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Satoshi · 2016-11-26 17:46:00 · #3157
WHY no rally??
(11-26-2016 05:46 PM)Satoshi Wrote: WHY no rally??
Did anyone here say that there was going to be a rally beyond what we already got?
In May/June 2016, we had a run up from mid $400s to upper $700s, then we had a close to 20% downward correction that was exacerbated and extended in part due to the early August Bitfinex "hack".
Since early October, we have experienced a pretty steady uptrend and several relatively small corrections during attempts to break upwards through the lower to mid $700s.
Our current price range seems to be largely floating in the upper end of the range of an ongoing uptrend pressures, largely between $715 and $755 - Maybe it could make some sense to suggest "downwards" if we start breaking below $720 or $715, otherwise, BTC prices seem to currently some kind of "up" and remain "up" pressures, even if we are going to experience some near term dips into the lower $720s or possibly lower.
Where do we go from here remains another question that remains bit difficult to determine, whether you are looking at charts, fundamentals or FUD spreading.. I have not seen anyone suggesting that more upwards is going to happen or as if more upwards were inevitable, even if there seems to continue to be ongoing upwards price pressures.
I am personally a tiny bit more inclined to think that continued upwards movement into the upper $700s to mid $800s is more likely than a break below $650, but I certainly would not bet the farm on any such suggestion when maybe the odds are around 55% for up and around 45% for down or something like that.
By the way, once we get into the upper $700s or mid $800s, it would not be surprising to experience a pretty decent price battle and/or downwards correction at that point (even though it is not absolutely necessary to have a downward correction in order to experience continued upwards movement, such as a 5 to 10x explosion).
(11-19-2016 03:28 PM)JayJuanGee Wrote: Sure there are going to be some ongoing challenges for bitcoin users who are actively moving around their bitcoin and the treatment of those bitcoin for tax purposes.
Likely we have to assume that any bitcoins that are linked to traditional banks and engaging in KYC/AML compliance are quite likely to give up your bitcoin financial information that they have in their systems.
https://www.cryptocoinsnews.com/irs-targ...ase-users/
This is likely going to be an ongoing (and related to my earlier link on the topic) and in this regard, it seems like a good thing for Coinbase to oppose an overly broad sweeping government attempt to get Coinbase user transaction information.
https://news.bitcoin.com/coinbase-govern...ion-court/Even if you question repetitive wallets of some users, Bitcoin's growth appears to be considerable and ongoing.
https://blog.blockchain.com/2016/11/22/r...nd-beyond/
By the way, the number of bitcoin exchanges creates another very interesting bitcoin dynamic, too.
Check out the chart that is linked in this below thread.
http://bitcoinandmarkets.com/e028/
In essence, the chart shows
2010 - 2 exchanges
2011 - 6 exchanges
2012 - 5 exchanges
2013 - 9 exchanges
2014 - 38 exchanges
2015 - 74 exchanges
2016 - 145 exchanges - in 40 countries
The Secret, Dangerous World of Venezuelan Bitcoin Mining
Quote:Four years ago, Alberto's career prospects were bleak. The 23-year-old Venezuelan had just graduated from college with a degree in computer science, but his nation's economy was already shredded by 13 years of socialism.
"There were job opportunities, but they paid like $20 a month, and we were used to traveling and buying things from abroad so we couldn't settle for that," his friend Luis recalls. Alberto and Luis—whose names have been changed for their own safety—teamed up to start a clothing business, but the venture floundered.
Then Alberto discovered bitcoin mining.
He read about it on an Argentinian gaming forum. An item posted to the site described a process of getting paid in a new internet-based currency denominated in strings of numbers and letters, in exchange for running computations on a home computer. His parents said that the whole thing sounded like a Ponzi scheme. Alberto, however, sensed that his life was about to change.
Four years later, his country is embroiled in a humanitarian crisis. The supermarket shelves are bare. Children are fainting from hunger in their classrooms. A mob recently broke into the Caracas zoo to eat a horse. Many Venezuelans subsist on a monthly government stipend equivalent to about $9.
