The conversation is about the bitcoin crash, I would suggest some of you who don't believe it are in the wrong thread. But it's not a crash on a log scale till it goes to $1 so I might be getting a little excited
The point is Bitcoin has a history of massive run ups followed by crashes. If you are trying to highlight that there has been a massive run up followed by a crash, then congratulations captain obvious! But this nothing new for anyone who has been following bitcoin for more than a month. Not sure what your point is apart from telling everyone how it's the end and going down to nothing.
Log is not a "different way of presenting data". It is actually a more accurate way of presenting price trends, which separates true rate change from the compounding effect. Don't knock it if you don't understand it. Here: http://forums.silverstackers.com/message-378637.html#p378637
I love how log is only referred to when something is in a similar bubble top as to what bitcoin is at present.
Yessir - everyone loves LOG! Maybe someone can arrange to get him to run over the neighbour's dog(ecoin)? [youtube]http://www.youtube.com/watch?v=RTrAVpK9blw[/youtube]
LTC to retest $50 in the next couple of weeks? Hard to sit on the sideline with massive potential gains.. comforting to know we were much higher a fews back so its like buying Ltc at $25 now as opposed to when it was $49 (discounted shopping!) My lesson is holding is better than trading.. but i guess if you get lucky trading more often than not.. just sucks to miss the train.. 1for1
Dunno about LTC but I reckon parity with gold will be hard for BTC to punch through - that's been the previous high. I'm thinking of a sentiment where people say "stuff it, when it hits parity I'm selling my bitcoins and buying gold with it" which may have been a factor prior to China's limitations being announced.
The gold price may provide some resistance, but I'm not expecting a whole lot. Bitcoin has some limited similarity with gold, and there is somewhat of a cross over between the communities of people that stack gold and those whom participate in the Bitcoin ecosystem but I don't regard it as that significant. Just because I own gold and care about the price does not mean to say other do. Here is a little bit of context. View from 4:19 (if you are short of time). [youtube]http://www.youtube.com/watch?v=KKFpVw0R0Yc[/youtube]
Depends on how he spent that 90 thou (ex capital gains tax?) as to how huge a loss that is in comparison; if it virtually paid off the mortgage then I wouldn't put a price on the stress relief that creates for example.
Bullion Barron obviously feels he has a really good grasp of the Bitcoin market place. Perhaps Bullion Barron could just draw up some charts with projected lines ahead showing us what is to come. Here is some insight from March 2013. http://www.bullionbaron.com/2013/03/bitcoin-bubble-or-new-virtual-currency.html
With the 'knowing wink of the eye', you surely predict a substantial drop Bullion Barron (see chart below). You surely would be a happier if cryptocurrencies were to fail. I could enjoy less payment options!. I can always go back to fully supporting Visa (Utilised in my case), Paypal (Utilised in my case) or Mastercard etcafter all. My gold and silver does not provide a substitute for these utilities. Bitcoin already has via an online shop to acquire my current mobile phone. The current trend dictates that our options for exchanging Bitcoins for goods in growing. I doubt any of us on this forum feel that crypto currencies are a replacement for precious metals. The last line on your webpage regarding Bitcoin hints at the feeling of vulnerability. "Although they have similarities to precious metals, they are far from a replacement." - Bullion Barron. It is amazing that crypto currencies have caused a feeling of vulnerability and resentment for some precious metal stackers. Especially considering the legacy of gold and silver within human history as a trusted means of wealth exchange and a hard valuable asset. A positive to Bitcoin is that various retailers both on and offline are enjoying benefits from crypto currencies as a medium of exchange. These businesses have no way to achieve the same benefits with gold and silver yet some precious metal stackers want to see Bitcoin fail and those benefits to end. Bitcoin is currently volatile and that is extremely obvious, yet people still choose to participate and conduct business and the adoption is rising (why would retailers bother if the only significant thing people are doing with crypto currencies is speculating? ..and look at that volatility!!!!!). Like precious metals, many people are speculating. Bitcoin has more to offer than just the speculative aspect as various retailers are finding out. Precious metals have something to offer that I enjoy, but this of scant interest to retailers from what I've seen. Different positive and negative aspects are on offer.
When you write "Although they have similarities to precious metals, they are far from a replacement." I would assume you perceive some sort of threat to the status of precious metals. The precious metals market is a massive well established market compared with the tiny crypto currency market!. In order for it threaten the precious metal market somehow, the crypto currency market would have to grow to a massive scale. You seem to perceive a threat to the precious metals market, I gather this is in the longer term?. You must see massive growth in the crypto currency market longer term???. What would be a reasonable price range to pay for a Bitcoin today compared with AUD in your opinion?. (AUD at todays purchasing power). What would be a reasonable price range to pay for an industrial grade silver 1 oz bar today with AUD in your opinion?. (AUD at todays purchasing power). Say silver suddenly jumped to $48 AUD today. Is it within a reasonable price range?. Within the 'Bitcoin realms' that I'm following, precious metals are not the usual topic of conversation. The first company that usually gets a mention is Western Union (hands down), then it is the major credit card companies and Paypal. The Bitcoin community is more interested what the utility of Bitcoin has to offer vs the current corporate digital options. These issues are more interesting and much more relevant to Bitcoin than precious metals ever will be, IMO.
Very obviously!. Call it luck, but I'm not following anyone foolish enough to make such volume comparisons. The talk I'm acquainted with typically refers to potential future scenarios. The interest is in whether these older institutions will be forced to adapt to a changing market place thanks to the more recent technology Bitcoin and crypto currencies now offer. A 'return to normal' precedes a fall to the mean. Yet you have no idea what the mean is, except that it is a lot lower (as per the classic chart) than the current BTC price. The mean would generally be reflective of a reasonable price to pay for what ever commodity. Logical no?. You don't know what a reasonable price for Bitcoin is, but it is a lot lower than what it is now (at the 'return to normal' phase).
What ones? Google, Amazon or ebay (survivors and absolute giants).or Boo.com and Freeinternet.com (now caput)? It is amazing what can happen in a decade or so.
