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Author Topic: Rally!!!!!  (Read 76910 times)
BTCurious
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June 13, 2012, 10:49:28 AM
 #441

Brakes. It's called brakes. Not breaks. The things that slow you down.

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June 13, 2012, 11:09:03 AM
 #442

Brakes. It's called brakes. Not breaks. The things that slow you down.
Yes, good of you to point that out. As a non-native English speaker it's easy to mistype something like that. I guess even natives can make that mistake though, English grammar of the average young Finnish person is probably better than the average American.

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June 13, 2012, 11:10:58 AM
 #443

Sorry, it's apparently a pet peeve of mine Smiley But in this case it was weird anyway, because if you see a break in a stock, it actually means it's suddenly moving a lot. Quite the opposite of putting the brakes on, really.

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June 13, 2012, 11:47:36 AM
 #444

I'm just looking forward to 9. December, at that time people will realize what non-inflating and safe cryptographic protocol means.

My spidy sense says this is a localized bubble. +5% in one day repeatedly? Really? This has to collapse and/or slow down little.

... or European bitcoiners fleeing their euro inflation - that might stick.

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June 13, 2012, 11:54:58 AM
 #445

5.90  Smiley
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June 13, 2012, 11:58:32 AM
 #446

... or European bitcoiners fleeing their euro inflation - that might stick.

Looks like it, although that would be exceedingly stupid. The Euro is relatively stable now. There was a time when it was about to implode - incidentally precisely at the time when Bitcoin was at it's low point last October or so.

But then, there are elections next weekend in Greece. Result may be that they'll leave the Eurozone (or get kicked out) in a few weeks time. Good enough reason for anyone in Greece to send the money on their bank account to an exchange.

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June 13, 2012, 12:23:53 PM
 #447

... or European bitcoiners fleeing their euro inflation - that might stick.

Looks like it, although that would be exceedingly stupid. The Euro is relatively stable now. There was a time when it was about to implode - incidentally precisely at the time when Bitcoin was at it's low point last October or so.

But then, there are elections next weekend in Greece. Result may be that they'll leave the Eurozone (or get kicked out) in a few weeks time. Good enough reason for anyone in Greece to send the money on their bank account to an exchange.

The Euro is not stable..
Certain french banks like Caisse d'Epargne only have money in the mornings, withdrawing more than 1500 Euros requires 5 days notice now Smiley
A small italian bank went on holiday, only 2 Billion in assets fair enough, but no more payments can be made for 40K families.
EU countries and Switzerland are considering capital controls. Swiss are buying 7million Euros every 7 minutes to maintain an absurd rate. That is absolutely guaranteed to crack and that cheeky bastard who implemented that is now at BlackRock.
The yield on Spain's 10-year bond yield hit 6.81 percent which is not sustainable.
Airbus decided on starting its own bank, fearful their bank will implode.

Greece leaving the Euro Currency is bad news for the Euro currency and good news for the Greeks, but that is only my opinion. As soon as one country leaves, be it the Vatican or Germany or Greece, the whole thing will crumble.

Get your money out of the EU banks before it is too late.

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June 13, 2012, 12:24:09 PM
 #448

Just to clarify. Pirate said that he is not running a ponzi or investing into any ponzi scheme. I actually believe him.

I, however, think that he is lending BTC to those who do "invest" into ponzi schemes whether with Pirate's effective knowledge of it or without.


I've always wondered who (except a scammer) would borrow at such tremendously outrageous rates...

(meta-note: molecular having conversation with Vladimir in heavily exclamation-marked Rally!!!!!-thread)

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June 13, 2012, 12:27:13 PM
 #449

I'm too busy staring at it to post it here, but go look at the MtGox all time log graph. It's the longest runway ever.

shortest runway ever: http://www.youtube.com/watch?v=IrOC7_qTVHQ

but very steep Wink

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June 13, 2012, 12:30:06 PM
 #450

... or European bitcoiners fleeing their euro inflation - that might stick.

Looks like it, although that would be exceedingly stupid. The Euro is relatively stable now. There was a time when it was about to implode - incidentally precisely at the time when Bitcoin was at it's low point last October or so.

I doubt it's worries over sudden currency collapse (which is unlikely given the sheer economic mass that is Europe), that will happen more slowly.

What they are more likely (sensibly, not stupidly) worried about is capital controls.  If I were Greek facing the possibility of 100% of my savings being locked up, I think conversion to bitcoin and the subsequent risk would be worth taking.

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June 13, 2012, 12:34:39 PM
 #451

This is wild. Now the question is will someone put the breaks on, or have the guts to do that? This thing could go ballistic as well if buyers start to fear that the train is leaving the station.
That applies to sellers, too. There are very few ask orders on Gox. >$400k (~75kBTC) to go down $.50 (5.4), ~$125k to go up $.50 (6.4). There will need to be a massive dump on the tracks to stop what looks to be an inevitable $7 rate within a week.

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June 13, 2012, 12:36:10 PM
 #452

... or European bitcoiners fleeing their euro inflation - that might stick.

Looks like it, although that would be exceedingly stupid. The Euro is relatively stable now. There was a time when it was about to implode - incidentally precisely at the time when Bitcoin was at it's low point last October or so.

But then, there are elections next weekend in Greece. Result may be that they'll leave the Eurozone (or get kicked out) in a few weeks time. Good enough reason for anyone in Greece to send the money on their bank account to an exchange.

The Euro is not stable..

I said "relatively stable", meaning more stable than last fall.

Greece leaving the Euro Currency is bad news for the Euro currency and good news for the Greeks, but that is only my opinion. As soon as one country leaves, be it the Vatican or Germany or Greece, the whole thing will crumble.

Get your money out of the EU banks before it is too late.

