sgbett (OP)
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January 25, 2012, 06:46:41 PM |
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"A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution" - Satoshi Nakamoto*my posts are not investment advice*
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The Bitcoin software, network, and concept is called "Bitcoin" with a capitalized "B". Bitcoin currency units are called "bitcoins" with a lowercase "b" -- this is often abbreviated BTC.
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Eveofwar
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January 25, 2012, 06:47:50 PM |
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So this is just going to be a constant roller coaster ?
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Qoheleth
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Spurn wild goose chases. Seek that which endures.
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January 25, 2012, 06:55:30 PM |
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So this is just going to be a constant roller coaster ?
The joke is that there are completely automatic trading strategies that can make money every oscillation. Sooner or later the "smart money" will start trading those strategies, and then the "big money", and then the sine wave will start to lose some amplitude due to those strategies trading against the wind. Or at least that's the theory. Maybe there's just not enough smart money to actually make the market smart. |
If there is something that will make Bitcoin succeed, it is growth of utility - greater quantity and variety of goods and services offered for BTC. If there is something that will make Bitcoin fail, it is the prevalence of users convinced that BTC is a magic box that will turn them into millionaires, and of the con-artists who have followed them here to devour them.
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StewartJ
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January 25, 2012, 07:42:16 PM |
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If I can just hold out until we get to "Despair" for the imminent rally...
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proudhon
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January 25, 2012, 07:58:50 PM |
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If I can just hold out until we get to "Despair" for the imminent rally...
Back to...$5? |
Bitcoin Fact: the price of bitcoin will not be greater than $70k for more than 25 consecutive days at any point in the rest of recorded human history.
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StewartJ
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January 25, 2012, 08:05:38 PM |
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If I can just hold out until we get to "Despair" for the imminent rally...
Back to...$5? Not sure what the price will be then, but I will certainly sense despair... |
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Sargasm
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January 25, 2012, 08:06:50 PM |
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Despair: the emotion of hope?
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StewartJ
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January 25, 2012, 08:07:47 PM |
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I think the call for pessimism is premature.
Would venture to say we are halfway between unease and denial... like in the Housing Market.
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sgbett (OP)
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January 25, 2012, 08:09:20 PM |
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ill agree with that i wasn't sure if the semi permanent starfish was a denial indicator
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"A purely peer-to-peer version of electronic cash would allow online payments to be sent directly from one party to another without going through a financial institution" - Satoshi Nakamoto*my posts are not investment advice*
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RyNinDaCleM
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Merit: 1009
Legen -wait for it- dary
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January 25, 2012, 08:14:15 PM |
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If I can just hold out until we get to "Despair" for the imminent rally...
Back to...$5? If we managed to hit $5, it just might go well into the $4's. The depth is pretty thin below $5. |
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Technomage
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Affordable Physical Bitcoins - Denarium.com
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January 25, 2012, 08:20:33 PM |
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We have these cycles all the time, most of them are small, some of them are medium sized and then we have the rare large ones. The last large one happened from May to December, or something like that.
I don't personally care about what is happening right now, we're in the middle of a small cycle or at best (or at worst, depends on who you're asking) a medium sized one. A medium sized correction is very possible, I knew one was coming at some point but didn't know when, this could be it. Nothing fundamental has happened that would indicate a larger issue so a large cycle can be counted out.
Most likely it's simply a short term game based on pure speculation, people see an opportunity to go down and then they sell and short. A large majority of that money is coming back, simply a little lower. Eventually we reach the point where it'll go up again.
I also believe that the reports on technical analysis given by popular analysts such as S3052 have a significant effect in themselves. This is information that people believe in and thus it's heavily exploited and this is why those reports tend to cause the behaviour they are "predicting". Same applies to the information people get from Bitcoinica, it's exploited all the time.
A good example is the recent public report by S3052 that stated:
"4) A break below 6 - 6.1 $ is expected to lead to further downside down to 4.64 $."
Guess what happened right after, the price was pushed down below $6, mainly because people were either exploiting this statement or believing that someone else will exploit the statement anyway, so the price went down.
After $6 broke it was obvious that a larger dip is imminent. Now it's hard to say what happens, if people are as sheep as I fear they are, it's totally possible that we'll go as low as $4.64. Personally I have one word for all of this and that is:
Bullshit.
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ineededausername
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January 25, 2012, 08:21:24 PM |
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No one at all sees the interestingly similar slopes/duration on a log chart that this rally/correction has/will have with the March rally/correction?
I predict a steady price decay in the next month, during which all the bears will be screaming "I TOLD YOU."
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(BFL)^2 < 0
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teflone
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January 25, 2012, 08:24:12 PM |
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proudhon
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Activity: 2198
Merit: 1311
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January 25, 2012, 08:27:16 PM |
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If I can just hold out until we get to "Despair" for the imminent rally...
Back to...$5? If we managed to hit $5, it just might go well into the $4's. The depth is pretty thin below $5. No, what I'm saying is that after this correction, we might rally back to $5. |
Bitcoin Fact: the price of bitcoin will not be greater than $70k for more than 25 consecutive days at any point in the rest of recorded human history.
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teflone
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January 25, 2012, 08:28:02 PM |
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If I can just hold out until we get to "Despair" for the imminent rally...
Back to...$5? If we managed to hit $5, it just might go well into the $4's. The depth is pretty thin below $5. No, what I'm saying is that after this correction, we might rally back to $5.  |
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StewartJ
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January 25, 2012, 08:31:07 PM |
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If I can just hold out until we get to "Despair" for the imminent rally...
Back to...$5? If we managed to hit $5, it just might go well into the $4's. The depth is pretty thin below $5. No, what I'm saying is that after this correction, we might rally back to $5. Insert comedic drum roll here... |
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teflone
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January 25, 2012, 08:33:33 PM |
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I found the manipulator...  |
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SlaveInDebt
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January 25, 2012, 08:38:59 PM |
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No one at all sees the interestingly similar slopes/duration on a log chart that this rally/correction has/will have with the March rally/correction?
I predict a steady price decay in the next month, during which all the bears will be screaming "I TOLD YOU."
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"A banker is a fellow who lends you his umbrella when the sun is shining, but wants it back the minute it begins to rain." - Mark Twain
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ineededausername
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January 25, 2012, 09:41:36 PM |
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No one at all sees the interestingly similar slopes/duration on a log chart that this rally/correction has/will have with the March rally/correction?
I predict a steady price decay in the next month, during which all the bears will be screaming "I TOLD YOU."
of course, left unsaid is what comes after that  Triple digits coming THIS YEAR to a market near you! Daytraders: Go long, hourly RSI just reached <30 Short-mid term: Go short Long term investors: Go long |
(BFL)^2 < 0
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Oldminer
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January 25, 2012, 09:51:29 PM |
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