The year is 2015. The month is August. Only but a mere 5 months ago, the world witnessed one of the greatest transfers of wealth the world has ever seen. The bitcoin price skyrocketed from 1k to over 100k per bitcoin over the course of 2 weeks. Many pot smoking hippies casually buying weed off the internet were made millionaires overnight. The Winklevoss ETF, as well as sudden bitcoin acceptance announced by large companies such as Amazon, Ebay, Walmart, Exxon-Mobile, BP, Walgreens, Best Buy, and many other companies has been seen as the primary cause of this price rise. Also, Russia has announced that they are making Bitcoin their official reserve currency, and all Russian rubles can be redeemed for bitcoins. The price has settled at around 250k per bitcoin, but rumors that Saudi Arabia is going to drop the dollar and do all oil trading in Bitcoins is threatening to cause even further price increases.

Thousands of people have been able to exit the corporate rat race thanks to their newfound wealth. Bitcoin based businesses are popping up everywhere and stocks of Western Union, Paypal, and Moneygram have dropped in price considerably. It currently costs a thousand dollars to buy a 20TH miner - enough to mine about .0001 bitcoin per day.

It is a glorious time to be a wealthy bitcoiner, but the looming threat of regulations by the USA government to what it sees as a threat to the US Dollar presents an uncertain future.

I don't think we can go down very far. Looks like support above 7777 is holding.

That page dumping theme has run out of steam... ADMIT IT!!!!!!     

It's not economic growth when just the numbers increase. And usually the prices increase much more than the wages.

Nice economic growth when the majority of the people gets ripped of, and only the stinking rich get even richer.

All this so called growth does is increase the gap between rich and poor.

life should be about sharing and caring, not about hoarding for your own pleasure.

I dunno.  I am not a politician I am not a banker.

Do you think that allowable margin at 3.33 is bad for us?

Could someone explain this to me?

I have 18 btc long from 528 on BTC-e. That order was not margin called today. But 40 btc long from 453$ was. How the fuck is that possible.

I shared this shit out of this back when I first saw it. Cultural capitalism is such an interesting idea.

What are your ideas/thoughts/recommended reading/solutions/specific criticisms may I ask?

I watched a random bit of the video... he was talking about the fact that 'charity does not solve problems, merely postpone their solution', and i agree. But then, all of a sudden, he mention that 'private property is the problem'. WTF? At that point he lost me.

Private property is essential because the difference between us and what we call property are so thin that if we relinquish the right to own things to 'society' then the step toward relinquish the right to 'own ourselves' is short.

Of course this is just my opinion. At everybody his own.

I like Chomsky.. but do you think he may be getting a little out of touch these days himself?

in all seriousness, shorts were in real danger last night, we all felt it, it was about to pop, magic fairy bear mother may not come to your rescue next time, cover your shorts, cover your shorts now!

or not

wtv

your choice.

According to the long term trendline, $450 is our historical support. If there ever was a time to buy, this is it! Price will rise soon, just like last year in September. This is what's called a "bear trap".

"Increasing support stopping rate of price declines" -- What do you guys think?

If this doesn't pick up momentum to the upside soon, this is actually a very bad sign. A short squeeze is to be expected -- but if this is true and we don't reverse.... add another 2k BTC in leveraged longs waiting to be dumped....

There are always short squeezes. If you look at bfxdata, we often see shorts increasing while the price is moving down -- then when we bounce, short swaps spike down. This is a short squeeze. A short squeeze can be just a little spike -- it has nothing to do with a reversal.

Why not? sell BTC 1 day before the IPO, if you feel that BTC could go up a few more dollars? (or down? fair enough)

Also, many BTC speculators are .... well speculators... and the biggest IPO of all time is enough to draw in speculators, large and small... as long as they are active in trading in general, I can perfectly see traders taking the risk...  it is more than plausible imo..

Can I pay someone on the other side of world few $ grands in a matter of seconds without/cents of fees with Alibaba? If something is digital it doesn't mean there is no value or fundamentals.

Of course it is stupid story, although it sounds kind of possible on the first sight. Also IPO is not for chinese small people (maybe through some fund).

Bill Gates: Bitcoins are cheap !!

http://www.bloomberg.com/video/bill-gates-bitcoin-is-exciting-because-it-s-cheap-dQ4qHV4~TLSnUIuIRfZBVA.html


Rally.

It will start to appear when we reach new recent low prices, that is, when we get lower than 300 for more than a day or two

Personally, I would be more afraid to be all fiat at this point. I have a position in this market and I will not be shaken out by panic moves.

It reminds me of something I once read, I think it went something like this:


My point is this, we are all just playing a game, trying to get more of what the other players have. You can play for fiat, or you can play for keeps.

The choice is yours.

Right, I guess that Jesse Livermore is just some idiot who had never traded before  

Btw, here's some first hand experience of how well stops work in bitcoin land where the exchange operators know exactly where your stops are placed.

If you're trading on margin, then yes, I'd agree.

If you're holding on to a position in the most volatile asset class the world has ever seen for the last 4 years, and seen the market go from 2 dollars to 1200 and back again now to 300, maybe you'd have a different perspective?

I'm really surprised to see btc under 300.I told myself that I was happy with my long term holdings, but I am so tempted to log on to coinbase and buy 3 or 4 more...

These naked options sound... exotic.

Where can you trade these naked options on bitcoin?

How can there be so many people be shorting at this price?

is it better to buy back now?

We only believe in Satoshi and we have failed Him because of our greed and malice. For He did say:

"For the love of the Bitcoin is a root of all kinds of evils. It is through this craving that some have wandered away from the faith and pierced themselves with many pangs."

Book of Satoshi: 6:24

Why thank you

Why  are people  even  trading btc?

