rpietila Wall Observer - the Quality TA Thread ;)

[molecular]

This is a very reasonable proposal, and will definitely increase adoption since BTC XBT will again look cheap.

Support +1.

Sooo... I wonder if bits is still useful for nickname or xbit? Exhibit seems too many syllables and doesn't flow smoothly for saying a lot. I kind of hope XBT is just referred to as bits.

+1

@AstroChicks question about "who has authority": stop asking for authority, don't ask for permission. Anyone is free to use whichever unit they wish. However note that there is strong opposition both against the specific name "bits" and also for "changing the unit and confusing people". Whichever unit will be used, it will be a decision made by use.

[1714495206]

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[1714495206]

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[NotLambchop]

This is a very reasonable proposal, and will definitely increase adoption since BTC XBT will again look cheap.

Support +1.

Sooo... I wonder if bits is still useful for nickname or xbit? Exhibit seems too many syllables and doesn't flow smoothly for saying a lot. I kind of hope XBT is just referred to as bits.

+1

@AstroChicks question about "who has authority": stop asking for authority, don't ask for permission. Anyone is free to use whichever unit they wish. However note that there is strong opposition both against the specific name "bits" and also for "changing the unit and confusing people". Whichever unit will be used, it will be a decision made by use.

"Bit" is the national currency of Equestria.

[Biodom]

This is a very reasonable proposal, and will definitely increase adoption since BTC XBT will again look cheap.

Support +1.

Sooo... I wonder if bits is still useful for nickname or xbit? Exhibit seems too many syllables and doesn't flow smoothly for saying a lot. I kind of hope XBT is just referred to as bits.

+1

@AstroChicks question about "who has authority": stop asking for authority, don't ask for permission. Anyone is free to use whichever unit they wish. However note that there is strong opposition both against the specific name "bits" and also for "changing the unit and confusing people". Whichever unit will be used, it will be a decision made by use.

I am with the opposition to "bits", but it does not matter, as OP said. Use determines the terms.
However, the only way to logically reconcile Bitcoin foundation proposal with historical status is to use base unit of "bitcoin" (XBT) and satoshi at 1:100 of XBT.
BTC can be used as a historical unit. The only thing that is required is recalculation of XBT as 100 satoshi(s).
Result: Everyone with one BTC will be XBT millionaire.
Although the last point is somewhat silly, the positive psychological effect is undeniable.

[Odalv]

I am with the opposition to "bits", but it does not matter, as OP said. Use determines the terms.
However, the only way to logically reconcile Bitcoin foundation proposal with historical status is to use base unit of "bitcoin" (XBT) and satoshi at 1:100 of XBT.
BTC can be used as a historical unit. The only thing that is required is recalculation of XBT as 100 satoshi(s).
Result: Everyone with one BTC will be XBT millionaire.
Although the last point is somewhat silly, the positive psychological effect is undeniable.

the infamous 10,000 XBT for pizza back in 2014 :-)

[wachtwoord]

I am with the opposition to "bits", but it does not matter, as OP said. Use determines the terms.
However, the only way to logically reconcile Bitcoin foundation proposal with historical status is to use base unit of "bitcoin" (XBT) and satoshi at 1:100 of XBT.
BTC can be used as a historical unit. The only thing that is required is recalculation of XBT as 100 satoshi(s).
Result: Everyone with one BTC will be XBT millionaire.
Although the last point is somewhat silly, the positive psychological effect is undeniable.

the infamous 10,000 XBT for pizza back in 2014 :-)

Well if the proposed new definition of XBT happens in which 1000000XBT equals one Bitcoin (BTC) then it's going to be the 10 Trillion XBT pizzas in the history books

[Biodom]

I am with the opposition to "bits", but it does not matter, as OP said. Use determines the terms.
However, the only way to logically reconcile Bitcoin foundation proposal with historical status is to use base unit of "bitcoin" (XBT) and satoshi at 1:100 of XBT.
BTC can be used as a historical unit. The only thing that is required is recalculation of XBT as 100 satoshi(s).
Result: Everyone with one BTC will be XBT millionaire.
Although the last point is somewhat silly, the positive psychological effect is undeniable.

