Bitcoin
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- formed0
"As Bitcoin Plunges 25% On Government Scrutiny, The First BTC "Fair Value" Reco Has A Stunning Price Target"
(from that www.zerohedge.com site above)Dunno, I must just be an old (or aging) man. I can't fathom why this would be any more than a speculative bubble.
Gold - hedge against inflation (traditionally), a 'real' object w/ a finite amount (available)
Microsoft - income of $20billion, a 'real' company, pays a dividend
"Bitcoin Vulnerability Could Allow Malicious Miners to Seize Control"
http://www.technologyreview.com/…"$400 is a perfectly reasonable target for Bitcoin. As is $1,000. As is $10,000 or $100,000 or $1 million.
And as is $0.01.
This is because Bitcoin has no inherent value."
http://www.businessinsider.com/b…- its same as printed fed reserve money. majority of money is digital anyway. this breaks the monopoly of money creation.yurimon
- the whole concept of money is psychological anyway. world would be better place if people can get over money maybe.yurimon
- this is a "trying to wrap my head around it" post - i know i still am, but can see it is definitely worth somethinginteliboy
- I am the opposite, continuing to learn, but I feel like it is a 'fad'. Someone will hack it someday and it'll be over.formed
- That's my gut, anyway, it certainly is a bubble, at least. Play the game, but be aware that anything that skyrockets also plummets.formed
- always plummets. Always.
(unless there is a 'reason', supply/demand is not enough)formed
- CableStudios0
^^^^^^^
Bitcoin is just like all other digital currencies; nothing new
Nearly all other digital currencies are centrally controlled. This means that:
They can be printed at the subjective whims of the controllers
They can be destroyed by attacking the central point of control
Arbitrary rules can be imposed upon their users by the controllers
Being decentralized, Bitcoin solves all of these problems.
Bitcoins don't solve any problems that fiat currency and/or gold doesn't solveUnlike gold, bitcoins are:
Easy to transfer
Easy to secure
Easy to verify
Easy to granulate
Unlike fiat currencies, bitcoins are:
Predictable and limited in supply
Not controlled by a central authority (such as The United States Federal Reserve)
Not debt-based
Unlike electronic fiat currency systems, bitcoins are:
Potentially anonymous
Freeze-proof
Faster to transfer
Cheaper to transfer
Bitcoin is backed by processing powerIt is not correct to say that Bitcoin is "backed by" processing power. A currency being "backed" means that it is pegged to something else via a central party at a certain exchange rate yet you cannot exchange bitcoins for the computing power that was used to create them. Bitcoin is in this sense not backed by anything. It is a currency in its own right. Just as gold is not backed by anything, the same applies to Bitcoin.
The Bitcoin currency is created via processing power, and the integrity of the block chain is protected by the existence of a network of powerful computing nodes from certain attacks.
Bitcoins are worthless because they aren't backed by anythingOne could argue that gold isn't backed by anything either. Bitcoins have properties resulting from the system's design that allows them to be subjectively valued by individuals. This valuation is demonstrated when individuals freely exchange for or with bitcoins. Please refer to the:
- CableStudios0
Back in the boat....
- CableStudios0
BTC Update Tuesday 12 November - Here Comes the Test...
G'day!Well, support at $340 held and - after a bit of a scrap - resistance at $365 has given too. So while it's been a bit of a grind Asia - at least - is sufficiently bullish to drive Bitcoin back up towards last week's peak. And as we home in on the European trading day, the market is setting itself up for a classic test.
Let's have a look at the chart:
We've stayed down on the 1hour timescale today so you can get a better sense of price action. And as you can see, we are getting close to that top. Now, I'd like to draw your attention to the lightly shaded red rectangle spanning last week's peak.
When a market sets up for a run at major resistance (or support), one of two things are going to happen; its either going to blow through or reject - so far so obvious, right?
But let's take a moment to consider why this is so from the perspective of market psychology.
Anywhere North of $380 we know that the market is going to start encountering sell orders from those nervous holders of bitcoin who see the test ahead and don't think that the market has sufficient oompf to burst through at the first ask. They want to cash out at the best price they think is possible, without being too greedy. And should you need to realise your profit in the near term this makes a lot of sense.
A whole other group of traders will be anticipating the presence of this counter-attack and will either accelerate their buying into it or prepare an ambush of their own, back down at $360 or lower still at $340.
While we don't know whether this ambush will succeed we can say that to occur, the market will likely have made a 'lower-high'.Finally, there will be those who feel that while a run through the top is 'on', the effort of getting through will exhaust buying momentum to the extent that it won't be sustainable. They will be placing their sell orders beyond the peak, hoping that the market's last gasp drives price through their triggers, initiating short trades at the very top of the market. The point here is that the market could burst through to a 'higher high, only to fall back down like a stone.
Hoping that I haven't sent you all to sleep here, my point is that because we don't know what will happen, we have at this stage to assign each of these scenarios an equal probability. This is why I have drawn resistance on this chart as a zone and, more importantly, it is why trying to trade breakouts is such a mugs game - in my view.
To reiterate a golden trading rule the only plays that make-out over time are the booking of profit on long trades at resistance and short trades at support.
Having said all this, while initiating buy trades at current levels makes no sense, holding onto what bitcoin you already hold and can afford not to liquidate makes absolute sense. While price may well shuttle up and down a bit as we bounce between support and resistance, the overarching condition is hugely bullish and it would take a threat on my family's life to prize my bitcoin out of its wallet... or a successful hack, I guess.
It is for this reason that we remain firmly in buy mode - if a bargain materializes. And the levels we are watching on this front are $320 and $265.
And that's your lot for today, folks.
Toodle pip,
Rob @BitScan.
- What are your thoughts??? That wall of text made no sense to me.inteliboy
- upCableStudios
- CableStudios0
BitPay World’s First Zero Transaction Fee Payment Processor
According to its website, BitPay will join CoinBase as a payment processor with zero fees. Currently, Coinbase is using the model towards a merchants’ first one million sales, after which merchants will pay 1% fees. BitPay’s new model, however, asks for $30 per month per merchant, with zero additional fees. This is unprecedented in payment processing space, and will certainly send shockwaves through various payment processing spaces.
Both BitPay and Coinbase represent the world’s first zero-fee payment processors, driving home how revolutionary modern payment methods are.
To be certain, the news is bullish for the Bitcoin price, and will likely not make the impact it should via mainstream financial channels.
Read more at http://www.maxkeiser.com/#b2mpIe…
- CableStudios0
Meet "FiatLeak.com" – Real Time Map Of Bitcoin Transactions By Country
- drgs0
Can you buy put options for bitcoins?
- monospaced0
Saw the Winklevoss brothers being all douchey on TV this morning talking about Bitcoin and how it will be a big thing real soon. The hosts did not buy it.
- Yeah, they are both investing and speculating, can't trust them to be objective.ZOOP
- They were talking and saying "like" a lot... it was very unprofessionalmonospaced
- CableStudios0
Bitcoin Correction Shortlived
- CableStudios0
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- monospaced0
Wait... is CableStudios one of the Winklevoss bros?
- ********0
- CableStudios0
Good talk here ;
- inteliboy0
Back up at $400. Wow.
