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Question: Will you support Gavin's new block size limit hard fork of 8MB by January 1, 2016 then doubling every 2 years?
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 Author Topic: Gold collapsing. Bitcoin UP.  (Read 2022818 times)
wachtwoord
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 September 29, 2014, 08:24:55 AM

For those that like round numbers:

ramp            base-to-peak   retrace
2011            30x                 -90%
2013 early     20x                -80%
2013 late      10x                 -70%  ??

So next will be base-to-peak 0x, which means that all those calling for Bitcoin going to zero are right.

Okay let's fuck with these number for fun and entertainment (so don't take this too seriously)

10/30=1/3, so in 2 steps we go from 30 to 10. So in 2 steps we'll go from 10 to 3.33. In one step this would be sqrt(1/3)*10 = 5.77

It is isn't exactly precise as we can see from pas data 30*sqrt(1/3) = 17.3 (which is less than 20x). How accurate are the inputs here anyway?
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creekbore
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Lazy, cynical and insolent since 1968

 September 29, 2014, 10:16:16 AM

We're currently down about 68% from the ATH...so calling a bottom and reversal around now would be sensible, if you see the universe conforming to regular patterns.

"Markets always move in the direction to hurt the most investors." AnonyMint
Erdogan
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 September 29, 2014, 11:35:50 AM

...
he/they cut/paste posting the same shit on r/bitcoin so I'm calling troll on this guy (or team?)

seems like last time they used the cult meme talking point ... this time around it is "bitcoin has no perceptible benefits" and "early adopters are MLM (multi-level marketing)"

Who are these hired guns working for?

The Gubirmint?
Teh Banksters?
Our Beneficent Reptilian Overlords(long may They reign!)??

My guess is Apple, because they are known to be using that kind of sales support, and because they have a skin in the game with applepay. Doesn't sound like they can achieve much, but hey, they have cash to burn.

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NotLambchop
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 September 29, 2014, 12:14:04 PM

...
he/they cut/paste posting the same shit on r/bitcoin so I'm calling troll on this guy (or team?)

seems like last time they used the cult meme talking point ... this time around it is "bitcoin has no perceptible benefits" and "early adopters are MLM (multi-level marketing)"

Who are these hired guns working for?

The Gubirmint?
Teh Banksters?
Our Beneficent Reptilian Overlords(long may They reign!)??

My guess is Apple, because they are known to be using that kind of sales support, and because they have a skin in the game with applepay. Doesn't sound like they can achieve much, but hey, they have cash to burn.

Drats!  You've seen through my fiendish ploy...  well all right, here's your apple

BlindMayorBitcorn
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 September 29, 2014, 12:15:55 PM

...
he/they cut/paste posting the same shit on r/bitcoin so I'm calling troll on this guy (or team?)

seems like last time they used the cult meme talking point ... this time around it is "bitcoin has no perceptible benefits" and "early adopters are MLM (multi-level marketing)"

Who are these hired guns working for?

The Gubirmint?
Teh Banksters?
Our Beneficent Reptilian Overlords(long may They reign!)??

My guess is Apple, because they are known to be using that kind of sales support, and because they have a skin in the game with applepay. Doesn't sound like they can achieve much, but hey, they have cash to burn.

Drats!  You've seen through my fiendish ploy...  well all right, here's your apple

LOL

Forgive my petulance and oft-times, I fear, ill-founded criticisms, and forgive me that I have, by this time, made your eyes and head ache with my long letter. But I cannot forgo hastily the pleasure and pride of thus conversing with you.
sidhujag
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 September 29, 2014, 01:16:40 PM

We're currently down about 68% from the ATH...so calling a bottom and reversal around now would be sensible, if you see the universe conforming to regular patterns.

ltc needs one more dump to hit target.

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boumalo
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 September 29, 2014, 02:33:25 PM

Obviously Bitcoin has more potential than Gold and performed better last few years but Bitcoin is more risky and Gold can benefit of the upcoming fall of the USD and western financial system too so it's a great asset to have for us who know what is coming

In my mind it's most likely that distributed crypto-currencies will benefit from a lose of confidence in fiat systems much more than gold.  The simple reason for this is that they are new and starting from a lower position relative to gold and silver.

I see gold, and to a larger degree, silver, as being something to have should a loss of confidence in fiat systems result in war, famine, totalitarianism, etc.  Such outcomes are not unusual in times of economic collapse and I don't think that any country is immune from them.  It would be much easier for authoritarians to limit realistic normal use of something like Bitcoin which requires a reasonably well-working and free global internet and in times of strife I find it almost inconceivable that such a thing would go unchallenged.  It would still be worth having some private keys with assigned value, but mostly to hold on to for better times and/or to use in operations which are already quite risky anyway.

