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Author Topic: Gold collapsing. Bitcoin UP.  (Read 1939996 times)
manfred
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July 24, 2014, 08:50:28 AM
 #9841


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July 24, 2014, 02:40:34 PM
 #9842

Short term sell signal.  Failure to breakout from smaller triangle.  Still within larger triangle.

there are times when volume is indicative of the trend. especially when dealing with speculative assets with elastic supply.  i believe this is the main concern behind the selling pressure.   however, remember that it is just a derivative of the price and is not necessarily reflective of the fundamentals.  we've seen plenty of low volume situations back in the days esp. during the selloff down to 1.98 during the Fall of 2011.  volume was pitiful.  then, the selling pressure abated and the price started to rise inexplicably without volume follow on, initially.  bears, who kept looking to volume confirmation for the reversal, never got it until much later when bull speculators started to pile back in.  by then it was too late. their short positions were destroyed.

these low volume situations are expected for a fixed supply asset.  currently, investors are using it as a store of value, rather than a currency.  and for good reasons.  it has a chance to replace the function that gold once held as a world reserve currency.  we're at a cyclical bottom which further exacerbates the hodling.  ppl won't release their BTC until the price moves toward a new high when spending power is at a maximum.  or when inevitably merchants start offering discounts.

personally, it's an opportunity to buy another dip.

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July 24, 2014, 03:03:46 PM
 #9843

there are also plenty of ppl who are worried about the gold price correlating with Bitcoin.  gold bugs should be worried; we've broken below the July 15 low which is trouble. for them. Bitcoin's headfake down today should serve to shake out many of it's skeptics; that's how bull markets work.  they are extremely hard to ride:

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July 24, 2014, 03:12:12 PM
 #9844

TOL (Toll Brothers) getting blistered this morning.  Remember, the XHB housing ETF graph from the other day.  that's not good.  could be entering a period of deflation for stocks which would be horrific for gold:

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July 24, 2014, 03:14:59 PM
 #9845

Junior miners once again break support from July 16 in a L translated configuration. confirmation of bear. not good:

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July 24, 2014, 03:19:11 PM
 #9846


does it really matter when the R sided dump is already below the L sided breakout?
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July 24, 2014, 03:21:20 PM
 #9847

https://twitter.com/cypherdoc2/status/492328521814249472
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July 24, 2014, 04:33:25 PM
 #9848

Beyond New York: What Lies Ahead for Bitcoin

Here’s what happens on 17th October: bitcoin continues to be a juggernaut, rolling over the promiscuous money printers and corrupt kingpins of the centrally planned banking system, albeit with some market-based adjustments. Markets perceive regulation as ‘damage’ and route around it. This is true with Internet-related damage and it is equally true with bitcoin-related damage.

http://www.coindesk.com/beyond-new-york-lies-ahead-bitcoin/
HeliKopterBen
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July 24, 2014, 04:58:35 PM
 #9849

personally, it's an opportunity to buy another dip.

This is reminiscent of the Silk Road crash where the market fell after a long period of quiet, although not as bad this time, so far.  Many of us considered the silk road bust as good news while it was being portrayed as bad news because of the crash.  The same thing is happening how.  The NYDFS news is being portrayed as bad.  However, merchants that accept bitcoin are not included under the rules and regulations, only businesses exchanging fiat to bitcoin.  Also, the NYDFS is giving users a period of time to provide feedback, indicating a willingness to provide bitcoiners with regulation that will work best for both them and the state.  Although it looks pretty strict in its initial form, this regulation should provide a framework for legit exchanges to finally start operating in the US.

Counterfeit:  made in imitation of something else with intent to deceive:  merriam-webster
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July 24, 2014, 05:06:55 PM
 #9850

stocks going negative. 

very slow long term roll.
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July 24, 2014, 08:56:10 PM
 #9851

stocks going negative. 

very slow long term roll.

I must admit I haven't checked the major stock indices, except inadvertantly, since the Bush mid-terms (06?) when markets on several days magically ended within a few points of where they began the trading day, after many wild swings. Mathematically improbable in a free market. The DOW should probably be somewhere around 3000 or less if it reflected anything to do with the real economy, which is basically in a depression, and certainly the future economy.
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July 24, 2014, 11:58:59 PM
 #9852

Regulators and prosecutors are scrutinizing allegations that dealers at the world’s biggest banks traded ahead of their clients and colluded to rig the WM/Reuters rate, a benchmark that pension funds and money managers use to determine what they pay for foreign currencies.

http://mobile.bloomberg.com/news/2014-07-23/u-k-fca-said-to-near-fx-rigging-settlement-with-banks.html

This is the type of price rigging I worry about with Second Markets private dealer fixes.