the infamous 10,000 XBT for pizza back in 2014 :-)

Well if the proposed new definition of XBT happens in which 1000000XBT equals one Bitcoin (BTC) then it's going to be the 10 Trillion XBT pizzas in the history books

Check your math...just 10 billion XBT (in 2009)
He is referring to the current day though, with some optimistic twist. it would be 10000XBT when BTC is back to ~1000-1200 (assuming $10-12/pizza)  

[mmitech]

Bitcoin is about to undergo a 1:1000000 "stock" split.
essentially, they want a base unit and a second unit being 1:100 of the first.
https://bitcoinfoundation.org/press-releases/press-release-october-7-2014-bitcoin-foundation-financial-standards-working-group-leads-the-way-for-mainstream-bitcoin-adoption-2/
We already have two units: bitcoin and satoshi
Therefore, the only way to make this possible would be to recalculate bitcoin as 100 satoshi (deep inside everything is measured in satoshis anyway).
So, everyone with a current BTC will suddenly discover that he or she will have 1000000 bitcoins (officially called XBT from then on).
I think that this will put new bitcoin/XBT on a path that will eventually lead to XBT=~$1 with each satoshi=~1c.
How long it might take-maybe 20 years. If this happens, current BTC would equal $1,000,000

This could have a double effect, it could boost the price and make dealing with Bitcoin easier, but it also could be a big confusion and slow adoption for a really simple reason, while we were talking for 5 years about only 21 million BTC to exist, people will be surprised about Trillions of XBT (which they don't get in the first place).

[Biodom]

Bitcoin is about to undergo a 1:1000000 "stock" split.
essentially, they want a base unit and a second unit being 1:100 of the first.
https://bitcoinfoundation.org/press-releases/press-release-october-7-2014-bitcoin-foundation-financial-standards-working-group-leads-the-way-for-mainstream-bitcoin-adoption-2/
We already have two units: bitcoin and satoshi
Therefore, the only way to make this possible would be to recalculate bitcoin as 100 satoshi (deep inside everything is measured in satoshis anyway).
So, everyone with a current BTC will suddenly discover that he or she will have 1000000 bitcoins (officially called XBT from then on).
I think that this will put new bitcoin/XBT on a path that will eventually lead to XBT=~$1 with each satoshi=~1c.
How long it might take-maybe 20 years. If this happens, current BTC would equal $1,000,000

This could have a double effect, it could boost the price and make dealing with Bitcoin easier, but it also could be a big confusion and slow adoption for a really simple reason, while we were talking for 5 years about only 21 million BTC to exist, people will be surprised about Trillions of XBT (which they don't get in the first place).

Maybe, but only a small % of the population was exposed to 21 mil number and I heard Allaire (Circle) publicly referring to 2.1 quadrillion units, which are, of course, satoshi, so some were talking about it. When i recently went to look at one house, and asked about the price, the realtor simply said 'about 7', which, based on location and my knowledge of the neighborhood, I immediately translated as '700000'. I don't know why he was so coy about it and not say 700K or seven hundred thou.
My point is use will determine, but nobody except early adopters would be reluctant because of 21 mil BTC vs 21 tril XBT, especially since some of them are already exposed to tril in GDP and budget numbers.

[Eastwind]

For the Cryptonote coins, they have 12 decimal place for the coins, is it necessary? Is it better to increase the total number of coins by 10000  times and remove 4 decimal places?  Would that decrease the block size?

One recent block reward of XMR is 13.828558554977, if we remove the last 8 digit, so that it is 13.8285. That will remove the dust and that value is still close to the original one, the difference is only 0.0001/13.

[Biodom]

For the Cryptonote coins, they have 12 decimal place for the coins, is it necessary? Is it better to increase the total number of coins by 10000  times and remove 4 decimal places?  Would that decrease the block size?

One recent block reward of XMR is 13.828558554977, if we remove the last 8 digit, so that it is 13.8285. That will remove the dust and that value is still close to the original one, the difference is only 0.0001/13.

Interesting. I traded a small number of BTC for XMR, but it is underperforming BTC.
XMR owners might need to wait much much longer (I give it 50:50 or even less to succeed, especially looking at BTC troubles).

