It's called a correction (waveaddict's bitcoin charting subscription thread)

[Otoh]

there has always and will always continue to be a 'natural' demand for certain items including gold but you have to ask yourself what the price of gold would be without all of the speculation and performance chasing. Take oil for instance, there was no way that the value of oil would have flown from $100 to $150 a barrel right before crashing down to $40 back in 2008 if speculation did not have a huge part in the run-up. Yet, during that run-up everyone was saying that oil would never go down since the oil demand will keep going up while supply would keep going down. No one even considered that the world economy would crash and destroy demand. Now you see the same thing with gold; everyone just assumes that gold demand will keep going up because they rationalized it to themselves the same way that we did with oil; demand and price keep going up therefore both will always go up. But, think to yourselves if the world economy crashed again; even Indians would be buying food and other necessary items rather than gold. The worst mistake that you can make in the investment world is thinking that a certain trend will last forever just because it is happening now.

gold down nearly 5% today ~ nice call

edit: assuming those are London Good Delivery bars @ 12.5Kg each, then that's about $34,000 per brick minus - ouch 

[waveaddict]

  ok guys today's email has been sent...well the two, but the second one is just a revision since (61) and (62) were a little small in the first one I sent out

[Otoh]

It sure is slow around here. 

yep & I thought that pirate was going to come out & play today too 

maybe later 

[teflone]

Meh, Im out on bitcoinica..  sucking it up and taking my loss


I cant see it doing anything but go down... 

Specially for this being wednesday, and no movement happened...

[waveaddict]

watch the levels I mentioned in the email for today if you wanted to get back in...whether that is long or short depending on the break.

Meh, Im out on bitcoinica..  sucking it up and taking my loss


I cant see it doing anything but go down... 

Specially for this being wednesday, and no movement happened...

[teflone]

btw, this also means the market will now move up..


Your welcome everyone... 

The best advice out there would be to do the opposite of me..

[pirateat40]

btw, this also means the market will now move up..


Your welcome everyone... 

The best advice out there would be to do the opposite of me..

Duly noted.

[teflone]

btw, this also means the market will now move up..


Your welcome everyone... 

The best advice out there would be to do the opposite of me..

Duly noted.

Your little buy there only spiked more sells.. lol 

[proudhon]

btw, this also means the market will now move up..


Your welcome everyone... 

The best advice out there would be to do the opposite of me..

Duly noted.

Your little buy there only spiked more sells.. lol 

Thank goodness.

[waveaddict]

check your email, subscribers   

[teflone]

check your email, subscribers   

Laying it out in laymans terms, love it

[waveaddict]

I'm here to please 

check your email, subscribers   

Laying it out in laymans terms, love it

[N12]

Thanks for the answer with regard to dollar deflationary effects on Bitcoin. I’m interested in how you would answer another question of mine.

Do you believe it is foolish to take profits in BTC rather than USD? In other words, to view the bitcoins as the money and dollars the asset? Does it even matter as long as you stick to one strategy over the long run?

[notme]

Thanks for the answer with regard to dollar deflationary effects on Bitcoin. I’m interested in how you would answer another question of mine.

Do you believe it is foolish to take profits in BTC rather than USD? In other words, to view the bitcoins as the money and dollars the asset? Does it even matter as long as you stick to one strategy over the long run?

Which do you believe will hold value better over the long term?

[N12]

The Bitcoins, obviously, but that can a) be very very long-term and b) Bitcoin has no 100% chance of success.

Obviously you would want to protect yourself from what happened June to November, for example. Bitcoin lost 94% of its value over this period, whereas the USD maybe did so in a century.

[notme]

The Bitcoins, obviously, but that can a) be very very long-term and b) Bitcoin has no 100% chance of success.

Obviously you would want to protect yourself from what happened June to November, for example. Bitcoin lost 94% of its value over this period, whereas the USD maybe did so in a century.

Indeed... I watched it happen.  I've been bitcoining for over a year now.  Personally, I take individual profits as BTC, but I occasionally diversify first to cash, then to stocks and PMs.  Ideally, I diversify when Bitcoin is high and what I am short on is low.

[realnowhereman]

Personally I'm happy to hold either BTC or USD at this point; but with the long term aim of having as many BTC as possible.

If I am interested in predictions and technical analysis it is only so that during huge devaluations like last year I can get more bitcoins.  Not dollars.

If I had to stop trading today and were allowed one last change (this is a stupid hypothetical, I know), I'd convert to BTC, extract them to my personal wallet and sit on them for 10 years.

I am working on the assumption that bitcoins are going to be worth $1,000 each one day.  Assuming I've invested all I can afford, then the tool for getting more bitcoins is trading them up and down while they are so cheap.  If my assumption is correct then every one bitcoin I can make now is $1,000 in the future.  That assumption might be wrong; but it's what I work to.

[naima53]

Personally I'm happy to hold either BTC or USD at this point; but with the long term aim of having as many BTC as possible.

If I am interested in predictions and technical analysis it is only so that during huge devaluations like last year I can get more bitcoins.  Not dollars.

If I had to stop trading today and were allowed one last change (this is a stupid hypothetical, I know), I'd convert to BTC, extract them to my personal wallet and sit on them for 10 years.

I am working on the assumption that bitcoins are going to be worth $1,000 each one day.  Assuming I've invested all I can afford, then the tool for getting more bitcoins is trading them up and down while they are so cheap.  If my assumption is correct then every one bitcoin I can make now is $1,000 in the future.  That assumption might be wrong; but it's what I work to.

good point.. See, how people react! people, who have not heard about bitcoin .. This - the financial revolution. ("pied piper coinabul" thread..)

[waveaddict]

today's email has been sent 

[teflone]

Major hacks today.. bitcoinica and Slush..  hosting provided by Linode have a security hole to patch somewhere..

This can only mean one thing......


We's going down