3-5% daily decline trend is back

[Honeybooboo]

I've been here (by 'here' I mean both bitcointalk and bitcoin world) since 2013, even before that terrific hike to 1,000$ and beyond (I profited handsomely, by the way), and, honestly, I see no reason why this ("remittance/gambling/sex") should happen in the future if it hadn't happened already... Your ideas?

Because it needs time to grow. The general public are sadly generally ignorant and all technology takes time to get accepted by the masses. The internet or personal computers didn't just blow up over night. They were created by geeks and used by geeks but the mainstream realizes a great invention eventually. I think once the remittance/gambling/sex markets realize how much money they can save and the users realize how they don't have to give all their personal details to these gambling or sex sites the benefits double. We just need time.

How much time should pass until we begin noticing changes? Personal computers has been around since the '70s, but they didn't make it into the masses because of the price primarily (and software somewhat lagging behind). There are no technological obstacles that could prevent bitcoin widespread adoption, so your examples are irrelevant. Visa and Mastercard transfer money even faster than blockchain, and how many people need online gambling or sex (beyond family)?

I don't know but it's not going to happen over night. My examples are very relevant but they were just a few. You can use practically any piece of technology and it's relevant. Nothing happens overnight. If computers took nearly two decades to become mainstream and the internet a decade why not bitcoin in the same time? Online gambling and sex aren't the only uses and again those are just two examples but it can be used for purchasing anything online. Why did you leave out the remittance market? That's a multi-billion dollar industry alone and the people who use it are being raped by fees: http://www.theguardian.com/global-development/2014/aug/18/global-remittance-industry-choking-billions-developing-world

Can I ask, if bitcoin is such a dead dog in your opinion why are you still here?

[deisik]

How much time should pass until we begin noticing changes? Personal computers has been around since the '70s, but they didn't make it into the masses because of the price primarily (and software somewhat lagging behind). There are no technological obstacles that could prevent bitcoin widespread adoption, so your examples are irrelevant. Visa and Mastercard transfer money even faster than blockchain, and how many people need online gambling or sex (beyond family)?

I don't know but it's not going to happen over night. My examples are very relevant but they were just a few. You can use practically any piece of technology and it's relevant. Nothing happens overnight. If computers took nearly two decades to become mainstream and the internet a decade why not bitcoin in the same time? Online gambling and sex aren't the only uses and again those are just two examples but it can be used for purchasing anything online. Why did you leave out the remittance market? That's a multi-billion dollar industry alone and the people who use it are being raped by fees: http://www.theguardian.com/global-development/2014/aug/18/global-remittance-industry-choking-billions-developing-world

I didn't leave out the question of remittance market, I told you that with Visas and Mastercards money transfers can be almost instant (notably faster that bitcoin blockchain confirmations are). But please don't raise the issue that these payment systems are centralized while bitcoin is not. It is not relevant to the matter at hand...

Technology is already here, but adoption is still lagging behind (to put it mildly)

Can I ask, if bitcoin is such a dead dog in your opinion why are you still here?

I didn't say (nor implied) that bitcoin is a dead dog. All I wanted to say is that we shouldn't expect significant expansion of the bitcoin universe in the future (read, higher exchange rates)...

[manselr]

How much time should pass until we begin noticing changes? Personal computers has been around since the '70s, but they didn't make it into the masses because of the price primarily (and software somewhat lagging behind). There are no technological obstacles that could prevent bitcoin widespread adoption, so your examples are irrelevant. Visa and Mastercard transfer money even faster than blockchain, and how many people need online gambling or sex (beyond family)?

I don't know but it's not going to happen over night. My examples are very relevant but they were just a few. You can use practically any piece of technology and it's relevant. Nothing happens overnight. If computers took nearly two decades to become mainstream and the internet a decade why not bitcoin in the same time? Online gambling and sex aren't the only uses and again those are just two examples but it can be used for purchasing anything online. Why did you leave out the remittance market? That's a multi-billion dollar industry alone and the people who use it are being raped by fees: http://www.theguardian.com/global-development/2014/aug/18/global-remittance-industry-choking-billions-developing-world

I didn't leave out the question of remittance market, I told you that with Visas and Mastercards money transfers can be almost instant (notably faster that bitcoin blockchain confirmations are). But please don't raise the issue that these payment systems are centralized while bitcoin is not. It is not relevant to the matter at hand...

Technology is already here, but adoption is still lagging behind (to put it mildly)

Can I ask, if bitcoin is such a dead dog in your opinion why are you still here?

I didn't say (nor implied) that bitcoin is a dead dog. All I wanted to say is that we shouldn't expect significant expansion of the bitcoin universe in the future (read, higher exchange rates)...

Technology is not already "there", at least not enough to deliver mainstream adoption. As Andreas has said things may chang al ot in the following years. We may end up not even using wallets as we know them, with the non very user friendly addresses and whatnot.

Until things get dumbed down so average joes can use it we will see a moon.