Alberto, meanwhile, based on his own account, is earning more than $1,200 a day mining bitcoins and other cryptocurrencies.
He's part of Venezuela's rapidly growing digital currency mining community. Faced with growing threats of violent crime and government extortion, its members interface through secret online groups and take extreme precautions to hide their activities.
In a country where cash has lost much of its value, and food and other necessities are dangerously scarce, bitcoins are providing many Venezuelans with a lifeline. The same socialist economics that caused the country's meltdown has made the energy-intensive process of bitcoin mining wildly profitable—but also dangerous.
Much more at the link, fascinating article.
Even though the below article and analysis is about a week old, there is some good bullish bitcoin info contained therein, including an assertion that bitcoin is currently worth nearly $6,000... hahahahahaha.. that's a good thing to consider.
http://www.valuewalk.com/2016/11/bitcoin-value-surge/The below linked article is not very substantive, but gives a quick little overview about where bitcoin prices are at (about a day and a half ago).
http://www.marketwatch.com/story/bitcoin...2016-12-02
So, yeah, we reached the cusp of a nearly all time high on several of the bitcoin exchanges, which was about 1-2 day 5% price spike from around $740 to nearly $780 - and then a bit of a correction (or at least a day and a half pause in the upwards action) with prices currently floating in the lower to mid $760s.. and maybe leaving folks wondering if there is going to be another test in the coming days of potential resistance in the upper $700s arena.. and maybe even the mid-$800s.
By the way, based on the current price dynamics, there also seems to be a bit greater support (meaning the slope of the upwards curve has been more gradual over time of 20 weeks versus 3 weeks) for the upwards move this time as compared with the price rise to $780 that occurred in June of this year.
Below are a couple of interesting articles about the Winklevoss twins - even though the information does not seem to be really new, but the first one is a current article, and the second article is from April 2016
https://www.ft.com/content/a9d4b73a-abdd...378e4fef24
http://www.esquire.com/lifestyle/money/a...s-bitcoin/
In April 2013, they had claimed to owning 1% of the total bitcoins, and that would be somewhere north of 100k bitcoins, so their ongoing investments in the bitcoin space remains interesting... even though sometimes they are criticized as being late comers because they came to bitcoin in mid 2012 -ish....
For some strange reason, first paragraph of the below-linked article kind of reminded of Satoshi
>>>>>>This article is for general consumption, but I’m primarily intending this for all of the Bitcoin haters out there. The trolls of Bitcoin. The people who run around the Internet, mistakenly calling Bitcoin a “scam.’’ a “pyramid scheme,“ or a “Ponzi scheme.” The ones who have successfully ignored all that Bitcoin has accomplished over the last eight years, and are ignorant enough to actually think Bitcoin is dying, or is a huge failure in some strange way you cannot really justify. <<<<<<<<
(even though it did not mention "butt hurt"). hahahaha
http://bitcoinist.com/bitcoin-price-huge...-10-years/Here's another decent video from Andreas Antonopolis that was released yesterday, I believe.
He discusses bitcoin's role in ongoing and upcoming currency wars.. and strongly suggesting that bitcoin is going to serve as a sort of default beneficiary (and maybe even suggesting as a kind of reserve currency safehaven)
https://www.youtube.com/watch?v=6ZCVQHtD...e=youtu.beHere's a bullish prediction about bitcoin price tripling in the next year, in order to attempt to cheer some folks up (if you feel that you need cheering up)
http://www.coindesk.com/bitcoin-price-tr...rediction/
This one questions whether some recent governmental actions have validated bitcoin, but in the end, the USA goverment has been engaging in a variety of bitcoin validations since hearings in late 2013 and several fed auctions of confiscated coins in 2014 and 2015 and irs tax guidelines in March 2014
http://seekingalpha.com/article/4028212-...te-bitcoinHere's a decent thread discussing the risks of decentralized transactions, using bitsquare.... and maybe some concession that more of the risk is in selling bitcoins rather than buying bitcoins.
https://www.reddit.com/r/Bitcoin/comment..._heres_my/
I am interested in the concept of decentralized exchanges, but it seems that there still is this lingering and possibly unsolved risk involving potential reversible transactions.