Never did advice bitcoin to anyone in my family or friends. Because i care for them.

The true trolls were those encouraging people to buy "cheap coins" and that we'll soon see an ATH.  

In other words, the guys encouraging newbs to lose money and fall into bull traps.

just only 1.4?  really?

When there is blood in the streets it is time to buy.

WOW. I just went full retard  (lots of coins) and shorted on 20x leverage all the way from $235 to $223 and made BANK. I have a nice little new found wealth

Support is barely holding w no volume.  Looks like massive breakdown will ensue

Done trying to trade this. Lesson learned. Do not trade capitulation, there are no rallies to be had. I've lost about 1% for every 2-3% this has dropped on average.  

Not sure what you're asking, but that gif reminds me of this: https://www.youtube.com/watch?v=BQ9YtJC-Kd8

Holy sh*t. Wouldn't have called this. All why no FIAT will make it to western exchange for another day or two. We better get some news soon about China closing all exchanges or something to substantiate this madness

LMFAO - 3000 BTC support at $200.

That's like a boss from a video game

It's always Huobi leading these crashes. I'm starting to suspect something is going on with them and this is not a 100% legitimate move. They seem to flash down and then everything else follows. Whatever, result is the same in the end - how far down will the margins call.

I'm sitting waiting to pull the trigger to buy another 1 BTC. wait for sub 200 or just pull at 205?

I dont think its very likely that it will stabilize in this range for too long, i think it will either go to 160< or chu-chu to 250~ or so and settle down there.

I warned the same thing several days ago, telling them how a debt crisis could occur in Russian, Greece and spill over to the Euro zone. But I only received bashing.

Someone even registered a new account to bash me in red ink.

Another financial crisis is due in 1-2 months.

See the decline of oil price, see the decline of stock index, see the depleting of foreign reserves, see the turmoil in the foreign exchange market, etc...

But they pass this cost of fraud onto the consumer, effectively raising the price of everything you buy. BTC insurance could become a fairly large industry.

Trolling? In US gas stations in some states list prices in cash and credit card. Credit card fraud costs millions each year, doesn't take a genius to realize that someone is paying for that, guess who that someone is 

Mainly is the " interchange fee" the Visa and MC and AMex, Disc pays to the middle merchant banks to promote their cards,which includes interest 2-3% and per transaction fees.

The intermediary bank and association pays for it.

But the "interchange" association will reimburse some of the loss to the final merchant if they used rules like i.d. verification  and physical swipe of transaction  them from the buyer, online sales are much higher risk than physical location, therefore the higher interest and swipe charges for online merchants.

Try broadening your horizons and getting at least out of your state for starters. Yes they do that's basic business. Covering from their margins lol and where do those margins come from? Ok ok have it your way credit cards cover fraud from their margins, which they get by charging the retailer, who pays it from their margins which they get by charging customers. That's why retailers charge higher fee for credit card use (err give discount when you DON'T use CC) where allowed heres one of the first google results http://www.nytimes.com/2012/07/17/business/merchants-consider-credit-card-surcharges-or-cash-discounts.html?_r=0 i didn't really read the whole thing don't have time to entertain every troll

"Cost per Transaction A chart showing miners revenue divided by the number of transactions."

Build in process to distribute decentralized currency taken as a transaction cost, i guess when someone is on the mission to disproof something facts don't matter

Huh what are you talking about? Do explain why i as a consumer or a merchants care how much miners are getting?

For reference

Better question from all of this is why are there laws in some states that prohibit credit card surcharge 

Ohh Found some good stuff here:

http://www.reuters.com/article/2013/10/03/creditcard-surcharges-lawsuit-idUSL1N0HT18B20131003




tl;dr blah blah blah creditcards companies should get tons of $$$ because we're afraid that dumb people can't grasp the concept of paying 3% more if they want to pay with their credit card

Ok i can buy the argument that Creditcards are more convenient than cash, and creditcard companies are willing to provide that convenience for a certain fee of course. And they hate for you to know that you're actually paying a 2-3% fee, instead why not give you a 0.5%bonus points and make you feel smart like you're actually making money while at the same time lobby to pass the law that prohibits merchants to directly pass that fee to you and instead just cost average their fees on people who don't even use that "convenience"

Indeed, it is puzzling why Coinbase, of all bitcon companies, is getting so much investment.  Perhaps it is going to be more than just a bitcoin payment processor?

By the way, tell us again how in your view Warren Buffett is stupid and ill-informed.

Also by the way: I still would not dare to guess what will happen to the price of bitcoin in the medium term.   There may be another market opening, or there may not be.  How would I know?

There is association indeed.

Price is related with confidence and faith. Confidence and faith will impact acceptance. Acceptance will affect the number of wallets opened at coinbase. There is a well connected chain between price and the success of coinbase.

USD wallet is NOT a selling point but a safety hedge for coinbase.

While bitcoin the technology could be difficult to understand to laymen, then bitcoin the currency isn't hard to understand to most.
The majority of coins are held by unknown people, who in all probability, are criminals or amoral people of different kind. Like hackers, con-artists, drug dealers, insider trading exchange owners etc.
Buffets opinion was about the currency, not the technology. And investing in the technology would mean to invest into companies that use the technology for more practical purposes then the current "bitcoin the currency".

This is as funny as wrong.

Meh. Em Tee Gox was an exchange that was missing a lot of BTC and it only caused a couple of sudden drops with a market that expected those btc to make it to the remaining exchanges to sell. The mycoin.hk thing will likely have little effect on the market because, as I understand it,  it's an obvious fiat ponzi scheme that merely used bitcoin as part of the ruse. Ponzis are already illegal so no further legislation needed.