[maku]

Technology is not already "there", at least not enough to deliver mainstream adoption. As Andreas has said things may chang al ot in the following years. We may end up not even using wallets as we know them, with the non very user friendly addresses and whatnot.

Until things get dumbed down so average joes can use it we will see a moon.

I will disagree. I think technology is there. Fine and ready to be used by people. You are talking about future evolution of known concepts - that is something totally different. We are ready to embrace bitcoin in our everyday life but people need to know about that something like bitcoin exists.
Technology has nothing to do with this process really.

[spooderman]

Two days = Established daily trend.

Ok.

btw, it was my birthday yesterday, based on that sample size of one day I've worked out roughly when my birthdays will occur, I have managed to deduce that it is also my birthday today and tomorrow.

[picolo]

Lets see if we will go for new lows this time.
Nothing changed, this dead cat bounce was just bigger than the others.

It is a bit early to call for 3-5% daily decline since we had ONE day with a 5% decline

[Harry Hood]

I bought some BTC at the nice low point it was on. Its weird how it fluctuates so randomly when there are no real reasons in sight. I was trading some stocks the other day and had some first hand info of a penny share signing a new contract with a new company. I bought some shares at .05 a piece, the signing was made public on all exchanges and there was a 48% jump when the market closed.

The price fluctuations may seem random because there's no great or awful news out but really the price fluctuations are far from random and have very real reasons. The reasons are just more simple than you expect. It's all linked to supply and demand. If there are more people that want to buy bitcoin than want to sell it today they price will go up. If there are more people that want to sell than buy today the price will go down. The price will travel to an equilibrium between buyers and sellers. In fact, this is the only reason that drives price. Now positive or negative news can influence price, but not unless the news is significant enough to cause more buyers than sellers (or vice versa).

Here's some more information on the topic: http://futures.tradingcharts.com/learning/supply_and_demand.html

[SargeR33]

I bought some BTC at the nice low point it was on. Its weird how it fluctuates so randomly when there are no real reasons in sight. I was trading some stocks the other day and had some first hand info of a penny share signing a new contract with a new company. I bought some shares at .05 a piece, the signing was made public on all exchanges and there was a 48% jump when the market closed.

The price fluctuations may seem random because there's no great or awful news out but really the price fluctuations are far from random and have very real reasons. The reasons are just more simple than you expect. It's all linked to supply and demand. If there are more people that want to buy bitcoin than want to sell it today they price will go up. If there are more people that want to sell than buy today the price will go down. The price will travel to an equilibrium between buyers and sellers. In fact, this is the only reason that drives price. Now positive or negative news can influence price, but not unless the news is significant enough to cause more buyers than sellers (or vice versa).

Here's some more information on the topic: http://futures.tradingcharts.com/learning/supply_and_demand.html

Yeah, essentially this is what it boils down to. If there was some new innovation with bitcoin, this could really pump up interest and the value.

[deisik]

Lets see if we will go for new lows this time.
Nothing changed, this dead cat bounce was just bigger than the others.

Looks like what you predicted didn't happen after all. The price declined to around 285 and is now stable at that value. I don't see us going down after this.

It's too early to jump at any conclusions yet. This phase is called consolidation, which is a period of market indecision (today is a weekend, which pretty much explains it). When it ends (that should be tomorrow), the price will break beyond, either up or down...

[painlord2k]

Because it needs time to grow. The general public are sadly generally ignorant and all technology takes time to get accepted by the masses. The internet or personal computers didn't just blow up over night. They were created by geeks and used by geeks but the mainstream realizes a great invention eventually. I think once the remittance/gambling/sex markets realize how much money they can save and the users realize how they don't have to give all their personal details to these gambling or sex sites the benefits double. We just need time.

How much time should pass until we begin noticing changes? Personal computers has been around since the '70s, but they didn't make it into the masses because of the price primarily (and software somewhat lagging behind). There are no technological obstacles that could prevent bitcoin widespread adoption, so your examples are irrelevant. Visa and Mastercard transfer money even faster than blockchain, and how many people need online gambling or sex (beyond family)?

You wrote
"

Visa and Mastercard transfer money even faster than blockchain

"

WRONG

VISA and Mastercard give you a message they are taking care of the transaction.
The transaction is not finalized and irreversible until many weeks later.
If you receive a payment using the VISA or MC networks, you can not spend the money before the money land in your bank account.
And this take time, a lot more than 6 confirmations.
After one hour you can spend your bitcoin.
Technically one could spend them after one confirmation, if the receiver trust you and the network.

