Not a chance mate. Notice the consolidation after 30k... not even a real dip. And it's moving STRONGLY on the way up again. The "massive-massive" will be 10-100x current (that's a large spread I know), at which point I will quit my job
OK, seriously, what gives BC its staying power? It can't just be that the BC crypto mining pool is "buying this to hold". And if the market cap almost doubled in a day, then that has got to mean that someone took a stake much larger than something like 2% in the currency. Are we looking at a whale jumping ship from BTC and looking to make a pump and dump play on BC? One other threat I see to BC in the next few days is BTC taking another dive. The reason why being more news out of China that the government there is going to shut down all BTC trading accounts. (Remember, the old rumour was that there was an April 15th deadline). If BTC starts falling back into the 200s, then all the current gains are going to be lost.
BTC oversold the news. Just like LTC was overbought on the news of Huobi introducing trading which did nothing for the coin (see LTC decoupling thread). But looks like bad news will just keep coming for bitcoin. It's enemy #1 so it probably won't recover soon. Blackcoin is more than compensating for that loss though, and will hopefully compete in the near future.
It is the mining pool that gives confidence to investors and staying power. The mining pool has jumped up to over 7000MH for scrypt and 60TH for SHA according to coinwarz that's between 70-100BTC a day of guaranteed buys. That's new capital coming in everyday, and if you look at the mining chart I posted people are realizing if they don't cash out their mined coins become worth more and more each day. A closed mintage ensures nobody has large enough amounts to have continued price submission. I know all the numbers change every day but put it this way 70btc X 365 Days X $420 US = $10 731 000 a year that will be injected into BC 100btc X 365 Days X $420US = $15 330 000 a year So basically at these prices and mining power the mining pool could buy every coin as the market cap is only at 13.3 million within a year. However there just rough numbers to watch as we jumped 20TH in the SHA pool and 1000MH since yesterday. If they keep increasing, the BC price should follow! Investors see this and realize if they take more coins off the market with new capital the more effect the multipool can have. Of course people are still going to dump and profit take along the way but so far we have been heading one direction!
Looking great! The miners just keep growing and growing the buying power of this pool alone is the daily volume most Alt coins would dream of having! Still steadily rising, I would think Cryptsy will be adding BC/USD when they go live with the volume they are getting now! Congratulations to anybody who bought when the OP was made or earlier... We are currently up 1588% in USD or 1714% in BTC We have blasted by Namecoin, One more double up will see us pass doge!
Took balls of steel to hold through the volatility today. High-fives on the other side? Might not be over yet? Geeze bitcoin has given it a supercharger boost bonus too. This has been one crazy week.
Happy to pay you your ounce of silver, heartastack. I took a major position on the 26th of March when BC didn't take the dive I expected. Although I am getting a little itchy to jump as well. But as far as I can tell today, BC is still following the general pattern of a temporary dive before continuing upwards. But...famous last words!
OK, here's the drop I was warning could happen after the "massive-massive": I'm out, got a slight profit - should have sold late last night at 40c.
Are you willing to enlighten us with your buy in and sell out price. I tried to play around earlier lost about 800 coins before I got back in. Decided I'm just going to wait it out I should just turn it off and wait for next Sunday. I am still a holder and a believer, we shall see what happens. Still siting about 5-6K Sat above what it was 2 days ago!
I bought at 5c, sat on that for a while and started buying again when the marketcap jumped to 5 million until the price was 18c, for an average of 13c. Sold on the rapid downward slide at 22c. Didn't quite double my investment and kicking myself I didn't sell earlier when it was around 50c.
Cheers for that! I would be watching it very closely though and consider getting back in by Friday (it seems to go nuts on the weekends) Even if it is just with the profit. I still believe it can easily hit a $1!
I corrected my above post. I didn't buy all the way up, but in batches. Also, be careful with this stuff - BC and all the other cryptos are basically ponzis. You get wealthy because you made another trader poorer. Take your profits often, don't sit and wait. I should have followed my own advice, but when I saw it jump over 30c, I got stars in my eyes and thought I'd cash out around 70c. Fool that I was...
interesting crash, will we see this lift again over the weekend? and ponzi sceme? thats a pretty antiquated and simplistic view of crypto currency, by the same definition so is the stock market?
More or less. How hard is it to get a crypto up and running? What you need are the buyers and miners to pump up the price and supply, and aside from BTC which has some exchange value in the real world, which other alt isn't a speculative coin at this time?
agree its easy to get a coin up and running but thats not what makes it successful and gives it value. likewise people buying into it is not the only reason it gives value as you have identified with bitcoin. so is bitcoin excluded from the ponzi umbrella? on topic, who is calling the bottom for bc?
OK, prediction time - BC will be weak another 7 days (more or less) and should go slightly lower. Then it will have another spike that will take us over 30c before that too fizzles out and BC's price falls permanently to new lows around maybe 5-8c. I'm only saying this based on the fact many alts have two peaks before they fizzle out (DOGE, QRK, IFC, DRK). And we've just seen BC's first peak. It seems a typical alt price pattern is: 1) Stealth phase (this topic definitely covered that) 2) First spike - awareness (BC is now on the speculator's radar) 3) Drop and reconsolidation (still reeling from the fallout of the plummet - we are here?) 4) Second spike (now speculators are all in - those that missed the stealth phase and first spike want a piece of the action now) 5) Second drop (profits are taken, sheep are shorn) 6) The doldrums (where QRK and DOGE are now, flatlining but gently gliding downwards and in a state of constant weakness)
Wow what a ride that was. Can see how people completely loose their heads in bull markets (but then, I have already been through the silver bubble - how quickly we forget eh). Glad you participated and profited Earthjade. It was a lot of fun! I certainly can't retire on profits now lol but I took enough to cover all my debts. So it's a good day. My most memorable moment: On the forum one member declared he was selling to buy a flash new car (when BC was 80K), and the whole forum was cursing him and telling him he was an idiot. I may still win that ounce though...
You'll probably win that ounce. I made the cash to cover the bet when BC was bouncing from 2c to 5c in late March. Good thing I kept those profits in LTC! But I'd be interested to know if you think BC will see another spike. I'm actually thinking of getting back in on Friday or Saturday, around the time of the payout. If things start turning upwards on Sunday, we may see another stupidly unjustified spike next week, but I wouldn't know if it's going to be lower or higher than the last one.
I'm going to keep 5 or so BTC worth of play-money on the exchange (to ride the waves). Between now and the weekend I'll be researching heavily a wide range of alt-coins and if BC looks like it has potential I'll consider. For the moment I've lost the enthusiasm but you raise some good points. The multipool hashing power was still at record levels last night when the price had tanked, so if miners are still keen we may see more action? Let's see how the miners start reacting to the action (observe the hashing power on the multipool website that is posted above - was 11000 last night), I'll let you know what I think.