I'm sure that's the goal but wouldn't accumulating Bitcoin and holding eventually cause the rigging to fail?

I'm sure there are bitcointalk members /quants who have a better idea how Bitcoin works than most wouldn't they be able to detect and manipulate the fixing for profit even as a loan outsider.

the key will be to have multiple independent exchanges worldwide that trade as they do now realtime and 24/7 just to serve as a check on NY.

Thanks for that I think we'll have a bright future,  I suspect trading alts could still play a part if they grab a piece of the pie during the next Bitcoin adoption cycle.

Thank me in Bits 12MwnzxtprG2mHm3rKdgi7NmJKCypsMMQw
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July 25, 2014, 12:22:15 AM
 #9853

nice support @ 600.

bears need to push this down below 550 to get any traction going.  looks bleak; for them.
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July 25, 2014, 03:33:48 AM
 #9854

Disrupting payments, Africa

http://recode.net/2014/07/24/disrupting-payments-africa-style/
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July 25, 2014, 04:55:55 AM
 #9855


that article reminded me of one of my 1st forum posts:  
https://bitcointalk.org/index.php?topic=5400.msg93981#msg93981
inspired by this bk: http://www.amazon.com/The-SmartPhone-Wallet-Understanding-Disruption/dp/1456429973

those were some of my inspirations that got me into Bitcoin in early 2011.
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July 25, 2014, 05:08:29 AM
 #9856

"The blockchain may only ever be applicable to Bitcoin as Money."-cypherdoc

The new Ethereum release and funding is going to be a good test of my theory.  From just over 50% confidence, I've moved it to just over 60% after the NYDFS regs.  I say this b/c of the onerous identification mechanisms the regs have introduced.  Because Vitalik and company are well known and trackable, I think they could become targets very soon by the SEC or some such regulatory agency for selling securities unregulated.  With any regulatory attack will also come a freezing of their ether and USD funding.  Mind you, I don't wish this on them at all; it's just a fact.  As I've been saying, Satoshi by luck, design and timing, created a set of conditions that may never be reproducible.  His anonymity being one of the most critical along with his privacy in boot strapping Bitcoin via mining in the early stages.  I also don't see where Ethereum's mining power is going to come from.  There aren't going to be many miners willing to secure stocks, bonds, smart contracts, or whatever, I think.

We'll see.

i doubt etherum will even grow enough to tickle the regulation tyrants.



not so optimistic eh ^^

one of the real dangers to the Ethereum project is Vitalik's attitude of which i've highlighted several times throughout this thread over the last 8 mo or so.  he doesn't understand Bitcoin and the economic incentives built into it.

Amir has said that a coder's philosophy is built into their software.  what will become of Ethereum?

http://www.marc.cn/2014/07/the-ethereum-hype.html
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July 25, 2014, 10:24:37 AM
 #9857

Look, Vitalik seems like a legit and smart guy to me, but truth be told, the network effect of Bitcoin is just WAY TOO STRONG. We have legit celebs now talking about it on twitter, Snopp Dogg is accepting BTC for his album and Ashton Kutcher is into BTC a lot. Network effect is about to hit critical mass. What chances, possibly, has Etherum to hit such landmarks? How can another coin have the solid infrastructure of Bitcoin ever again? Every coin will get constantly compared with Bitcoin, and bam, that means Bitcoin gets mentioned in every single article about new coins, which makes Bitcoin even bigger. This shit cannot be stopped.

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July 25, 2014, 10:53:10 AM
 #9858

In regards to the entire cryptocurrency space,

"Most investors will lose money despite a great investment staring them in the face" - cypherdoc
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July 25, 2014, 12:23:22 PM
 #9859

In regards to the entire cryptocurrency space,

"Most investors will lose money despite a great investment staring them in the face" - cypherdoc

Could you elaborate?

Like this post? you can tip me (BTC) 18j7UBNfhWWfvwGwrtzWfUrp1v6RDerFkY or (XEM) NBXGH5-MXQPNL-T5TA3R-QCQYUX-3FIEXC-LGIKGT-H7XJ
John999
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July 25, 2014, 12:43:24 PM
 #9860

In regards to the entire cryptocurrency space,

"Most investors will lose money despite a great investment staring them in the face" - cypherdoc

Could you elaborate?

I guess he means people will lose money by investing in altcoins instead of simply buy bitcoins?
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