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Back above $500 again now.
Ho hum.
(03-27-2014 08:45 PM)JJ Roberts Wrote: Back above $500 again now.
Ho hum.
YES!!!! Hovering between $490 and $515. It seems likely to go back down in the $480 and the short term trend over the weekend seems to be bearish rather than bullish... ...
Certainly, I do NOT know what to do, except to buy at my next buy point, and hope that I do NOT run out of fiat due to my NOT really being able to predict the downward trend.. and whether it will continue for sure. I would hate to sell, and then the market goes UP rather than DOWN, and then I will have to take a loss... or lock in a loss.
I am kicking myself for not having more fiat on deposit in my exchange otherwise I would have bought more.
(03-27-2014 09:30 PM)JJ Roberts Wrote: I am kicking myself for not having more fiat on deposit in my exchange otherwise I would have bought more.
My limits in buying BTC is keeping enough fiat in my bank account, since I tend to buy my BTC through Coinbase (and thus I suffer a 1% transaction free with that). How are you making your initial conversion from fiat to BTC? through which exchange?
(03-27-2014 09:34 PM)JayJuanGee Wrote: (03-27-2014 09:30 PM)JJ Roberts Wrote: I am kicking myself for not having more fiat on deposit in my exchange otherwise I would have bought more.
My limits in buying BTC is keeping enough fiat in my bank account, since I tend to buy my BTC through Coinbase (and thus I suffer a 1% transaction free with that). How are you making your initial conversion from fiat to BTC? through which exchange?
bitstamp
brg444 路 2014-03-27 21:54:00 路 #1511
Stripe is testing implementing bitcoin into their payments processing.
Which is great, allows me to streamline.
What's Stripe and why is this notable?
I assume its stripe.com...
"Stripe is a developer-friendly way to accept payments online and in mobile apps.
We process billions of dollars a year for thousands of companies of all sizes."
Which got me thinking... as soon one of the big financial institutions like Citi, Chase, HSBC, etc launches a Bitcoin product this will legitimize Bitcoin and will send BTC values through the roof. My guess is that right now BTC is still easy for them to ignore and the US government is probably telling them to stay away from BTC.
I will mention this again in case anyone is new to Bitcoin.... check out bitcointalk.org it is a great resource on Bitcoin, Litecoin, and all the other Altcoins.
(03-27-2014 09:54 PM)brg444 Wrote: Prominent value investor Bill Miller on Thursday said he is investing in bitcoin.
Interesting to see that he also stated that he sees a solid bottom price of $500 for BTC
Over the last few days we have seen that bottom tested dozens of times.
I have watch the price dip below it (as low as 468) and it just bounces straight back to 500 again
Trading right now at 501
Time to buy
Price keeps dropping, I think we are very close to the bottom but hard to say. Bitcoin's reach is growing but the price has not been impacted positively by it, yet. Bitcoin is still far from mainstream but at this rate I could see it becoming mainstream in 2-3 years. The networking effect is very effective so it could be way faster than that. Nobody knew much about Bitcoin less than 6 months ago, but now it is everywhere.
I think people should decide whether they are long term or short term investors. There is no point to worry about the short term volatility if you are in it in a long term.
Yeah it won't be mainstream for a few years yet.
(03-30-2014 12:15 PM)strengthstudent Wrote: Price keeps dropping, I think we are very close to the bottom but hard to say. Bitcoin's reach is growing but the price has not been impacted positively by it, yet. Bitcoin is still far from mainstream but at this rate I could see it becoming mainstream in 2-3 years. The networking effect is very effective so it could be way faster than that. Nobody knew much about Bitcoin less than 6 months ago, but now it is everywhere.
I think people should decide whether they are long term or short term investors. There is no point to worry about the short term volatility if you are in it in a long term.
I've been buying BTC pretty regularly in the last three weeks when the price was $610, and I believed that the BTC price would be going up and NOT down... then again, I was buying in the $500s... with the same thoughts... and then I have been buying in the $400s... same thing...
In the last three hours BTC prices have floated between $436 and $469 on bitstamp.
With my additional BTC purchases, my average price per BTC has been dropping and my BTC holdings have been getting larger, but BTC price drops have been bringing my whole portfolio further in the red. In this regard, the goal or aspiration is that BTC prices would need to reverse towards the upward at some point... in order for me to get me back in the black.
Regarding trading, I would like to be able to sell some BTC when the price is higher and then buy in back again lower - with a goal of dropping further my average price per BTC; however, I can never really time those kinds of trades very well.