What you meant is Gold will benefit more because it is more established and known, it's reasonable to think that but Bitcoin has a huge potential no matter what; we could see economic collapse with some countries that fair very well aka Asian countries, free countries like Switzerland; the collapse of the USD will be great in the medium term for the hard working/hard saving countries like China, they will consume what they produce just fine, they don't need the Americans to consume what they produce and pay in fiat

cypherdoc
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 September 29, 2014, 03:36:54 PM

good 'ol trustee SLW grinding lower.  i think we have room for one more short term punch down in both gold and silver before we get a bounce:

cypherdoc
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 September 29, 2014, 03:42:12 PM

you gotta admire how the apparatchiks run the futures up and down overnight to trigger all the stops @17000 at the open for the main indices for retail investors.  this market will chew you up:

cypherdoc
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 September 29, 2014, 03:48:06 PM

Obviously Bitcoin has more potential than Gold and performed better last few years but Bitcoin is more risky and Gold can benefit of the upcoming fall of the USD and western financial system too so it's a great asset to have for us who know what is coming

In my mind it's most likely that distributed crypto-currencies will benefit from a lose of confidence in fiat systems much more than gold.  The simple reason for this is that they are new and starting from a lower position relative to gold and silver.

I see gold, and to a larger degree, silver, as being something to have should a loss of confidence in fiat systems result in war, famine, totalitarianism, etc.  Such outcomes are not unusual in times of economic collapse and I don't think that any country is immune from them.  It would be much easier for authoritarians to limit realistic normal use of something like Bitcoin which requires a reasonably well-working and free global internet and in times of strife I find it almost inconceivable that such a thing would go unchallenged.  It would still be worth having some private keys with assigned value, but mostly to hold on to for better times and/or to use in operations which are already quite risky anyway.

What you meant is Gold will benefit more because it is more established and known, it's reasonable to think that but Bitcoin has a huge potential no matter what; we could see economic collapse with some countries that fair very well aka Asian countries, free countries like Switzerland; the collapse of the USD will be great in the medium term for the hard working/hard saving countries like China, they will consume what they produce just fine, they don't need the Americans to consume what they produce and pay in fiat

this is my argument as well. even if, and maybe moreso, if we get another deflationary event in the stock mkt.
cypherdoc
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 September 29, 2014, 03:58:29 PM

and if you believe in big fractals, percentages, and timing, now's not a bad time.
FNG
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 September 29, 2014, 04:22:53 PM

and if you believe in big fractals, percentages, and timing, now's not a bad time.
Huge deal. Have been playing around with it today. Easiest on-ramp yet. I'm sure they're going to use the media quite a bit and the masses will be able to buy \$20 or so with ease
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 September 29, 2014, 04:25:11 PM

and if you believe in big fractals, percentages, and timing, now's not a bad time.
Huge deal. Have been playing around with it today. Easiest on-ramp yet. I'm sure they're going to use the media quite a bit and the masses will be able to buy \$20 or so with ease

if a million poeple hit market buy with 20\$ we're gana have a problem

never gana happen....

cypherdoc
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 September 29, 2014, 04:37:53 PM

cypherdoc
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 September 29, 2014, 04:41:29 PM

sgbett
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 September 29, 2014, 04:42:49 PM

you gotta admire how the apparatchiks run the futures up and down overnight to trigger all the stops @17000 at the open for the main indices for retail investors.  this market will chew you up:

such subtle! lol

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sgbett
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 September 29, 2014, 04:44:28 PM

and if you believe in big fractals, percentages, and timing, now's not a bad time.

I just noticed that tomorrow is the anniversary of the capitulation bottom to \$140 (gox) that started the next run up...

"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
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dEBRUYNE
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 September 29, 2014, 04:53:18 PM

Last run-up to 450 none of the shorts closed, I think we need to go to around 470-500 before we see a short squeeze. What's your view on this?

All 11,055 shorts still intact.

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cypherdoc
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 September 29, 2014, 04:53:47 PM

and if you believe in big fractals, percentages, and timing, now's not a bad time.

I just noticed that tomorrow is the anniversary of the capitulation bottom to \$140 (gox) that started the next run up...

looks like it was 10/2/13, the date of the SR takedown.

whoever sold on that news missed out big time.  it was a huge, unintuitive reversal.
Peter R
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 September 29, 2014, 04:55:08 PM

and if you believe in big fractals, percentages, and timing, now's not a bad time.
Huge deal. Have been playing around with it today. Easiest on-ramp yet. I'm sure they're going to use the media quite a bit and the masses will be able to buy \$20 or so with ease

Circle may be a game changer.  You can sign-up on your phone from anywhere and purchase your first bitcoins with your credit card within minutes.  The fact that they use mandatory 2FA (via SMS by default) also makes me feel better about recommending this service to acquaintances.  Should COIN launch this winter, then the fiat <---> bitcoin gateway infrastructure will be ripe to support another wave of adoption.

I think naturally highly-motivated people tend to underestimate just how much of an obstacle not being able to do something NOW is.  The fact that a new user could securely purchase \$50 of bitcoins using Circle in the same conversation that he learned about them is very big.   I've had this image in my head for the last month, should we see another growth spurt, of 20- and 30-somethings all over the world, staring at their smart phones as the price rallies, throwing another \$100 on the credit card over and over.  Like Adam says, what happens if a million people press BUY at the same time?

Those like JorgeStofli, who argue that paying a 2.9% credit card fee to buy bitcoins defeats the purpose, completely miss the point.  These are gateways products bridging the old system with the new.  People aren't buying \$400 of bitcoin with a credit card to buy a TV from Overstock.  They are buying \$400 of bitcoin to be part of something that has the potential to completely reshape the financial system, our economy, and ultimately, our world.

Bitcoin's killer app is hope.  What other technology/investment can give young people all over the world as much hope for a better future as bitcoin?

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