rpietila Wall Observer - the Quality TA Thread ;)

[rpietila]

We are witnessing with our very own eyes the opportunity to purchase 1:1,000,000th of the money supply of this world, with one click, for $5,000, which is 1:10,000,000,000 of the fiat supply of the world.

Do the division: money is going for 1:10,000 of the price of fiat.

I don't trust the government that much.

The history sides with me. The bitcoins the Norwegian guy bought for the total of $5 in 2009, bought him an apartment in 2014. If kept in fiat, it would have bought him - a sandwich.

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[rpietila]

And it is rallying: 0.447 touched for the first time in 72 hours!

[Jomppe]

We are witnessing with our very own eyes the opportunity to purchase 1:1,000,000th of the money supply of this world, with one click, for $5,000, which is 1:10,000,000,000 of the fiat supply of the world.

Do the division: money is going for 1:10,000 of the price of fiat.

I don't trust the government that much.

The history sides with me. The bitcoins the Norwegian guy bought for the total of $5 in 2009, bought him an apartment in 2014. If kept in fiat, it would have bought him - a sandwich.

Reptilian, not even a sandwhich. In Finland you need to pay something like 8 USD for sandwhich (6 euros).

[zimmah]

We are witnessing with our very own eyes the opportunity to purchase 1:1,000,000th of the money supply of this world, with one click, for $5,000, which is 1:10,000,000,000 of the fiat supply of the world.

Do the division: money is going for 1:10,000 of the price of fiat.

I don't trust the government that much.

The history sides with me. The bitcoins the Norwegian guy bought for the total of $5 in 2009, bought him an apartment in 2014. If kept in fiat, it would have bought him - a sandwich.

Very true, and I think it won't be the last time bitcoin will explode upwards like that.

[kehtolo]

And it is rallying: 0.447 touched for the first time in 72 hours!

We've come (fallen) a long way if this is what constitutes a rally nowadays!

[Jomppe]

And it is rallying: 0.447 touched for the first time in 72 hours!

We've come (fallen) a long way if this is what constitutes a rally nowadays!

The next bubble will be somewhere between 5000-7000 USD.

[zimmah]

And it is rallying: 0.447 touched for the first time in 72 hours!

We've come (fallen) a long way if this is what constitutes a rally nowadays!

every rally has to start somewhere.

It will probably encounter some form of resistance around ~450, ~470 ~500, ~670 and of course ~1000 and ~1400 (and probably more price points) but it will eventually go pretty fast and it seems to be starting now. It will probably take a couple of week or even a month or two to fully develop though but all signs are pointing towards a forming rally.

And the top will most likely be somewhere between 5000 and 7000 or something indeed.

[findftp]

And it is rallying: 0.447 touched for the first time in 72 hours!

We've come (fallen) a long way if this is what constitutes a rally nowadays!

every rally has to start somewhere.

It will probably encounter some form of resistance around ~450, ~470 ~500, ~670 and of course ~1000 and ~1400 (and probably more price points) but it will eventually go pretty fast and it seems to be starting now. It will probably take a couple of week or even a month or two to fully develop though but all signs are pointing towards a forming rally.

And the top will most likely be somewhere between 5000 and 7000 or something indeed.

I think it very hard to call the next top already.
It really depends on all the news.
For example, when a government declares bitcoin national currency, BTC goes much higher than 7000 (add a couple zeros)
But, when proof exist  of a fatal flaw in bitcoin we pretty much go to zero.

But, I very much like the binary bet.

[Jomppe]

And it is rallying: 0.447 touched for the first time in 72 hours!

We've come (fallen) a long way if this is what constitutes a rally nowadays!

every rally has to start somewhere.

It will probably encounter some form of resistance around ~450, ~470 ~500, ~670 and of course ~1000 and ~1400 (and probably more price points) but it will eventually go pretty fast and it seems to be starting now. It will probably take a couple of week or even a month or two to fully develop though but all signs are pointing towards a forming rally.

And the top will most likely be somewhere between 5000 and 7000 or something indeed.

I think it very hard to call the next top already.
It really depends on all the news.
For example, when a government declares bitcoin national currency, BTC goes much higher than 7000 (add a couple zeros)
But, when proof exist  of a fatal flaw in bitcoin we pretty much go to zero.

