volatility is its short term problem. it should hope for the path you laid out, its the best case scenario, rather than pseudo-stablility in a black market climate.
Mt.Gox Meltdown
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volatility is its short term problem. it should hope for the path you laid out, its the best case scenario, rather than pseudo-stablility in a black market climate.
Lowest point? You guys are kidding, or? This will go alot deeper.
Look at past where the normal bubble or bad news aftermatches hit the bottoms. in 2011 was a crash from 31 to 2.x, one year ago from 260 to 60.
This time we have a real bubble + china regulation + gox meltdown.
We are at 6xx now and when there is not a very good news monday then we will see there perhaps a 5 in front and even less. The absolut bottom is 0, all other things are speculation. I only trade & invest in coins by a 2h bot i coded. I make more as a bag holder, less as a good day trader but i am on the safe side when it comes to things like this. The bot sold 7 days ago and its now in energy safe modus.
I know a guy with like 1500 coins on gox and he has nearly give them up.
"Every coin left in 2 month will be a nice surprise". I think he is to negative but thats the current feeling of many big bag holders. That will drop the market more as every bubble.
Look at past where the normal bubble or bad news aftermatches hit the bottoms. in 2011 was a crash from 31 to 2.x, one year ago from 260 to 60.
This time we have a real bubble + china regulation + gox meltdown.
We are at 6xx now and when there is not a very good news monday then we will see there perhaps a 5 in front and even less. The absolut bottom is 0, all other things are speculation. I only trade & invest in coins by a 2h bot i coded. I make more as a bag holder, less as a good day trader but i am on the safe side when it comes to things like this. The bot sold 7 days ago and its now in energy safe modus.
I know a guy with like 1500 coins on gox and he has nearly give them up.
"Every coin left in 2 month will be a nice surprise". I think he is to negative but thats the current feeling of many big bag holders. That will drop the market more as every bubble.
They also arrested a couple of people in Florida for selling bitcoins on localbitcoin.
It was like a sting operation. They said they were buying $30k in bitcoins to buy stolen credit cards. Two guys did the transaction and they arrested them. They were charged with anti-money laundering laws, which is a felony.
It was like a sting operation. They said they were buying $30k in bitcoins to buy stolen credit cards. Two guys did the transaction and they arrested them. They were charged with anti-money laundering laws, which is a felony.
When it doesn't, will you finally get it?
Watching technicals is silly. Bitcoin is still alive after having 3 separate doses of horrible news happen to it in 24 hours flat... Doesn't that tell you something about how it is valued?
Lol; we have the Opposite of a bubble... An Inverted bubble, kept low by bad news while it's trying desperately to soar... Where do you get this stuff??
The fact that you think these 2 things makes most everyone here stop listening to you. Bitcoin will never be worth 0... Even if a better coin replaces it someday, it will still have sentimental and collectors value like old coins do today... But far too many rich and powerful people want to see bitcoin become the global dominant currency for it to stay this low for long.
WOW. That must have taken a severely advanced set of denial over many months... Only 2 days ago did they stop bitcoin withdrawls.
Yeah, this sucked; looks like the feds are going to keep doing shit like this to make bitcoin look more criminal; all the while the feds are the only one doing anything criminal in the first place. (Entrapment)
It'll scare away a few, but the word has already been gotten out across bitcointalk for localbitcoins users to watch out for someone mentioning criminal intent.
Lukep, there was no reason to defend the coins - my post was not against bitcoins or crypto.
But you are in are in big problems when you deny that bitcoins can go down in price (which is for a traded currency/commodity complete normal) and even can crash here and there.
And i repeat "the bottom is 0". Thats a sentence like "the average is x". It does not mean we will ever see x. Many systems can never reach its average as real value. Many traded things which become "worthless" never reach zero in the trade.
We are at $700-800 now. If you watch the overall charts 2011 to 2013 then you will see that this price is far about the average. The difference between 200 and 1200 was rised up in less then 3 weeks in the november. Thats nice, thats fun, but there is no fundamental reason it will stay there. Which does not means it can't. There is a good chance we will see a new ATH 2014. But i would never deny the possibility that we don't see that.