[coinits]

For the Cryptonote coins, they have 12 decimal place for the coins, is it necessary? Is it better to increase the total number of coins by 10000  times and remove 4 decimal places?  Would that decrease the block size?

One recent block reward of XMR is 13.828558554977, if we remove the last 8 digit, so that it is 13.8285. That will remove the dust and that value is still close to the original one, the difference is only 0.0001/13.

Interesting. I traded a small number of BTC for XMR, but it is underperforming BTC.
XMR owners might need to wait much much longer (I give it 50:50 or even less to succeed, especially looking at BTC troubles).

Sir Richard is about to change bitcoin forever. Price to the moon!

https://bitcoinfoundation.org/press-releases/press-release-october-7-2014-bitcoin-foundation-financial-standards-working-group-leads-the-way-for-mainstream-bitcoin-adoption-2/

[CMMPro]

For the Cryptonote coins, they have 12 decimal place for the coins, is it necessary? Is it better to increase the total number of coins by 10000  times and remove 4 decimal places?  Would that decrease the block size?

One recent block reward of XMR is 13.828558554977, if we remove the last 8 digit, so that it is 13.8285. That will remove the dust and that value is still close to the original one, the difference is only 0.0001/13.

Interesting. I traded a small number of BTC for XMR, but it is underperforming BTC.
XMR owners might need to wait much much longer (I give it 50:50 or even less to succeed, especially looking at BTC troubles).

Sir Richard is about to change bitcoin forever. Price to the moon!

https://bitcoinfoundation.org/press-releases/press-release-october-7-2014-bitcoin-foundation-financial-standards-working-group-leads-the-way-for-mainstream-bitcoin-adoption-2/

That Dick!

[brg444]

Here is the one-week resolution chart of Bitstamp prices. I drew a resistance trendline down from the November 2013 peak  and a support trendline touching the capitulations. It forms a bullish falling wedge pattern, which this site says is resolved by an upwards breakout 68% of the time.

The KDJ indicator on the bottom of the chart is saying oversold as the purple line has a value less than 20.

what are your thoughts on the J line nearly crossing upward the K & D line on the 1w chart

the crossing looks to be a week away still but if we can maintain this week's momentum I feel that would be an extremely bullish sign considering the history of this indicator

[Bitcopia]

For the Cryptonote coins, they have 12 decimal place for the coins, is it necessary? Is it better to increase the total number of coins by 10000  times and remove 4 decimal places?  Would that decrease the block size?

One recent block reward of XMR is 13.828558554977, if we remove the last 8 digit, so that it is 13.8285. That will remove the dust and that value is still close to the original one, the difference is only 0.0001/13.

Interesting. I traded a small number of BTC for XMR, but it is underperforming BTC.
XMR owners might need to wait much much longer (I give it 50:50 or even less to succeed, especially looking at BTC troubles).

Sir Richard is about to change bitcoin forever. Price to the moon!

https://bitcoinfoundation.org/press-releases/press-release-october-7-2014-bitcoin-foundation-financial-standards-working-group-leads-the-way-for-mainstream-bitcoin-adoption-2/

Wait, what does Sir Richard have to do with this press release?

[BTCtrader71]

For the Cryptonote coins, they have 12 decimal place for the coins, is it necessary? Is it better to increase the total number of coins by 10000  times and remove 4 decimal places?  Would that decrease the block size?

One recent block reward of XMR is 13.828558554977, if we remove the last 8 digit, so that it is 13.8285. That will remove the dust and that value is still close to the original one, the difference is only 0.0001/13.

Interesting. I traded a small number of BTC for XMR, but it is underperforming BTC.
XMR owners might need to wait much much longer (I give it 50:50 or even less to succeed, especially looking at BTC troubles).

Sir Richard is about to change bitcoin forever. Price to the moon!

https://bitcoinfoundation.org/press-releases/press-release-october-7-2014-bitcoin-foundation-financial-standards-working-group-leads-the-way-for-mainstream-bitcoin-adoption-2/

Wait, what does Sir Richard have to do with this press release?

