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Author Topic: Top 5 reasons behind october 2013 bitcoin bullrun!  (Read 2206 times)
kthejung
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May 11, 2014, 08:22:05 PM
 #21

I honestly think we are almost priced in for a full out china ban.
I tend to agree, not only that but Bitcoin is extremely unlikely to go below 400, if you study the 3yr logarithmic scale you'll see what I mean.

Reality check:





You know that chart is incorrectly scaled right?  In what world is 50 the midpoint between 1 to 2,000?
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May 11, 2014, 08:31:25 PM
 #22

I honestly think we are almost priced in for a full out china ban.
I tend to agree, not only that but Bitcoin is extremely unlikely to go below 400, if you study the 3yr logarithmic scale you'll see what I mean.

Reality check:





You know that chart is incorrectly scaled right?  In what world is 50 the midpoint between 1 to 2,000?
In the world of LOG-O-RHYTHMS, baby!  Yeah, that's right!
All kidding aside, for measurements covering many decades, logarithms are the only sensible approach.
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May 11, 2014, 08:42:52 PM
 #23

I honestly think we are almost priced in for a full out china ban.
I tend to agree, not only that but Bitcoin is extremely unlikely to go below 400, if you study the 3yr logarithmic scale you'll see what I mean.

Reality check:





You know that chart is incorrectly scaled right?  In what world is 50 the midpoint between 1 to 2,000?
In the world of LOG-O-RHYTHMS, baby!  Yeah, that's right!
All kidding aside, for measurements covering many decades, logarithms are the only sensible approach.
Indeed. All kidding aside, this is one of those awkward moments when some random internet tourist realizes they've entered a part of the internet full of people far more intelligent than him/herself.

Cue righteous indignation... now.

Remember Aaron Swartz, a 26 year old computer scientist who died defending the free flow of information.
jonald_fyookball
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May 11, 2014, 08:47:12 PM
 #24

I honestly think we are almost priced in for a full out china ban.
I tend to agree, not only that but Bitcoin is extremely unlikely to go below 400, if you study the 3yr logarithmic scale you'll see what I mean.

Reality check:





You know that chart is incorrectly scaled right?  In what world is 50 the midpoint between 1 to 2,000?
In the world of LOG-O-RHYTHMS, baby!  Yeah, that's right!
All kidding aside, for measurements covering many decades, logarithms are the only sensible approach.
Indeed. All kidding aside, this is one of those awkward moments when some random internet tourist realizes they've entered a part of the internet full of people far more intelligent than him/herself.

I agree the log chart is rubbish.

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May 11, 2014, 08:49:48 PM
 #25

I agree the log chart is rubbish.
The log chart is historical fact.

The nice thing about mathematics, is that unlike some of the softer, pussy sciences, it leaves very little room for interpretation. Your opinion is irrelevant.

Remember Aaron Swartz, a 26 year old computer scientist who died defending the free flow of information.
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May 11, 2014, 09:01:08 PM
 #26


The China effect worn off and we still see an upward trend.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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May 11, 2014, 09:03:47 PM
 #27


The China effect worn off and we still see an upward trend.

Totally depends on what time frame you were looking at.  Year to date, trend is down.
Last 60 days, trading is sideways.

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May 11, 2014, 09:07:23 PM
 #28


The China effect worn off and we still see an upward trend.

Totally depends on what time frame you were looking at.  Year to date, trend is down.
Last 60 days, trading is sideways.
Last seven days, last thirty minutes, yeah I get it. I didn't specify, so presume infinite term.

Any significantly advanced cryptocurrency is indistinguishable from Ponzi Tulips.
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May 11, 2014, 09:13:04 PM
 #29

I agree the log chart is rubbish.
The log chart is historical fact.

The nice thing about mathematics, is that unlike some of the softer, pussy sciences, it leaves very little room for interpretation. Your opinion is irrelevant.

Not that I want to derail the topic, but logarithmic charts can be manipulative if used improperly.  The UK Statistics Authority felt compelled to criticise a chart published by the government that, on first impression, made it look as though similar amounts were being spent in different sectors, when in reality, the figures were nowhere near equal.  The two charts show the same figures, but the difference in the impression they generate is vast.

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May 11, 2014, 09:19:22 PM
 #30

I agree the log chart is rubbish.
The log chart is historical fact.

The nice thing about mathematics, is that unlike some of the softer, pussy sciences, it leaves very little room for interpretation. Your opinion is irrelevant.

I agree!

However charting is not math.  Charts are always open to interpretation.

I don't like log charts for the obvious fact that don't have consistent
Units of measurement on their axis.  That's merely my opinion as you pointed out.

But even non-log "normal" or linear charts are somewhat arbitrary because
who is to say how many pixels a given unit should get.  It could be stretched
to any arbitrary shape.  But at least it would be consistent.

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May 11, 2014, 09:27:43 PM
 #31

I honestly think we are almost priced in for a full out china ban.
I tend to agree, not only that but Bitcoin is extremely unlikely to go below 400, if you study the 3yr logarithmic scale you'll see what I mean.
So you're saying that we should be expecting the price to start rising soon? I would like that. I think that 400 would be the bottom now, but who knows.


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bananas
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May 11, 2014, 09:36:36 PM
 #32

It was Mark Karpeles alone doing fictional transactions
jonald_fyookball
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May 11, 2014, 09:38:35 PM
 #33

I honestly think we are almost priced in for a full out china ban.
I tend to agree, not only that but Bitcoin is extremely unlikely to go below 400, if you study the 3yr logarithmic scale you'll see what I mean.
So you're saying that we should be expecting the price to start rising soon? I would like that. I think that 400 would be the bottom now, but who knows.

The price doesn't give a crap about what a chart says.  Price can do whatever it wants to.
Buyers and sellers determine the price, and we all know this.  

The fact is, 3600 new coins are mined daily.  Unless demand can keep up, price will keep sliding.
So, we need the next wave of adoption.  Many speculators may have been early to the party, (bought into the last bubble) me included.  That's ok.  Long term, we will be fine. The question is, when will the next spike occur?

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May 11, 2014, 09:53:31 PM
 #34

I see some people here not believing that Cyprus playied an important role when it comes to the rise of bitcoin's price. The events in Cyprus indeed received much media attention but many people don't realise how desperate Cypriots were at the time.

As a Greek I can confirm that the days bank accounts were closed in Cyprus there was panic everywhere. Rumors and speculation were being talked everywhere. You can't even imagine what could be heard at the time. While the mainstream media were conservative about those events and were't letting out enough information out in many cases people were still being in panic in the thaught of losing their money. To me it sounds perfectly logical that people there would seek for alternatives to FIAT at such a time. It wasn't just the cypriots that lead the price to rise. It was the situation there that lead people all around the world to trust banks a bit less. And this is why Cyprus made bitcoin to rise, out of all the negativity there bitcoin was the winner.














 

 

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LiteCoinGuy
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May 11, 2014, 09:56:19 PM
 #35

There can't be just one reason or factors behind the spectacular late 2013 bull phase for bitoin...so try to list them as top 5 reasons that caused the price to go from 170$ to 1100$ in such a short time...
1 China
2 China
3 China
4 China
5 China


sounds legit.

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