The below link is an interesting megabull prediction which is supposed to be imminent (today, yesterday... hm?), which even within the prediction is not an inevitable scenario, but instead has a range of upside possibilities and also a possibility of breaking below the trendline that is depicted in the chart would negate the upside of the prediction.
https://www.tradingview.com/chart/BTCUSD...-24-Hours/
By the way, upside targets for peaking by February 16, 2017 are interesting, too.
>>>>>Potential ATH Targets are:
$2,661 USD
$4,200 USD
$5,276 USD
$8,720 USD
$14,000 USD <<<
(12-08-2016 12:16 PM)JayJuanGee Wrote: The below link is an interesting megabull prediction which is supposed to be imminent (today, yesterday... hm?), which even within the prediction is not an inevitable scenario, but instead has a range of upside possibilities and also a possibility of breaking below the trendline that is depicted in the chart would negate the upside of the prediction.
https://www.tradingview.com/chart/BTCUSD...-24-Hours/
By the way, upside targets for peaking by February 16, 2017 are interesting, too.
>>>>>Potential ATH Targets are:
$2,661 USD
$4,200 USD
$5,276 USD
$8,720 USD
$14,000 USD <<<
As much as I'd love for bitcoin to hit $14,000, I seriously doubt that's going to happen by Feb 2017.
(12-09-2016 12:39 AM)CleanSlate Wrote: (12-08-2016 12:16 PM)JayJuanGee Wrote: The below link is an interesting megabull prediction which is supposed to be imminent (today, yesterday... hm?), which even within the prediction is not an inevitable scenario, but instead has a range of upside possibilities and also a possibility of breaking below the trendline that is depicted in the chart would negate the upside of the prediction.
https://www.tradingview.com/chart/BTCUSD...-24-Hours/
By the way, upside targets for peaking by February 16, 2017 are interesting, too.
>>>>>Potential ATH Targets are:
$2,661 USD
$4,200 USD
$5,276 USD
$8,720 USD
$14,000 USD <<<
As much as I'd love for bitcoin to hit $14,000, I seriously doubt that's going to happen by Feb 2017.
I agree with you. I was just posting someone else's prediction that is within the realm of possibilities even though seeming a bit of a stretch.
To me that $14,000 seems much too rosey of a peak picture (and even was in the upper most range of that prediction), yet if such a rosey picture were to materialize into reality, then I have a hard time imagining any BTC price dip that would subsequently return BTC prices below $3k...
I am thinking currently that a more realistic BTC price projection, but still highly speculative scenario, would be peaking in the $3k to $5k arena and taking a bit more time (rather than mid-February, maybe somewhere between May and July 2017) and correcting at some point (maybe later in the year or even early 2018) into the $900 to $1,300 arena.
I am interested in getting a personal desktop wallet. Any recommendations on which one I should get?
(12-09-2016 01:51 PM)Lenny Marmor Wrote: I am interested in getting a personal desktop wallet. Any recommendations on which one I should get?
You could know more about the advantages of some kind of storage device like that than me. I personally only use various cloud based forms of storage, and the one that I think is best for allowing me to keep control of the private keys is the blockchain.info wallet (at least that is what they say about the private keys).
When I trade bitcoin directly with folks, I use the blockchain.info wallet from my phone. I think that the majority of guys that I buy or sell from use the blockchain.info wallet. However, I have a couple of guys who frequently sell bitcoins to me, and they both use mycellium (on their phone).. I do not have enough information to recommend or not recommend mycellium.
I have thought about getting a hardware device such as ledger.. but so far, I have not moved further in that direction because I really have not considered such a move as necessary for my current personal purposes.
Maybe some other guys can chime in here regarding what they use and why?