The chairperson of the working group, Beth Moses, works for Virgin Galactic

[cbeast]

I'm only a casual observer of these TA discussions. The triangles and their sequences used are supposed to form patterns useful for predicting changes in price. Nobody ever makes predictions about volatility. I don't understand why they use extreme ranges as anchor points for TA lines. They are statistically insignificant. These extreme points are insignificant because they can be easily affected by individuals rather than market trends. Candles use volume distribution. Using volume distribution as weight for determining anchor points would at least make TA seem more like a statistical science. If they are going to use extreme points, they should be treated as a separate predictive factor to reflect reactivity. Instead, they seem to use the extremes of the candles over long periods of time which would heavily weight the most insignificant market activity for the predictive model.

On a different note, are there charts anywhere that analyze news, sentiment, and transaction phenomena?

[mmortal03]

Sir Richard is about to change bitcoin forever. Price to the moon!

https://bitcoinfoundation.org/press-releases/press-release-october-7-2014-bitcoin-foundation-financial-standards-working-group-leads-the-way-for-mainstream-bitcoin-adoption-2/

"Currencies today operate with two decimal spaces to the right ($1.00). In Bitcoin, there are currently eight so one could theoretically pay you 0.00000001 or one hundred-millionth of a Bitcoin. Not only is this confusing for consumers, it does not fit in existing systems and software for accounting practices."

So the standard would already have a rounding error of at least $1.80 (0.005 bitcoins). As soon as we go up again, that will only increase...

[BTCtrader71]

I'm only a casual observer of these TA discussions. The triangles and their sequences used are supposed to form patterns useful for predicting changes in price. Nobody ever makes predictions about volatility. I don't understand why they use extreme ranges as anchor points for TA lines. They are statistically insignificant. These extreme points are insignificant because they can be easily affected by individuals rather than market trends. Candles use volume distribution. Using volume distribution as weight for determining anchor points would at least make TA seem more like a statistical science. If they are going to use extreme points, they should be treated as a separate predictive factor to reflect reactivity. Instead, they seem to use the extremes of the candles over long periods of time which would heavily weight the most insignificant market activity for the predictive model.

TA is to fundamental analysis as astrology is to astronomy.

It's no accident that this thread is called "the Quality TA thread." The majority of posts in this thread have nothing to do with TA. The fact is that the best TA is ... no TA at all!

Hehehehe ...

[coinits]

For the Cryptonote coins, they have 12 decimal place for the coins, is it necessary? Is it better to increase the total number of coins by 10000  times and remove 4 decimal places?  Would that decrease the block size?

One recent block reward of XMR is 13.828558554977, if we remove the last 8 digit, so that it is 13.8285. That will remove the dust and that value is still close to the original one, the difference is only 0.0001/13.

Interesting. I traded a small number of BTC for XMR, but it is underperforming BTC.
XMR owners might need to wait much much longer (I give it 50:50 or even less to succeed, especially looking at BTC troubles).

Sir Richard is about to change bitcoin forever. Price to the moon!

https://bitcoinfoundation.org/press-releases/press-release-october-7-2014-bitcoin-foundation-financial-standards-working-group-leads-the-way-for-mainstream-bitcoin-adoption-2/

That Dick just assumed control of Bitcoin.

FIXED

[JayJuanGee]

Sir Richard is about to change bitcoin forever. Price to the moon!

https://bitcoinfoundation.org/press-releases/press-release-october-7-2014-bitcoin-foundation-financial-standards-working-group-leads-the-way-for-mainstream-bitcoin-adoption-2/

"Currencies today operate with two decimal spaces to the right ($1.00). In Bitcoin, there are currently eight so one could theoretically pay you 0.00000001 or one hundred-millionth of a Bitcoin. Not only is this confusing for consumers, it does not fit in existing systems and software for accounting practices."

So the standard would already have a rounding error of at least $1.80 (0.005 bitcoins). As soon as we go up again, that will only increase...

It seems that you are getting the unit wrong. 

The author is NOT talking about going back 3 decimal places, but instead he is talking about going back 6 decimal places.  Currently, if my calculations are correct, 6 decimal places would cause a $364.85 per BTC valuation to have an exchange price of $.00036485 per XBT - or $1 would buy you 274.09 XBTs which is 27,409 satoshis.