Being into BTC for short term would be a sort of trading and different set of skills or luck, that is for sure... Personally I am still betting on the long-term, and thinking that maybe the considerable BTC price increases will be delayed a little bit.. but still the infrastructure is being built.. so sometime in the near future the BTC choo choo train shall be departing towards upward destinations...
(03-30-2014 02:07 PM)JayJuanGee Wrote: Regarding trading, I would like to be able to sell some BTC when the price is higher and then buy in back again lower - with a goal of dropping further my average price per BTC; however, I can never really time those kinds of trades very well.
Some historic analysis is helpful here
See post 8 on this thread.
https://bitcointalk.org/index.php?topic=550283.0
The pattern is fairly clear
(03-30-2014 02:47 PM)JJ Roberts Wrote: (03-30-2014 02:07 PM)JayJuanGee Wrote: Regarding trading, I would like to be able to sell some BTC when the price is higher and then buy in back again lower - with a goal of dropping further my average price per BTC; however, I can never really time those kinds of trades very well.
Some historic analysis is helpful here
See post 8 on this thread.
https://bitcointalk.org/index.php?topic=550283.0
The pattern is fairly clear
Yes.... long term seems to be pretty good for BTC... and we have had some similar posts like that in this thread... thought the graph in your link does put a good visualization to the current state of affairs in some historical perspective.
(03-30-2014 02:47 PM)JJ Roberts Wrote: The pattern is fairly clear
I could imagine that with an increased adoption that same pattern would become faster and faster. After every peak, it has taken 4-6 months for the price starts rising again, now it has been over 4 months since the November peak. If the pattern stays the same, there could be next peak in 2-3 months. But well, the past can only indicate, not determine.
The price can rise very rapidly... It took less than 30 days for bitcoin to go from 200$ to 1200$ last time.
brg444 路 2014-03-30 16:41:00 路 #1522
this is a repost but watching again this talk
https://www.youtube.com/watch?v=NV5ubkGQUes with Chamath Palihapitiya, ex VP of Facebook.
I have come to a point where I'm only concerned about BTC's price when I'm about to buy. I have little doubts left that Bitcoin is going to be the future.
I am also enjoying the panic going on right now. The ones selling are the weak hands who have yet to realize the worth of their investment and focus superficial news and market movement.
Plenty of powerful people already have vested interest in the future of Bitcoin. I feel like there is simply too much money already invested in the ecosystem for it to fail. The momentum is too strong. Any hurdle that we encounter will be worked around. Extremely smart people have realized the potential of the blockchain technology. These technologist have a long history of working with regulators and we know some have already approached and lobbied governmental and financial entities about Bitcoin.
The libertarian dream is not lost but it was foolish to believe Bitcoin could grow without ever having Wall Street sink its teeth into it.
As an investor, I am thrilled by the ongoing developments in terms of regulatory status and infrastructure growth. Because when Wall Street takes a bite, I expect to see phenomal return on my investement.
brg444 路 2014-03-30 16:47:00 路 #1523
(03-30-2014 03:31 PM)strengthstudent Wrote: (03-30-2014 02:47 PM)JJ Roberts Wrote: The pattern is fairly clear
I could imagine that with an increased adoption that same pattern would become faster and faster. After every peak, it has taken 4-6 months for the price starts rising again, now it has been over 4 months since the November peak. If the pattern stays the same, there could be next peak in 2-3 months. But well, the past can only indicate, not determine.
The price can rise very rapidly... It took less than 30 days for bitcoin to go from 200$ to 1200$ last time.
I believe this as well.
My opinion is the next bubble is going to be MUCH bigger than any we have seen. By all scenario it appears this bubble is going to be sponsored by institutional investments and that kind of money is much longer than any we have seen enter the Bitcoin market yet.
BTW: Where is El Mech in this thread?
Maybe he is waiting for BTC to get into the mid-$600s again before chiming back in? This downward trend in BTC prices can be a little frustrating to talk and/or speculate about.. especially when we have been expecting BTC prices to go up.. at least since BTC prices were floating in the mid-$600s.
My average BTC buy-in price is NOW about mid-$600s, and surely, if a guy knew, then it would have been nice to wait for this mid-$400s buy in price... this seems to be a very great buy in price.. but it would have been even greater to have sold some or all BTC at some higher price and then gotten in again at this mid-$400s price?