[ajareselde]

This isnt just another dead cat bounce, this really is trend reversal, but its impossible to keep going 5% a day up and never go down a bit and correct the price.
I think we may even go to ~260 usd before things stabilize. It was expected and welcomed by many traders to fall from this ~300 hill, and now its just about predicting floor to maximize profits.
Recent flow of good news, and auction that had more bidders than recent ones, it all clearly shows that bitcoin is here to stay, but if u want to go to 1000$ overnight, ure hallucinating.

cheers

[deisik]

Because it needs time to grow. The general public are sadly generally ignorant and all technology takes time to get accepted by the masses. The internet or personal computers didn't just blow up over night. They were created by geeks and used by geeks but the mainstream realizes a great invention eventually. I think once the remittance/gambling/sex markets realize how much money they can save and the users realize how they don't have to give all their personal details to these gambling or sex sites the benefits double. We just need time.

How much time should pass until we begin noticing changes? Personal computers has been around since the '70s, but they didn't make it into the masses because of the price primarily (and software somewhat lagging behind). There are no technological obstacles that could prevent bitcoin widespread adoption, so your examples are irrelevant. Visa and Mastercard transfer money even faster than blockchain, and how many people need online gambling or sex (beyond family)?

You wrote
"

Visa and Mastercard transfer money even faster than blockchain

"

WRONG

VISA and Mastercard give you a message they are taking care of the transaction.
The transaction is not finalized and irreversible until many weeks later.
If you receive a payment using the VISA or MC networks, you can not spend the money before the money land in your bank account.
And this take time, a lot more than 6 confirmations.
After one hour you can spend your bitcoin.
Technically one could spend them after one confirmation, if the receiver trust you and the network.

I pretty much don't care if they actually transfer the money as long as I can spend it after the "receipt". And I've never seen a situation (or heard of) where I couldn't spend the just-received money. Are you sure that you aren't confusing instant payments with common bank transfers?

[barrymatas]

Why didn't you create this thread when we were going up ?

[AtheistAKASaneBrain]

All indicators are pointing up: venture capital, wallets and addresses created, amount of transactions.

Do not get fooled with the price going down, things are moving up, and sooner or later it will translate into the price.

[shulio]

This isnt just another dead cat bounce, this really is trend reversal, but its impossible to keep going 5% a day up and never go down a bit and correct the price.
I think we may even go to ~260 usd before things stabilize. It was expected and welcomed by many traders to fall from this ~300 hill, and now its just about predicting floor to maximize profits.
Recent flow of good news, and auction that had more bidders than recent ones, it all clearly shows that bitcoin is here to stay, but if u want to go to 1000$ overnight, ure hallucinating.

cheers

not that concern me, since we are still floating above $250 which is a good indicator to me that bitcoin isnt dying, people just dont realize that we might not see $1200 again anytime soon, this would need some times before we get back to that stage

[Coinshot]

Lets see if we will go for new lows this time.
Nothing changed, this dead cat bounce was just bigger than the others.

The dead cat has been landing higher ever since 160. It was never meant to go straight up, but seeing the low everytime being higher than last time shows that the downtrend is over.

A big rally will take time to form and there will still be bragains if one can buy in the fips.

[BitmoreCoin]

Why didn't you create this thread when we were going up ?

Exactly. I would say the price has sky rocketed since the OP.

[AtheistAKASaneBrain]

Technology is not already "there", at least not enough to deliver mainstream adoption. As Andreas has said things may chang al ot in the following years. We may end up not even using wallets as we know them, with the non very user friendly addresses and whatnot.

Until things get dumbed down so average joes can use it we will see a moon.

I will disagree. I think technology is there. Fine and ready to be used by people. You are talking about future evolution of known concepts - that is something totally different. We are ready to embrace bitcoin in our everyday life but people need to know about that something like bitcoin exists.
Technology has nothing to do with this process really.

Nope, it's like complaining that people didn't use the internet 1993. Of course they wouldn't because they don't see a point in using it. We are in 1993 in terms of cryptocurrencies. In 10 years Bitcoin will be huge.

[cellard]

I bought some BTC at the nice low point it was on. Its weird how it fluctuates so randomly when there are no real reasons in sight. I was trading some stocks the other day and had some first hand info of a penny share signing a new contract with a new company. I bought some shares at .05 a piece, the signing was made public on all exchanges and there was a 48% jump when the market closed.

The price fluctuations may seem random because there's no great or awful news out but really the price fluctuations are far from random and have very real reasons. The reasons are just more simple than you expect. It's all linked to supply and demand. If there are more people that want to buy bitcoin than want to sell it today they price will go up. If there are more people that want to sell than buy today the price will go down. The price will travel to an equilibrium between buyers and sellers. In fact, this is the only reason that drives price. Now positive or negative news can influence price, but not unless the news is significant enough to cause more buyers than sellers (or vice versa).

Here's some more information on the topic: http://futures.tradingcharts.com/learning/supply_and_demand.html

Supply and demand is sharp and real way to read price, but the current price is very different from the perceived price. Namely, a lot of investors think Bitcoin will be a success, but they aren't gotten all in yet just to keep buying cheap coins.

[kwukduck]

Why didn't you create this thread when we were going up ?

Because when it goes up it's just a dead cat... I've shown this time and time again.