But perhaps 250 or 300 is the "real" and "healthy" value.
Is there a problem? Bitcoins will work fine with that $ value. It will do no harm in any way to bitcoins or the idea of cryptos. Bitcoins will work with nearly every value, even $10 as payment system would work.
So, about what you talk here? About bitcoins as comming currency/payment system or as trading & speculation item? Because only the last one needs a rising and high $ price - Because that is needed to make $ with it.
And your point about gox is what? Why you think the gox price was the whole time stable and up to $200 above the other exchanges and now it imploded in 48h?
But you are in are in big problems when you deny that bitcoins can go down in price (which is for a traded currency/commodity complete normal) and even can crash here and there.
And i repeat "the bottom is 0". Thats a sentence like "the average is x". It does not mean we will ever see x. Many systems can never reach its average as real value. Many traded things which become "worthless" never reach zero in the trade.
We are at $700-800 now. If you watch the overall charts 2011 to 2013 then you will see that this price is far about the average. The difference between 200 and 1200 was rised up in less then 3 weeks in the november. Thats nice, thats fun, but there is no fundamental reason it will stay there. Which does not means it can't. There is a good chance we will see a new ATH 2014. But i would never deny the possibility that we don't see that.
But perhaps 250 or 300 is the "real" and "healthy" value.
Is there a problem? Bitcoins will work fine with that $ value. It will do no harm in any way to bitcoins or the idea of cryptos. Bitcoins will work with nearly every value, even $10 as payment system would work.
So, about what you talk here? About bitcoins as comming currency/payment system or as trading & speculation item? Because only the last one needs a rising and high $ price - Because that is needed to make $ with it.
And your point about gox is what? Why you think the gox price was the whole time stable and up to $200 above the other exchanges and now it imploded in 48h?
^^ I'm with him.
I could care less what the "real" value of Bitcoin is. Just stabilize already, so the rest of us can get to work making it a mainstream & accepted currency.
I could care less what the "real" value of Bitcoin is. Just stabilize already, so the rest of us can get to work making it a mainstream & accepted currency.
Bitcoin may stabilise but it will never become mainstream. It will always remain high risk/underground type shit. Im not saying there isnt a huge market there and it will be successful but stop kidding yourselves.
Finally someone with their eyes open. It is funny how one one sided the majority are on here.
Whether or not bitcoin itself will continue to lead the field, I have no idea, and definitely have my doubts.
However, the concept of a decentralized, virtual currency is here to stay. The demand is simply too great for this to pass away as a fad. I should be able to send money just as easily as I can have video conferences around the world via Skype, and crypto-currency will provide that.
If goverment say no it doesnt matter what you think you have a right to, you get what is given or you go underground.
Yep, that's definitely true. I don't see much in the way of an increase for bitcoin, plus all it takes is one US law to get passed, and bitcoin will plummet to $50 overnight.
Again though, and maybe I'm wrong, but I believe the concept and technology behind a decentralized virtual currency isn't going anywhere. It's here to stay. I should be able to send & receive funds just as easily as I can have a Skype chat, and this concept / technology is what's going to bring that.
I used to think that too, until I realized it wouldn't make sense for them to destroy their own creation.
True, but it was against common sense though!
I never denied it can't go down in price, but I have a good idea what the underlying upwards pressure is and we've got a loooooooooong way to go on the upside before things can possibly stabilize.
I'm talking economics... Gold's bottom can't be zero, can it? Gold is useful not only in jewelry but in electronics and dentistry, etc... There is no way that even governments can supress gold down to $0, can they?
Same with bitcoin. It's bottom is higher than most ppl think it is.
adoption has risen so much since it was priced at that average that it's insane to compare it to those days. Why not compare it to the days when it only had 10 ppl interested in using it?