That will depend. If Germany goes back to D-Mark, Germans can expect a price jump of 40%. So no need to act in this case. Won't happen, though. Germans will keep the Euro even if no one else does.

If Greece reverts to Drachme, they should expect an immediate devaluation of more than 50%. And that doesn't have to be the end of it.

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June 13, 2012, 12:43:10 PM
 #453

The EUR future is really up to speculation. I don't see a reason to call people "exceedingly stupid" based on speculations about it. I agree that Bitcoin was underrated after the main bubble, but that is simply because there was too little faith in Bitcoin at the time. The Euro situation was probably not too important then. This need not be the case right now.

The increasing debt pressure on the governments from bail-outs might be forwarded to the ECB, which might at some point give in and prop up inflation. If this, in turn, does feedback on bond yields, the EUR might be facing a serious decline.

The last months of decent-level stability in both price and user base are unprecedented in Bitcoin. Also, hardly anyone expected the Euro to crash right away last year, when there was still more room for action. Now, even more government money has been spent, but the situation is hardly under control. Bitcoin has improved, but Euro looks as bad as ever, if not worse. And we're not talking about small probability changes here. From my perspective, Bitcoin's chances have easily doubled, and the EUR is facing double-digit probabilities of a very serious crisis.



BTW: wow, we're really seeing quite the rally right now. I was bullish, yea, but this is quite a sight. Good to see Bitcoiners remain this bold after all the drawbacks. I thought they've become overly prudent by now, feels good to be proven wrong. Go Bitcoin! Smiley
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June 13, 2012, 12:51:51 PM
 #454

The EUR future is really up to speculation. I don't see a reason to call people "exceedingly stupid" based on speculations about it. I agree that Bitcoin was underrated after the main bubble, but that is simply because there was too little faith in Bitcoin at the time. The Euro situation was probably not too important then. This need not be the case right now.

I spent most my EUR (at the time, not much unfortunately) on Bitcoin and Silver in Q4/2011.

"exceedingly stupid" back then? Probably not.

"exceedingly stupid" to do it now? Only time will tell.

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June 13, 2012, 12:52:50 PM
 #455

I don't know where anu lives or if he is seeing the reactions right now, but I definitely feel that the Euro has never been this unstable before. It's a situation where we are nearing the point where there has been one bailout too many. People in the richer Euro countries are fed up with paying billions to bankrupt Euro countries or their banks. I live in Finland and it's one of those richer countries and I'm saying that the situation has never before been like this.

Literally all the forums that have to do with finance are filled with threads about investing in something solid, asking questions about potential collapse... fearing that soon we might not be able to get euros from ATM's. Some of the news have actually revealed plans to limit Euro bank transfers and ATM withdraws all across Europe, which is incredible news.

Meanwhile we have news about Bitcoin being one of those potential safe investments, I believe Bitcoin has been and still is fairly marginal for that purpose but it has been increasing and I think that the recent news is a major reason why we're seeing this rally right now. If there weren't that much euros being pumped to bitcoins before, now there certainly is.

What makes the current situation so unstable is that even though there is a package in place to save Spain, people are still not happy. No one is happy. More and more people are thinking that there are more bailouts coming, more tax payers money being spent to save these countries. Faith in the Euro is VERY low right now. Many are anticipating a total crash in the coming months.

Now it is possible that it won't crash and it's just fear of a scenario that never comes true. It's not looking good though. So many are looking for an exit for their own money which will simply decrease the value of euros and that will increase the loss of faith. I'd say that right now the odds of the Euro recovering are not good but we've seen it recover before. The next few months are critical.

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June 13, 2012, 01:15:01 PM
 #456

That scenario isnt unlikely. I wonder how we will change BTC to Cash if bank transfers and ATM witdrs get limited?

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June 13, 2012, 01:15:41 PM
 #457

I don't know where anu lives or if he is seeing the reactions right now, but I definitely feel that the Euro has never been this unstable before.

I am living in Germany - the situation should be similar, though. If you guys revert back to markka, it should gain quite some immediatelly after that. So no reason for a bank run.

When it comes to politics, power is moving to Brussels at an accelerating rate, anyway. No idea if you Fins will stand up to it. We Germans certainly will not. Not even if the Commission centralizes all power and degrades the national parliaments to executive organs.

The reason I believe that the Euro is relatively stable (not likely to implode) now is that everyone had time to prepare. Especially the ECB now is no longer limited to keeping the value stable. They can monetize government debt as they see fit now, although the procedure of doing so is not straightforward as in the US.

This is not nice, I don't agree with what's going on, but to me it looks way more stable than before.

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June 13, 2012, 01:17:25 PM
 #458

People in the richer Euro countries are fed up with paying billions to bankrupt Euro countries or their banks.
Only the banks. Thats the stupid part.
The state is in debt with the banks.
The gov in Holland are cutting there civilians so hard now to pay the banks in Greece.
Spain and Cyprus are following and who knows who is next.
I brace myself for whats coming.

That scenario isnt unlikely. I wonder how we will change BTC to Cash if bank transfers and ATM witdrs get limited?
I to, wonder how this is gonna play out.

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June 13, 2012, 01:32:37 PM
 #459

Brakes. It's called brakes. Not breaks. The things that slow you down.
Yes, good of you to point that out. As a non-native English speaker it's easy to mistype something like that. I guess even natives can make that mistake though, English grammar of the average young Finnish person is probably better than the average American.

Yes the grammar nazis should tone it down or at least not be so condescending when correcting people.  Lots of people here don't have English as a first language.

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June 13, 2012, 01:33:14 PM
 #460

That scenario isnt unlikely. I wonder how we will change BTC to Cash if bank transfers and ATM witdrs get limited?

In that scenario you should expect to see websites like this flourish

http://localbitcoins.com/
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