But, I very much like the binary bet.

It will not most likely go to 700 000 USD at this rally but 7000 is realistic based on so many previous rallies.

[zimmah]

Predicting the news is almost impossible, predicting price movements based on previous movements is at least somewhat possible.

[Jomppe]

The price is surprisingly easy to predict based on the previous rallies.
However there might indeed be a blackswan event that will drive the BTC to 700 000 USD at this rally. The probability for this is perhaps 5 % or less.

[kireinaha]

The price is surprisingly easy to predict based on the previous rallies.
However there might indeed be a blackswan event that will drive the BTC to 700 000 USD at this rally. The probability for this is perhaps 5 % or less.

I'd like to see coinbase keep up with that demand.

"Due to volume, we are unable to fulfill instant buy orders. However, you may purchase now and your order will be fulfilled in six months. Thank you for your understanding."

[Torque]

The price is surprisingly easy to predict based on the previous rallies.
However there might indeed be a blackswan event that will drive the BTC to 700 000 USD at this rally. The probability for this is perhaps 5 % or less.

I'd like to see coinbase keep up with that demand.

"Due to volume, we are unable to fulfill instant buy orders. However, you may purchase now and your order will be fulfilled in six months. Thank you for your understanding."

LOL.  But seriously, they need to sort out their coin on-demand purchasing issues before the next rally.  It's unbelievable that they were able to get away with that crap, when literally tens of thousands of coins per day were being traded on the exchanges during the peak of the last bubble.  Otherwise, it'll create an opening for U.S. based competitors to come along who can solve that problem.  I actually believe it was their way of trying to control the market demand, eliminate using Coinbase for day trading, and reduce market volatility, which no unbiased free market "coin broker" should really have the right to control.  But they can get away with it for now, being the only game in town (in the U.S.)

[Biodom]

Can each bitcoin be $1 BILLION?
Now, this is getting funny...each satoshi $10, =21000 trillion or 21 quadrillion (~100X current world's wealth).
http://www.investopedia.com/articles/investing/051414/could-one-bitcoin-come-be-worth-1-billion-qa.asp

[2017orso]

Can each bitcoin be $1 BILLION?
Now, this is getting funny...each satoshi $10, =21000 trillion or 21 quadrillion (~100X current world's wealth).
http://www.investopedia.com/articles/investing/051414/could-one-bitcoin-come-be-worth-1-billion-qa.asp

http://www.krusekronicle.com/kruse_kronicle/2008/03/charting-histor.html#.U3Ox-PldVn4

http://krusekronicle.typepad.com/.shared/image.html?/photos/uncategorized/2008/03/05/worldgdp1600_2003_2.gif

http://krusekronicle.typepad.com/.shared/image.html?/photos/uncategorized/2008/03/05/worldgdpregion_3.gif

'Whichever economist you choose, the vertical spike at the end of the chart is astonishing.  Slow steady improvements in technology, science, and economic standards in Europe sparked a major agricultural revolution about 1700. Those changes and improvements paved the way for the Industrial Revolution, which Maddison pegs as starting about 1820 in England, a few decades later than some historians might suggest. (While many inventions came into being in the late eighteenth century, Maddison believes noticeable economic impact can not be observed until around 1820.) Agricultural abundance, combined with rise of machine power, made it feasible for agricultural workers to leave the country for the factory jobs in the city'

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https://www.coinprism.com/

distribution and individualization of value representation and financial promises is nearby.  will be interesting to see the effects on GDP.


perhaps there will be strict population controls in the future.life expectancy will surely increase - productive/unproductive remains to be seen.

[Dotto]

Delicious links and talk. Love this thread <3

[kireinaha]

The price is surprisingly easy to predict based on the previous rallies.
However there might indeed be a blackswan event that will drive the BTC to 700 000 USD at this rally. The probability for this is perhaps 5 % or less.

I'd like to see coinbase keep up with that demand.

"Due to volume, we are unable to fulfill instant buy orders. However, you may purchase now and your order will be fulfilled in six months. Thank you for your understanding."

