Rally!!!!!

[naima53]

That's one way to look at it.

and how to deal with this?

[miscreanity]

The long-term bubble downtrend has already been broken 3x, and continues to grind upward even with ~30% base inflation.

[SkRRJyTC]

The long-term bubble downtrend has already been broken 3x, and continues to grind sideways even with ~30% base inflation.

FTFY

[miscreanity]

The long-term bubble downtrend has already been broken 3x, and continues to grind sideways even with ~30% base inflation.

FTFY

True, as far as exchange rates. Without the base inflation, rates would likely be quite a bit higher than they are now.

[proudhon]

The long-term bubble downtrend has already been broken 3x, and continues to grind sideways even with ~30% base inflation.

FTFY

True, as far as exchange rates. Without the base inflation, rates would likely be quite a bit higher than they are now.

Solution:  Everyone stop producing bitcoins and lets rig the protocol to issue rewards from transaction fees only.  Deflation!  Yay!!!

[proudhon]

On a more serious note, I don't go into the mining forum much since I don't mine anymore, but I just checked out the thread on mystery miner and the whole botnet miner thing is a bit concerning, I think.  The difficulty is projected to take a pretty step up pretty soon and that going to cut into the profits of legitimate miners.  If the botnet trend keeps up we could see a significant number of legitimate miners bail out.  And botnet owners are more likely than legitimate miners to sell ASAP, creating more downward pressure on the price.  Also, as their coins are generated at potentially the lowest cost, they can chase the price further downward.  Additionally, the reward halving is coming up in a little over 6 months.  I can't see the emergence and continuation of botnet mining combined with reward reduction will be a good thing.  In addition to downward pressure from botnets alone, we'll also have miners made non-profitable through botnet mining leaving and miners leaving from the reward halving, which leaves botnet miners and FPGA/ASIC miners.  And FPGA/ASIC guys can also chase the price down as their operation costs are lower. 

I keep saying this, but I'm not more convinced than ever that from a fundamentals perspective the price is not going to go higher than the 2012 high in the next year, and there's a decent chance the price will settle in a new range below where we're at now ($1-$3, maybe).  I'm being totally serious in this post (my posts, if you haven't noticed aren't always serious).

[damnek]

And botnet owners are more likely than legitimate miners to sell ASAP, creating more downward pressure on the price.  Also, as their coins are generated at potentially the lowest cost, they can chase the price further downward.  Additionally, the reward halving is coming up in a little over 6 months.  I can't see the emergence and continuation of botnet mining combined with reward reduction will be a good thing.

The reward halving will leave them with less to sell ASAP. Also, ASIC mining may make botnet mining less lucrative. But yes, I have my worries too about the advent to ASIC mining because it will centralize bitcoin further towards the first people possessing ASIC rigs.

[notme]

And botnet owners are more likely than legitimate miners to sell ASAP, creating more downward pressure on the price.  Also, as their coins are generated at potentially the lowest cost, they can chase the price further downward.  Additionally, the reward halving is coming up in a little over 6 months.  I can't see the emergence and continuation of botnet mining combined with reward reduction will be a good thing.

The reward halving will leave them with less to sell ASAP. Also, ASIC mining may make botnet mining less lucrative. But yes, I have my worries too about the advent to ASIC mining because it will centralize bitcoin further towards the first people possessing ASIC rigs.

ASIC driven centralization may be an issue.  Botnets are a joke.  They will only mine as long as they can earn more than other ventures (spamming, ddos, etc.).  As ASICs and FPGAs come online and the reward halves, 100,000 CPUs won't get you much.  On top of that, mining is far more likely to be detected than the other things they can get paid to do with those machines, so there's a better chance the infection will be cleaned up and they will lose that node.

[zby]

That's one way to look at it.

and how to deal with this?

Isn't triangle a continuation pattern?  That would mean that after this triangle the long down trend should resume - doesn't it?

[naima53]

That's one way to look at it.

and how to deal with this?

Isn't triangle a continuation pattern?  That would mean that after this triangle the long down trend should resume - doesn't it?

when I was posted

But then the expensive coins will not be NEVER! GOOD LUCK!!

,Yes, I meant it. (never - I mean the medium term)
Edit I think the key support line is not broken, perhaps the continuation of the consolidation. Perhaps the biggest player on the rise is gaining strength, "charging" for his turn.

[naima53]

I also see strange buying pressure. Who are these buyers? Non-speculative demand? (except for the new "wave noise" and the followers of the blue font "cannon salvo" today ), why they buy, if it is obvious that now will be tested ~4.7 support line? surely the market growing?

[zby]

when I was posted

But then the expensive coins will not be NEVER! GOOD LUCK!!

,Yes, I meant it. (never - I mean the medium term)

You see - this statement of yours was a particularly puzzling one because of the double negative used.

[mem]

I also see strange buying pressure. Who are these buyers? Non-speculative demand? (except for the new "wave noise" and the followers of the blue font "cannon salvo" today ), why they buy, if it is obvious that now will be tested ~4.7 support line? surely the market growing?

I keep thinking its ideal for money launderers and "discrete accountants" to use a small bank for long distance/international transfers of money between each other. It solves trust and transportation issues easily.,and if used as a bank cashouts are less likely to occur.

Disclaimer: I know shit about finance and I love mafia/ gangster movies.

Sorry to interrupt the flow

[notme]

I also see strange buying pressure. Who are these buyers? Non-speculative demand? (except for the new "wave noise" and the followers of the blue font "cannon salvo" today ), why they buy, if it is obvious that now will be tested ~4.7 support line? surely the market growing?

Two hard bounces slightly below support does not a break make.

[naima53]

when I was posted

But then the expensive coins will not be NEVER! GOOD LUCK!!

,Yes, I meant it. (never - I mean the medium term)

You see - this statement of yours was a particularly puzzling one because of the double negative used.

You seriously think that my statement influenced the behavior of the players? I'm just trying to say my opinion on the chart. I'm not trying induce the buy \ sell.  Frankly, I'm afraid to publish my position (short \ long). Maybe it's silly, but I'm afraid that someone will move against my position. Because now I'm using bitkoinika + MtGox as driver of price movements.

[zby]

when I was posted

But then the expensive coins will not be NEVER! GOOD LUCK!!

,Yes, I meant it. (never - I mean the medium term)

You see - this statement of yours was a particularly puzzling one because of the double negative used.

You seriously think that my statement influenced the behavior of the players?

No - I think that it was too ambiguous for that.

[naima53]

Just waiting for a big buy.. . to put it briefly, i warned twice.  

The attacker removed the "threat of a short." (just my personal opinion)

[pent]

RALLY! RALLY! RALLY!

NSFW: http://img854.imageshack.us/img854/6820/154371.gif

Blitz: I edited your post so the NSFW picture is only accessible via clicking it.

[waspoza]

Strangest rally picture so far. 

[pent]

Its a lyric song about rally.

He want to beleive
And did his long
But rate isnt grow
Resistances are strong

Rally, rally, rally
Oh please come back
Rally, rally, rally
I wait while you go on track