Just the chinese stockpiling alone, even if the entire world banned bitcoin today, would keep it up above $500 each... Do you even see how much the chinese are still buying? If not you're talking about things you know nothing of.
Lol. Do you even economics, bro? Supply and demand?
Simple supply and demand again. When you don't allow people to withdraw fiat for months but new people still sign up as customers importing their fiat and bitcoins in on an hourly basis for those months, how could they Not have a higher price than the other exchanges... The only choices Gox customers have had for months now is to buy bitcoin, which makes the price go up, and either withdraw their bitcoins, (which is a loss if they added in bitcoin form before) or leave them there... NOT buying fiat. There was almost no way to make the gox price go downwards under those conditions.
When Gox closed the Bitcoin export option the other day too, that caused a lot of people to stop trading altogether... What's the point? So the price falls with no volume. No mystery here.
I just couldn't believe your friend with 1500 btc on gox waited that long... Months of no fiat withdrawls should have tipped him off that things were not going well for Gox... So even if he had to make a loss to withdraw btc; it was the smart thing to do for a long, long time.
Bitcoin doesn't care if you care what bitcoin is going to grow up to be. It can't stabilize until it's gained its' full marketshare. That's not happening this year and probably not next year either.
I know you yearn for regulation to make it behave like a centrally-controlled currency, but ACTUAL, NON-CORRUPTED free market commodities will always rise and fall with demand.... According to what people are willing to pay for them. This is very rare of course; but history books show us that it works out just fine, like gold did centuries ago.
I don't think bitcoin has a chance of even APPEARING stable for long periods of time until it's a few orders of magnitude larger, like at least $100k per coin... Depending on what industries and commodities it is displacing, of course.
Your little world must be so confusing to you.
Um, for someone who lives in Asia, you seem to be blissfully unaware that most of the demand for bitcoin is still coming from china... Yes, even after they 'banned' exchanges accepting it. The chinese are buying 10 bitcoins for every US bitcoin bought to this day.
US laws can only make venture capitalists move to other countries... AML & KYC have already done all the damage to bitcoin's price that any US law can do.
Regardless of how much you dislike the US, like it or not, it's still the current world superpower in terms of both, military and economy. If the US Congress & Senate pass a law similar to what China did, and Obama signs that law, then bitcoin will be about $50.
I'm sorry, but pretty tough to argue against that one.
HA.
You're talking about laws.
I'm talking about economics.
Which one affects money?
You do realize you responded to his quote of your post by saying the exact same thing in different words to your originally quoted post, right?
So what?
Just an observation, struck me as funny, no dog in this fight, the bitcoin train proved me wrong long ago, squabble on.
Incorrect. You cannot point a gun at the blockchain.
Pointing it at people will simply drive out the innovators, like I stated before. Lots of other countries would fucking Kill to have silicon valley move to their neck of the woods.
Not at all. Most of the world would love to see the US nuked... If they could steal a valuable chunk of US innovation and capital away from it, most countries would Jump at the chance to be bitcoin's HQ.
I'm not sure I understand what you two mean here... Hopefully you just mean that bitcoin brings wealth to the US because so many innovators in bitcoin space are here now... But if that's all you mean you're being naive to think they wouldn't attack more forcefully one day once the bitcoin economy starts shrinking the USD economy.
Pseudo-stability? We aren't talking about superheavy elements here. Volatility risk is not something desired in a so-called currency.
Legislation definitely doesn't influence markets :small-smiley-026:
No, but you can pass laws, and put out messages within the media of, "if you use the blockchain, you're going to jail". That tends to be quite effective.
If the US goes down the shitter, the rest of us are going with it, so no Luke, most of the world does not want to see the US "get nuked".
Whether or not bitcoin is a NSA project, I have no idea, which is what UG is alluding to. Regardless, if there's a nice black market economy like this, it's in the best interest of the US govt to let it thrive, because it helps them keep tabs on all that black market money. Banning bitcoin doesn't make any sense, because they lose out on all that information and tracking.