets instead.
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July 05, 2011, 02:29:30 AM
 #20

Where's the support level? $8?

June 12, support held at $10, when prices sharply dropped that day.
If this fails, then earlier, May 12-17 and again on May 26-30, $8 was the upward resistance level, which may be the next support level.

At what point would you be a buyer, or alternatively hold rather then sell freshly mined bitcoins?
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