That's just pie in the sky thinking for my investment style b/c I would NOT have gone completely out... but if I am fairly certain about something, I do NOT have a problem hedging and maybe taking 50% out in order to roll the dice, so to speak... but I gotta have a certain confidence level for such risk taking.. especially with the manipulations of BTC.
As is my common sentiment, I do NOT know what to predict with BTC prices in the short term... but it does seem like we are going to have another upturn in prices.. that may come any hour now or it may take a few months, as SS suggested in his earlier post.... Additionally, nothing is 100% certain, either... so the pattern that JJRoberts linked to could be broken by various kinds of interventions - but the fact that so many big wigs are getting into BTC, as mentioned by brg444, the backdrop seems to be very promising to cause a very solid BTC price upswing in the near future...
BTC price upswing coming "soon" to a theatre near you...
Maciano 路 2014-03-31 03:10:00 路 #1526
I suspect BTC will start rising again and reach between 2k & 4k sometime this year, it could also be bearish for a while longer. Who knows, rly? Anyway, it will get up again. That's what I believe and always have believed.
I do amusingly look at frustrated ppl who feel somehow wronged that their investment didn't immediately make them millionaires. There's nothing wrong w/ that, but it's a bit childish. You can't always win in trading, let alone short-term trading.
(03-28-2014 04:56 AM)username Wrote: Which got me thinking... as soon one of the big financial institutions like Citi, Chase, HSBC, etc launches a Bitcoin product this will legitimize Bitcoin and will send BTC values through the roof. My guess is that right now BTC is still easy for them to ignore and the US government is probably telling them to stay away from BTC.
It also happens to be the greatest risk to BTC.
I can see more upside to downside of what the concept of BTC is, but it's more to do with the crytpo-currency aspect of it, not so much the vendor.
Much like Netscape was the first powerful web browser.
The technology is now ubiquitious, but you didn't realise any value via Netscape.
The banks may want to bypass BTC proprietry if they feel they can get a bigger cut, or extract greater economic rents doing it themselves.
There is big money in cryptocurrency gambling games. Just-Dice had made 15,000 BTC ($6,800,000 USD) while Doge-Dice has made 504,743,681 DOGE ($252,000 USD). This is their profit before hosting/server cost. I'm My friend is considering throwing one together for an altcoin.
brg444 路 2014-03-31 14:43:00 路 #1529
(03-31-2014 03:27 AM)T and A Man Wrote: (03-28-2014 04:56 AM)username Wrote: Which got me thinking... as soon one of the big financial institutions like Citi, Chase, HSBC, etc launches a Bitcoin product this will legitimize Bitcoin and will send BTC values through the roof. My guess is that right now BTC is still easy for them to ignore and the US government is probably telling them to stay away from BTC.
It also happens to be the greatest risk to BTC.
I can see more upside to downside of what the concept of BTC is, but it's more to do with the crytpo-currency aspect of it, not so much the vendor.
Much like Netscape was the first powerful web browser.
The technology is now ubiquitious, but you didn't realise any value via Netscape.
The banks may want to bypass BTC proprietry if they feel they can get a bigger cut, or extract greater economic rents doing it themselves.
but they can't
(03-31-2014 02:43 PM)brg444 Wrote: (03-31-2014 03:27 AM)T and A Man Wrote: (03-28-2014 04:56 AM)username Wrote: Which got me thinking... as soon one of the big financial institutions like Citi, Chase, HSBC, etc launches a Bitcoin product this will legitimize Bitcoin and will send BTC values through the roof. My guess is that right now BTC is still easy for them to ignore and the US government is probably telling them to stay away from BTC.
It also happens to be the greatest risk to BTC.
I can see more upside to downside of what the concept of BTC is, but it's more to do with the crytpo-currency aspect of it, not so much the vendor.
Much like Netscape was the first powerful web browser.
The technology is now ubiquitious, but you didn't realise any value via Netscape.
The banks may want to bypass BTC proprietry if they feel they can get a bigger cut, or extract greater economic rents doing it themselves.
but they can't
I think T&A is correct, at least to the extent to project that some banks are going to attempt such competition with BTC and attempt to build a name and dilute the bitcoin space... ultimately, these sponsored competitors are going to have the problem of centralization and inability to give up sufficient control over their constructed currency in order to inspire public confidence... some of them may make considerable profits with such attempted solutions... yet in the end, they are likely NOT going to succeed without adequately creating or imitating something with such decentralization as bitcoin provides... and there remains little incentive for them to do this.. except from the ground up.. which BTC has already made considerable strides in such ground up direction...
So in that sense.. they cant... like brg444 asserted...