LOL.  But seriously, they need to sort out their coin on-demand purchasing issues before the next rally.  It's unbelievable that they were able to get away with that crap, when literally tens of thousands of coins per day were being traded on the exchanges during the peak of the last bubble.  Otherwise, it'll create an opening for U.S. based competitors to come along who can solve that problem.  I actually believe it was their way of trying to control the market demand, eliminate using Coinbase for day trading, and reduce market volatility, which no unbiased free market "coin broker" should really have the right to control.  But they can get away with it for now, being the only game in town (in the U.S.)

And what's worse is, after five months and 29 days of waiting, an e-mail will come, "your transaction has been flagged as potentially fraudulent and has been cancelled."

[2dogs]

The price is surprisingly easy to predict based on the previous rallies.
However there might indeed be a blackswan event that will drive the BTC to 700 000 USD at this rally. The probability for this is perhaps 5 % or less.

I'd like to see coinbase keep up with that demand.

"Due to volume, we are unable to fulfill instant buy orders. However, you may purchase now and your order will be fulfilled in six months. Thank you for your understanding."

LOL.  But seriously, they need to sort out their coin on-demand purchasing issues before the next rally.  It's unbelievable that they were able to get away with that crap, when literally tens of thousands of coins per day were being traded on the exchanges during the peak of the last bubble.  Otherwise, it'll create an opening for U.S. based competitors to come along who can solve that problem.  I actually believe it was their way of trying to control the market demand, eliminate using Coinbase for day trading, and reduce market volatility, which no unbiased free market "coin broker" should really have the right to control.  But they can get away with it for now, being the only game in town (in the U.S.)

And what's worse is, after five months and 29 days of waiting, an e-mail will come, "your transaction has been flagged as potentially fraudulent and has been cancelled."

Seriously guys, we need an alternative.  
Coinbase is far from ideal - works sometimes and then doesn't.
Where does one go to buy/sell BTC?  
And unfortunately, localbitcoins is not an option for me.

Have been with BTC since  it was in the double digits.  Compared to then, converting has dramatically become more complicated IMO.
I have to agree the ability to convert BTC to fiat (and vice versa), quickly and easily, is a HUGE barrier to widespread acceptance.  We are getting some traction with more merchant acceptance, but have a long ways to go.

One can see what China has done to put the brakes on widespread adoption, and we (in the USA) are not far behind.

Bitstamp?  Thanks for the suggestion, but I just logged in again, and found they want the equivalent of my first born child for verification purposes...sigh..

[Wandererfromthenorth]

The price is surprisingly easy to predict based on the previous rallies.
However there might indeed be a blackswan event that will drive the BTC to 700 000 USD at this rally. The probability for this is perhaps 5 % or less.

I'd like to see coinbase keep up with that demand.

"Due to volume, we are unable to fulfill instant buy orders. However, you may purchase now and your order will be fulfilled in six months. Thank you for your understanding."

LOL.  But seriously, they need to sort out their coin on-demand purchasing issues before the next rally.  It's unbelievable that they were able to get away with that crap, when literally tens of thousands of coins per day were being traded on the exchanges during the peak of the last bubble.  Otherwise, it'll create an opening for U.S. based competitors to come along who can solve that problem.  I actually believe it was their way of trying to control the market demand, eliminate using Coinbase for day trading, and reduce market volatility, which no unbiased free market "coin broker" should really have the right to control.  But they can get away with it for now, being the only game in town (in the U.S.)

And what's worse is, after five months and 29 days of waiting, an e-mail will come, "your transaction has been flagged as potentially fraudulent and has been cancelled."

Seriously guys, we need an alternative.  
Coinbase is far from ideal - works sometimes and then doesn't.
Where does one go to buy/sell BTC?  
And unfortunately, localbitcoins is not an option for me.

Bistamp to buy bitcoin. Verification is pretty fast, and they credit your account in 1-2 days after a bank transfer.
Then if you want to trade them either Bitfinex or BTC-E (bistamp fees are too high).

[pinksheep]

Keep dreaming. I've been involved in Bitcoin since it was less than a cent, longer than 99% of anyone in this thread and a FIRM believer in it despite that I know BTC is not going ANYWHERE near to 700k per BTC at the next rally. I wouldn't put the percentage chance of it at 0.01% let alone 5%. If there was a 5% (1 in 20) chance of a ~450$ passive investment returning $700,000 any time soon every sane person on the planet would be buying in troves. What are you smoking?  
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So what would you say is the highest it can reach in the next rally?