Everything looks fine on the logarithmic charts - page 2.

DamienBlack

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Quote from: muyoso on July 04, 2011, 08:36:00 PM

Quote from: mpfrank on July 04, 2011, 08:23:26 PM

Get ready for a big jump in August if the U.S. Congress fails to raise the debt ceiling in time to avoid a default...

No one is dumping their USD into effing bitcoins. They would use gold. Bitcoins are essentially worthless as a currency right now and the entire "economy" could collapse tomorrow for any number of reasons. I know everyone on this board thinks that bitcoins are going to be the new universal currency and that every business will accept them and they will be worth thousands of dollars each, etc, etc, etc, but you have to realize that everyone on this board that says things like that is insane.

Gold is kind of worthless as a currency too. Don't know many people who would accept it for goods, and even if they did, how would I get it to them? Mail it?

Investing in gold assumes someone will be willing to buy it off of you for a fair price with currency you can use. At the moment, bitcoins are the same. But in the future, it might be possible to trade bitcoins directly for a variety of goods. It is easy and convenient. I don't think it will ever be that way for gold.

And PS, I'm dumping a good bit of my USD into bitcoin. So somebody is.

muyoso

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Quote from: mpfrank on July 04, 2011, 08:23:26 PM

Get ready for a big jump in August if the U.S. Congress fails to raise the debt ceiling in time to avoid a default...

No one is dumping their USD into effing bitcoins. They would use gold. Bitcoins are essentially worthless as a currency right now and the entire "economy" could collapse tomorrow for any number of reasons. I know everyone on this board thinks that bitcoins are going to be the new universal currency and that every business will accept them and they will be worth thousands of dollars each, etc, etc, etc, but you have to realize that everyone on this board that says things like that is insane.

Etlase2

hero member

Activity: 798

Merit: 1000

Quote from: Piper67 on July 04, 2011, 08:14:33 PM

Quote from: BTC Economist on July 04, 2011, 06:21:09 PM

Doesn't look that "fine". It's a deflationary currency so we should expect an upward trend and its clearly flatlined (slightly down even) for a while now. Could argue Feb-Apr was similar, but I think we're seeing a downward trend right now.

Not really accurate, now is it? Bitcoin is deflationary in the long run, but at the moment there are thousands of new bitcoins mined every day... The current period in the bitcoin cycle is remarkably INFLATIONARY, and yet the currency manages to somewhat hold its value... Not bad, eh?

I'm sure that has nothing to do with 50,000 people vying for 50 btc every 10 minutes vs. 5 people vying for 50 btc every 10 minutes.

mpfrank

sr. member

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Cosmic Cubist

Get ready for a big jump in August if the U.S. Congress fails to raise the debt ceiling in time to avoid a default...

BTC Economist

member

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Merit: 10

Quote from: Piper67 on July 04, 2011, 08:14:33 PM

Quote from: BTC Economist on July 04, 2011, 06:21:09 PM

Doesn't look that "fine". It's a deflationary currency so we should expect an upward trend and its clearly flatlined (slightly down even) for a while now. Could argue Feb-Apr was similar, but I think we're seeing a downward trend right now.

Not really accurate, now is it? Bitcoin is deflationary in the long run, but at the moment there are thousands of new bitcoins mined every day... The current period in the bitcoin cycle is remarkably INFLATIONARY, and yet the currency manages to somewhat hold its value... Not bad, eh?

Not really. The dollar is inflationary, but you don't see it declining over 10% in a single day. All that stuff is already priced into the market.

Piper67

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Quote from: BTC Economist on July 04, 2011, 06:21:09 PM

Doesn't look that "fine". It's a deflationary currency so we should expect an upward trend and its clearly flatlined (slightly down even) for a while now. Could argue Feb-Apr was similar, but I think we're seeing a downward trend right now.

Not really accurate, now is it? Bitcoin is deflationary in the long run, but at the moment there are thousands of new bitcoins mined every day... The current period in the bitcoin cycle is remarkably INFLATIONARY, and yet the currency manages to somewhat hold its value... Not bad, eh?

Oldminer

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I prefer the snail chart

dinzy

full member

Activity: 140

Merit: 100

Funny. you could have color swapped the candles for greater effect Wink

giszmo

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WalletScrutiny.com

Quote from: Quantus on July 04, 2011, 07:23:37 PM

all you need to do is flip the colors Can some one do this Cheesy

if it makes you happy ... but somehow I prefer the more subtle jokes.

Quantus

legendary

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all you need to do is flip the colors Can some one do this Cheesy

giszmo

legendary

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WalletScrutiny.com

I personally prefer the -1 chart

imperi

full member

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Quote from: Bitcoin Swami on July 04, 2011, 07:06:25 PM

Quote from: imperi on July 04, 2011, 07:02:09 PM

I think there's a decent possibility of this happening.

is that a cup and handle? Still learning my chart lingo.. very interesting

Indeed, it is. I learned about this type of graph somewhat recently from one of BitcoinChannel's videos.

Bitcoin Swami

full member

Activity: 182

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Quote from: imperi on July 04, 2011, 07:02:09 PM

I think there's a decent possibility of this happening.

is that a cup and handle? Still learning my chart lingo.. very interesting

TraderTimm

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Merit: 1121

Quote from: BTC Economist on July 04, 2011, 06:48:06 PM

Wrong. It's not even holding its value as you say. It's declining.

Hey now, the human brain can rebound from many things. Don't sell yourself short.

imperi

full member

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I think there's a decent possibility of this happening.

myrkul

hero member

Activity: 532

Merit: 500

FIAT LIBERTAS RVAT CAELVM

There's always a slight dip right before the jump.

Back up to $30?

I think so.

BTC Economist

member

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Merit: 10

Quote from: aral on July 04, 2011, 06:43:05 PM

Quote from: BTC Economist on July 04, 2011, 06:21:09 PM

Doesn't look that "fine". It's a deflationary currency so we should expect an upward trend and its clearly flatlined (slightly down even) for a while now. Could argue Feb-Apr was similar, but I think we're seeing a downward trend right now.

Hey 'economist' it's only deflationary in the long term. Right now it's highly inflationary. The supply of bitcoins is increasing as miners discover new blocks and the only reason it is holding its value at all is the expansion of the bitcoin economy.

Wrong. It's not even holding its value as you say. It's declining.

aral

newbie

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Quote from: BTC Economist on July 04, 2011, 06:21:09 PM

Doesn't look that "fine". It's a deflationary currency so we should expect an upward trend and its clearly flatlined (slightly down even) for a while now. Could argue Feb-Apr was similar, but I think we're seeing a downward trend right now.

Hey 'economist' it's only deflationary in the long term. Right now it's highly inflationary. The supply of bitcoins is increasing as miners discover new blocks and the only reason it is holding its value at all is the expansion of the bitcoin economy.

Quantus

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o i fucking get thank you

BTC Economist

member

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Quote from: Quantus on July 04, 2011, 06:35:16 PM

oh I had to educate myself about logarithmic charts. (Used in earthquakes and solar flares or any thing that uses a large number variances.) like our horribly unstable bitcoins.
I still don't understand how to read this chart though. how is this different from some thing like a Moving average? only a 9th grade education sorry Tongue

The idea is that a jump from 5 to 10 should be seen the same as a jump from 10 to 20. In both cases you double your money. What's important is the % change not the absolute value in change. Logs show percentage changes.

Topic: Everything looks fine on the logarithmic charts - page 2. (Read 5922 times)